Opening Bell: Sensex, Nifty start on a choppy note; TCS shares fall

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Wednesday as investors await direction from key global and domestic events scheduled this week. After gyrating nearly 200 points in opening session, the 30-share index was trading 33.76 points, or 0.09 per cent, lower at 38,697.06 at 0930 hours. Similarly, the broader Nifty shed 5.70 points, or 0.03 per cent, to 11,551.70.

TCS was among the top losers in the Sensex pack, shedding up to 1.42 per cent, after the company reported a 10.8 percent rise in June quarter net at Rs 8,131 crore. The company said its bottomline has been hit a tad due to currency appreciation.

Tata Motors, Bajaj Finance, Vedanta, Bajaj Auto, Bharti Airtel and ONGC too fell up to 1.51 per cent.

On the other hand, Yes Bank, HCL Tech, TechM, Infosys and Asian Paints rose up to 1.53 per cent.

In the previous session, the 30-share gauge settled 10.25 points or 0.03 per cent higher at 38,730.82, while the Nifty ended 2.70 points, or 0.02 per cent, lower at 11,555.90.

On a net basis, foreign institutional investors sold equities worth Rs 674.26 crore, while domestic institutional investors purchased shares to the tune of Rs 710.91 crore, provisional data available with stock exchanges showed Tuesday.

According to traders, market turned jittery after US President Donald Trump Tuesday launched a fresh attack on India for imposing tariffs on American products.

Trump said it was “no longer acceptable”, days after he held talks with Prime Minister Narendra Modi and agreed to sort out the trade related issues.

Later this week, US Commerce Secretary Wilbur Ross and Energy Secretary Rick Perry are scheduled to address a major India centric conference in Washington DC.

Investors also awaiting cues from US Federal Reserve Chairman Jerome Powell’s testimony before the Congress this week, traders said.

On the domestic front, the government is scheduled to release data on industrial production and consumer inflation on Friday.

Elsewhere in Asia, Shanghai Composite Index and Nikkei turned negative in their respective early sessions, Hang Seng and Kospi were trading in the green. Meanwhile, bourses on Wall Street ended higher on Tuesday.

Meanwhile, the Indian rupee depreciated 15 paise to 68.66 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.89 per cent higher at 64.73 per barrel.