The market is slipping away as the Sensex is down 84.38 points at 28286.46. The Nifty is down 18.45 points at 8571.35. About 1323 shares have advanced, 908 shares declined, and 130 shares are unchanged. Cipla, Hindalco, Bharti Airtel, Sun Pharma and HDFC are top gainers while Wipro, GAIL, ICICI Bank, Tata Motors and Lupin are among laggards in the Sensex.
The market is split between September & December, and the actual timing will be data dependent, but the US tightening cycle will certainly be a focus in H2FY16," he added. According to Expert history suggests Asian markets tend to rally into Fed hikes & fade after, but the limited data points reduce the reliability of the conclusion.
Oil prices rose in Asia following recent losses but analysts said the rebound is unlikely to be sustained because of a global crude glut. the prospects of Iranian oil returning to the oversupplied market after Tehran reached a deal with major powers over its nuclear ambitions is dampening appetite.
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