The market has opened lower on Wednesday. The Sensex declined 114.87 points to 26731.66 and the Nifty dropped 29.30 points to 8102.40. Bharti Airtel, Lupin, NTPC, BHEL, HUL, Sun Pharma, ONGC, IndusInd Bank and Kotak Mahindra Bank were early gainers. ICICI Bank, Hindalco, M&M, Vedanta, Cipla and Tata Motors lost 1-2.5 percent. TCS fell 2 percent as there were no fireworks in Q2 earnings, as the dollar revenue rose 3 percent missing expectations for the 5th straight quarter, while the margins and volume growth remained robust. The Indian rupee has opened with a marginal gains of 7 paise at 65.11 per dollar today compared to previous day's closing value of 66.18 a dollar.
Pramit Brahmbhatt of Veracity expects the rupee to depreciate today as weakness in Asian markets will force local equities to trade weak. The strength in dollar may keep rupee under pressure, he feels. He sees range for the day between 64.70-65.70/dollar." The dollar slipped hitting a 3 and a half week low against a basket of currencies, as traders pushed back expectations of a rate hike by the US Fed further into 2016.
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