Market Live: Sensex down over 100 pts; Bajaj Finance extends gains, Bajaj Auto top gainer

Market Live: Sensex down over 100 pts; Bajaj Finance extends gains, Bajaj Auto top gainer. While Indian rupee opens lower at 67.77 per dollar.

Market Update: The market extended opening losses, continuing correction for the fourth consecutive session amid higher crude oil prices, the weak rupee.

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The Sensex has broken 35,000 levels, down more than 181 points at 34,968.12 and the Nifty declined 47.20 points to 10,635.50 while the Nifty Midcap was down half a percent.

HDFC Bank, ITC, Reliance Industries, ICICI Bank, L&T and Infosys are pushing the market lower while Bajaj Auto gained 2 percent ahead of March quarter earnings due later in the day.

Crude Oil Update: Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.

Brent crude futures were at $79.53 per barrel, up 0.29 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.

US West Texas Intermediate (WTI) crude futures were at USD 71.62 a barrel, up 0.18 percent from their last settlement, reports CNBC.

Market Opening: Benchmark indices started off Friday's trade mildly lower despite most Asian stocks traded in the green.

The 30-share BSE Sensex was down 59.51 points at 35,089.61 and the 50-share NSE Nifty fell 17.90 points to 10,664.80.

Indian rupee opens lower at 67.77 per dollar

The Indian rupee opened lower by 7 paise at 67.77 per dollar on Friday versus 67.70 yesterday.

According to Motilal Oswal, the rupee continued to consolidate in a narrow range for the second successive sessions but traded with a slight negative bias following broad strength in the dollar and as US 10-year yield continued to rise.

On the domestic front, FIIs continued to remain net sellers in the equity and debt segment and yesterday sold another USD 258 million. In the last one month, FIIs have sold funds worth USD 2.5 billion and the cumulative sell figure for this financial year stands at USD4.9 billion.

The economic calendar on the domestic front is muted and that could keep the volatility for the rupee confined to a narrow range. For the day, the rupee is expected to quote in the range of 67.60 and 68.20, it added.
 

Sun Pharma, Bajaj Finance, Bajaj Auto, Tech Mahindra, Yes Bank, Eicher Motors, ONGC, Coal India, Lupin, Vedanta and Power Grid were early gainers.

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IOC, HPCL, BPCL, Wipro, Indiabulls Housing Finance, Cipla, UltraTech Cement, ICICI Bank and Asian Paints were under pressure.

The nifty Midcap index was down 70 points. Voltas, Central Bank of India, Jyothy Labs, SRF, Crompton Consumer, TVS Motor Company, Biocon and Balkrishna Industries fell up to 5 percent.

JK Tyre, Reliance Communications, Reliance Power, Future Consumer, Future Enterprises, HDIL, PC Jeweller and Edelweiss Financial rallied up to 17 percent.

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