Domestic equity markets continued the weak run seen in the last five sessions. The BSE Sensex started on a cautious note following muted trend seen in Asian markets. The fall in the index was led by losses in Dr Reddy’s Laboratories, HDFC, Bharti Airtel, and ICICI Bank.
The Nifty slipped broke below its crucial psychological support level of 7,700. Losses in consumer durable, realty, power, and telecom stocks dragged the index lower.
Shares of Dr Reddy’s slipped over 4 per cent in early trade after the company submitted its reply to the US drug regulator. Amtek Auto continued its rally from Tuesday gaining 3 per cent. BHEL gained 2 per cent, to become the top gainer on the Sensex.
Breaking its five-day losing streak, the rupee added 3 paise to 66.81 against the US dollar in early trade on Wednesday, in line with marginal gains seen in other Asian currencies.
Most Asian markets traded weak as oil prices slumped to seven year lows on OPEC’s decision. Japan’s Nikkei traded lower by 0.77 per cent while the South Korean Ksopi was flat. Hong Kong’s Hang Seng index traded lower by 0.47 per cent. China’s Shanghai Composite was up 0.65 per cent.
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