Markets Trade in Red, Sensex Down at 33359, Nifty at 10333

Markets Trade in Red, Sensex Down at 33359, Nifty at 10333

Sensex recovers 53 pts in opening trade on Asian cues

Mumbai: The benchmark BSE Sensex recovered by nearly 53 points in early trade today on buying in pharma, IT, consumer durables and FMCG stocks after recent losses.

"Political disturbance in Saudi is triggering high volatility in the crude prices, which is negative for India leading to depreciation in INR".

A weakening rupee, which depreciated by 39 paise to 65.07 against the dollar during the day, too dampened investor sentiment. Sensex fell 152 points to close at 33,218.81 points while the NSE Nifty fell 47 points to close at 10,303.15 points. "European indices like FTSE 100, DAX and CAC 40 traded lower", Jasani added.

Crude oil prices slipped on Wednesday, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting share rally on concerns India's central bank would hold off on cutting interest rates.

Among BSE sectoral indices, oil & gas index fell the most by 1.18 per cent, followed by metal 1.14 per cent, PSU 0.61 per cent and consumer durables 0.5 per cent.

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In Asia, Hong Kong's Hang Seng rose 0.44 per cent while Shanghai Composite index up 0.54 per cent in early trade today.

"Pharma stocks fell after Lupin said in a notice to the BSE that it got warning letter from United States food and Drug regulator for its Goa and Indore unit II plant".

Provisional data with the exchanges showed that on Tuesday, FIIs invested in scrips worth Rs 461.47 crore. On the other hand, healthcare index gained 0.91 per cent, IT 0.47 per cent, capital goods 0.38 per cent and banking 0.25 per cent. On the contrary, domestic institutional investors bought stocks worth Rs 3,038.16 crore.

Biggest gainers in the 30-share index were Cipla (4.46%), Axis Bank (3.30%), Sun Pharmaceutical Industries (1.92%), Lupin (1.74%) Asian Paint (1.42%).

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