Sensex, Nifty start on a choppy note; rupee falls 16 paise to 68.67 against dollarhttps://indianexpress.com/article/business/market/sensex-nifty-start-on-a-choppy-note-rupee-falls-16-paise-to-68-67-vs-usd-in-early-trade-5823390/

Sensex, Nifty start on a choppy note; rupee falls 16 paise to 68.67 against dollar

According to traders, market turned jittery after US President Donald Trump Tuesday launched a fresh attack on India for imposing tariffs on American products.

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The 30-share BSE Sensex was trading 110.33 points, or 0.28 per cent, higher at 38,841.15 at 0950 hours. (Source: File)

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Wednesday as investors await direction from key global and domestic events scheduled this week.

After gyrating more than 200 points in opening session, the 30-share BSE Sensex was trading 110.33 points, or 0.28 per cent, higher at 38,841.15 at 0950 hours. Similarly, the broader NSE Nifty rose 36.80 points, or 0.29 per cent, to 11,589.45.

TCS was among the top losers in the Sensex pack, shedding up to 1.42 per cent, after the company reported a 10.8 percent rise in June quarter net at Rs 8,131 crore. The company said its bottomline has been hit a tad due to currency appreciation.

Tata Motors, Bajaj Finance, Vedanta, Bajaj Auto, Bharti Airtel and ONGC too fell up to 1.51 per cent.

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On the other hand, Yes Bank, HCL Tech, TechM, Infosys and Asian Paints rose up to 1.53 per cent.

In the previous session, the 30-share gauge settled 10.25 points or 0.03 per cent higher at 38,730.82, while the Nifty ended 2.70 points, or 0.02 per cent, lower at 11,555.90.

On a net basis, foreign institutional investors sold equities worth Rs 674.26 crore, while domestic institutional investors purchased shares to the tune of Rs 710.91 crore, provisional data available with stock exchanges showed Tuesday.

According to traders, market turned jittery after US President Donald Trump Tuesday launched a fresh attack on India for imposing tariffs on American products.

Trump said it was “no longer acceptable”, days after he held talks with Prime Minister Narendra Modi and agreed to sort out the trade related issues.

Later this week, US Commerce Secretary Wilbur Ross and Energy Secretary Rick Perry are scheduled to address a major India centric conference in Washington DC.

Investors also awaiting cues from US Federal Reserve Chairman Jerome Powell’s testimony before the Congress this week, traders said.

On the domestic front, the government is scheduled to release data on industrial production and consumer inflation on Friday.

Elsewhere in Asia, Shanghai Composite Index and Nikkei turned negative in their respective early sessions, Hang Seng and Kospi were trading in the green. Meanwhile, bourses on Wall Street ended higher on Tuesday.

The global oil benchmark Brent crude futures were trading 0.89 per cent higher at 64.73 per barrel.

Rupee falls 16 paise to 68.67 vs USD in early trade

The rupee tumbled 16 paise to trade at 68.67 against the US dollar in early trade Wednesday amid unabated foreign fund outflows and rising crude oil prices.

The rupee opened weak at 68.61 at the interbank forex market and slipped further to 68.67, showing a decline of 16 paise against its previous close.

The domestic unit had rebounded 15 paise to close at 68.51 against the US dollar Tuesday on fag-end selling of the greenback by banks and importers in line with a late recovery in domestic equities.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, inched up 0.02 per cent to 97.51.

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The 10-year government bond yield was at 6.60 per cent in morning trade.