Nifty below 7750, Sensex weak; Tata Motors up, Cairn down --- 8 Dec 2015

Dr Reddy's Labs, Vedanta, HDFC, ONGC, Hindalco, Cairn India and Adani Ports declined 1-2 percent while Tata Motors, Hero Motocorp, Infosys, Bajaj Auto, Wipro, BPCL, HCL Tech and Asian Paints gained 0.2-1 percent.

   
                                                             

The market has opened marginally lower, tracking negative global cues due to sharp fall in oil prices. The Sensex fell 91.10 points to 25439.01 and the Nifty declined 22.30 points to 7743.10. Dr Reddy's Labs, Vedanta, HDFC, ONGC, Hindalco, Cairn India and Adani Ports declined 1-2 percent while Tata Motors, Hero Motocorp, Infosys, Bajaj Auto, Wipro, BPCL, HCL Tech and Asian Paints gained 0.2-1 percent. The Indian rupee declined in the early trade today. It has opened lower by 12 paise at 66.85 per dollar versus 66.73 Monday. Ashutosh Raina of HDFC Bank said, "The slide in oil prices has resulted in re-emergence of dollar buying after Organization of the Petroleum Exporting Countries (OPEC) failed to agree on production cut last week. The US Fed is widely expected to raise rates at the next week's Federal Open Market Committee (FOMC) meeting after a solid jobs growth in November." He further added, "The USD-INR pair after touching the recent lows of 67/dollar has been helped by some aggressive intervention from Reserve Bank of India (RBI). The pair is expected to trade in the 66.50-67.50/dollar range going into FOMC meeting next week." The dollar rose broadly on expectations the US Federal Reserve is on track to raise interest rates next week following a solid November jobs report. Asian shares too are trading weak, despite Japan posting positive quarterly GDP data (1 percent) that were ahead of estimates. US stocks fell on Monday, led by the S&P energy index's biggest one-day percentage drop since late August as oil prices slid to their lowest point in nearly seven years. The Dow Jones industrial average fell 117.12 points, or 0.66 percent, to 17,730.51, the S&P 500 lost 14.62 points, or 0.7 percent, to 2,077.07 and the Nasdaq Composite dropped 40.46 points, or 0.79 percent, to 5,101.81. Oil fell to about USD 38 on Nymex futures, as OPEC failed to take action to cut supply. While low oil prices are generally considered to be good for consumption, and thereby equities, experts believe that very low oil prices may not be good for the health of the global economy.


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