Markets Remain Volatile Ahead Of SC Hearing On AGR Case; ONGC Slips 2% To Become The Top Loser, Infosys Up 1 %

Markets remain cautious ahead of the Supreme Court hearing on adjusted gross revenue case it which it may observe the government's application that telecom companies be allowed to spread the payment of their dues over 20 years or less.

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Tuesday as investors await RBI's monetary policy decision, amid weak cues from global markets. (PTI)

New Delhi, June 18:  Markets remain volatile on Thursday after closing in the red a day before with the 30-stock index Sensex  slipping 55 points to 33,450 levels and the broader Nifty50 index hovering at 9,870-mark. ONGC slipped 2 per cent to become the top loser in Sensex while Infosys surged 1 per cent. In the pre-opening session on Thursday, at 9:06 am, Sensex was 110 points or 0.33 per cent down at 33,397. Nifty also slipped 13 points or 0.13 per cent to 9,868-mark. Muthoot Finance rose more than 9 per cent to Rs 1,095 after declaring its March quarter results.  Market was cautious ahead of the Supreme Court hearing on adjusted gross revenue (AGR) case.  The hearing may include the government's application that telecom companies be allowed to spread the payment of their dues over 20 years or less. Besides the simmering India-China border dispute also kept the investors on edge. Domestic benchmark stock indices closed in the red as investors were spooked due to the Indo-China border conflict in which 20 Army personnel were martyred. Meanwhile, rating agency Fitch has revised India's outlook to negative at 'BBB-'.The agency estimated economic activity in India to contract 5 per cent in FY21. Medium-term GDP growth outlook may be negatively impacted by asset quality issues. Sectoral indices were mixed with Nifty Bank index trading 0.4 per cent lower. Meanwhile, global markets also remained under pressure as the spike in Covid-19 cases and the fear of expected new lockdowns impacted the investors' sentiments.  The S&P 500 and the Dow retreated from earlier gains to snap a three-day winning streak. US West Texas Intermediate (WTI) crude futures dropped 2.1 per cent, or 80 cents, to $37.16 a barrel at 0138 GMT, adding to a loss of 42 cents. Brent crude futures fell 1.5 per cent, or 61 cents, to $40.10 a barrel. The benchmark contract declined 25 cents. Asian markets also opened on a weaker note tracking global cues. Australia ASX All Ordinaries fell 1.55 per cent China's Shanghai SE Composite Index slipped 0.16 per cent Hong Kong's Hang Seng retreated 0.91 per cent . Singapore's SGX Nifty dropped 0.7 per cent indicating a weak opening for Indian stock markets. Also Watch: (With inputs from agencies)