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Stock Market Opening News
Equity benchmarks started off the week with sharp cut, tracking steep fall in global peers.
The Sensex was down 522.91 points or 1.82 percent at 28274.34 and the Nifty down 160.25 points or 1.81 percent at 8706.45.
ICICI Bank and Tata Motors were the biggest losers, down 3-4 percent followed by HDFC, ITC, Axis Bank, L&T and SBI whereas Infosys bucked the trend.
The Indian rupee slipped in the early trade. It has opned lower by 20 paise at 66.88 per dollar versus 66.68 Friday.
Pramit Brahmbhatt of Veracity said he expected the rupee to trade with a negative bias under pressure from global sentiment.
The trading range for the day is seen between 66.50-67/dollar, he feels.
The dollar began the week on the back foot as a bout of risk aversion underpinned the yen, though the US currency garnered some support on renewed talk of a possible rate hike by the Federal Reserve as early as this month.
Asian shares tumbled after a sharply lower finish for major US indexes on Friday amid concerns central banks will become less accomodative.
Shanghai, Hang Seng and Nikkei were down 1.5-2.7 percent.
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