Nifty below 8150, Sensex falls over 100 pts; SBI, HDFC down 1-2%
The market has started 2017 on a flat note as the Sensex is up 55.14 points or 0.2 percent at 26681.60. The Nifty is up 19.10 points or 0.2 percent at 8204.90. About 334 shares have advanced, 72 shares declined, and 3221 shares are unchanged.
SBI, Wipro, Maruti, Dr Reddy's Labs and NTPC are top gainers while HDFC, Bharti, M&M, ITC and ICICI Bank are major losers in the Sensex.
The Indian rupee opened lower by 3 paise at 67.95 per dollar on Monday versus 67.92 Friday.
"We expect the rupee to gain after finding support at 68/dollar. We expect the USD-INR pair to trade in a range of 67.80-68.20/dollar today." The dollar index slipped well below the 103 mark. The euro surged against the dollar, currently at 1.05.
Banks will be in focus as the markets wake up to giant rate cuts by two biggest public sector banks after the influx of low cost deposits since the demonetisation announcement. SBI slashed rate by 90 basis points and PNB by 70 basis points.