Sensex off day's low; Rupee at 19-month high amid geopolitical tensions
Equity benchmarks opened sharply lower Friday on weak global cues after the US fired dozens of cruise missiles into Syria.
The 30-share BSE Sensex was down 149.99 points at 29,777.35 and the 50-share NSE Nifty fell 47.30 points to 9214.65.
Reliance Industries share price fell 1.6 percent on profit booking post TRAI order, but the stock recovered a bit. (Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 and Moneycontrol.com)
Sun Pharma was the biggest loser among Sensex stocks, down 2 percent followed by HDFC, ITC, Adani Ports, Tata Motors, HDFC Bank and Infosys.
Bharti Airtel gained 2 percent. Maruti Suzuki, ICICI Bank, TCS, Axis Bank and ONGC were other gainers.
Asian markets and stock futures in the US turned negative after the US fired missiles into Syria. Crude prices spiked 2 percent and the dollar weakened slightly.
Meanwhile, the Indian rupee opened lower by 18 paise at 64.69 per dollar versus previous close 64.51.
"The USD-INR pair breached the crucial technical level of 64.80/dollar, after the RBI maintained status quo in repo rate. The strong portfolio flows continue to help the pair."
He expects a trading range of 64.30-64.80/dollar in the near term, with RBI expected to support at lower levels.