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Nifty opens July series below 9500, Sensex sheds 100 pts

The market started off July series on a weak note, with the Nifty falling below 9500 level on weakness in banks stocks.

The 30-share BSE Sensex was down 115.22 points at 30,742.30 and the 50-share NSE Nifty slipped 37.20 points to 9,466.90.

Asian Paints, Tech Mahindra, Tata Motors, Tata Motors DVR, HDFC, HDFC Bank and Kotak Mahindra Bank were under pressure while Bank of Baroda and Sun Pharma gained in early trade.

The broader markets were also under pressure, with the Nifty Midcap down 0.5 percent as about two shares declined for every share rising.

Jaypee Infratech, Aditya Birla Money, Aditya Birla Nuvo, Grasim Industries, Amtek Auto, Metalyst Forging and Shiva Cement gained 1-7 percent.

The Indian rupee slipped 9 paise in the early trade at 64.72 per dollar versus 64.63 Thursday.

HDFC Bank expects the pair to trade in a range of 64.50-64.90/dollar for today.

Asian markets lost ground despite China manufacturing activity beating expectations. Japan's Nikkei 225 dropped 1.08 percent while the Kospi slipped 0.2 percent and Australia's S&P/ASX 200 pulled back 1.45 percent. Hong Kong's Hang Seng Index declined 0.88 percent. On the mainland, the Shanghai Composite was off by 0.18 percent.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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