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The Indian rupee slumped 27 paise to 72.99 against the US dollar in opening trade on Thursday, weighed down by a rebound in the US dollar and lacklustre opening in domestic equities. At the interbank forex market, the domestic unit opened at 72.99 against the US dollar, registering a fall of 27 paise over its previous close.
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The Rs 596 crore MTAR Technologies IPO continued to see strong investor response, with the issue getting subscribed by over 4 times on Day 2 of the bidding process.
Bond yields are now exerting a major influence on stock prices, globally. After spiking to 1.6 per cent on February 25, the US 10-year yield fell to 1.4 per cent, only to rise again to 1.48 per cent on Wednesday, impacting equity markets. In India, this has been a ‘Buy on dips’ market and it is likely to remain so till a major correction pulls it down. This will happen only when FPIs turn sellers on a sustained basis.
– VK Vijayakumar, Geojit Financial Services.
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HDFC twins, RIL, ICICI Bank top drags for Sensex
Bajaj Finserv, HDFC, HDFC Bank, Bajaj Finance, Axis Bank fall up to 3%
ONGC, Tech Mahindra and Infosys were among the five Sensex gainers in early trade.
Buy Tata Chemicals, Godrej Consumer, ACC: Reliance Securities
- TATACHEM (PREVIOUS CLOSE: Rs 776) BUY
A long position can be initiated in the range of Rs 760-753 for a target of Rs 795 with a strict stop loss at Rs 740.
- GODREJCP (PREVIOUS CLOSE: Rs 699) BUY
A long position can be initiated in the range of Rs 692-686 for a target of Rs 730 with a strict stop loss at Rs 671.
- ACC (PREVIOUS CLOSE: Rs 1,796) BUY
A long position can be initiated in the range of Rs 1,795-1,780 for a target of Rs 1,845 with a strict stop loss at Rs 1,752.
OPENING BELL | Sensex plunges over 700 points, Nifty tests 15,000
HDFC drops 3%, Kotak Bank 2%
Pre-open session: Sensex drops 250 points, Nifty slips below 15,200
SGX Nifty signals gap-down start
Nifty futures on the Singapore Exchange traded 209.50 points, or 1.37 per cent, lower at 15,085.50 in signs that Dalal Street was headed for a gap-down start on Thursday.
Tech View: Nifty eyes record high levels
Nifty50 took out its 13-day and 20-day moving averages on Wednesday and formed a long bullish candle on the daily chart. This was the third day when the index formed higher highs and lows. Analysts said support for the index has shifted higher, and as long Nifty stays above 15,000, the bias may remain positive.
Asian shares tank up to 1.6% in early trade
The creep up in benchmark yields weighed on Asian stocks, as wary investors recall last week’s…
Go to the news source: sensex today: Stock Market LIVE Updates: Sensex tumbles over 550 points, Nifty b…