Sensex, Nifty open marginally lower; ONGC, Cairn rally --- 7 Oct 2015

Cairn India and ONGC rallied 2-3 percent. Lupin, Sun Pharma, NTPC, Cipla, Asian Paints and Maruti Suzuki were other leading gainers.

                                   

The market has opened marginally lower amid consolidation on Wednesday. The Sensex declined 34.01 points to 26898.87 and the Nifty fell 13.40 points to 8139.50. About 431 shares have advanced, 175 shares declined, and 27 shares are unchanged on the BSE. Cairn India and ONGC rallied 2-3 percent. Lupin, Sun Pharma, NTPC, Cipla, Asian Paints and Maruti Suzuki were other leading gainers. However, Tata Steel, Wipro, Tata Motors, ICICI Bank, Dr Reddy's Labs, HCL Tech and ACC fell 0.5-1 percent. The Indian rupee has gained 11 paise in the early trade today. It has opened at 65.30 per dollar against previous close of 65.41. NS Venkatesh of IDBI Bank said, "The rupee weakened against the dollar breaking a 6-day gaining streak. The rupee depreciation was mainly on account of dollar demand by state-owned banks for meeting import demand." According to him, the rupee today is expected to trade within a narrow range of 65.35-65.50/dollar. Meanwhile, Asian stocks held firm today as a sharp rebound in oil prices supported battered resource shares and emerging economy currencies. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent, led by a 0.4 percent rise in South Korea. Stocks in the United States closed mixed overnight, stabilizing after a sharp two-day rally, as investors awaited the official beginning of the third-quarter earnings season. However, the country's trade deficit for the month of August came in at USD 48.3 billion, the widest in five months. Yen nursed losses against most of its peers and is likely to stay on the defensive in case the Bank of Japan surprises by injecting fresh stimulus after its policy review later in the day. Dollar too traded soft.

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