Sensex, Nifty Turn Volatile Tracking Losses in Asian Stocks
Markets opened flat and turned volatile as Asian stocks traded in the red and the dollar slipped.
Domestic equity markets turned volatile in morning trade as Asian stocks and the dollar slipped. The BSE benchmark Sensex fell over 50 points while the NSE Nifty traded around the 7,900 level.
The mid and small cap indices outperformed the large caps.
Banks, capital goods and information technology were the only sectors which were trading in the green.
Bharti Airtel was the biggest gainer on the Sensex - up about 3 percent - followed by Bajaj Auto, TCS, ICICI Bank and Coal India. Tata Steel slipped nearly 2 percent. Reliance, BHEL, NTPC, HDFC and Sun Pharma were the other major losers.
The rupee was trading lower by 22 paise at 66.70 against the dollar in early trade on sustained demand for the US currency from importers. The dollar was weak against major global currencies and the domestic equity market saw a higher opening, which capped the rupee losses, dealers said.
The rupee had lost 8 paise to close at 66.48 against the dollar in Friday’s trade on persistent demand for the American currency from banks and importers.
Asian Stocks, Dollar Slip Ahead of Fed, BoJ Meetings
Asian shares dropped while the dollar slipped as investors took profits from the currency’s recent gains ahead of central bank meetings in the United States and Japan this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, taking its cue from a mixed day on Wall Street on Friday.
China’s blue-chip CSI300 index slid 0.9 percent, while the Shanghai Composite Index was down 1.2 percent.
Japan’s Nikkei stock index shed about 0.8 percent as the yen pulled off its lows. Investors also locked in gains after the index soared to an 11-1/2 week high following a report the Bank of Japan will mull another easing step at its two-day policy review that ends on Wednesday.
(With agency inputs)
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