Sensex, Nifty Open Lower In Cautious Trade

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(RTTNews) – Indian shares opened lower on Wednesday, with mixed global cues and caution ahead of the upcoming Budget keeping investors nervous.

The benchmark S&P BSE Sensex dropped 174 points, or 0.4 percent, to 48,174 in early trade, while the broader NSE Nifty index was down 98 points, or 0.7 percent, at 14,140.

Tata Motors paced the declines to fall about 5 percent, while Tata Steel, IOC, Hero MotoCorp and JSW Steel all were down over 2 percent.

Larsen & Toubro rose about 1 percent on reports that it is weighing the option of applying for a full-fledged banking license.

ICICI Securities plunged more than 5 percent despite reporting a 95 percent jump in Q3 net profit.

Tata Steel fell more than 1 percent after its plan to sell its Netherlands operations to Swedish steelmaker SSAB AB ran into a hurdle.

GAIL shed nearly 1 percent on reports it plans to launch an InvIT of its two gas pipelines between Dahej and Bengaluru ahead of a proposed splitting of the pipeline business from the gas marketing function.

Hero MotoCorp declined 2.3 percent on the buzz it plans to launch an electric car.

Bastion Balance Seoul, Korea.