Equity benchmarks started off the week moderately lower amid consolidation ahead of expiry of February derivative contracts on Thursday. The 30-share BSE Sensex was down 26.59 points at 28442.16 and the 50-share NSE Nifty fell 6.75 points to 8814.95. TCS, HUL, GAIL, Wipro, Bharti Airtel, Idea Cellular, Kotak Mahindra Bank and HCL Technologies were early gainers while Maruti Suzuki, Tata Motors, HDFC Bank, ITC, Cipla, Tata Motors (DVR) and Eicher Motors were losers. The Indian rupee opened lower by 5 paise at 67.06 per dollar today against Friday's close of 67.01. Pramit Brahmbhatt of Veracity says despite positive cues from equity market, the rupee is expected to trade with a negative bias. The trading range for the spot USD-INR pair is seen between 66.80-67.20/dollar, according to him. The euro struggled for traction against the dollar and yen after suffering significant losses at the end of last week on renewed concerns about the upcoming French elections. The dollar was held in check by the relative strength of the yen. Hopes of developments in fiscal stimulus plans under US President Donald Trump have also not materialized yet, adding to the drag on the dollar. Asian markets were mostly higher, as investors await further details from President Donald Trump on his economic policies, including tax reforms.
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