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The market has started the week on flat note.Sensex goes down 5.02 pts at 28231.37 and the Nifty 2.85 points up at 8567.45. About 677 shares are ahead, 306 shares declined down, and 78 shares remains unchanged. Hindalco, Dr Reddy's Labs, Vedanta, GAIL and Tata Steel are top gainers . Tata Motors loses 1% while BHEL, ICICI Bank, ITC and L&T are among laggards. The INR(Indian Rupee) has opened marginally higher at 63.75 per dollar against Friday's close of 63.81.
Agam Gupta of Standard Chartered Bank said, We estimate USD-INR to trade in 63.70-63.90/dollar range. We anticipate demand for dollar to emerge from local government banks on any dips to 63.75/dollar. The US dollar remained firm near 4-month high as compared to major currencies after solid US jobs data backed expectations that the US Fed will increase interest rates as early as in September month.
Agam Gupta of Standard Chartered Bank said, We estimate USD-INR to trade in 63.70-63.90/dollar range. We anticipate demand for dollar to emerge from local government banks on any dips to 63.75/dollar. The US dollar remained firm near 4-month high as compared to major currencies after solid US jobs data backed expectations that the US Fed will increase interest rates as early as in September month.
While mainland stocks were unshaken by less-than-stellar economic indicators over the weekend, the rest of Asian indices slided early Monday tracking offshore losses and amid worries surrounding China. Wall Street ended lower on Friday on the back of decrease in oil prices and upbeat job growth data that was seen as putting the Fed Reserve on course for a potential rate increase in September month. The Dow Jones Industrial Average shed 0.27% to chalk up its seven straight period of declines, the worst losing streak since the summer of 2011 year.
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