The market has opened sharply lower on Wednesday following weak global cues. Lower oil prices and China's growth concerns hit global markets. The Sensex fell 183.11 points to 24476.12 and the Nifty declined 51.40 points to 7433.90.
Lupin, Coal India, Maruti, NTPC and ONGC are top gainers while Hindalco, ICICI Bank, Tata Steel, Tata Motors and BHEL are losers in the Sensex.
The Indian rupee opened lower by 10 paise at 67.45 per dollar today versus 67.35 Tuesday.
Pramit Brahmbhatt, Veracity says weak global cues will trigger weakness in domestic equity market as well. He expects USD-INR to trade in a range of Rs 67.20-67.50 for the day.
On the global front, Asian shares stepped back further from two-month highs today as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy. Shanghai crashed 3 percent and Nikkei fell 1.6 percent. Hang Seng declined 0.6 percent.
US stocks ended near the lows of the day on Tuesday. The Dow Jones industrial average fell 0.64 percent, S&P 500 lost 1.12 percent and the Nasdaq Composite dropped 1.26 percent.
Back home, ICICI Bank, Tata Steel, SBI, Adani Ports, Tata Motors and BHEL are down between 2%-3%.
In the commodity space, metals dropped on Tuesday with Iron-ore futures on the Singapore Exchange fell 5.2%, after a record 19% jump on Monday while copper fell 0.8% in London, trimming this month's advance to 5.7%.
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