Nifty tanks below 7800, Sensex falls over 200 pts; SBI down -- 4 Dec 2015

GAIL, BHEL, Vedanta, Infosys and SBI are major losers in the Sensex.


                                             

The market has opened in deep red as the Sensex is down 125.99 points or 0.5 percent at 25760.63. The Nifty slips 46.95 points or 0.6 percent at 7817.20. About 227 shares have advanced, 399 shares declined, and 46 shares are unchanged. GAIL, BHEL, Vedanta, Infosys and SBI are major losers in the Sensex. Asian equities traded lower after Wall Street closed in the red as investors digested comments from the Fed and the European Central Bank (ECB). Federal Reserve chairman Janet Yellen said in a testimony before Congress that economic data since October backs the central bank's expectations of an improved job market. She added the bank will need to be cautious about raising rates form near zero, but added that - even after an initial increase - Fed funds rates would remain accommodative. ECB president Mario Draghi announced monetary policy measures that fell short of market expectations. The central bank cut deposit rate by 10 basis points to negative 0.3 percent and said its asset purchase program will also be extended until at least March 2017 and broadened in scope. The Indian rupee opened lower by 30 paise at 66.95 per dollar against previous close of 66.65. Pramit Brahmbhatt of Veracity said, "We expect the rupee to appreciate as dollar weakened in the international market and the US non-farm payroll data is expected to be against the dollar." The US dollar index fell more than 2 percent overnight to below 98 after hitting a plus-12-year high of 100.51 on Wednesday. The euro extended earlier gains to climb above USD 1.09 to hit its highest since November 3. The dollar index posted its worst daily loss since march 2009, while the euro had its biggest gain since that month.

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