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Nifty below 11,050 mark; Axis Bank, HDFC stocks drop

It was yet another weak opening for the Indian stock market with weak global cues. Investors await the US Federal Reserve's announcement on interest rates later today.

Axis Bank, HDFC, ITC, and Tech Mahindra were the top losers on the Sensex pack, while ICICI Bank, IndusInd Bank, and Bharti Airtel were the top gainers.

The Sensex is down 209 points at 37,188, while the Nifty dropped by 65 points to trade at 11,020 levels.

Shares of Coffee Day Enterprises hit 20% lower circuit for the second day. VG Siddhartha's body has been found on the banks of Netravati River in Mangaluru, according to media reports.

Shares of Axis Bank slipped 6% after its Q1FY20 NII was up by 13% YoY to Rs5,844cr against Rs5,167cr. Net profit for the quarter came in at Rs1,370cr (which is below the consensus expectation) and against Rs701cr YoY.  

On the economy front, the Reserve Bank of India on Tuesday relaxed rules for foreign currency loans for durations of seven and 10 years.

Asian indices opened weak led by the Japanese Nikkei as profit booking was witnessed after President Trump lashed out at China before talks began on trade. The markets are seeing a cyclical slowdown with the Bank of Japan maintaining negative interest rates as it eases liquidity to stimulate the economy.

Oil prices rose for the fifth day buoyed by a bigger than expected drop in US inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years.

Further, the Indian rupee opened marginally lower at 68.90 per dollar on Wednesday against previous close 68.86/$.
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