Opening Bell - Sensex slips over 100 points; Banking stocks drag

India Infoline News Service | Mumbai | November 28, 2016 09:08 IST

At 9:15 AM, the S&P BSE Sensex is trading at 26,214, down by 102 points, while NSE Nifty is trading at 8,069 down by 45 points.

Sensex crashes
At 9:15 AM, the S&P BSE Sensex is trading at 26,214, down by 102 points, while NSE Nifty is trading at 8,069 down by 45 points.

The Indian rupee opened higher by four paise at 68.42/$ against the previous close of 68.46/$.

The demonetisation drive of the government is likely to see some protests on the street in various parts of the country as few political parties have joined hands for ‘Akrosh Divas.’

Parliament may see less activity today as attention will be on the protests and dealing with the Opposition tirade. The old tradition of Black Friday is losing its charm abroad; online sales on Thanksgiving and Black Friday rose about 18 pc to $5.27 bn.

Saudi Arabia seems to suggest that oil producers need not reduce output. With the Dow Jones having crossed the key milestone of 19000 & the S&P 2200 markets could see consolidation globally as investors take stock of the last fortnight. Also the rise in bond yields in tandem with the US $ may not last & pause here would be prudent as markets digest the gains.

Falling crude prices cooled Asian shares while the dollar has stepped back against Asian peers. India’s foreign exchange reserves fell for the second consecutive by $1.542 bn to $365.5 bn in the week ended Nov 18.
 

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