Sensex Tumbles 550 Points; Nifty Dips Below 11,000

(RTTNews) - Indian shares opened sharply lower on Thursday, tracking weak global markets and amid caution ahead of the expiry of September series derivative contracts.

The benchmark S&P BSE Sensex plunged 550 points, or 1.46 percent, to 37,119 in early trade, while the broader NSE Nifty index was down 162 points, or 1.45 percent, at 10,970.

L&T, JMC and NCC were moving lower despite reports they are in the race for the Mumbai-Ahmedabad high-speed rail or bullet train project.

Tech Mahindra fell over 2 percent after selling its stake in Altiostar to Rakuten.

Airtel shed 0.8 percent after it picked up a strategic stake in Trivandrum-based cloud telephony startup Waybeo.

Tata Chemicals edged up slightly after Tata Sons raised its stake in the company.

Coal India declined 1.8 percent on news it has finalized contracts for heavy earth moving equipment worth over Rs 5,900 crore.

Bajaj FinServ lost almost 2 percent after foraying into healthcare.

ONGC gave up 1.7 percent after a massive fire broke out at its gas processing plant in Gujarat early this morning.

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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