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Nifty opens below 11,500 mark; Titan slumps 10%

After a huge sell-off in the last trading session, Indian stock markets opened lower following weak cues from the global markets. The domestic markets on Monday registered their biggest fall in over 4 years just a session after the presentation of Union Budget 2019. The Nifty opened below 11,500 in the early morning trade.

The Sensex was down 140 points at 38,581, while the Nifty dropped 49 points to trade at 11,509 levels.

On the sectoral front, banking, realty, financial services, and FMCG are trading marginally lower on the NSE, while buying is seen in the IT, pharma, auto and media space.

IOC, Yes Bank, BPCL and Wipro are among top losers on the Nifty50, while Titan, HDFC, Asian Paints and UPL surged in the morning trade.

Shares of Titan slumped 10% after the company said that its first-quarter witnessed a tough macro-economic environment with consumption being hit. Jewellery segment’s revenue increased 13% as the company stated that a sharp increase in gold prices dented consumer demand significantly in June, while sales on Akshaya Tritiya was robust.

Shares of IT behemoth TCS slipped 1% ahead of Q1 results today.

Shares of MindTree rose 2% after global firm Morgan Stanley retained an Underperform rating with a target price of Rs820.

Meanwhile, oil fell amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although tensions in the Middle East offered some support to prices.

The Indian rupee was unchanged against Monday's close of 68.65 per dollar.

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