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Sensex slips over 200 points; Reliance, HDFC twins drag

Vedanta, Zee, Titan, and ONGC are among the major losers on the NSE, while gainers include JSW Steel, Power Grid, Adani Ports and Coal India.

Equity benchmark indices opened in the negative zone amid global sell-off on worries of US-China trade conflict. The Sensex fell 244 points at 38,032 and the Nifty50 was down 69 points at 11,430.

The market breadth was negative on the NSE with 457 shares advancing, 1,077 shares declining, and 531 remaining unchanged.

On the sectoral front, Nifty media index is among top losers, down 1% led by TV Today, Sun TV, and Zee.

Vedanta, Zee, Titan, and ONGC are among major the losers on the NSE, while gainers include JSW Steel, Power Grid, Adani Ports and Coal India.

Shares of Titan slipped 1% in the early morning trade ahead of its Q4 results scheduled to be declared today.

Shares of Vedanta dropped 3% after the firm reported a 45.5% drop in profit compared with the same period a year earlier when it booked a hefty one-time gain. The company’s consolidated revenue stood at Rs23,468cr, down 15.1% yoy and 0.8% qoq.

The Volatility gauge, India VIX is marginally down 0.21% at 26.42.

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

On the currency front, the rupee opened weaker at Rs69.55 per dollar against Tuesday's close of Rs69.43 per dollar.

On the international front, Asian equities tracked Wall Street’s slide on Wednesday as the latest developments in the US-China trade conflict triggered concerns regarding global growth, driving support for safe-haven government bonds.

Wall Street stocks slid on Tuesday, with the S&P 500 losing 1.65% and the Dow shedding 1.8% on the US-China trade concerns, the report added.

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