Indian shares opened flat amid cautious trade sentiment due to uncertainty over the fate of US-China trade talks, weak economic outlook and concerns in the banking and non-banking financial sector. Benchmark indices BSE Sensex and NSE's Nifty started with a positive bias led largely by HDFC Bank and mixed Asian cues on Monday.
The Sensex gained over 180 points, or 0.48 percent, to 37853.80 in initial trade. The broader 50-share NSE Nifty50 rose just over 21 points, or 0.19 percent, to 11,196.
Benchmark indices lost over 1 percent on Friday after the Reserve Bank of India (RBI) reduced FY20 GDP growth target to 6.1 percent from 6.9 percent. The Sensex had ended 433 points lower at 37,673, while the broader Nifty50 index lost 139 points to end the day at 11,175. Both indices dropped 3 percent for the week.
Broader market indices traded flat with the Nifty MidCap 100 index up by just 0.02 percent. The banking gauge, Nifty Bank outperformed, rising 0.64 percent led largely by HDFC Bank and supported by gains in Yes Bank as well.
Among other sectoral gauges, IT, finance, pharma and metal rose marginally while FMCG, auto, capital goods, healthcare and PSU indexes slipped.
Among gainers, Yes Bank rose over 4 percent, while HDFC Bank, Britannia, Wipro and Asian Paints gained by up to 1.28 percent.
HDFC Bank may rise today as the lender reported a 19 percent on-year growth in loans to Rs 8.97 trillion as on September 30, up 8.2 percent sequentially.
Zee Entertainment slumped over 13 percent due to worries over the promoter’s vulnerability to losing control of the company after it emerged that they own only 2.2 percent unencumbered stake.
BPCL slid over 6 percent, Indian Oil, IndusInd Bank and Grasim dipped between 2 and 2.6 percent.
Indian markets will be closed on Tuesday on account of Dussehra, while other major Asian markets will also have holidays this week.
In the currency market, the Indian rupee opened lower by 8 paise at 70.96 per dollar versus Friday's close 70.88. On a weekly basis, the local unit slumped by 32 paise.
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