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In early trade Sensex, Nifty under pressure; NTPC, HPCL fall

In early trade Sensex, Nifty under pressure; NTPC, HPCL fall

The market was pretty low in early trade with the Sensex struggling below 28000 level amid consolidation. Investors waited for speech by the Federal Reserve Chief Janet Yellen at Jackson Hole. The Sensex was down 32.64 points at 27952.90 and the Nifty declined 16.20 positions at 8612.95. NTPC and HPCL fell 1-2 percent after first quarter earnings announced yesterday evening. HDFC, Reliance Industries, L&T, Lupin and Sun Pharma were under pressure whereas Infosys, Asian Paints, Adani Ports, TCS and Wipro gained. The Indian rupee has opened higher by 7 paise at 67.12 per dollar against last close of 67.19 a dollar. Ashutosh Raina of HDFC Bank says the market attention is fully focused on Fed Chief Janet Yellen’s Jackson Hole speech this weekend, following some hawkish comments from Fed speakers have increased the probability of Fed hiking interest rates earlier than predictable. He expects the USD-INR pair to trade in the 67-67.50/dollar range in the close term. The dollar stopped its advance against major currencies on hesitation ahead of a speech from the Fed chairon Friday. Asian markets were mixed with the Japan’s Nikkei and Hong Kong’s Hang Seng falling over 0.3 % whereas China’s Shanghai gained 0.2 %. US stocks were little changed on Monday as a drop in oil prices that weighed on the energy category was offset with a tough showing by biotech...
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