Markets in morning started with a positive note. Benchmark indices started trading in a range-bound manner, as the rupee gained after six sessions of straight fall. Sensex trades flat and Nifty tested the 11,500 mark and trying to push beyond.
Rupee opened at Rs 71.66 today morning. On Wednesday, it had closed at an all time low of Rs 71.75, which was down by 17 paise against the US dollar. The main cause of this volatility in the market is believed to be the on going surge in the oil prices and a weak trend in emerging market currencies
Investors’ sentiments are shaken because of the turmoil in emerging markets and the severe escalation in the US-China trade war. As oil showed vulnerability, safe-heaven gold gained, resulting in straight fall of the Asian shares for six continuous days.
Major losers on Sensex pack in the morning session were HDFC Bank, Infosys, Axis Bank, NTPC, TCS and ONGC. Main laggards on Nifty pack were ZEEL (-4.51%), Infratel (-1.58%), ONGC (-0.72%), HCL Tech (-0.68%) and TCS (-0.24%), as stated in NDTV.
Also read: Rupee hits record low at 71.56 against US dollar; Sensex drops below 330 points