It's a weak start for stocks on the Indian bourses this morning with investors pressing sales at several counters, tracking weak cues from Wall Street where stocks ended lower on Friday amid renewed concerns about Fed stimulus tapering.
The RBI's decision to hike the repo rate by 25 basis points and fears of further hike in policy rates due to inflationary pressures too appear to be weighing on sentiment, prompting investors to trim down positions. The rupee's weak start against the dollar is hurting as well.
The BSE benchmark Sensex, which opened lower by over 200 points at and declined to , is currently down 170.71 points or 0.84% at 20,093. The Nifty index of the National Stock Exchange is down 45 points or 0.75% at 5967.10, off the day's low of 5945.60.
In the currency market, the rupee drifted lower against the U.S. dollar on month-end dollar demand. The partially convertible Indian rupee traded at 62.44 against the greenback, down from Friday's close of 62.28.
Bank stocks have declined sharply, dragging the BSE Bankex down by over 2.5%. Realty stocks are the other major losers in opening trades.
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Gold futures for October delivery on India’s Multi Commodity Exchange (MCX) was seen trading down by 0.67% at Rs.30338 per 10 grams as of 10.27 IST on Friday. As of now, INR is seen trading higher against USD.
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