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Markets open lower as rupee drops again


 Markets open lower as rupee drops again
Markets opened the day lower once again as the rupee, which had recovered sharply on Tuesday in the last 30 minutes of trade dropped again.

The Nifty was trading lower by 17 points, while the Sensex shed 54 points in trade. Among the top losers from the Nifty stocks was Larsen and Toubro which dropped 1.6% again today, while Maruti Suzuki and Tata Motors also fell 1 per cent each.

Banking stock witnessed a steady trend with most of the banking stocks like ICICI Bank, HDFC Bank trading flat. PSU banking stocks saw some recovery in trade with Bank of India, Oriental Bank, IDBI Bank and Union Bank gaining ground.

Among the top Nifty gainers in trade were beaten down names like Bhel, BPCL and Power Grid. Technology stocks continued to rally following a good set of numbers from Cognizant.

Infosys, TCS and HCL Tech gained in early trade. Wockhardt was locked at the lower end of the circuit filter again today. Financial Technologies which slumped again on Tuesday saw some buying at lower levels.

Tata Power which posted a dismal set of results continued to be dragged lower on selling pressure. The stock was down more then 2 per cent.

Real estate stocks saw some recovery with notable gainers from the space being HDIL and Unitech. Meanwhile, most of the markets in Asia were trading lower, following weak oversees closings in the US.

Read more about: sensex nifty
Story first published: Wednesday, August 7, 2013, 9:36 [IST]
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