Wednesday 23 September 2015

Nifty opens below 7850 on F&O expiry day, Sensex weak -- 24 Sep 2015

Lupin, NTPC, Sun Pharma, Bajaj Auto and HUL are top gainers while ICICI Bank, HDFC, Axis Bank and Tata Steel are major losers in the Sensex.

                     
The market has opened weak on September F&O expiry day. The Sensex is down 71.40 points or 0.3 percent at 25751.59 and the Nifty slips 10.45 points or 0.1 percent at 7835.50. About 267 shares have advanced, 160 shares declined, and 29 shares are unchanged. Lupin, NTPC, Sun Pharma, Bajaj Auto and HUL are top gainers while ICICI Bank, HDFC, Axis Bank and Tata Steel are major losers in the Sensex. The Indian rupee has extended its fall in early trade on weakness in global equities. The currency has opened at 66.20 a dollar, down 23 paise or 0.34 percent compared to 65.97 a dollar in previous session. Mohan Shenoi, Kotak Mahindra Bank says Federal Reserve not hiking rates initially triggered global risk-on rally. But likely Fed lift-off in December, weak China PMI and Volkswagen crisis has reversed sentiment back to risk-off, he adds. According to him, safe-haven buying has helped the dollar rally. The rupee has been resilient with RBI presence on both sides, he feels. Meanwhile, Asian shares got off to a cautious start after more dour economic news in China and the United States prompted a bruising selloff the previous day. Worries that an eventual tightening in US monetary policy and slower growth in China could knock the global economy have scared off investors, particularly those invested in stocks and commodities. Japan's Nikkei average, opening for the first time since Friday after national holidays, tumbled 1.6 percent, edging near its seven-month low touched earlier this year. Wall Street also lost ground on Wednesday, dragged down by economic reports portraying US factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis.

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