Nifty breaks 7900, Sensex slips 100pts; ONGC, Hindalco drag -- 3 Dec 2015

Wipro, Axis Bank, Hero and Infosys are top gainers in the Sensex while ONGC, Hindalco, Bajaj Auto, Tata Steel and Tata Motors are losers.

                                                       

The market has opened in red. The Nifty is down 30.20 points or 0.4 percent at 7901.15. The Sensex is down 100.16 points or 0.4 percent at 26017.69. Wipro, Axis Bank, Hero and Infosys are top gainers in the Sensex while ONGC, Hindalco, Bajaj Auto, Tata Steel and Tata Motors are losers. The Indian rupee declined in the early trade. It has opened lower by 8 paise at 66.67 per dollar versus 66.59 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Fed Chair Yellen's speech on Wednesday makes a December lift-off of Fed rates near certain. However, subsequent increases are expected to be gradual." He further added, "On the other hand low inflation has increased odds of further QE in Eurozone in today's European Central Bank (ECB) rate setting meeting. This monetary divergence is lending support to the dollar." Asian stocks slipped and the dollar advanced after hawkish-sounding comments from Federal Reserve Chair Janet Yellen further reinforced the case for an interest rate hike later this month.

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