Market drifts lower; Sensex hits lowest level in more than 2 weeks: Indian stocks dropped today, 8 December 2014, amid concerns strong US job growth may prompt the US Federal Reserve to speed up the rate hikes in the world's biggest economy. A bout of volatility was witnessed as key benchmark indices trimmed losses soon after extending intraday losses in mid-afternoon trade. The market breadth indicating the overall health of the market was weak. Infosys topped the selling list, down 4.84 percent followed by Sesa Sterlite, M&M, BPCL, Jindal Steel, Hindalco and TCS with 2.5-4 percent loss. However, Coal India, ITC, Bharti Airtel, Cipla, Sun Pharma, Asian Paints, UltraTech Cement and ONGC bucked the trend, up 0.7-2.2 percent.
In the foreign exchange market, the rupee edged lower against the dollar on a broad strength in dollar triggered by a surprisingly strong US job report for November 2014. In overseas markets, a slump in construction companies sent European stocks lower. Asian stocks fell after disappointing Chinese and Japanese economic data.
In the foreign exchange market, the rupee edged lower against the dollar on a broad strength in dollar triggered by a surprisingly strong US job report for November 2014. In overseas markets, a slump in construction companies sent European stocks lower. Asian stocks fell after disappointing Chinese and Japanese economic data.
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