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Nifty below 11,700 mark; SBI Life, UPL, Zee stocks drag

Equity benchmark indices open in the negative territory amid weak global cues. Investors await US-China trade talks at the G20 meeting later this week. Rising geopolitical tensions between the US and Iran has also made investors cautious.

The Sensex slipped 98 points at 39,024, with the Nifty down 31 points to trade at 11,669 levels.

On the sectoral front, metal, auto, bank, IT and FMCG indices were weak, while pharma and realty shares were in the green.

ONGC, NTPC, M&M, Eicher Motors, Bharti Airtel and Oberoi Realty are among major gainers on the indices, while losers are Tata Steel, JSW Steel, Indiabulls Housing, Yes Bank, Zee Entertainment, IndusInd Bank and Tech Mahindra.

The Volatility gauge, India VIX was up 0.55% at 15.30.

The most active stocks on the NSE are Reliance Industries, Tata Steel, Zee, and ICICI Bank.

Crude oil prices were firm, supported by worries over the conflict between Iran and the US but pressured by concerns about a potential decline in demand for crude.

Further, the rupee opened marginally up at 69.32 per dollar against the previous close of 69.35 per dollar amid global growth concerns due to US-China trade conflict and geopolitical tensions in the Middle East.

Shares of Eris Lifesciences gained 1% as company board is going to consider buyback of shares.

Shares of SBI Life slipped 4% after BNP Paribas Cardif plans to sell up to 2.5cr equity shares at Rs650 per share, a discount of 8.5% from Monday’s close. 

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