Sensex, Nifty Subdued In Early Trade; ONGC Tumbles 3%

Indian shares opened on a subdued note Thursday, tracking weak global cues.

The benchmark S&P BSE Sensex was down 260 points, or 0.4 percent, at 69,390 in early trade, while the broader NSE Nifty index slid 67 points, or 0.3 percent, to 20,870.

ONGC tumbled around 3 percent after oil prices fell nearly 4 percent on Wednesday to their lowest settlements since June on demand concerns, following a larger-than-expected build in U.S. gasoline inventories.

Apollo Hospitals Enterprise, ICICI Bank, Bharti Airtel and Hindustan Unilever fell 1-2 percent while UltraTech Cement, Power Grid Corp, Asian Paints, Dr Reddy’s Laboratories and Adani Ports rose 1-2 percent.

Network18 Media and Investments plunged 8 percent on news it will merge its television and digital news businesses with itself.

Paytm plummeted 15 percent after it decided to scale down unsecured loans under Rs 50,000 in a calibrated manner.

IRCON International slumped 7.6 percent on stake sale news.

Bharat Electronics rallied 2.6 percent on bagging a new order worth Rs. 580 crores.

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