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Last Updated : Sep 07, 2015 11:02 AM IST | Source: Moneycontrol.com

Sensex slips over 100 pts, Nifty below 7650; HDFC, ITC up

HDFC twins, Tata Motors, Cipla and ITC are top gainers while GAIL, NTPC, BHEL, Bharti Airtel and Wipro are losers.


Moneycontrol Bureau

9:55 am Market slips again:
The Sensex is down 135.98 points or 0.5 percent at 25065.92 and the Nifty slips 37.10 points or 0.5 percent at 7617.95. About 596 shares have advanced, 1090 shares declined, and 72 shares are unchanged.


HDFC, ITC, Tata Motors, Cipla and Vedanta are top gainers.


9:48 am Market volatile: The Sensex is down 27.17 points at 25174.73, and the Nifty is down 10.30 points at 7644.75. About 692 shares have advanced, 890 shares declined, and 80 shares are unchanged. HDFC twins, Tata Motors, Cipla and ITC are top gainers while GAIL, NTPC, BHEL, Bharti Airtel and Wipro are losers.

9:30 am Outlook: 
Chinese authorities over the weekend tried to assuage global markets by saying that the stock market correction in China is almost over. But will this act as a balm to the jittery markets is the big question here. Peter Hooper of Deutsche Bank Securities says it will be taken positively.

Close

An optimistic Hooper says the global growth picture has not deteriorated significantly and a September interest rate hike by the US Federal Reserve is still very much on the cards. Though, he adds that a lot now depends on inflation and the volatility in the market.


According to him, the Fed hiking rates will be taken as recognition that the US market is doing well. But the Fed, he adds, will make it very clear that it is not the beginning of an aggressive rate hike cycle and that it will be a slow and gradual process.


9:24 am Market gains: The Sensex is up 106.48 points or 0.4 percent at 25308.38 and the Nifty gains 42.15 points or 0.5 percent at 7697.20. About 717 shares have advanced, 420 shares declined, and 48 shares are unchanged.


Tata Motors, HDFC, Cipla, Vedanta and Tata Steel are top gainers while Bharti, GAIL, M&M, Wipro and ICICI Bank are laggards in the Sensex.


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After initial gains, the market has slipped into red quickly. The Sensex is down 6.57 points  at 25195.33 and the Nifty is down 7.50 points at 7647.55. About 398 shares have advanced, 256 shares declined, and 46 shares are unchanged.


GAIL,  Bharti, NTPC, BHEL and Sun Pharma are top losers while Tata Motors, Vedanta, Cipla, Tata Steel and ITC are top gainers in the Sensex.

The Indian rupee slipped by 14 paise in early trade. It has opened at 66.60 per dollar against Friday's closing value of 66.46 a dollar.

Agam Gupta of StanChart Bank feels the USD-INR should open slightly higher near 66.60-66.65/dollar due to the negative sentiment in European and US
stock markets.

According to him, it should trade in a range of 66.35-66.85/dollar for the day.


Globally, US stocks closed more than 1 percent lower ahead of a long weekend on Friday as uncertainty about the timing of a rate hike and Chinese economic growth continued to weigh.


The country's unemployment stood at a 7-year low, despite the August non-farm payrolls coming in way below estimates.


Asian shares saw recovering in early trade. China's Shanghai Composite reversed a brief negative open to surge 1.7 percent within 15 minutes of opening.


Crude prices declined as traders shrugged off a drop in the number of US rigs drilling for oil and focused instead on a supply glut and declining stock prices on Wall Street.


Precious metal gold's prices continued to fall, trading at around USD 1120 an ounce.



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First Published on Sep 7, 2015 09:15 am
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