Sensex down more than 150 points after flat start

Nifty breaches 10,900; banks continue to fall

Mumbai.

It is a negative start to the market on Tuesday, with the Nifty beginning 14 points lower around 10,950-mark. The Sensex is trading flat.

The Sensex is down 6.16 points or 0.02% at 36298.86, and the Nifty down 14.00 points or 0.13% at 10953.40. The market breadth is narrow as 300 shares advanced, against a decline of 227 shares, while 49 shares are unchanged.

Among sectors, banking names have taken a hit, along with automobiles and metal names. Pharmaceuticals are trading in the green, while IT names are trading flat, amid a weak rupee.

HDFC and Yes Bank are the top gainers, while Power Grid, ICICI Bank, Indiabulls Housing and Bajaj Finance have lost the most.

Among sectors, banking names have taken a hit, along with automobiles and metal names. Pharmaceuticals are trading in the green.

The Indian rupee, too, slipped in the early trade on Tuesday. It opened lower by 26 paise at 72.89 per dollar versus previous close 72.63.

Yesterday, the rupee rose marginally against the US dollar but gains for the currency was short lived after global crude oil prices rallied to fresh highs. Brent crude oil rose to the highest level in four years after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply, said Motilal Oswal.

Concerns about production shortfalls are encouraging traders to remain long on the commodity. On the other hand, strength in the dollar against its major crosses also weighed on the rupee.

Today, USD-INR pair is expected to quote in the range of 72.50 and 73.20, it added.

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