Sensex opens lower, Nifty holds 10,800

Tata Motors, ICICI Bank, SBI down

Mumbai.

Shares have begun the week on a flat note, with the Nifty holding 10,800-mark.

The Sensex is down 17.18 points at 35672.42, and the Nifty down 8.20 points at 10813.70. About 385 shares have advanced, 456 shares declined, and 56 shares are unchanged.

Infosys, Lupin, IndusInd Bank, Vedanta are the top gainers, while Dr Reddy’s, Tata Motors, ICICI Bank, RIL, Yes Bank and SBI are the top losers.

Among the sectors, auto, energy, infra are trading lower, while IT, metal and pharma gain the most.

Asian shares got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while US oil prices maintained hefty gains made after major oil producers had agreed on a modest increase in production.

After recouping losses from Thursday’s close, the index formed a bullish engulfing pattern on its daily price chart. No significant formation was made on the weekly charts, indicating a positive trajectory among market participants.

The Indian rupee opened marginally lower by 6 paise at 67.90 per dollar on Monday versus 67.84 Friday.

On the daily chart, USD-INR has been falling down from last two trading sessions after taking a resistance of upper Bollinger band formation; which indicate bearish sentiments for near term.

In addition, Price has shifted below 21 DEMA on daily chart, which confirms downward trend for near term.

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