Sensex falls over 100 pts, Nifty below 10,300; HPCL, BPCL, IOC dip
Equity benchmarks began the day on a flattish note with a hint of negative bias. Soon after the opening, indices moved in the red zone, with the Nifty giving up 10,300.
The Sensex was down 67.71 points at 33388.08, while the Nifty was down 26.60 points at 10295.70. The market breadth was narrow as 611 shares advanced against a decline of 577 shares, while 43 shares are unchanged.
Among sectors, banks have taken a hit, while midcaps are in tandem with benchmarks.
Dr Reddy’s Labs, ONGC, and GAIL were the top gainers on both indices, while Asian Paints, Coal India and HPCL lost the most.
On the global front, Asian shares were trying to string together a fourth session of gains on Tuesday as optimism about global growth looked set to outlast an almost certain hike in US borrowing costs this week.
The latest upbeat news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick up in retail sales and industrial output due later in the week.
US stocks closed higher on Monday as investors prepared for an expected Federal Reserve rate hike later in the week, while stocks rose around the world on continued solid global economic growth indicators.
Dr Reddy's Laboratories shares rallied as much as 6 percent in morning Tuesday on getting clearance to Bachupally plant.
The pharma major informed exchanges that it has received an establishment inspection report from the US Food and Drug Administration on Monday after closure of audit of Bachupally unit, Hyderabad.
In April, the USFDA conducted an audit of this formulation manufacturing plant 3 and issued a form 483 with 11 observations.
The Indian rupee opened lower by 5 paise at 64.41 per dollar on Tuesday versus previous close 64.36.
Bhaskar Panda of HDFC Bank said, "The focus is now on FOMC decision on upcoming interest rate hike in US. However, USD-INR has got wing from the probable outcome on elections."
"Given this background, expect USD-INR to trade within a range of 64.30-64.50 for today."
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