Sensex slips over 150 pts, Nifty opens below 8150; banks tumble

Wipro, Coal India and ONGC are top gainers while HDFC, Dr Reddy's Labs, Bharti, GAIL and Infosys are losers in the Sensex.
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Dec 02, 2016, 10.11 AM | Source: Moneycontrol.com

Sensex slips over 150 pts, Nifty opens below 8150; banks tumble

Wipro, Coal India and ONGC are top gainers while HDFC, Dr Reddy's Labs, Bharti, GAIL and Infosys are losers in the Sensex.

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Sensex slips over 150 pts, Nifty opens below 8150; banks tumble

Wipro, Coal India and ONGC are top gainers while HDFC, Dr Reddy's Labs, Bharti, GAIL and Infosys are losers in the Sensex.

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09:15
Moneycontrol Bureau

9:55 am Interview:
Speaking to CNBC-TV18 MK Surana, CMD of HPCL said that as long as cracks are maintained, refinery margins would be on track. The term "crack" is derived from the fluid catalytic cracking of crude oil, which is used to refine crude oil into petroleum products.

 The OPEC meeting which agreed to a supply cut won’t affect the refining margins, he said.

The margin forecast for the second half of this fiscal year will be around USD 5, he said. He maintained that revenues are a function of volumes and pricing and if crude prices are up, so would their prices.


9:45 am Coal data
: India's annual coal requirement for the current fiscal ending March 2017 has been pegged at 884.87 million tonnes (mt).

"Niti Aayog carries out an annual assessment of requirement of coal for the country. This assessment has been done for the period up to 2016-17 wherein the demand for coal has been assessed at 884.87 mt," Coal Minister Piyush Goyal said in a written reply to Lok Sabha.

The demand of coal is not estimated separately for state and Union Territories, he added.

9:30 am FII view: Sakthi Siva of Credit Suisse says common investor perception is that the strong rally in MSCI Asia ex-Japan and its outperformance versus MSCI World prior to Donald Trump's election victory was largely driven by inflows into emerging markets driven by a falling USD and falling bond yields post Brexit.

She further says while historically it has been difficult for Asia to rally/outperform with a rising US dollar and bond yields, she takes the more benign view that these rises reflect expectations of better US growth given Trump's tax cuts and infrastructure spending rather than just risk aversion or inflation accelerating.

The market has opened sharply lower with the Nifty below 8150. The 50-share index is down 47.70 points or 0.6 percent at 8145.20 and the Sensex is down 184.72 points. About 173 shares have advanced, 339 shares declined, and 35 shares are unchanged.

Wipro, Coal India and ONGC are top gainers while HDFC, Dr Reddy's Labs, Bharti, GAIL and Infosys are losers in the Sensex.

The Indian rupee opened marginally higher at 68.28 per dollar versus previous close 68.34. Bhaskar Panda of HDFC Bank said, "Uncertainty due to demonetisation and issues related to FCNR outflow is almost over. The effect of CRR increase is also discounted."

The dollar lost some ground against a basket of currencies as traders booked gains following a solid November and on caution ahead of today's government payrolls report.

Asian shares were flat in early trade following mostly sluggish sessions on Wall Street and Europe, as 10-year US Treasury yields surged to near 18-month highs and crude futures soared to 16-month highs.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, but remained on track to end the week up 0.6 percent. Japan's Nikkei , which jumped to an 11-month high on Thursday, slipped 0.6 percent early on Friday as the yen strengthened. It is set for a weekly gain of 0.1 percent.

Yields on 10-year US Treasuries touched 2.492 percent on Thursday, the highest since June 2015, after data showed factory activity accelerating in November and construction spending at a seven-month high in October.

While the increase in risk appetite helped lift the Dow Jones Industrial Average to a record closing high, the S&P 500 and the Nasdaq ended the day with losses as expensive technology stocks pulled back.

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Sensex slips over 150 pts, Nifty opens below 8150; banks tumble

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