At 10 AM:Markets traded in red after opening flat during early morning trade on Monday. "The Nifty hit its lowest level in nearly three weeks", Jasani added.
Ahead of the Consumer Price Index-based inflation data due later in the day, key Indian equity domestic indices- BSE Sensex and NSE Nifty opened flat during early morning trade on Monday.
A weakening rupee, which depreciated by 35 paise to 65.51 against the dollar during the day on fears that the tax rate decision of the GST Council will have a revenue implication of Rs 20,000 crore annually, too dampened investor sentiment. "Oil remained well supported as ongoing output cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation contributed to a significant reduction in excess supplies, also as tensions in the Middle East raised the prospects of supply disruptions", Desai told IANS. Mahindra & Mahindra, Axis Bank, the State Bank of India and Tata Consultancy Services were the top gainers on both indices.
Innogy writes off £428m on Npower
Last week, Innogy confirmed it planned to merge Npower with SSE's United Kingdom energy supply business to form a new company. The news business would be roughly the size of market leader British Gas and serve about 11.5 million customers.
India's October retail inflation rises to 3.5%
The MPC in August cut its key policy rate by 25 basis points to 6%, the lowest since November 2010. Housing inflation grew marginally at 6.68 percent in October from 6.1 percent in September.