Sensex Opens Lower; Reacts Negatively To Yellen's Comments

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Monday, August 29, 2016, 9:28 [IST]

Benchmark indices opened the day higher, but soon slipped into the red, reacting negatively to Fed Chairperson, Janet Yellen, who sounded positive on interest rate hikes in the US during the course of the year.

Most of the Asian markets were trading lower, however, the Japanese Nikkei gained, following the yen's drop against the US dollar.

The Sensex was trading with losses of 47 points, while the Nifty dropped 15 points in trade.

Shares in DLF were trading higher ahead of its results to be declared later today. The stock was up 0.30 per cent. The company is expected to largely report numbers in line with expectations.

Shares in Indian Oil too were trading marginally higher ahead of results to be declared later today. Shares in Tata Motors was the top gainer in trade, once again reacting to a strong set of quarterly numbers reported by the company.

On the other hand Adani Enterprises dropped, and was the top loser from the Nifty space. Lupin and HCL Tech were the other early losers from the Nifty space.

Shares in Infosys were trading lower despite reports that the company would split into smaller units. Welspun India, which had witnessed a drop of nearly 56 per cent last week, saw some buying support. The stock was trading with gains of near 3 per cent.

Meanwhile, the rupee opened the week at 67.07 to the dollar, as against last week's closing of 67.14 to the US dollar.

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