Monday 7 September 2015

Sensex, Nifty open flat; HDFC & GAIL gain, HUL drags 1% -- 8 Sep 2015

GAIL, HDFC, Tata Steel, Tata Motors and NTPC are top gainers in the Sensex. Among the losers are Lupin, Vedanta, Dr Reddy's Labs, Cipla and HUL are among losers.

                                             
Just after a slight uptick, the market soon turned flat. The Sensex is down 35.81 points or 0.1 percent at 24858.00, and the Nifty is down 13.35 points or 0.2 percent at 7545.45. About 419 shares have advanced, 388 shares declined, and 34 shares are unchanged. GAIL, HDFC, Tata Steel, Tata Motors and NTPC are top gainers in the Sensex. Among the losers are Lupin, Vedanta, Dr Reddy's Labs, Cipla and HUL are among losers. After hitting two-year low, the Indian rupee opened marginally higher by 5 paise at 66.77 per dollar versus 66.82 Monday. Ashutosh Raina of HDFC Bank said, "The USD-INR currency pair has been under pressure, close to touching the psychological level of 67/dollar, tracking weakness in other EM currencies." The dollar firm against the yen and other currencies as equities stabilise. Asian stocks traded mixed, as investors awaited fresh data due out of the world's second-biggest economy. China releases trade figures for August and economists polled by Reuters expect exports to have declined 6 percent on-year, after an 8.3 percent plunge in July. Imports are seen dropping 8.2 percent in August, following a fall of 8.1 percent in the previous month. From other asset class, the dollar firmed against the yen and other currencies as equities stabilised. However, crude prices fell as a firmer dollar and global oversupply fears weighed on prices. Gold prices continued to trade around USD 1120 an ounce.

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