Tuesday, 9 September 2014

9:17 AM: Share Market tips Nifty open in red; Infosys falls 1%, Bharti weak

9:17 AM: Share Market tips Nifty open in red; Infosys falls 1%, Bharti weak

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 After hitting record high yesterday, the market has opened in red. The Sensex is down 23.79 points at 27296.06 and the Nifty is down 14.35 points at 8159.55. About 556 shares have advanced, 140 shares declined, and 35 shares are unchanged.

Infosys, Bharti, Tata Steel, Hindalco and Sesa Sterlite are top losers in the Sensex. The Indian rupee opened on a weak note and has slipped by 14 paise to 60.43 per dollar as against previous day's closing value of 60.29 a dollar.

Ashutosh Raina of HDFC Bank said, "The US dollar posted strong gains across the board, with Euro, Yen and Pound hitting troughs and USD Index just short of it's high of 84.75 hit in July 2013. Strong FII flows and suspected Central Bank intervention have ensured that rupee consolidates in 60-61/dollar range."

The dollar traded at 14-month highs against a basket of major currencies, benefiting from a run in Sterling and after a Federal Reserve study sparked more buying interest. Giving bulls a boost, a research from the San Francisco Fed noted that investors are pricing in a lower trajectory for interest rate rises than members of the Fed itself.

In the US, stocks mostly declined, with energy producers leading losses on oil's drop to a multi-month low, as investors retreated after a fifth week of gains.

And in Europe, shares closed lower after weak trade data from China and concerns about the Scottish independence vote.