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Sensex slips 100 points; Indiabulls Housing, Yes Bank stocks under pressure

HDFC twins, Infosys, TCS, and ICICI Bank were among top losers on the Sensex chart.

Equity benchmark indices snapped three days winning streak and opened lower on Wednesday tracking muted global cues ahead of the release of key macroeconomic data on industrial growth and inflation. HDFC twins, Infosys, TCS, and ICICI Bank were among top losers on the Sensex chart.

The Sensex was trading at 39,807 levels, down 140 points, while the Nifty was trading lower 44 points at 11,922 levels. The market breadth was negative on the NSE with 663 shares advancing, 846 shares declining, and 553 remaining unchanged.

Yes, Bank’s shares fell 2.5% in the morning trade after the rating agency Moody’s put the bank’s rating under review for downgrade on account of its exposure to finance companies.

Shares of Tata Steel gained 1% on the NSE. The European Commission formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel and ThyssenKrupp AG.
The Volatility gauge, India VIX was up 0.17% at 14.51.

The most active stocks on the NSE are Yes Bank, Infosys, and Indiabulls HF.

Meanwhile, oil prices fell weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

On the currency front, the rupee opened flat at 69.45 per dollar against the previous close of 69.44/$ amid US-China trade tensions.

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