 "Sensex opens in red but oil stocks make merry; rupee pulls back")
Indian equity markets opened on a weak note despite positive global cues.
The BSE Sensex opened down 0.14 percent at 19550, while Nifty opened down 0.22 percent at 5885.80.
Sudarshan Sukhani of s2analytics.com has advised investors to maintain long positions despite two occasions of intraday consolidations during trade. “These are essentially short-term trades which means either one exits at a profit today or at the most carries it forward,” he said in an interview with CNBC-TV18.
The rupee meanwhile recovered to 59.21 against the US dollar after opening at 59.50 against the USD.
[caption id=“attachment_920779” align=“alignleft” width=“380”] Reuters[/caption]
With the currency in focus, the Finance Minister is upping the rhetoric regarding sentiment turning in favour of the rupee. The FM is confident that the rupee will stabilise as measures taken by the govt to contain the fiscal and current account deficits will improve investor sentiment.
Finance Minister P Chidambaram evenstressed that sentiment of a lone gentleman (US Federal Reserve Chairman Ben Bernanke) in the US impacts the rupee adding that Bernanke’s statement is misunderstood or misinterpreted.
Meanwhile, sales of cars in the India slowed down for a seventh straight month as expensive financing costs, frequent fuel price hikes and a sluggish economy kept customers away from showrooms.
There is no respite from fuel price hikes as oil marketing companies have decided to hike diesel prices by 50 paise with effect from Tuesday.
Stocks in news
BSE oil and gas index is the top gainer post the diesel price hike. IOC gained 1.9 percent, HPCL was up 1.14 percent, ONGC gained 0.9 percent and RIL was down 0.4 percent.
BSE auto index is the top sectoral loser after dismal sale numbers , down 0.5 pct; Tata Motors is the top loser, down 1.6 percent after itsaid its total passenger vehicle sales in the domestic market stood at 11,804 units in June, down 31.54 per cent from 17,244 units in the same month last year.
Unitech has reportedly approached Morgan Stanley, the Singapore government-owned GIC and Blackstone to sell its Infotech Special Economic Zone (SEZ) in Gurgaon. The stock is up 1.5 percent.
Zensar Technologies is up 1.63 %, after the outsourcing services provider said it is in acquisition talks with at least two US-based companies to boost its offerings in its largest export market.
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