The market has kickstarted the week lower. The Sensex is down 170.63 points or 0.7 percent at 24873.80 and the Nifty down 54.75 points or 0.7 percent at 7555.70. About 192 shares have advanced, 335 shares declined, and 66 shares are unchanged.
9:55 am Buzzing: Shares of Tata Consultancy Services fell 2 percent intraday after brokerages raised concerns on loss due to Chennai floods. On Friday, the country's largest software services firm said that floods in Chennai are expected to have a "material impact" on TCS current quarter revenues.
Nomura has maintained neutral rating on TCS but slashed target price to Rs 2500 from Rs 2670 per share. It sees moderate second half of FY16. As per its estimates, its FY16 dollar revenue growth is seen at 7.8 percent from 8.4 percent earlier.
IIFL also sees an overall revenue to be impacted by 1 percent due to the Chennai floods.
9:45 am Poll: The November Consumer Price Index (CPI) data that will be released today post market hours is expected to inch up as opposed to October. The consumer inflation has been rising for the past three months from 3.7 percent in July 2015 to 5 percent in October of 2015. November's expected CPI is likely to inch around 5.38 percent due to base effect of a lower October CPI (3.3 percent).
The core CPI is likely to come between 4.41 to 4.62 percent. Now the reason why we are expecting this inch up to continue will be one because of the base impact the CPI November of 2014 was 3.3 percent and food inflation was around 1.2 percent so because of that additionally because of pulses inflation which could possibly contribute or continue to rise would be one of the key reasons or the constituents in terms of what we could expect for the CPI data to inch up.
9:30 am Oil price outlook: Oil prices, which have declined from a peak of about USD 120 per barrel since last year, today inched closer to USD 35 a barrel, indicating a picture of complete rout. But according to Edward Morse, the Global Head of Commodities Research at Citigroup, the bad news for the market is far from over. "There is further bearish news left for crude. The bottom is not yet in for this market," Morse, who has long maintained he expects oil to go below USD 30, told CNBC-TV18. "The first quarter of the calendar year will be worse than the current quarter."
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The market has kickstarted the week lower. This week, the Fed is likely to hike interest rates for the first time in nine years, following strong macro data in the world's largest economy recently. The Sensex is down 170.63 points or 0.7 percent at 24873.80 and the Nifty down 54.75 points or 0.7 percent at 7555.70. About 192 shares have advanced, 335 shares declined, and 66 shares are unchanged.
GAIL, Hero MotoCorp, Maruti, HUL and Sun Pharma are top gainers while Tata Motors, TCS, M&M, ONGC and Axis Bank are among losers in the Sensex.
The Indian rupee opened at a fresh two-year low at 67.09 per dollar. It is trading lower by 21 paise against Friday's close of 66.88.
Agam Gupta of StanChart Bank said, "The local government banks should be sellers of the dollar on upticks towards 67.20-67.30/dollar today. Any dips towards 66.75/dollar should lead to importers buying dollar to hedge their future dollar payables."
Asian equities were trading lower after a further slump in oil prices weighed on Wall Street on Friday. The International Energy Agency (IEA) warned that global oversupply of crude could worsen next year as OPEC continues to pump out more oil.
Oil producers also saw sharp declines in their stocks in Asian trade.The Great Diwali Discount!
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