Monday 14 September 2015

Sensex, Nifty open marginally lower; Maruti rises, M&M down -- 15 Sep 2015

M&M, Vedanta, Bharti Airtel, Hero Motocorp, HDFC, Cairn India, Bosch and Power Grid Corp were early losers. Maruti Suzuki gained 1.90 percent. Sun Pharma, Cipla, Infosys, HDFC Bank, Tech Mahindra and BPCL were marginally in green.

                                 
The market has opened marginally lower in early trade on profit booking after yesterday's rally. The Sensex declined 36.53 points to 25820.17 and the Nifty fell 20.40 points to 7851.85. About 361 shares have advanced, 292 shares declined, and 28 shares are unchanged on the BSE. M&M, Vedanta, Bharti Airtel, Hero Motocorp, HDFC, Cairn India, Bosch and Power Grid Corp were early losers. Maruti Suzuki gained 1.90 percent. Sun Pharma, Cipla, Infosys, HDFC Bank, Tech Mahindra and BPCL were marginally in green. The Indian rupee has opened marginally lower at 66.35 per dollar today against previous day's close of 66.33. Ashutosh Raina of HDFC Bank said, "The market is keenly awaiting the outcome of FOMC meeting later this week. Markets expect Fed to keep rates on hold in this meeting in the face of global growth concerns." "The USD-INR pair continues to trade in the 66-66.50/dollar range and should continue to trade this range till some clarity on policy action from central banks," he added. The dollar remained close to a three-week low against a basket of major currencies ahead of this week's Federal Reserve meeting. Asian markets are mixed. Japan and Korea are higher but the Taiwanese and Singapore markets are trading with mild cuts.   The Nikkei has headed north this morning ahead of the Bank of Japan’s policy decision.Consensus is for the central bank to maintain its expansionary monetary policy but some analysts are not ruling out the possibility of additional stimulus given recent growth concerns. However, in the US stocks closed lower as investors eyed the Federal Reserve meeting later in the week. In Europe too, stocks closed mostly lower as investors are cautious ahead of the US Federal Reserve's interest rate decision on Thursday. From other asset class, the dollar held close to a three-week low against a basket of major currencies ahead of this week's Federal Reserve meeting.

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