Sensex Opens Flat; Global Cues Weak As Crude Declines

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, August 23, 2016, 9:42 [IST]

Benchmark indices opened the day flat, even as US markets closed weak in overnight trade and Asian markets were trading flat.

US markets closed the day with modest losses, as comments from US Fed officials suggested that an interest rate hike was expected soon than later.

There was also a steep drop of almost 3 per cent in the prices of crude, which impacted sentiments across the globe.

In Asia, the Hong Kong's Hang Sang and the Japanese Nikkei were both trading lower.

The Sensex was last trading with losses of 33 points, while the Nifty saw losses of 12 points.

Shares in HPCL lost ground, despite the company reporting a sharp increase of more than 30 per cent in quarterly numbers. The stock was down 2 per cent, despite a good set of quarterly numbers.

Future Enterprises, the company owned by Kishore Biyani was trading lower after reports that it plans to merge its retail business with Aditya Birla group.

Shares in Hindustan Copper were trading lower after the company reported a loss, against a profit.

Healthcare Global Enterprises, more popularly known as HCG, which runs cancer chains across the country rallied despite reports that the India Build-Out Fund had sold a stake in the company.

Meanwhile, the rupee continued to show signs of weakness and was last trading at 67.10 to the US dollar.

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