Share tips - Sensex extends losses to 350 points, Nifty tests 11,400; rupee weakness continues
Weakness in Asian markets along with a further selloff in the rupee, which fell 1 percent, are weighing on the indices.
Shares of major sugar mill companies such as Balrampur Chini, Triveni Engineering, Ugar Sugar, Shree Renuka Sugar, among others have all rallied up to 20 percent as investors continued to bet on the sector based on government’s decisions. Here is a look at their movements on the charts here.
Selling is intensifying on the market in the first half 20 minutes of trade.
At 09:33 hrs IST, the Sensex is down 351.78 points or 0.92% at 37738.86, while the Nifty is lower by 107.60 points or 0.93% at 11407.60. The market breadth is negative as 607 shares advanced, against a decline of 965 shares, while 102 shares are unchanged.
Wipro, Sun Pharma, and HCL Technologies are the top gainers, while Axis Bank, State Bank of India, Titan and Indiabulls Housing have lost the most.
Shares of information technology stocks are trading in the green as a weaker rupee is making investors bet big on this sector. Mindtree, Tata Elxsi, Wipro, Infosys and TCS, among others, are soaring amid a weak rupee. The shares are higher by 1-2 percent.
HDFC Bank in its report on the government measures said that the steps may not result in a significant shift in fund flows. Further, it added that the measures are better suited when the sentiment in global markets is positive. source- www.moneycontrol.com
Meanwhile, HSBC believes that the steps were announced to encourage inflows and boost the rupee. Having said that, policy action will need to get the sequencing right in order to be effective, it said, adding that it is expecting 50 basis points rate hike in Q4CY18.
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