Sensex extends losses, Nifty struggles below 9150; Idea tanks 13%
Equity benchmarks extended losses in morning, with the Nifty struggling below 9150 as investors preferred to book profits after previous week's rally.
Equity benchmarks opened lower on profit booking Monday after a 2.5 percent rally seen last week. Idea Cellular rallied nearly 15 percent in early trade following announcement of its merger with Vodafone India.
The 30-share BSE Sensex was down 98.36 points at 29,550.63 and the 50-share NSE Nifty fell 23.95 points to 9,136.10. About 759 shares advanced against 438 declining shares on the BSE.
The Indian rupee opened with a marginal gain of 6 paise at 65.40 per dollar today against Friday's close of 65.46.
“The rupee will trade with a positive bias on the back of positive cues from the equity market and strong FII inflow. The trading range for the USD-INR pair is seen between 65.20-65.80/dollar.”
The dollar stayed on the defensive with bulls still nursing a grudge after the Federal Reserve's rate guidance last week proved to be less "hawkish" than many had wagered on.