The market has opened on weak note as the Sensex falls 82.49 points to 19099.77 while the Nifty is down 26.95 points at 5658.45, amid concern that a deepening economic slowdown and a weakening currency will hurt company earnings. The sensex dropped 3 percent last week as the rupee had its biggest weekly retreat in almost two years after the Reserve Bank of India said steps to steady the currency are temporary. Foreigners pulled $3 billion from stocks and bonds in July amid concerns that the Federal Reserve will cut stimulus and intensify outflows. The Indian rupee opened weak by 17 paise at 61.05 per dollar versus 60.88 yesterday. On the economic front, the pace of growth in the US services sector accelerated in July, picking up from a three-year low. The institute for supply management's services index rose to 56 from 52.2 in June. On global front, the US stocks ended in red with low volumes with the Dow and S&P 500 retreating from all-time highs, as investors looked for catalysts to further propel the recent market gains. European shares finished around the flat line on Monday. Asian stocks declined with US index futures as US economic data boosted speculation that the Federal Reserve will soon seek to reduce stimulus. On #BSE segment, Midcap and Small cap are trading sharply lower with a decline of 1.64% and 0.95% respectively. With an exception of BSE IT all other sectors on BSE are trading lower today, IT is up by a meager 0.04% or 3 points while all others are trading down. The worst performer till now is Realty i.e. down by 3.24% or 40 odd points.
Further the market breath remains negative with 425 shares having advanced, 1115 shares having declined and 88 shares reaming unchanged.
No comments:
Post a Comment