Market Live: Sensex starts the week on a flat note, Nifty holds 11K; PC Jeweller down 10%

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Majority of sectoral indices are trading in the red, with maximum cuts seen in pharmaceutical names. The Nifty Midcap index is also trading over half a percent lower.

Market Opens: Equity benchmarks have begun the day on a flat note, with the Nifty holding 11,000 in the opening trade.

The Sensex is down 27.62 points or 0.08% at 36514.01, while the Nifty is down 17.20 points or 0.16% at 11001.70. The market breadth is narrow as 268 shares advanced, against a decline of 170 shares, while 62 shares were unchanged.

Majority of sectoral indices are trading in the red, with maximum cuts seen in pharmaceutical names. The Nifty Midcap index is also trading over half a percent lower.

Among stocks, shares of PC Jeweller is down 25 percent after the company canceled its buyback issue, while Tata Motors is lower by 4 percent after a Moody’s downgrade.

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Rupee Opens: The Indian rupee opened marginally lower at 68.55 per dollar on Monday versus previous close 68.52.

The rupee fell on Friday, ahead of the trade balance number that was released post market hours. India’s trade deficit for June widened to the highest level driven largely by a surge in oil prices, said Motilal Oswal.

Merchandise exports rose 17.57 percent Y-o-Y in June, the trade deficit widened to USD 16.6 billion from USD 14.62 billion in May. Oil imports during April- June 2018-19 were valued at USD 34.64 billion which was 49.44 percent higher as compared to the same period last year. Merchandise exports last month rose to USD 27.7 billion from a year ago, while imports rose 21.31 percent Y-o-Y to USD 44.3 billion.

Data released by the RBI showed India’s FX reserves fell another USD 248 million to USD 405.81 billion for the week ended 6th July suggesting that the central bank continues to intervene to curtail volatility of the currency.

Market at pre-open: Pre-opening trends indicate a mixed start to the market, with the Nifty trying to hold its 11,000-mark, while the Sensex could see a positive opening.

At 09:02 hrs IST, the Sensex is up 112.44 points or 0.31% at 36654.07, and the Nifty down 33.70 points or 0.31% at 10985.20.

The market breadth, however, was positive as 2 shares advanced, against a decline of 1 share declined, while 2764 shares were unchanged.

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