12:23
Moneycontrol BureauLive Market Commentary
The market recouped its morning losses in noon trade with the Sensex recovering more than 200 points from day's low of 17970.98, supported by banks, FMCG and metals stocks. The market breadth also turned positive as about 910 shares advanced and 850 shares declined on the Bombay Stock Exchange.
The Sensex is down 57.15 points at 18250.37, and the Nifty is down 16.85 points at 5397.90.
Indian rupee remained under pressure though it recovered from its record low of 64.11 against the US dollar. Reuters report suggest that the RBI may have sold dollars at around 63.85 level via public sector banks.
The domestic currency depreciated by 49 paise to 63.62 per dollar from previous day's close of 63.13.
Arvind Narayanan, ED and head of Sales, Treasury & Markets, DBS Bank believes the rupee may see some respite in the near-term though the trend for the Indian currency remains bearish for now.
Speaking to CNBC-TV18, he says the main reason for rupee's sharp crash to 64 against the dollar can be attributed to the US bond yields, which are at a healthy 3 percent, signalling a recovery in that economy. "If you have strong data coming from the US, emerging markets and especially those with current account deficits like India would be in a spot of bother," he adds.
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