Nifty-Sensex open on a sombre note, pharma shares hold the sway

The Indian rupee breached a 71 mark for the first time against US Dollar

Mumbai.

The market has opened flat on the first day of the September futures & options series.

The Sensex is down 32.76 points at 38657.34, while the Nifty is down 10 points at 11666.80. About 551 shares have advanced, 397 shares declined, and 50 shares are unchanged.

Grasim, TCS, Yes Bank, BPCL, Vedanta, Hindalco, Power Grid, Axis Bank are under pressure. Also, Nifty Bank was down 0.3 percent.

Sun Pharma, Cipla, Dr Reddy’s Lab, ONGC are trading higher.

Idea Cellular gained 5 percent on NCLT approval for Idea-Vodafone merger.

The Indian rupee breached a 71 mark for the first time on Friday. It has opened at a fresh record low of 70.95 per dollar versus previous close 70.74.

Yesterday the rupee ended at fresh life time low of 70.74 the dollar due to month-end demand for the US currency from importers and rising crude oil prices.

However, during the the rupee slipped to a record low of 70.90 to a dollar.

On Thursday, rupee fell to fresh record low levels of 70.80 in the intraday session. The currency in the last few sessions has come under pressure following dollar demand by oil marketing companies and defence related buying. Apart from domestic dollar demand, weakness in Asian currencies also weighed on the rupee, said Motilal Oswal.

Yesterday, Turkish Lira fell by over 5% as resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy. On the other hand, Argentina Peso fell after its central bank raised rates to 60% as it struggles to repay heavy government borrowing.

For the day, rupee is expected to quote in the range of 71 and 71.50 (Sept), it added.

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