Nifty struggles below 8800, Sensex flat; SBI, Tata Motors up
The market has become flat after initial rush in opening. The Sensex is up 8.55 points at 28343.10 and the Nifty is down 4.05 points at 8765.10. About 1246 shares have advanced, 745 shares declined, and 78 shares are unchanged
The market has opened firm with the Nifty scaling 8800. There is a positive sentiment in the market after Reserve Bank of India decided to cut rates in its bi-monthly monetary policy review yesterday.
SBI, Tata Steel, GAIL, ICICIBank and Tata Motors are top gainers while Bajaj Auto, Asian Paints, M&M, Infosys and Hero MotoCorp are losers in the Sensex.
"Concerns from the US with respect to rate hike expectations helped the dollar trade higher compared to peers. The rupee is expected to trade lower within a range of 66.50-67/dollar."
Among global markets, Asian shares and gold retreated and bond yields were near two-week highs after markets were rattled by a report flagging the possible withdrawal of global stimulus measures.
US stocks dropped as investors fretted about Britain's exit from the European Union and the prospect of a Federal Reserve interest rate hike in coming months. It was the second straight session of losses on Wall Street, where investors were already on edge due to the uncertainty of a tight race ahead of the November 8 presidential election.