Sensex, Nifty Fall On Global Jitters; Metal Stocks Hit Hard

(RTTNews) - Indian shares opened lower on Friday after the readout from a high-level economic policy meeting in Beijing offered another round of strong language about helping the economy but lacked detail about policy or stimulus moves.

Meanwhile, domestic IIP and retail inflation figures released after market hours on Thursday left little room for surprises.

The benchmark S&P/BSE Sensex was down 50 points, or 0.7 percent, at 80,730 in early trade, with selling seen across the board amid global jitters and concerns over rising oil prices as investors weighed the prospect for tighter U.S. sanctions against Iran and Russia.

The broader NSE Nifty index dropped 170 points, or 0.7 percent, to 24,379. Among the prominent decliners, IndusInd Bank, Hindalco, Shriram Finance, JSW Steel and Tata Steel tumbled 2-3 percent.

Nalco fell 2.3 percent to extend recent losses due to falling alumina prices and South32's production guidance withdrawal.

Greenply Industries declined 2.8 percent after announcing a temporary shutdown of manufacturing operations at the medium-density fiberboard (MDF) plant in Gujarat.

JSW Energy gave up 2.3 percent after reports that over 30 students have fallen ill due to exposure to toxic fumes from the plant's storage tank in Ratnagiri.

Bajel Projects soared nearly 8 percent after securing an order from Solapur Transmission.