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Nifty struggles below 8000 ahead of F&O expiry; Asian Paints up

The market has opened weak with the rupee at 9-month low hitting record closing low at 68.80 per dollar. The Sensex is down 52.80 points or 0.2 percent at 25999.01 and the Nifty is down 58.75 points or 0.7 percent at 7974.55. About 285 shares have advanced, 326 shares declined, and 43 shares are unchanged.

Wipro, Coal India and ONGC are gainers while SBI, Hero, Cipla, BHEL and Axis Bank are losers in the Sensex.

The Indian rupee opened at fresh 9-month low at 68.74 per dollar on Thursday. It has slipped 18 paise versus previous close 68.56.

The rupee is near to its record closing low of 68.85 per dollar, which it has tested on August 28, 2013.

"Dollar rally across the board is continuing. December US Fed rate hike is now certain. While rupee has weakened sharply against dollar, it has in fact strengthened against currencies like euro and yen."

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