Nifty breaks 8900, Sensex sheds over 200 pts; HDFC, ICICI drag
Equity benchmarks extended losses in morning trade with the Nifty falling below psychological 8900 level, dragged by banking & financials, auto and FMCG stocks.
HDFC, ITC, ICICI Bank, Tata Motors and Axis Bank were top contributors to Sensex's fall, down 1.5-2 percent whereas TCS, ONGC, Reliance Industries, Wipro and Dr Reddy's Labs bucked the trend.
The market has opened in red as the Sensex is down 11.85 points at 29033.43. The Nifty is down 15.70 points or 0.2 percent at 8936.80. About 192 shares have advanced, 47 shares declined, and 17 shares are unchanged.
YES Bank is down 5 percent while BHEL and Hero MotoCorp are laggards in the Sensex. Among gainers are Bajaj Auto, ONGC, Cipla, M&M and TCS.
The Indian rupee fell in early trade Friday for the second consecutive session on recovery in US dollar. The currency has opened at 66.57 per dollar, down 16 paise compared with previous day's closing value of 66.41 a dollar.
US dollar rose against the yen, spurred by a jump in oil prices that put upward pressure on US. Inflation expectations and pushed traders to increase their outlook on a rate hike from the Federal Reserve.