Sensex, Nifty open in green; TCS, Infosys, HUL early losers

14 Oct 2016 09:15 AM Source: Moneycontrol.com

The market has opened in green on Friday after massive cuts yesterday. The Sensex is up 56.65 points or 0.2 percent at 27699.76 and the Nifty is up 20.65 points or 0.2 percent at 8594.00. About 353 shares have advanced, 102 shares declined, and 23 shares are unchanged.

HUL, Infosys and HUL are losers while BHEL, Reliance, ONGC, Maruti and Tata Steel are gainers in the Sensex.

The Indian rupee has bounced back, opening at 66.84 a dollar, higher by 9 paise compared with 66.93 a dollar in previous session.

Ashutosh Raina of HDFC Bank says the release of FOMC minutes indicating chances of a rate hike in December coupled with weak Chinese data resulted in a risk-off sentiment across markets.

The dollar gained across the board with the Dollar index moving to 98 levels and the USD/INR currency pair was no exception with the pair closing near 67 a dollar figure (on Thursday), he adds.

Meanwhile, India’s retail inflation grew 4.31 percent in September, its slowest pace since August last year, bolstering hopes of another round of interest rate cut in the coming months. Food price inflation fell to 3.88 percent in September—the lowest in a year--from 5.91 percent in August from 8.35 percent in the previous month as fresh supply of seasonal vegetables pushed down prices.

Among global markets, Asian stocks edged higher and the dollar bounced on Friday as global markets took a breather after being churned by downbeat Chinese economic data the previous day.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent in early trade after dropping 1.1 percent on Thursday. It was headed for a loss of 2.3 percent on the week. Japan's Nikkei inched up 0.1 percent and was on track for a 0.3 percent weekly loss. South Korea'sKospi rose 0.6 percent and Australian stocks was up 0.1 percent.

Overnight, the Dow fell 0.3 percent and Nasdaq shed 0.5 percent, led by falls in financial shares and weak Chinese trade numbers, although a late-day rebound in crude oil limited the decline.

China's exports fell 10 percent year-on-year in September, worse than expected, while imports unexpectedly shrank, reviving concerns about the health of the world's second-biggest economy.