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Selloff in banks, FMCG, metals as well as names in the midcaps space are weighing on indices. Higher crude oil
prices as well as a bearish rupee continue to spook investors.
Market Update: The market is witnessing a lot of volatility as benchmarks see wild swings between positive and negative territory. These are currently trading in the red after seeing some recovery minutes ago.
Selloff in banks, FMCG, metals as well as names in the midcaps space are weighing on indices. Higher crude oil prices as well as a bearish rupee continue to spook investors.
Among stocks, oil marketing companies such as HPCL and BPCL have hit fresh 52-week lows on the back of crude surge, while Shares of Fortis Healthcare fell about 1.5 percent after founder Shivinder Singh moved the National Company Law Tribunal (NCLT) against his elder brother Malvinder Singh.
The Sensex is down 39.34 points or 0.10% at 38118.58, while the Nifty is down 18.30 points or 0.16% at 11502.00. The market breadth is negative as 733 shares advanced, against a decline of 1,105 shares, while 115 shares were unchanged.
OMCs trade lower: Shares of oil marketing companies fell over a percent, with HPCL and BPCL hitting fresh 52-week lows, as crude oil prices move upwards. The Brent crude is hovering close to USD 80 per barrel and this has impacted sentiment among investors.
The likes of HPCL, BPCL and IOC were all down 1 percent.
Higher crude oil prices imply a hit on oil marketing companies’ revenues as their input costs rise. A weaker rupee adds as a double whammy to such companies.
“For companies like BPCL and HPCL, crude oil is a raw material which they will have to buy at the higher price and their final selling products are various refined products like petrol, diesel etc. The prices of these refined products may not necessarily increase by the same proportion as of the crude oil. As a result, the refining companies will start losing money,” explained Ritesh Ashar, Chief Strategy Officer at KIFS Trade Capital in an earlier interaction with Moneycontrol.
Market opens: It’s a flat start to the market on Wednesday morning, even as tepid global cues and a strengthening dollar weighing on investors’ concerns. The Nifty is trading below 11,550 range.
The Sensex is down 19.23 points or 0.05% at 38138.69, while the Nifty is up 1.70 points or 0.01% at 11522.00. The market breadth is narrow as 271 shares advanced, against a decline of 245 shares, while 63 shares were unchanged.
Weakness in the metals space has continued, with the Nifty Metal index falling over a percent, while auto and banks are trading in the red. Pharmaceutical names are the big gainers. The Nifty Midcap index is lower, down around 0.20 percent.
Globally, the market has been jittery as Facebook and Nike dragged US markets, while Asian markets too are wary of
Rupee opens: The Indian rupee opened higher by 18 paise at 71.40 per dollar on Wednesday versus previous close 71.58.
Yesterday the rupee plunged by 37 paise to end at a record low of 71.58 against Monday's closing 71.21 per dollar.
Rupee continued its record fall for the fifth straight session against US dollar.
On Tuesday, rupee managed to open on positive note but after witnessing wide swings, it finally closed at its historic low of 71.58.
Market at pre-open: On the pre-opening rates, equity benchmarks are trading higher on Wednesday morning. The Nifty is trading below 11,550.
At 09:02 hrs IST, the Sensex is up 86.27 points or 0.23% at 38244.19, and the Nifty up 6.10 points or 0.05% at 11526.40.
Global markets are currently in the red, with a further strengthening in the dollar. This could keep D-Street is in focus.
The Indian rupee has opened at 71.40 per US dollar.
Good morning. Welcome to the live coverage of all the action from D-Street. Stay tuned to this blog for all the news, views and analysis from the markets in India and around the world.
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