Market Live: Sensex opens over 470 points lower, Nifty around 10,300; RIL down 6%

All sectors are trading in the red, with maximum cuts seen in banks, auto, energy, IT, and metals space.

Mindtree falls: Shares of Mindtree fell over 8 percent in early trade after Citi downgraded the stock to Neutral from Buy, citing weak Q2 results. Citi also cut the stock's target price to Rs 1,090 from Rs 1,240 and opened a negative catalyst watch on the stock for 30 days. The financial services company said it expects the stock to correct given high expectations and sudden change in management commentary.

IT stocks fall Shares of information technology firms are trading lower on the back of global headwinds. The Trump administration has said it is coming out with new proposals to not only revise the definition of specialty occupations under H-1B visas, but also the definition of employment under this foreign work visa category which is popular among Indian companies.

RIL falls 6% Shares of Reliance Industries have fallen over 6 percent intraday on Friday as investors are reacting to Q2 results. 

Market opens It’s a negative start to the market on Friday morning as weak global cues and a fall in index heavyweight, Reliance Industries, are dragging the indices lower. 

The Sensex has opened over 470 points lower, while the Nifty is down over a percent and is around 10,300.

All sectors are trading in the red, with maximum cuts from banks, auto, energy, IT, and metals space. The Nifty Midcap is down over a percent as well. 

The Sensex is down 478.04 points or 1.37% at 34301.54, while the Nifty is lower 127.70 points or 1.22% at 10325.30. The market breadth is negative as 198 shares advanced, against a decline of 363 shares, while 2,970 shares are unchanged.

Market at pre-open The Nifty has seen a 50-point downward start in the pre-opening rates. Meanwhile, the Sensex is around the flat line as well. 

The Sensex is up 35.97 points or 0.10% at 34815.55, while the Nifty is lower by 67.80 points or 0.65% at 10385.20.

Crude trades higher: Oil prices nudged higher on Friday but were set for a second weekly drop amid higher US crude inventories, an ongoing Sino-US trade war and concerns over the death of a prominent Saudi journalist, reported Reuters.

Gold Updates: Gold prices nudged higher early Friday as Asian shares fell on renewed political and economic concerns, with the metal on track for its third straight weekly rise, reported Reuters.

Asian markets trade weak: Stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy's 2019 budget, higher US interest rates and growth concerns in China that led to a slump in Chinese shares in the previous session. Early in the trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.4 percent weaker following losses on Wall Street overnight, reported Reuters.

SGX Nifty: Trends on SGX Nifty indicate a gap-down opening for the broader index in India, a fall of 56 points or 0.54 percent. Nifty futures were trading around 10,326-level on the Singaporean Exchange.

Wall Street ends lower: US stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy's budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, further denting investors' appetite for risk amid global trade tensions and rising interest rates, reported Reuters.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

Best Share Market News, Click Here To Get More News - Share Market Tips, for 2 Days Free Trial give a missed call @9644405056 and Get Share Market Services.