Sensex, Nifty open flat; Sun Pharma Ranbaxy jump 3%

09:15

Moneycontrol Bureau The market has opened on a flat note. The Sensex is down 49.13 points at 28070.27 and the Nifty is up 1.05 points at 8439.30. About 313 shares have advanced, 264 shares declined, and 32 shares are unchanged.

Sun Pharma is biggest gainer, up 3 percent in opening trade while Ranbaxy too jumps 3 percent. Wipro, Infosys, TCS and Dr Reddy's are major gainers in the Sensex.

The Indian rupee opened marginally lower at 61.88 per dollar against previous day close of 61.83. The yen held onto sizable gains, having staged a broad short-covering rally as a big drop in oil prices hit global risk appetite.

Ashutosh Raina of HDFC Bank said, "The stupendous US jobs number last week has reinforced fears of the US Federal Reserve hiking rates in mid 2015, the result being dollar gaining against most of the major and EM currencies."

"The USD-INR pair continues to hover around Rs 62/dollar. The second quarter trade deficit has come in at USD 10 billion, which is expected to come down in the third quarter on the back of lower oil prices," he added.

Asian equity markets joined Wall Street's slump after oil markets resumed their downward spiral, pushing Shanghai and Japanese shares off multi-year highs.

US crude extended losses in the Asian trading session, hitting a new five-year low of USD 62.25 a barrel before paring losses. Overnight, prices tumbled 4 percent on the back of bearish forecasts, which saw the Dow post its biggest decline since October. Hong Kong's Hang Seng shed 0.80 percent or 191.29 points at 23,856.38. Japan's Nikkei fell 0.35 percent or 63.34 points at 17,872.30.

South Korea's Seoul Composite slipped 0.31 percent or 6.14 points at 1,972.81. Taiwan's Taiwan Weighted was down 0.47 percent or 43.08 points at 9,144.21. China's Shanghai Composite declined 0.36 percent or 11 points at 3,009.26. Singapore's Straits Times added 0.75 percent or 24.88 points at 3,322.72.

US stocks fell sharply with benchmark indices retreating from records and the energy sector slammed as the price of Nymex crude fell below USD 63 a barrel for the first time since July 2009.

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