SHARE MARKET TIPS - Market falls 100 pts, Nifty below 11,900; Jet Airways plunges 12%
Board of directors of the company's wholly owned subsidiary viz. Pathlabs Unifiers approved signing a binding term sheet for the acquisition of 70% equity stake in a New Company to be incorporated by Vinita Kothari and Sushila Dalal. The rupee traded lower by 4 paise at 69.55 against the US dollar, as rising crude oil price concerns weighed on investor community.
Forex traders said the rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy.
Besides, strengthening of the American currency in the overseas market and weak opening in domestic equities weighed on the local unit.
Benchmark indices extended early losses with Nifty trading around 11,850 level.
At 09:55 hrs IST, the Sensex is down 150.47 points or 0.38% at 39590.89, and the Nifty down 51.80 points or 0.43% at 11862.20. About 585 shares have advanced, 925 shares declined, and 75 shares are unchanged.
Gold prices rose to their highest in a week on Friday, supported as weak US economic data stoked expectations the Federal Reserve would cut interest rates.
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