The Indian markets opened flat today. The market is expected to pull back today after Tuesday’s carnage on on Dalal Street. However, the momentum seems to be on the downside and market looks nervous ahead of anticipated RBI move to curb rupee volatility.
The BSE Sensex opened at 18691.27, down 0.22 percent, while the Nifty opened at 5526.90, down 0.28 percent.
The rupee is trading at 61.29 against the dollar, lower than yesterday’s close of 60.77/78. Yesterday, the rupee hit a record high of 61.80, but the Indian unit recovered towards the end of the session as Raghuram Rajan was appointed as the next RBI governor.
Traders say Rajan’s appointment as the new RBI chief could help support sentiment, raising expectations of a new approach.
Globally, Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the Federal Reserve will start to reduce stimulus kept a leash on market bulls.
Stocks in news:
Ranbaxy is the top Nifty loser, down around 3 percent. The company will announce its Q1 results today.
Tata Motors loses 1.8 percent in morning trade. The company will announce its Q1 results today. Tata Motors is struggling to sell its passenger cars. However, the street will be more keen to hear about Jaguar and Land Rover.
Financial Tech stock trading flat a day after NSEL halted trading of e-series. It was trading up 2 percent at 9:30 am.
SpiceJet gains 5.5 percent. It is in talks with Tiger Air for interline ticketing.