Markets slip at open as oil slumps to seven-month low; Nifty below 9,650

Benchmark indices opened lower tracking global stocks as investors stayed on edge after oil slumped to a seven-month low. US index provider MSCI’s move to add mainland Chinese stocks to one of its key benchmarks dragged the sentiment further. At 9:17 am, the S&P BSE Sensex was trading at 31,246, down 51 points, while the broader Nifty50 was ruling at 9,629, down 24 points. "Yesterday’s pull back has signalled that yet another flag pattern may be in motion. So, it might be too early to play the bear side. However, the bear signs are visible now, and a slippage past 9,640 could at first spark volatility, rather than a directional fall," said Geojit Financial Services in a note. In the broader market, the S&P BSE Midcap was trading flat while the S&P BSE Smallcap added 0.2%. Commodity Trading Tips

Sectors and Stocks
 
Lupin, ONGC, Power Grid and  Tata Motors lost the most on the index while Sun Pharma, Asian Painta, HUL and RIL were the top gainers. Monnet Ispat gained 7.10 % after reports that SAIL may take over the debt-ridden company. Automakers fell with Nifty Auto index down 0.5% on GST concernts. Eicher Motors, Tata Motors, Motherson Sumi and Bajaj Auto shed between 0.5%-1% in early morning trade. Metal index was the top sectoral loser, down nearly 1%. Vedanta, JSPL, Hindalco, Hind Zinc, JSW Steel were the main laggards on the index. Nifty Trading Tips