Nifty opens below 8,450 amid sell-off in Chinese shares

Auto stocks were the top losers while IT and pharma stocks gained

Markets opened lower, amid weak Asian cues, with Chinese shares witnessing a sell-off raising concerns about the stability of China's economy.

The 30-share Sensex was down 54 points at 27,777 and the 50-share Nifty was down 23 points at 8,443.
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(Updated at 8:33AM

Markets are likely to remain cautious, amid weak Asian cues with Chinese equities slumping nearly 5% raising fears about the stability of China's economy. Meanwhile, investors will keenly await minutes of the US Fed meet held in July that would provide clues for the central bank's stance on interest rates.

Movement of rupee and crude coupled with progress of monsoon will dictate the trend on the bourses in today’s session.

GLOBAL MARKET

Asian shares are trading lower after big falls in Chinese shares raised fresh fear about the stability of China's economy. Japan's Nikkei dropped 0.5%, hang Seng slipped 0.8% and Shanghai Composite has declined 1.5%.  Wall Street shares also retreated on Tuesday with Nasdaq losing over 0.6%.

The early indicator SGX Nifty is down 0.2% at 8,460 levels.

STOCKS ON THE RADAR

ICICI Bank has acquired 8.89% stake in leading rose exporter Karuturi Global, according to BSE.

Jindal Saw will seek shareholders nod to raise close to Rs 3,000 crore through securities for capital expenditure as well as refinancing of loans. 

Power Grid is likely to remain in focus after the company stated that Rs 12,000-crore transmission line between Assam and Agra having 6,000-MW capacity will be commissioned by month-end. 

Rajesh Exports secured an export order worth Rs 1,170 crore from an UAE-based company for gold and diamond-studded jewellery and medallions. 

IndianOil Corporation (IOC) is likely to hog limelight after the company said that it is set to exceed its capital expenditure target of Rs 56,200 crore for the 12th Five-Year Plan.

Airline stocks are likely be in action after domestic air traffic rose 29 per cent in July compared to the previous year. This is one of the highest levels of growth witnessed in the past several months.

DishTV announced the launch of ‘DishFlix’ a push VOD service aimed at redefining home movie viewing which allows consumers to enjoy uninterrupted ad-free entertainment.

Majesco, the demerged insurance business of Mastek, is due to be listed today on the BSE.