The market has opened in red with focus in Tata group stocks. The Sensex is down 24.28 points at 28154.80 and the Nifty is down 2.35 points at 8706.60. About 615 shares have advanced, 309 shares declined, and 59 shares are unchanged.
Tata Steel is down over 3 percent while Tata Motors and TCS are slipping over 1 percent. Reacting to disappointing Q2 results, Idea is down 3 percent.
ICICI Bank, Adani Ports, Cipla, GAIL and Maruti are top gainers in the Sensex.
The Indian rupee opened lower by 8 paise at 66.93 per dollar on Tuesday versus previous close 66.85.
Ashutosh Raina of HDFC Bank said, “The dollar index touched 9-month high of 98.85, with dollar continuing to rise against basket of major currencies on expectations of Fed hiking rates in December, with probability of December hike rising to almost 80 percent.”
The US dollar hovered near a roughly nine-month high against a basket of major currencies and touched a one-week high against the yen on growing expectations of a Federal Reserve interest rate increase in December.
Among global markets, Asian shares edged higher while the dollar stood firm as upbeat US earnings boosted Wall Street and factory surveys in the United States and Europe boasted their best readings so far this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent with most components yet to trade.
Australian stocks added 0.5 percent and futures pointed to an opening gain of around 0.8 percent for Japan’s Nikkei helped by a softening yen. Wall Street took encouragement from upbeat corporate results and the Dow rose 0.46 percent, while the S&P 500 gained 0.47 percent and the Nasdaq or 0.91 percent.
Back home, companies that will announce Q2 results are HDFC Bank, Bharti, Zee Entertainment, Asian Paints, Dr Reddy’s Labs, Kotak Mahindra Bank and L&T Finance.