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Equity Tips

Nifty breaks 8700, Sensex falls over 100 pts; HDFC twins drag

Equity benchmarks extended losses in morning trade with the Nifty falling below the 8700 level due to profit booking.Sensex was down 127.57 points at 28051.51 and the 50-share NSE Nifty fell 34.65 points to 8674.30.

Tata Group stocks remained under pressure after Tata Sons sacked Cyrus Mistry as chairman on Monday. Tata Steel, TCS and Tata Motors were down 1-2 percent.

The market has opened in red with focus in Tata group stocks. The Sensex is down 24.28 points at 28154.80 and the Nifty is down 2.35 points at 8706.60. About 615 shares have advanced, 309 shares declined, and 59 shares are unchanged.

Tata Steel is down over 3 percent while Tata Motors and TCS are slipping over 1 percent. Reacting to disappointing Q2 results, Idea is down 3 percent.

The Indian rupee opened lower by 8 paise at 66.93 per dollar on Tuesday versus previous close 66.85.

"The dollar index touched 9-month high of 98.85, with dollar continuing to rise against basket of major currencies on expectations of Fed hiking rates in December, with probability of December hike rising to almost 80 percent."

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