Markets open marginally lower; Nifty hovers around 8,950: Markets opened marginally lower amid profit taking in private banks after sharp gains recently while ITC continued to remain weak because of steep hike on cigarettes proposed in the Budget. Meanwhile, on the macro front India formally joins the ranks of inflation targeting countries. President signs landmark monetary policy agreement with the Reserve Bank of India (RBI) ordering central bank to keep inflation below 6 percent next year and around 4 percent for all subsequent years.
At 9:45 AM, the S&P BSE Sensex was trading at 29481 up 22 points, while NSE Nifty was trading at 8960 up 3.2 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 61.89 per dollar versus 61.87 Monday. The US dollar hovered close to an 11-year high against a basket of currencies while Asian shares firmed in early trade on Tuesday, with sentiment bolstered by another record day on Wall Street.
At 9:45 AM, the S&P BSE Sensex was trading at 29481 up 22 points, while NSE Nifty was trading at 8960 up 3.2 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 61.89 per dollar versus 61.87 Monday. The US dollar hovered close to an 11-year high against a basket of currencies while Asian shares firmed in early trade on Tuesday, with sentiment bolstered by another record day on Wall Street.
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