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Sensex, Nifty trade lower on global cues; Metal stocks decline

Benchmark indices opened negative today with the Sensex now trading above 37,250 down ~200 points and the Nifty above 11,060 down 55 points.

The markets opened negative tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve.

The Fed Reserve cut rates by 25bps for the first time in a decade. However, it signaled that this would not be a long chain of cuts. 

All the sectoral indices are trading in the red, with Metal, Media, and PSU Banks losing the most.

Wipro and Bharti Infratel were the top gainers on the Nifty. Wipro was up 2.43% as Sebi approved the buyback of its shares, the buyback period being from Aug 14-28.

Vedanta and Zee Entertainment were the top losers. The latter fell 2% after the announcement that Invesco Oppenheimer Developing Markets Fund would acquire ~11% stake in Zee Entertainment from promoters.

India Vix was higher at 14.08, up 3.6%.

As the earnings season rolls on, Bharti Airtel (expected loss of Rs1,170), Godrej Cons. (PAT saw at Rs327cr), Marico (PAT at Rs316cr), ITC, Tata Power, Cera, Dalmia Bharat, and Varun Bev will announce their Q1 results today.

Oil dropped by a dollar on the Fed's comments that the rate cuts were only for the near term and would be exercised as appropriate and required.
The Indian rupee slipped in early trade opening lower by 41p at 69.20/$ vs. its previous close 68.79/$.
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