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Sensex slips over 150 points; HDFC twins, M&M under pressure

Indices opened on a lower note on Wednesday as selling pressure was witnessed in HDFC twins, M&M, Reliance Industries, ICICI Bank, Kotak Mahindra Bank stocks.
Equity indices opened on a lower note on Wednesday as selling pressure was witnessed in HDFC twins, M&M, Reliance Industries, ICICI Bank, Kotak Mahindra Bank stocks.

The Indian rupee snapped three-day rally and depreciated by 0.29% to 69.63 against the greenback.

On the sectoral front, metal, auto, banking, pharma, and financial stocks slipped, while FMCG, IT, PSU bank, and realty stocks were trading in the green.

Auto stocks are trading lower on the back of auto sales for December. Eicher Motors slipped 5% after Royal Enfield (RE), the motorcycle franchise owned by Eicher Motors Limited (EML) reported 13% yoy volume decline (11% mom decline) in December 2018.

The Sensex is down 164 points at 36,091, and the Nifty down 52 points at 10,858. The market breadth is narrow as 627 shares advanced, while 847 shares declined, and 567 shares remained unchanged.

Bharti InfratelTech MahindraWipro, TCS, and Yes Bank were the top gainers on the Nifty50, while EicherJSW Steel, Hindalco, M&M, and Tata Steel lost in today’s session.

Volatility index India VIX rose 3.14% to 15.80.

The most active stocks were EicherBEMLSBITata Steel, and M&M.

Asian stock markets were trading lower on the first trading day of the new year as more disappointing economic data from China.

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