Equity indices in negative zone, Reliance gains over 9 pc post AGM

Equity benchmark indices were in the negative territory during early hours on Tuesday with IT, pharma and auto gauges showing most losses.

At 10:15 am, the BSE S & P Sensex was down 181 points at 37,400 while the Nifty 50 edged lower by 48 points to 11,062. At the National Stock Exchange, all sectoral indices were in the red except for realty and metal.

Among stocks, power utility major NTPC slipped by 4.4 per cent to trade at Rs 116.10 per share while Bharti Airtel was down by 4.2 per cent. The other prominent losers were Britannia, Mahindra & Mahindra, Tech Mahindra, Maruti, HDFC, Infosys, Cipla and ITC.

However, Mukesh Ambani-led Reliance Industries surged 9.2 per cent to trade at Rs 1,269.65 per share, a day after the company said at its AGM that it will sell 20 per cent stake in its oils to chemicals (O2C) business to Saudi Aramco for 75 billion dollars.

Indiabulls Housing Finance gained by over 11 per cent to trade at Rs 561.70 per share. Bharat Petroleum Corporation was up by 2.3 per cent, Sun Pharma and Tata Motors by 2 per cent each.

Meanwhile, Asian shares slumped as fears about a drawn out US-China war and protests in Hong Kong drove investors to safe harbours like bonds and. MSCI's broadest index of Asia Pacific shares outside Japan was down by 1 per cent and Chinese stocks fell by 0.8 per cent.

Hong Kong's main market index tumbled by more than 1 per cent to a seven-month low. Japan's Nikkei also took a hit of 1.5 per cent while stocks in Singapore shed 1.1 per cent after the government slashed its full-year economic growth forecasts.