 "Nifty below 6100; United Spirits down 1.45% on UK regulator concern")
After yesterday’s rally, it looks like a muted start as Sensex opened flat today.
The Sensex is down 5.54 points at 20599.54, and the Nifty down 16.10 points at 6099.25.
HDFC Bank , ONGC , Infosys , Tata Power and NTPC are major laggards in the Sensex. Among the gainers are BHEL , GAIL , Bharti Airtel , Sesa Sterlite and Sun Pharma .
The rupee is trading at 62.49 versus the dollar; yesterday the Indian unit closed at 62.50/51.
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There is also a growing feeling the market that the bull is now self sustaining and that a tapering of the Federal Reserve’s easy money policies will not do lasting harm to equities. AFP[/caption]
Ashutosh Raina of HDFC Bank feels dollar-rupee is stuck in a consolidation phase. He expects this sideways movement to continue for some more time. According to him, the range for the day is seen between 62-63/dollar.
Among the global markets, US stocks wavered on Monday, with benchmark indexes backing off milestones that lifted the Nasdaq composite above 4,000 for the first time in 13 years, as Wall Street pondered an unexpected drop in pending home sales in October and an agreement by Iran to limit its nuclear programme.
Stocks in news:
State bank of India is up 0.30 percent despite a probe against its Deputy MD on graph charges.
United Spirits is down 1.45 percent after theUK Office of Fair Trade (OFT) said that Diageo’s United Spirits buyout is anti-competitive.
Cairn India is down 1.25 percent. The company will meet officials to decide on a share buyback today.