Sensex loses further ahead of exit polls; rupee weakens more

By: | Published: March 9, 2017 10:14 AM

The Sensex shed about 87 points while the NSE Nifty cracked below the 8,900-mark in early trade today on sustained selling in oil and gas, power, healthcare and PSU counters ahead of exit poll results.

In Asian markets, Hong Kong’s Hang Seng was down by 1.01 per cent, while Japan’s Nikkei rose 0.15 per cent in early trade. Shanghai Composite index shed 0.92 per cent. (Reuters)

The Sensex shed about 87 points while the NSE Nifty cracked below the 8,900-mark in early trade today on sustained selling in oil and gas, power, healthcare and PSU counters ahead of exit poll results. The 30-share Sensex barometer, which had lost 146.25 points in the previous two sessions, fell by another 86.92 points or 0.30 per cent to 28,815.02. The broader Nifty too declined by 24.80 points or 0.27 per cent to 8,899.50. Brokers said trimming of positions by participants ahead of exit poll results for the assembly elections later in the day amid a weak trend globally, influenced trading sentiment. Among major losers on BSE were GAIL, Dr Reddy’s, Power Grid, ONGC, Adani Ports, Wipro, Hindustan Unilever, NTPC, Bharti Airtel, Cipla, Infosys and ITC Ltd, which fell up to 4.25 per cent in early trade.

In Asian markets, Hong Kong’s Hang Seng was down by 1.01 per cent, while Japan’s Nikkei rose 0.15 per cent in early trade. Shanghai Composite index shed 0.92 per cent.

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The Dow Jones Industrial Average ended 0.33 per cent lower in yesterday’s trade.

Rupee

The rupee today lost 12 paise to 66.83 as the dollar remained in the driver’s seat on the growing buzz that the US interest rate is set to go up.

The Fed is meeting next week to take a call on this. A higher US rate means flight of investors from emerging markets in search of higher returns.

Apart from the increased demand for the American currency from importers and banks, its strength against other currencies overseas pulled down the rupee.

A lower opening in the domestic equity market did not help things.

Yesterday, the rupee had weakened 4 paise to 66.71 in a relatively muted trade on renewed demand for the greenback.

Meanwhile, the benchmark BSE Sensex fell 86.92 points, or 0.30 per cent, to 28,815.02 in early session today.

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