There is some choppiness visible in the market, as they are currently off their low points again. The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.
HDFC twins, Reliance Industries, Infosys and TCS are fighting it out for the bulls. ITC, Kotak Mahindra Bank and HUL are a drag on the indices.
The Sensex is up 49.09 points or 0.13% at 38361.61, while the Nifty is down 1.20 points or 0.01% at 11581.20. The market breadth is negative as 734 shares advanced, against a decline of 1,282 shares, while 95 shares are unchanged.
Sharp selloff across all sectors has turned the market negative. The Nifty is trading below 11,550.
Weakness is visible among banks, pharmaceuticals, metals, FMCG as well as auto names. A fall of 1 percent on the Nifty Midcap index is also weighing on the market.
The Indian rupee extended its losses after opening at a fresh record low. It fell to 71.37 per US dollar and is currently trading around 71.28 levels. This weakness has boosted IT stocks.
Among shares, Persistent Systems is up over 2 percent on the back of an acquisition, while Infosys is up around 2 percent. The stock went ex-bonus today, which was announced in the ratio of 1:1 during its June quarter results announcement.
Missed call
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