Volatility on D-Street as Sensex cuts losses but trades lower, Nifty around 10,300
Benchmark indices began the week on a flat note, with the Nifty trading around 10,300- levels.
The Sensex was up 36.87 points at 33351.43, while the Nifty was up 0.50 points at 10322.30. The market breadth was positive as 712 shares advanced against a decline of 305 shares, while 53 shares were unchanged.
Axis Bank and M&M were the top gainers, while L&T and Coal India were the top losers on both indices.
Among big stocks, L&T lost over 3 percent as investors reacted to the lower order book guidance, while Axis Bank gains after higher than expected fund raising plan announced on Friday.
The Indian rupee slipped in the early trade on Monday. It has opened lower by 21 paise at 65.37 per dollar versus 65.16 Friday.
"We have a neutral stance on the USD-INR, however the bias would remain positive for the rupee."
"We expect the spot USD-INR pair to continue to trade in a range of 64.80-65.20," he added.
The dollar received a lift against its major peers as US yields spiked and as the pound stumbled, although the main investor focus was still on a planned US tax overhaul.
Globally, Asian shares wavered in early trade after US stocks closed mostly lower on Friday. The Nikkei 225 fell 0.72 percent, with trading houses, financials and retailers mostly lower. Energy-related stocks, however, were mixed against the broadly declining index: Fuji Oil Holding rose 1.15 percent while Inpex slid 1.52 percent.
Meanwhile, major U.S. stock indexes closed mostly lower on Friday as they snapped multi-week winning streaks while some of the largest tech stocks pulled back. The Dow Jones industrial average fell 39.73 points to close at 23,422.21, with Intel and Merck as the biggest decliners. But a 3 percent gain in Disney shares capped losses in the 30-stock index.
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