Stock Market

Nifty starts Nov series below 8600; Tech Mah up 6% on Q2 nos


Chillicious Bureau

The market has opened lower as the Sensex is down 82.48 points or 0.3 percent at 27833.42. The Nifty is down 18.60 points or 0.2 percent at 8596.65. About 557 shares have advanced, 268 shares declined, and 48 shares are unchanged.

ONGC, Tata Motors, Maruti, Hero and Axis Bank are top gainers while HDFC, ICICI Bank, GAIL, Asian Paints and Bharti Airtel are losers in the Sensex.

The Indian rupee opened marginally lower at 66.89 per dollar on Friday against previous close 66.86.

Ashutosh Raina of HDFC Bank said, “The USD-INR pair, despite global dollar strength, continues to trade around the 67/dollar level, with aggressive intervention from Central Bank keeping it in a tight range.”

The US dollar hit its highest in more than seven and a half years amid increased confidence that the Federal Reserve will raise interest rates this year. Traders last saw a more than 78 percent chance that the Fed would hike rates in December.

Asian markets turned mixed after opening positive, as oil prices begin to slip after an initial bounce in the US on OPEC comments.

The ASX 200 fell 0.24 percent, weighed by declines in its financials subindex, which was down 0.51 percent. Losses were offset by strength in the energy subindex, which gained 0.48 percent, and the materials sector, up 0.68 percent.

In Japan, the Nikkei 225 was up 0.53 percent, despite the weaker economic data released. A weaker yen likely drove the market’s gains.

The dollar/yen pair broke past 105 levels around the time of London Stock Exchange’s close, on the back of a stronger dollar.

Crude oil prices rose in the US session after Gulf members of the Organization of the Petroleum Exporting Countries (OPEC) reaffirmed commitments to Russia that the cartel was willing to cut output by 4 percent, Reuters reported. OPEC members will meet on Friday and Saturday with energy officials from non-member countries.