The Sesnsex and Nifty were under pressure in early trade Thursday. The Sensex is down 88.21 points at 27843.43, and the Nifty down 29.70 points at 8465.45. About 352 shares have advanced, 445 shares declined, and 44 shares are unchanged. Sun Pharma, Lupin, Bharti Airtel, Dr Reddys's Lab, Cipla, BPCL, Tech Mahindra are the top gainers, while Hero Motocorp, Tata Steel, TCS, NMDC are top losers.
Shares of Amtek Auto extended their slide, down nearly 30 percent with brokers citing unwinding of F&O positions as the reason. Amtek group company Metalyst Forging was down 10 percent. The Indian rupee gained in the early trade. It has opened higher by 10 paise at 65.17 per dollar against previous close of 65.27.
Mohan Shenoi of Kotak Mahindra Bank said, "The dollar fell against most currencies on the back of dovish July FOMC minutes. Lower than expected inflation data in US has cast doubts about Fed rate hike next month." The dollar fell after minutes from a Federal Reserve policymakers meeting delivered no solid signals on when the era of near-zero rates will end.
Meanwhile, Asian stocks headed south in early trade, tracking offshore losses and as investors weighed concerns about the stability of China's economy. Wall Street fell in choppy trading overnight, as minutes from the latest Federal Reserve meeting showed that conditions for a rate increase are "approaching" but not at hand. This caused markets to question the possibility of a tightening of US monetary policy next month.
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