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Nifty drops in early trade as rupee weakens

Nifty drops in early trade as rupee weakens
Markets opened the day higher on the back of a strong rally in Asia and on easing worries over Syria with the Sensex crossing the 19,000 mark. However, selling pressure due to a falling rupee erased early gains. The Sensex was trading higher by 44 points, while the Nifty gained 21 points at 9.20 am IST.

Bhel rallied for a second day in a row and was trading higher by 2 per cent, while other Nifty stocks that gained ground were NMDC, Kotak Bank, ACC, Gail, Grasim and Coal India.

Metal stocks continued to rally in trade on hopes of a robust economic recovery in China. Stocks that rallied from the metal space were Hindalco, Tata Steel and Steel Authority of India.

Banking stocks came in for selling pressure after the run-up they had on Monday. Stocks from the sector that declined in trade were Bank of Baroda, HDFC Bank, Yes Bank and IndusInd Bank. However, Kotak Mahindra bucked the trend and was trading higher by almost 2 per cent.

IT stocks which have had a breathtaking rally for the last few days saw a pause with Tata Consultancy Services, Infosys and HCL all declining in trade. In fact, on Monday Tata Consultancy Services Ltd. attained a market valuation of Rs 4 trillion-becoming the second company in Indian markets after Reliance Industries Ltd. (RIL) to cross this milestone.

Heavyweight, ITC which rallied substantially on Monday following a hike in rates of its products was trading marginally lower, while Reliance Industries also dropped 1 per cent in trade.

Meanwhile, markets in Asia were trading substantially higher led by gains of almost 3 per cent in the Japanese Nikkei and 2 per cent gains in the Jakarta Composite. The Nikkei's rally was led by a weakening Yen.

Story first published: Tuesday, September 3, 2013, 9:37 [IST]
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