Sensex breaks 26000, down 250pts; Nifty below 8000, Bank down 2%
Equity benchmarks extended losses in morning trade with the Sensex falling more than 100 points, weighed by FMCG, banking & financials, auto and pharma stocks. However, oil and select technology stocks bucked the trend.
Equity benchmarks rebounded in opening trade Monday with the Nifty reclaiming 8100 level but immediately turned volatile ahead of expiry of November futures & options contracts due on Thursday. The market had lost nearly 7 percent in last four consecutive weeks.
Asian Paints, Adani Ports, Coal India, Lupin, Bosch and Bank of Baroda gained 1-2 percent whereas Tata Motors, HDFC, Dr Reddy's Labs and Bharti Airtel were under pressure.
The Indian rupee has opened flat at 68.10 per dollar today against Friday's closing value of 68.12 a dollar.
"In anticipation of a interest rate hike, dollar will continue to trade with positive bias, putting pressure on rupee. Trading range for USD/INR seen at 68-68.50/dollar."
The dollar rose to its highest level since April 2003 against a basket of currencies on Friday and was on track for its largest two-week increase since March 2015, as traders piled bets on a massive dose of fiscal stimulus under a Donald Trump US presidency.
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