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| Nifty tests 5300 levels, Sensex breaches 17500; rupee below 55 | | | NEW DELHI: The 50-share Nifty opened on a cautious note with a negative bias on Friday, after measures by China, Europe and Britain to loosen monetary policy failed to impress markets. The index is now trading near its psychological level of 5,300.
"Today, on the last trading day of the week, the mood is likely to remain cautious. However, there will be some encouragement with Mauritius assuring India of its readiness to resolve the controversy over its tax treaties," LKP said in a note. The rupee will be in focus as the Indian currency has been depreciating for the last couple of days and is likely to weaken further tailing the euro, which hit a one-month low after the ECB action, the note added. "The rupee slipped in opening trade, in line with the weak euro after markets were underwhelmed by the European Central Bank's latest attempt to boost the region's economy," Reuters reported.
The rupee was at 55.49/51 against its Thursday close of 54.94/95.
Retail stocks reversed yesterday's gain on comments from Economic Affairs Secretary R Gopalan that the government will take a decision on allowing foreign direct investment in multi-brand retail at the right time. Pantaloon Retail India Ltd slipped 2.2 percent to Rs 192.25, Trent Ltd dropped 2.3 percent to Rs 1,006.20 and Shoppers Stop was trading 3.02 percent lower at Rs 373.
At 10:00 a.m., the 30-share BSE index was trading 0.3 percent lower at 17,484.16. Jindal Steel (2.5 percent), Wipro (1.3 percent) and GAIL (1.1 percent) led the losses. The 50-share Nifty index was trading 0.5% lower at 5297.10. Jindal steel (3.2 percent), IDFC (2.7 percent) and Hindalco (1.6 percent) led the losses. The BSE IT Index slipped 0.8 percent, the BSE Metals Index declined 0.89 percent, and the BSE Oil & Gas Index was trading 0.6 percent lower. The BSE Consumer Durable Index rose 0.05 percent, the BSE FMCG Index advanced 0.14 percent and the BSE Auto Index was up 0.4 percent. Top traded stocks on the BSE include SBI, Tata Motors, ICICI Bank. Asian markets on Thursday had a mixed closing as investors remained on the sidelines and booked some profits ahead of the European Central Bank's meet anticipating an interest rate cut, which was eventually delivered.
On Friday, Japan's Nikkei 225 was trading 0.2 percent lower at 9,062.75 and Hong Kong's Hang Seng was trading at 19,755.12, down 0.27 percent. South Korea's Kospi was trading 0.3 percent lower at 1,869.45. China's Shanghai was trading at 2,203.12, up 0.07 percent. |
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