Nifty, Sensex open lower after Credit Suisse spooks Asian markets

The S&P BSE Sensex was down 0.42% at 57,311.13. (File)


Indian stocks opened on a subdued note on Thursday amid fragile sentiment among global investors after Credit Suisse, one of Europe’s leading lenders, raised concerns about a crisis in the financial sector.

The Nifty 50 was down 0.44% at 16,985.90, while the S&P BSE Sensex was down 0.42% at 57,311.13 as of 9:35 am IST.

Eight of the 13 major sectoral indexes suffered losses, with heavyweight financials down 0.2% and information technology stocks down 0.6%. The metals index fell more than 2%, the biggest sectoral loser.

The Nifty 50 is down 4.4% in the last five sessions, while the Nifty Financials Index is down 5.3%.

The broad slide comes after weakness in global markets, contagion risks in the global financial sector, and Credit Suisse’s largest shareholder said it could not secure more funding for the Swiss bank.

Shares in Credit Suisse fell 30% to record lows overnight. However, by the end of the day, the Swiss central bank promised to finance the company.

Weakness of the sentiment permeated the Asian markets. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.02%.

Among individual stocks, Patanjali lost around 5% after bourses suspended some promoters and promoter group of companies’ stocks.

Titan rose nearly 2% to enter the top Nifty 50 after global brokerage firm JP Morgan maintained an “overweight” position on the company, calling it a preferred discretionary play.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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