- By Priyanka Payal
- Mon, 14 Aug 2023 10:00 AM (IST)
- Source:JND
The Indian equity market opened on a negative note on Monday (August 14) following mixed cues from global indices. At 9:34 am IST, the benchmark index Sensex was down 0.70% at 64,865.35 points, while the Nifty 50 was down fell 0.83% at 19,267.60 points.
On Friday, Sensex fell 0.56% to end at 65,322.65 points, while the Nifty closed the day 0.59% lower at 19,428.30 points.
The three major US indices closed mixed on Friday as the Dow Jones Industrial Average rose 0.3%, to 35,281.4 points, the S&P 500 fell 0.11%, to 4,464.05 points while the Nasdaq Composite declined 0.56%, to 13,644.85 points.
The US government reported last week that the producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased.
The losses posted by the two benchmark indices S&P 500 and the Nasdaq Composite were also a result of hotter-than-expected US producer prices data that pushed Treasury yields up and sank rate-sensitive megacap growth stocks.
The Indian rupee opened 16 paise lower at 83.01 against the US Dollar, a 10-month low on Monday, weighed down by a firmer US Dollar amidst a spike in US Treasury yields. The local currency last closed at 82.85 against the US Dollar.
Stocks To Watch: Adani Ports, ONGC, ITC, Reliance Industries
Adani Ports:
The share price of Adani Ports and Special Economic Zone fell 3.41% at Rs 773.75 per share at 9:37 am IST today. Adani Ports shares grabbed attention after the resignation of Deloitte Haskins & Sells LLP as the company's auditor.
ITC:
ITC shares will remain in focus today as the IT major is expected to announce its first-quarter results today.
Reliance Industries:
Reliance Industries shares will be in the spotlight today as the company has sought approvals from the stock exchanges for the listing of Jio Financial Services(JFSL). Meanwhile, RIL announced on Friday that Jio Platforms' subsidiary Radisys Corporation has concluded the acquisition of Mimosa Networks, Inc. from Airspan Networks Holdings Inc.
ONGC:
ONGC shares grabbed attention on Monday after the company reported its April-June quarter results for fiscal 2023-24 (Q1FY24) on Friday.
The company reported a 102% rise in consolidated net profit at Rs 17,383 crore, against Rs 8,580.75 crore in the corresponding period last year.