Market Live: Nifty starts Sept series on flat note, rupee breaches 71; Idea up 5%

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

Buzzing: Shares of telecom firm Idea Cellular gained more than 6 percent in the morning trade on Friday post the company received NCLT approval for Idea-Vodafone merger.

NCLT (National Company Law Tribunal) has approved the merger of Idea Cellular and the Indian unit of Vodafone Group Plc, reported CNBC-TV18, quoting Sources.

Foreign research house JPMorgan has maintained underweight call on Idea Cellular with a target of Rs 50 per share.

Market Opening: 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.

Future Tips

Rupee Opens: 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 the fresh lifetime 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 rupee slipped to a record low of 70.90 to a dollar.

On Thursday, the 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 defense-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 the 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, the rupee is expected to quote in the range of 71 and 71.50 (Sept), it added.

Market at pre-open: The pre-opening rates indicate flat start for the benchmark indices with Nifty trading below 11,700, while Sensex is trading around 38,700.

At 09:05 hrs IST, the Sensex is up 6.69 points or 0.02% at 38696.79, while the Nifty is up 0.60 points or 0.01% at 11677.40.

Jet Airways, HPCL, Canara Bank, Bank of Baroda are trading lower in pre-opening trade.

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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