Sensex, Nifty open flat; ICICI Bank, M&M, Vedanta slump -- 21 Sep 2015

Sun Pharma and GAIL are two gainers in the Sensex. Among the losers are ICICI Bank, M&M, Axis Bank, Vedanta and Hindalco are losers in the Sensex.

                           

The martket has opened flat on Monday following global cues. The Sensex is down 7.86 points at 26211.05 and the Nifty slips 70.95 points or 0.9 percent at 7910.95. About 227 shares have advanced, 340 shares declined, and 35 shares are unchanged. Sun Pharma and GAIL are two gainers in the Sensex. Among the losers are ICICI Bank, M&M, Axis Bank, Vedanta and Hindalco are losers in the Sensex. The Indian rupee slipped in early trade. It has opened lower by 19 paise at 65.86 per dollar versus Friday's closing value of 65.67. The currency on Friday appreciated by 79 paise to close at one-month high of 65.67 a dollar. Agam Gupta of StanChart Bank said, "The overnight equity sell-off will keep sentiment slightly weak. We expect dollar demand to come in from importers on dips to 65.55-65.60/dollar. Any upticks towards 66/dollar will see some exporter selling to hedge their receivables. We expect a range of 65.60-66/dollar for the day." The dollar recovered and lifting the mood of dollar bulls were comments from a top Fed policymaker, John Williams, who said a rate hike this year is still likely. Asian stocks declined early Monday, tracking an uninspiring lead from Wall Street, as the Federal Reserve's decision to keep interest rates near zero stoked concerns about global growth. Major US averages finished sharply lower last Friday, with the Dow Jones Industrial Average closing down 1.7 percent. The S&P 500 and tech-heavy Nasdaq Composite lost 1.6 and 1.4 percent respectively. Attention may also turn to Greece, where Prime Minister-elect Alexis Tsipras claimed victory in the country's general elections on Sunday and will return to power in a coalition government with the right-wing Independent Greeks.


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