The BSE Sensex and the NSE Nifty 50 currently trade flat after opening marginally lower on Wednesday tracking global cues affected by continued uncertainty over trade ties between the US and other leading economies. The Sensex is trading marginally lower by 3.37 points, or 0.01 percent, to 35,213.74, while the NSE Nifty 50 was down by 11.00 points, or 0.10 percent lower, to 10,660.40 at 10.55am. The rupee today touched an all-time low against the US dollar breaching 69/$ mark. Top gainers included IT, FMCG stocks, along with HDFC and Kotak Bank. Sectoral indices on the NSE Nifty are trading mixed, while MidCap and SmallCap continue to under-perform on both indexes.
(Market update as of 11.05am)
What happened at the opening bell?
Indian equity markets opened marginally lower on Thursday, tracking weaker investor sentiment across global markets. The big story of the day, however, is the Indian rupee breaching 69 a dollar mark for the first time, hitting an all-time low as investor sentiment remains bearish driven by rising crude prices.
The 30-share benchmark S&P BSE Sensex was trading lower by 9.92 points, or 0.03 percent, to 35,207.19, while the Nifty 50 was down by 10.60 points, or 0.10 percent, to 10,660.80.
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Top Sensex gainers included Infosys, Vedanta, Kotak Bank, M&M, Wipro, Tata Steel and Hindustan Unilever, while Coal India, SBI, ICICI Bank and oil marketing companies were among major losers.
On the NSE, Nifty IT traded higher by half a percent riding on weaker rupee, and Nifty FMCG and Media were also trading in the green. All other sectoral indices were in the red.
The rupee touched an all-time low of 69.04 against the US dollar, before opening at 68.89. So far, this year the rupee has lost nearly 8 percent and is among the worst performing currencies in Asia.
On Wednesday, the markets closed to a three-week low, as investors turned cautious a day before the expiry of derivatives contracts, while rising oil prices also dampened sentiment.
The broader Nifty closed 0.91 percent lower at 10,671.40, after shedding over 1 percent in afternoon trade. The Sensex fell 0.77 percent to 35,217.11. Energy stocks were among the biggest drags, with the Nifty Energy index closing 2.5 percent lower.
The markets in Asia continued to remain subdued as uncertainty over trade ties between the US and other leading economies continued. The trade spat between the Trump administration and China has hit the stocks of the largest Asian economy particularly hard.
On Wednesday, the Shanghai Composite index plummeted 1 .1 percent, down more than 20 percent from its late January level. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25 percent to a nine-month low in early trade while Japan's Nikkei shed 0.30 percent.
The US markets too erased Tuesday’s gains with the S&P 500 losing 0.6 percent on Wednesday to one-month closing low.
First Published: IST