09:15
Moneycontrol BureauLive Market Commentary
The market has opened on a negative note. The Sensex is down 30.47 points at 20792.30. The Nifty slips 17.10 points to 6170.15. About 158 shares have advanced, 166 shares declined, and 23 shares are unchanged.
The Indian rupee opened lower by 28 paise at 62.69 per dollar against 62.41 Thursday.
The euro struggles in early Asian trade after the European Central Bank's surprise interest rate cut sent the single currency plunging to near eight-week lows, but the dollar's gains were tempered ahead of the key US payrolls report due later today.
Pramit Brahmbhatt, Alpari India said, "ECB's surprise move to cut interest rates to 0.25 percent forced euro to trade weak against the dollar. This coupled with weak domestic fundamentals and weak equity markets will keep the rupee weak. The range for the day is seen between Rs 62.12-63.10/USD."
The US markets fell sharply with the Dow halting its record advance and Twitter's market debut drawing the spotlight, as investors reacted to an unexpected rate cut by the European Central Bank and a read on third-quarter US economic growth. After closing at record highs on Tuesday, the S&P 500 fell over 1 percent marking its worst session since August 27. The CBOE volatility index rose to within reach of 14.
The US economy expanded faster than forecast in the third quarter. Advance GDP rose by 2.8 percent year on year compared with a 2.5 percent growth in the second quarter. The number of jobless claims fell by 9,000 in the week ended November 2.
Asian stocks follow US sell-off. Japan and Korea are trading at 1-month lows. The yen hit a near seven-week low against the greenback at 99.4 per dollar. Japan is weighed down by blue-chip exporter stocks such as Suzuki Motor and camera maker Nikon. They skidded over 3 percent each while sharp lost 2 percent.
In commodities, Brent slips closer to USD 103/bbl levels and Nymex futures rise in early Asian trade as faster than expected economic growth in the world's top oil consumer revived hopes of increased demand.
From precious metals space, gold inches towards the 1300 mark and is trading near three-week lows and heading for a second straight weekly loss, after strong US economic growth sparked fears the US Federal Reserve may scale back its bullion-friendly bond purchases this year.
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