Monday 9 November 2015

Nifty opens below 7900, Sensex down 100 pts; ONGC falls 2% -- 10 Nov 2015

ONGC, Hindalco Industries, Vedanta, Infosys, Coal India and IndusInd Bank were big losers in early trade, down 1-2 percent.               
                                       
The market started off Tuesday on a negative note with the BSE Sensex falling 115.29 points to 26006.11 and the Nifty declining 33.15 points to 7882.05. Weak global cues drove market lower. ONGC, Hindalco Industries, Vedanta, Infosys, Coal India and IndusInd Bank were big losers in early trade, down 1-2 percent. Tata Motors, L&T, NTPC, Tata Power, BPCL and Maruti Suzuki gained strength. The Indian rupee has opened flat at 66.43 per dollar today against previous day's closing value of 66.44 a dollar. Ashutosh Raina of HDFC Bank said, "The solid US October Jobs data and firm earnings growth has resulted in markets expecting a December lift-off. This has resulted in dollar gaining across the board against most of its peers." He further added, "The USD-INR pair is fast approaching near-term lows on the back of expectations of lift-off in US coupled with recent domestic changing political scenario. We expect the pair to trade between 66.20-66.80/dollar in the short term." In Asian trade, markets opened with cuts following a global sell-off overnight. In the US market, Wall Street posted its biggest decline in six weeks. Equities closed lower as investors weighed a possible Federal Reserve rate hike in December. According to the CME group, the probability of a December rate hike rose from about 58 percent to about 70 percent. In currency space, dollar hovered just below a seven-month peak against a basket of major currencies, having consolidated its payrolls-inspired rally in a subdued session overnight.

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