Sensex, Nifty marginally lower after 3-day rally; HUL, HCL Tech fall
Motherson Sumi Systems rallied nearly 7 percent after a media report indicated that the company is in talks to acquire the German-based company.
"India’s leading auto ancillary company is in talks to acquire or merge with Germany based Leoni, the largest maker of special automotive cable globally," The Economic Times said quoting two people familiar to developers.
Leoni is listed on German exchange and has a market capitalization of 1.03 billion euro. The Nuremberg-headquartered company manufactures wire systems, electric power distribution, modular cable harnesses, and battery cables. Benchmark indices opened flat but immediately lost ground to trade lower on the back of profit booking. The Nifty rallied nearly 500 points in previous three consecutive sessions.
The Sensex was down 107.07 points at 35,822.57 and the Nifty slipped 33.20 points to 10,758.30.
UltraTech Cement, Bharti Airtel, Asian Paints, IOC, and ICICI Bank were early gainers.
Bajaj Finance, IndusInd Bank, Bajaj Finserv, Yes Bank, Indiabulls Housing Finance, BPCL, Hero MotoCorp, Reliance Industries, Hindalco, Vedanta, and Tata Steel were early losers.
The nifty Midcap index was down 63 points. Benchmark indices are flat in the pre-opening trade with Nifty trading above 10,800 level.
At 09:01 hrs IST, the Sensex is down 2.87 points or 0.01% at 35926.77, and the Nifty up 14.40 points or 0.13% at 10805.90.
HCL Tech down 2 percent in the pre-opening trade as JP Morgan has downgraded the stock to neutral from overweight. However, IOC, UCO Bank, HDFC are trading higher.
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