After a volatile few weeks, Indian markets opened the new week lower, despite the dollar steadying against a basket of currencies. Last week there was carnage in Indian stocks, as emerging market currencies took a beating, after the US dollar made solid gains on rising bond yields.
The Sensex was trading with losses of 77 points, while the Nifty dropped by 26 points in trade. Leading the set of gainers in trade were stocks like Hindalco, ONGC and Tata Power. HDFC continued to be under pressure, as was the case in the last week. Other Nifty stocks that saw some selling pressure were Dr Reddy's Labs and Bharti Airtel.
PSU Banking shares continued to clock impressive gains. Among the gainers from the space were Bank of India, Allahabad Bank and Andhra Bank.
Midcap stocks that saw some selling pressure in the last few weeks, continued to see some marginal buying support. Early gainers from the space were stocks like Petronet LNG, Adani Enterprises, IDFC and Engineers India.
Meanwhile, the rupee was trading steady at 68.10 to the dollar. The currency had breached the 68 levels with ease, last week as US bond yields rose.