Sensex, Nifty off to a cautious start; ONGC down 2%

The BSE Sensex tanked 440 points to end at over three-month low of 31,159.81 due to across the board selling by investors and weakness in the rupee amid mixed global cues. Nifty dipped below the 9800-mark to hit a low of 9,714.40.

 

 

RUPEE DROPS TO 6 MONTH LOW

The rupee continued to bear the brunt of strong dollar demand and plunged by 27 paise to end at 65.72 to the dollar, its lowest level in six-and-a-half months, amid concerns over foreign capital outflows. This is the lowest level for the home currency since March 14, when it had closed at 65.82 against the greenback. The rupee has depreciated by sharp 3.04 per cent or 194 paise in last 14 trading sessions after revisiting a fresh one-month high of 63.78 on September 8.

NIFTY TECHNICAL CHARTS

The Nifty50 on Wednesday tumbled for the seventh consecutive session to close below the 9,750 level — a day before expiry of September series futures & options contracts – in what has been the longest losing streak for the index in 2017 so far. The index breached its 89-day exponential moving average (EMA) in a disappointing session where the bulls capitulated from the go, suggesting a weak market trend. Supports shifted lower and the index is forming lower tops and lower bottoms on the daily chart. The 100-day EMA, which stood at 9,713 at Wednesday’s close, would be followed keenly, said experts.

PRE OPEN SESSION

Sensex climbs over 150 pts, Nifty50 above 9,750; Rupee weakens further, trades at 65.84 against US dollar.

OPENING BELL: SENSEX, NIFTY SEE TEPID START

Sensex, Nifty50 off to a cautious start ahead of September F&O expiry; Cyient up 3%; ONGC drops 2%.

-Sumukh (Swawla)