The market has opened in the negative terrain dragged majorly by banking stocks. The Sensex opens 133.29 points down at 20168.84 while the Nifty is at 6031, down 46.80 points. Bank Nifty falls 3.5 percent as the banking stocks are under heavy selling pressure not unable to digest Reserve Bank of India’s measures to curb rupee volatility. The RBI has moved to further rein in FOREX market volatility as the rupee ends lower once again at 59.76 to the dollar. The central bank adds banks must maintain 99 percent of their daily cash reserve ratio (CRR) requirement with the RBI, against the current 70 percent. On International market, US stocks finished narrowly mixed in lackluster trading Tuesday, but the Dow posted a fresh closing high, as investors weighed a handful of upbeat earnings against a weak regional factory report. European shares pared earlier gains to close down on Tuesday. Asian stocks were mostly lower on Wednesday after HSBC's key survey of Chinese manufacturing activity fell to an eleven-month low in July. On BSE, Midcap and Small Cap are trading lower with a decline of 0.98% and 0.56% respectively. Sectoral front remains mixed with IT leading by 1.19% while Bankex is down 3.5%.
Further market breath remains negative as 572 shares have advanced, 975 shares declined, and 94 shares are unchanged.
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