Ripples Advisory, Sensex, Nifty open flat despite the correction in Asian peers amid trade tensions
Asian stocks were cautiously mixed, with China's Shanghai Composite falling further amid trade tensions.
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Rupee Trade: The Indian rupee traded lower by 12 paise at 68.91 per dollar on fresh demand for the American currency.
Yesterday rupee closed near five-year low at 68.80 per dollar. It ended lower by 33 paise against Friday's close 68.47.
Yesterday rupee gained in the first half of the session but came under pressure in the latter half of the session following strength in the dollar against its major crosses and higher global crude oil prices. Yesterday, crude rallied after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets, said Motilal Oswal.
Libya’s National Oil Corporation declared force majeure on loadings from Zueitina and Hariga ports, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports. Today, USD-INR pair is expected to quote in the range of 68.80 and 69.30, it added.
Market Opening: Benchmark indices started off trade on a flat note despite weakness in the Asian peers due to ongoing trade tensions between US and China.
The Sensex fell 33.24 points to 35,231.17 and the Nifty slipped 11.40 points to 10,645.90.
Hero MotoCorp, TCS, Dr Reddy's Labs, Bajaj Auto and Coal India are early gainers.
Vedanta, Grasim, Bharti Infratel, ICICI Bank, HDFC, Titan Company, Maruti Suzuki, Cipla, Yes Bank, PNB and Bank of Baroda are under pressure.
The Nifty Midcap index fell 54 points.
8K Miles Software, AU Small Finance, Vakrangee, SREI Infra, ICICI Prudential, IDBI Bank, Nalco and Ashok Leyland lost ground. while Strides Shasun, NCC, Tata Power and Jyothy Labs are gainers.
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