The market has opened at lower levels. The Sensex is down 318.07 points or 1.2 percent at 27199.61 and the Nifty is down 95.55 points or 1.1 percent at 8430.20. About 206 shares have advanced, 706 shares declined, and 38 shares are unchanged.
Sun Pharma and Infosys are gainers. HDFC, Bajaj Auto, Coal India, GAIL and M&M are major losers in the Sensex.
The Indian rupee slipped in the early trade. It has opened lower by 52 paise at 67.15 per dollar versus 66.63 Thursday. NS Venkatesh of Lakshmi Vilas Bank said, “The rupee today is expected to further signs of strengthening against basket of currencies as the RBI circular on S4A will be credit positive for banking.”
The dollar climbed to over 3 month high against the yen as investors adjusted to the reality of a Donald Trump administration and increased inflation expectations.
Asian shares dipped while the dollar strengthened broadly. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent, with Korean shares off 0.5 percent. Australian shares eked out small gains of 0.1 percent.
Japan’s Nikkei also rose more than 1 percent to 6-1/2-month highs thanks to a weaker yen.
On Wall Street, US S&P 500 Index rose 0.2 percent while the Dow Jones industrial average jumped 1.2 percent, smashing through its previous record high set in August by almost 1 percent. In contrast, the technology-heavy Nasdaq fell 0.8 percent , with Apple dropping 2.8 percent.
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