BSE Sensex trades lower by 280 points, while the Nifty 50 slips below 11,350. Here are the latest updates from the markets

BSE Sensex and NSE’s Nifty 50 opened lower on Monday as global markets traded under pressure amid continued turmoil in Turkish lira, and ahead of key CPI inflation data at home. The Indian rupee slumped to a fresh record low against the US dollar as emerging-market currencies weakened. Asia markets skidded and the euro hit one-year lows as a renewed rout in the Turkish lira drove demand for safe harbours, including the US dollar, Swiss franc and yen. Traders are also cautious ahead of CPI inflation data for June due later today. According to a Bloomberg poll, the retail inflation will be at 4.47% in June from 5% a month ago. Moreover, FIIs sold shares worth Rs 510.66 crore on Friday, while DIIs purchased Rs 457.83 crore on net basis, provisional data showed.

10.40 am IST
What LIC needs to do with IDBI Bank
To reap the benefit of the LIC-IDBI Bank deal, the culture has to change or IDBI Bank will remain Air India of the banking sector

10.25 am IST
HDFC Bank shares fall after MD resigns
Shares of HDFC Bank Ltd declined as much as 1.6% to Rs 2,080, its lowest since 4 July, after the bank said Paresh Sukthankar, deputy managing director (MD) and founding member of HDFC Bank, has resigned. Sukthankar’s resignation comes as a surprise as he was considered one of the front-runners to succeed MD and chief executive officer (CEO) Aditya Puri, who is set to retire in October 2020.

10.13 am IST
Market update: Sensex, Nifty trade lower
BSE Sensex traded lower by 286.09 points, or 0.76%, to 37,583.14. The 30-share index opened 176 points lower at 37,693.19 and hit a low of 37,559.26. The Nifty 50 traded 81.35 points, or 0.71%, to 11,348.15. The NSE index opened at 60 points lower at 11,369.60, and touched a low of 11,340.30.
BSE MidCap fell 0.42% and SmallCap declined 0.84%. Among the sectoral indices on BSE, bankex, finance, energy and basic materials led losses by falling over 1%. Healthcare, IT, FMCG and consumer durables advanced.
Coal India, Sun Pharma, Mahindra and Wipro were among the top gainers, whereas Vedanta, SBI, Yes Bank and HDFC were among the major losers.

source: livemint.com