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Equity Tips

Sensex opens 200 pts lower, Nifty breaks 9100 on weak global cues

Equity benchmarks extended losses for third consecutive session Wednesday, tracking global weakness on North Korea missile test and concerns over Donald Trump's tax promises.

The 30-share BSE Sensex was down 192.06 points at 29,293.39 and the 50-share NSE Nifty fell 79.35 points to 9,042.15.

Bharti Airtel was biggest gainer in early trade, down 5 percent followed by M&M, ICICI Bank, Dr Reddy's Labs, BHEL, Idea Cellular and Hindalco.

Axis Bank, Cipla, Infosys, HUL, Power Grid Corporation and Bharti Infratel were losers.

The Indian rupee slipped in the early trade. It has opened lower by 27 paise at 65.56 per dollar versus 65.29 Tuesday.

"The USD-INR pair is expected to take cues from the equity market and how the dollar behaves against other major currencies. The dollar weakness is expected to continue."

He expects the USD-INR pair to trade in a range of 65.15-65.40/dollar for the day.

The dollar dipped to a near-four month low as concerns over Trump's policy implementations grew. The greenback has been under pressure after comments from the US Federal Reserve last week disappointed dollar bulls.

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