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Short Description: Nifty opens below 7500, Sensex falls 300 pts; Tata Steel tanks
Tata Steel plunged 4.57 percent after S&P downgraded the stock. Axis Bank, SBI, Tata Motors, BHEL, Bank of Baroda and PNB were down 2.5-3 percent. However, ITC gained.
Brief Description: The market has opened sharply lower following global turmoil after crude fell below USD 30 a barrel. The 30-share BSE Sensex lost 266.93 points or 1.07 percent to 24587.18 and the 50-share NSE Nifty declined 85.90 points or 1.14 percent to 7476.50.
The market breadth was pathetic as about nine shares declined for every share advancing on the Bombay Stock Exchange.
Tata Steel plunged 4.57 percent after S&P downgraded the stock to 'BB-', a low investment grade rating, over persistent subdued operating performance amid subdued demand and low steel prices. Axis Bank, SBI, Tata Motors, BHEL, Bank of Baroda and PNB were down 2.5-3 percent. However, ITC gained.
The Indian rupee declined to 67.04 per dollar mark in the opening trade, the level it saw last on December 15, 2015. The euro regained its footing against the US dollar as risk aversion returns. The yen also trimmed its losses against the dollar. The US dollar gained against the commodity currencies.