Nifty trades below 18,200, Sensex down nearly 1%; Kotak Mahindra Bank top gainer

12: 35: S&P BSE Sensex was nearly down 1 per cent or 556.06 (0.91%) to  60,703.90 amid selling pressure. As many 22 shares declined and 8 gained around this time on 30-share Sensex. Kotak Bank was top gainer on both Nfty 50 and Sensex. 

11.45 am: After opening near 18,400, Nifty50 gave up early gains to trade below 18,200. The index was trading down 78.30 points or below 0.43% at 18,188.30. IOC, ONGC, BPCL, Kotak Bank continue to remain top gainers, while Tech Mahindra and HCL Tech were dragging the 50-share index. Sensex slipped 0.50% or 308 points to 60,951 as 21 shares dragged the index and 9 traded in the positive. Kotak Bank was top gainer on 30-share index 

Earlier in the market open...

Indian equity benchmarks opened with gains as Nifty50 and S&P BSE Sensex started Thursday's session at 18,382.70 and 61,557.94 points respectively. ONGC, IOC, State Bank, Tata Motors were top gainers on Nifty50 with gains of 1 to 2.5 % gains. Tech Mahindra, Adani Ports and TCS dragged index the most. 

On 30-share Sensex, 27 shares advanced and 3 declined with Sun Pharma, Nestle India, State Bank of India, Mahindra and Mahindra leading the rally. 

The rally in the index was led by gas and power shares as IOCL, ONGC and BPCL, all gained between 2 to 3.5 per cent in the early trade. However, Tech Mahindra, HCL Tech and Titan were top laggards on the 50-share Nifty 50.  

Among major sectoral indices, Nifty Bank started off the fresh day on a good note as the banking index opened at 39,676.55. The index was trading with 71 points gain minutes after market opening. PNB, Kotak Bank and Federal Bank were top contributors that helped the 12-share index pen in the green. ICICI Bank, Indus Ind Bank and Axis Bank dragged the index maximum.  

Other important sectoral index, Nifty Financial Services also opened in the green at 19,049.25.    

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Sensex gained over 297.98 points or 0.49 per cent to 61,557.94, while 28 shares advanced and 1 declined and 1 remained neutral in the preopen.

Asian markets were trading mixed this morning as Nikkei 225 Index was down 93 points to 29161, Hang Sang Index marginally up by 38 points at 26,174 and the Asia Down Index USD flat at 3959 (down 0.05%).

On the Wall Street, The Dow Jones Industrial Average rose 152.03 points or 0.43%, to 35,609.34, the S&P 500 gained 16.56 points, or 0.37%, to 4,536.19 and the Nasdaq Composite slipped 7.41 points, or 0.71%, to 15,121.68 amid good September quarter figures.