Sensex Falls Over 100 pts, Nifty Below 16,250; Rupee Hits New Low

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Sensex Today: Indian equity markets started on a choppy note on Tuesday morning following sombre mood across Asia and an uptick in oil prices. At 09:16 IST, the Sensex was down 180.14 points or 0.33 per cent at 54341.01, and the Nifty was down 51.60 points or 0.32 per cent at 16226.90.

Top Gainers & Losers

Tata Steel, Sun Pharma, Bharti Airtel, NTPC, Reliance, Ultratech Cement, PowerGrid and Dr Reddy’s were the handful of gainers on the Sensex. ONGC, Coal India were the additional Nifty winners.

On the downside, HCL Tech, Asian Paints, Tech M, TCS, Infy, Bajaj Finserv, HUL, Nestle, Tata Consumer, HDFC Life and Britannia led losses on the two indices, down up to 1.5 per cent.

The broader markets, meanwhile, opened in green. The BSE MidCap and SmallCap indices were up to 0.14 per cent higher.

Sectorally, Nifty auto, metals and pharma indices outperformed the weak market, rising up to 0.6 per cent. Financials, FMCG and IT sat with losses.

Among stocks, Surya Roshini rose over 4 per cent on winning an order worth Rs 91 crores.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “FPI selling, which has been a major drag on the Market since October 21, is showing a marginally different trend. Even though FPIs continue to be net sellers, they bought on 4 days this month. This means some FPIs are seeing value in some segments. The sharp corrections in IT stocks have made their valuations attractive. High-quality financials, whose values were depressed by sustained FPI selling, are bouncing back since their fundamentals are improving.”

“It is important to note that CPI inflation in India, though high, is trending down: from 7.79 per cent in April to 7.04 per cent in May to 7.01 per cent in June. This is in sharp contrast to the US and Europe where inflation has been steadily rising. With moderation in commodity prices, this trend can sustain. Commodity price moderation is imparting resilience to commodity users like autos, FMCG and consumer durables. Increasing capex is assisting the capital goods segment. These are important indicators for investors. The near-term is likely to witness stock specific action in response to the Q1 results,” he added.

Rupee at Record Low

The rupee touched the 80-per-dollar mark for the first time on Tuesday. The local currency opened the day at 79.98 against the US dollar on July 19 against the previous close of 79.97. Then it immediately dropped to 80.

Global Cues

Asian shares slipped on Tuesday, following overnight declines on Wall Street, and the dollar hovered below last week’s peak, but traders’ main focus was approaching central bank meetings and the early stages of the U.S. earnings season.

Tokyo stocks opened higher on Tuesday after a three-day weekend, with investors encouraged by Wall Street rallies last week, despite US falls the day before. The benchmark Nikkei 225 index was up 0.73 percent, or 195.76 points, at 26,984.23 in early trade, while the broader Topix index edged up 0.66 percent, or 12.52 points, to 1,905.02.

Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year. The Dow Jones Industrial Average fell 215.65 points, or 0.69%, to 31,072.61, the S&P 500 lost 32.31 points, or 0.84%, to 3,830.85 and the Nasdaq Composite dropped 92.37 points, or 0.81%, to 11,360.05.

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