The BSE Sensex and the Nifty 50 erase losses and traded flat helped by banking and OMC stocks. Here are the latest updates from the markets

The benchmark Sensex and the Nifty 50 erased early losses helped by gains in shares of banks and oil marketing companies. The Sensex fell over 300 points and the Nifty 50 slipped below 10,250 in early trade as the Reserve Bank of India’s decision to hold key interest rates and change stance to “calibrated tightening” failed to impress investors. Moreover, foreign investors have pulled out over Rs 9,300 crore from the Indian capital markets in the last four trading sessions on unabated fall in rupee and rise in crude oil price.  In global markets, Asian stocks declined, led by China, and the yuan fell as
investors assessed the latest move by the People’s Bank of China to loosen monetary policy. Japan was shut for a holiday, and Columbus Day in the US means no Treasuries trade on Monday. Oil prices fell below $84 per barrel after a US government official said Washington was considering granting waivers to its sanctions against Iran’s crude exports next month.

10.46 am IST
Metal stocks trade lower as aluminium prices fall Share of metal prices traded lower with the Nifty Metal Index falling 2.4% dragged mainly by National Aluminium Co and Hindalco.

10.25 am IST
Aavas Financiers shares fall 7% on stock market debut Aavas Financiers shares opened at Rs 758 per share on BSE, down 7.67% from its issue price of Rs 821 per share. The Aavas Financiers IPO had the price band of Rs 818-821 and was subscribed 97%. At 10.22am, the stock was trading at Rs 738.60, down 2.77%. In intraday, the stock fell as much as 13.52% from its issue price to Rs 710 per share on BSE.

9.45 am IST
OMC stocks trade higher after Jaitley says no going back on deregulation  Shares of oil marketing companies traded higher after finance minister Arun
Jaitley said that the government would not go back to regulating fuel prices.  HPCL shares were up 4.51% at Rs 172.50, BPCL rose 2.66% to Rs 272.40 and IOC gained 3.01% to Rs 121.60. “Let me categorically assure all that there is no going back on deregulation of oil prices,” India’s finance minister Arun Jaitley  said in a Facebook post on Saturday.   Shares of upstream and downstream companies eroded nearly Rs 1.25 trillion of their market valuation in the last two sessions after government asked the state-run companies to absorb Rs 1 for every litre of petrol and diesel sold.

source: livemint.com