Nifty below 8050, Sensex weak; Reliance Tata Steel gain

&M, Dr Reddy's Labs, Bharti Airtel, Cipla and Hindalco are among the laggards. The gainers include Tata Steel, NTPC, Tata Motors, Reliance and BHEL.

09:19

Moneycontrol Bureau The market has opened on a weak note. The Sensex is down 50.39 points at 26731.05, and the Nifty slips 26.40 points at 8041.20. About 263 shares have advanced, 331 shares declined, and 23 shares are unchanged. 

M&M, Dr Reddy's Labs, Bharti Airtel, Cipla and Hindalco are among the laggards. The gainers include Tata Steel, NTPC, Tata Motors, Reliance and BHEL.

The Indian rupee slipped further in the early trade. It has opened lower by 24 paise at 63.77 per dollar versus 63.53 Tuesday. The US dollar slipped against major currencies on expectations that the fed would take a cautious tone on monetary policy, while a slide in oil prices pushed the Russian rouble to new lows and boosted the safe-haven yen.

Pramit Brahmbhatt of Veracity said, "Currency markets will continue to take cues from the equity markets. The rupee is expected to trade rangebound with a slightly negative bias. Range for the USD-INR is seen between 63.20-64/dollar."

Global cues, meanwhile, are mixed as the US markets fell for the sixth session in seven days on the steep decline seen in oil prices. Investors are keenly awaiting the Federal Reserve's monthly policy meeting. The focus will remain on whether the fed reiterates its vow to maintain rates low for a considerable period.

Asian markets gained despite a weak close on US markets as Russian markets continued to tumble. European shares too closed sharply higher on Tuesday reversing earlier losses.

In other asset classes, Brent crude prices continued to decline trading below USD 60 dollars per barrel while the Nymex slipped to a fresh 5-and-a-half year lows. The slide in oil prices has pushed the Russian rouble to new lows. The dollar too fell against major currencies.

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