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Sensex skids over 100 pts, Nifty weak; Vedanta, BHEL down

ONGC, Bharti Airtel, Dr Reddy’s Labs, Lupin and Wipro while Vedanta, Bajaj Auto, BHEL, TCS and Tata Steel are among laggards in the Sensex.

09:15

TheNewsInternational Team

The market has seen sharp slide in early trade. The Sensex is down 130.74 points or 0.5 percent at 26261.64, and the Nifty slips 36.10 points or 0.4 percent at 7965.85. About 319 shares have advanced, 426 shares declined, and 40 shares are unchanged.

ONGC, Bharti Airtel, Dr Reddy’s Labs, Lupin and Wipro while Vedanta, Bajaj Auto, BHEL, TCS and Tata Steel are among laggards in the Sensex.

The Indian rupee has opened lower by 11 paise at 66.25 per dollar against Friday’s close of 66.14 a dollar.

Agam Gupta of StandChart Bank said, “We expect the market to keep a close watch on global equities and risk sentiment, especially in light of an increase in the probability of a September rate hike by the US FOMC.”

“Dips below 66/dollar will continue to attract demand from importers and any spike to the 66.30-66.40/dollar zone should lead to hedging by exporters. We expect a 65.95-66.35/dollar range for the day,” he added.

The dollar traded near one-week highs on rate-hike remarks by a senior Fed official and generally positive US data .

Global cues are mixed with Asian markets kicking off the first trading day of the week lower on expectations of more volatility in Chinese markets.The US market ended narrowly mixed on Friday on the back of a sharp rebound in crude oil and good economic data.

US Federal Reserve Vice Chairman has said in an exclusive interview that the Fed has not yet made up its mind about hiking interest rates in September. Fischer said the Fed will watch the non-farm payroll numbers and also if the volatility in the market is settling down.

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