Markets

Sensex, Nifty Drift Lower In Early Trade

(RTTNews) - Indian shares opened a tad lower on Friday, tracking weak global cues as disappointing U.S. labor market data soured the economic outlook.

The benchmark S&P BSE Sensex dropped 212 points, or 0.4 percent, to 51,112 in early trade, while the broader NSE Nifty index was down 75 points, or half a percent, at 15,044.

Bharti Airtel and Vodafone Idea both rose about half a percent on speculation of a tariff hike soon.

ONGC dropped 1.7 percent as oil prices slid as much as 2 percent in Asian trade, adding to overnight declines.

Oil India climbed 2 percent and Engineers India advanced 1.2 percent. The companies said they will jointly bid for acquiring Bharat Petroleum Corporation's 61.65 percent stake in Numaligarh Refinery Limited.

Ambuja Cements edged up slightly on reporting a 34 percent rise in Q4 consolidated net profit.

Larsen & Toubro gained 0.6 percent after its construction arm bagged a contract from the Nuclear Power Corporation of India.

IDFC First Bank gained 1.1 percent after its board okayed raising up to Rs 3,000 crore through various means.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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