Market News : SpiceJet falls 5%, Nifty below 11,300 , IOC slips 4%

Shares of SpiceJet slumped 5 per cent in the early trade as the Directorate General of Civil Aviation (DGCA), India’s aviation regulator, has grounded Boeing 737 MAX planes till “appropriate safety measures” are undertaken. SpiceJet, as well as Jet Airways, operate Boeing 737 MAX 8 aircraft.

Market Opens: It is a flat start for the Indian indices on Wednesday with Nifty below 11,300 level.

The Sensex is down 26.84 points at 37508.82, while Nifty is down 15.20 points at 11286. About 585 shares have advanced, 486 shares declined, and 33 shares are unchanged.

Interglobe Aviation, Apollo Tyres, Nestle, Eicher Motors, RIL, Wipro, ITC, HUL, Infosys are among major gainers on the indices, while losers are IOC, HPCL, Vedanta, JSW Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Allahabad Bank, Oil India and ONGC.

On the sectoral front, auto, bank, infra and metal indices are witnessing selling pressure, while FMCG and IT indices are trading with marginal gains.

Kotak Mahindra Bank Halts Three-Day Rally - Shares of Kotak Mahindra Bank halted a three-day rally and rose as much as 1.8 per cent to Rs 1,272. The Mumbai-based lender sought the court’s interim protection on founder stake issue. The bank’s lawyer Harish Salve stated that the bank can give an undertaking that founders won’t vote in excess of 20 per cent until May 2020. The hearing has been deferred

Rupee Opens: The Indian rupee opened marginally lower at 69.74 per dollar on Wednesday against previous close 69.70.

Oil marketing companies retreat - Oil marketing companies were trading lower after crude oil rises for third sessions. Indian Oil Corp Ltd fell 4.2%, Hindustan Petroleum Corp Ltd 1.7%, and Bharat Petroleum Corp Ltd 1%.

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