Market Live: Sensex, Nifty off the day’s low points; pharma stocks see a surge. Tepid global cues, weak rupee and rising crude and bond yields have a negative impact on the market.
Tepid global cues, weak rupee and rising crude and bond yields have a negative impact on the market.
Market Check: The market has continued to trade weak, with the Sensex falling around 100 points, while the Nifty hovers around 10,750-mark. Major sectoral indices are trading in the red. But pharmaceutical names are surging in today’s trade. The Nifty Pharma index is up over 2 percent. Midcap index, meanwhile, is trading flat. Dr. Reddy’s Labs is trading higher by over 2 percent. Sun Pharma and Cipla are the other top gainers, while Power Grid, HPCL, and M&M have lost the most.
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Equity benchmarks are off the day’s low points, with the Nifty hovering near 10,750, while the Sensex is down around 50 points.
The Sensex is down 53.47 points or 0.15% at 35409.61, while the Nifty is down 19.30 points or 0.18% at 10749.10. The market breadth is narrow as 973 shares have advanced, against a decline of 877 shares, while 96 shares are unchanged.
Sun Pharma and Dr. Reddy’s Labs are the top gainers, while Power Grid, ICICI Bank, and BPCL are the top losers.
Market Opens: Equity benchmarks have begun the day on a lower note, tracking negative global cues along with domestic issues of higher bond yields, crude prices as well as the weak rupee.
The Sensex is down 132.72 points or 0.37% at 35330.36, while the Nifty is lower by 45.60 points or 0.42% at 10722.80. The market breadth is in favor of the declines as 346 shares have advanced against a fall of 668 shares, while 68 shares are unchanged.
Shares of oil marketing companies (OMCs) are trading lower on the back of higher crude prices. Indian Oil, HPCL, and BPCL are trading up to 2 percent lower.
Dr. Reddy’s Labs, Tata Motors, and Tech Mahindra are the top gainers, while Power Grid, Asian Paints, BPCL, and HPCL have lost the most.
Rupee Update: The Indian rupee slipped in the early trade on Friday. It has opened lower by 34 paise at 67.46 per dollar versus 67.12 yesterday.
The rupee fell in the second half of the session following broad strength in the dollar against its major crosses an uptick in global crude oil prices. Yesterday, oil prices rose following reports that Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals. In the recent past, it has been observed that higher crude oil prices have weighed on the rupee, said Motilal Oswal.
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Sun Pharma and Dr. Reddy’s Labs are the top gainers, while Power Grid, ICICI Bank, and BPCL are the top losers.
Market Opens: Equity benchmarks have begun the day on a lower note, tracking negative global cues along with domestic issues of higher bond yields, crude prices as well as the weak rupee.
The Sensex is down 132.72 points or 0.37% at 35330.36, while the Nifty is lower by 45.60 points or 0.42% at 10722.80. The market breadth is in favor of the declines as 346 shares have advanced against a fall of 668 shares, while 68 shares are unchanged.
Shares of oil marketing companies (OMCs) are trading lower on the back of higher crude prices. Indian Oil, HPCL, and BPCL are trading up to 2 percent lower.
Dr. Reddy’s Labs, Tata Motors, and Tech Mahindra are the top gainers, while Power Grid, Asian Paints, BPCL, and HPCL have lost the most.
Rupee Update: The Indian rupee slipped in the early trade on Friday. It has opened lower by 34 paise at 67.46 per dollar versus 67.12 yesterday.
The rupee fell in the second half of the session following broad strength in the dollar against its major crosses an uptick in global crude oil prices. Yesterday, oil prices rose following reports that Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals. In the recent past, it has been observed that higher crude oil prices have weighed on the rupee, said Motilal Oswal.
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Today, USDINR pair is to quote in the range of 67.35 and 67.80. On the domestic front, market participants will be keeping an eye on inflation and industrial production number that will be released earlier next week.
The expectation is that inflation in May could inch higher that could further weigh on the currency, it added.
The expectation is that inflation in May could inch higher that could further weigh on the currency, it added.
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