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Sensex, Nifty trade lower ahead of GST Council meet; Infosys dips over 2%

Snapping from last week's gains, the Indian benchmark indices on Monday opened on a flat note on the back of negative Asian cues over worries that UK Prime Minister Theresa May may signal plans for a hard Brexit in her speech on Tuesday.

BT Online   New Delhi     Last Updated: January 16, 2017  | 16:27 IST
Sensex, Nifty trade lower ahead of GST Council meet; Infosys dips over 2%

Snapping from last week's gains, the Indian benchmark indices on Monday opened on a flat note on the back of negative Asian cues over worries that UK Prime Minister Theresa May may signal plans for a hard Brexit in her speech on Tuesday.

Indian markets opened on the negative over nervous investors anticipating the goods and services tax (GST) Council meeting and Wholesale Price index-based inflation that is due later in the day.

At 9.45 AM, the S&P BSE Sensex was trading 27,205, down 32 points while the broader Nifty was trading at 8,385, down 15 points.

"Going ahead, considering recent sharp rally, we may see Nifty consolidating around 8,460 and then at 8,598, which can termed as immediate hurdles. In case of a dip, 8,320-8,250 would be seen as strong support levels for the index," said Angel Broking report.

"Since, the index has already given a decent run of late, we would now advise traders to focus on individual stocks which may fetch higher returns as compared to the index," the report added.

Tata Steel and Lupin were the top perfromers in morning trade gaining 1.48 per cent and 1.02 per cent respectively.

Infosys remained at the bottom losing 2.3 per cent on the BSE.

Global markets

Japan's Nikkei eased 0.9 per cent, while China's Shanghai Composite and Hong Kong's Hang Seng indices shed over 1 per cent each.

On Friday, The Dow Jones Industrial Average index slipped 5.27 points to settle at 19,885 on Friday. The S&P500 index edged higher by 4.20 points to 2,274.

The Nasdaq Composite Index advanced 26.63 points to 5,574.

US markets will remain closed today on account of Martin Luther King Jr day.

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