Sensex slips over 260 points; Auto, IT stocks drag

The stock markets are currently trading near the day's low with selling pressure seen in Auto, IT, and Banking.
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Equity benchmark indices opened lower on Wednesday tracking weakness in the Indian rupee amid higher crude oil prices, reinforcing inflation and widening current account deficit fears. The stock markets currently trading near the day's low with selling pressure seen in the auto, IT, and banking spaces.

India VIX has shot up 10.6%.

The Sensex was trading at 36,259, down 266 points, while the Nifty 50 index was trading at 10,904, down 104 points, at the time of writing the article.

Of the 2,057 stocks traded on the NSE, 1,007 advanced, 413 declined, and 413 remained unchanged.

Shares of IL&FS group companies hit their upper circuit after the NCLT approved the government’s appointment of new directors, including Uday Kotak as the non-executive chairman of the new board. IL&FS Transportation Network rose 19.8%, IL&FS Engineering and Construction Company gained 19.9%, and IL&FS Investment Managers was up 9.9%.

Nifty Auto is currently the worst performing sectoral Index trading 1.97% lower. Eicher Motors shares hit a 52-week low and were trading down by 6%. The company on Monday reported a 2% growth in total sales at 71,662 units for September 2018.

Shares of Hathway Cable gained 5.5% after a media report said that Reliance Industries has initiated talks to acquire the company in a bid to speed up the commercial launch of its home broadband services.

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