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Benchmark indices opened lower, with the Nifty breaking 8900 in early trade as investors remained cautious ahead of exit polls for assembly elections later today. The 30-share BSE Sensex was down 86.46 points at 28815.48 and the 50-share NSE Nifty fell 21.90 points to 8902.40. GAIL and Dr Reddy's Labs were top losers among Sensex and Nifty stocks, down 3 percent followed by BHEL, ONGC, HUL, Wipro and Infosys. Asian Paints, Hero Motocorp, Maruti Suzuki, Sun Pharma, Bajaj Auto, BPCL and TCS were early gainers. The Indian rupee opened lower by 11 paise at 66.81 per dollar versus previous close of 66.70. Mohan Shenoi of Kotak Mahindra Bank said, "A US Fed rate hike in March looks almost certain and currency markets seem to have fully priced it in. The rupee however is resilient on the back of FII flows into Indian equity markets." He expects the USD-INR pair to trade in a range of 66.70-67/dollar for the day. The dollar held gains as a stronger-than-expected US private-sector jobs figures in February sealed expectations that the Federal Reserve will raise interest rates next week. The ADP national employment report showed that private payrolls grew the most since December 2015. Traders now price in an 85.2-percent chance of a Fed rate hike next week. Asian equities were a mixed picture, as traders digest China's February inflation data and track crude oil prices.
Read more at: http://www.moneycontrol.com/news/local-markets/sensex-opens-lower-nifty-breaks-8900-dr-reddys-gail-fall_8618541.html?utm_source=ref_article
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