Sensex, Nifty reverse gains as rupee sinks by 26 paise

The benchmark BSE Sensex reversed its early gains to trade lower by 43 points in morning session today as capital goods, banking, oil and gas and FMCG stocks fell.

The 30-share index fell by 43.68 points or 0.13 per cent to 32,356.83 in morning session. It had opened higher at 32,406.42

and rose by 0.18 per cent to a high of 32,460.03 in opening trade.

The wider Nifty of NSE fell by 22.90 points or 0.23 per cent to 10,118.25 as 28 of its constituents led by ICICI Bank, Hindalco, Coal India, Bank of Baroda and Gail dropped up to 1.94 per cent. The NSE Nifty had gained 16 points, or 0.15 per cent, to touch a high of 10,157.15 in early trade.

Heavy fall in the rupee after the US Federal Reserve announced plan to wind down its crisis-era stimulus and hinted at another interest rate hike before the end of the year dampened the sentiment. The rupee dropped sharply by 26 paise 64.53 in morning trade.

Among major Sensex losers, Coal India fell the most by 2.59 per cent, ICICI Bank by 2.06 per cent and L&T by 1.,43 per cent. Reliance Industries, SBI Tata Motors Axis Bank and ONGC also dropped up to 1.46 per cent, dragging the index into th negative zone.

However, shares of Dr Reddy's, Cipla, Lupin, Bajaj Auto, Sun Pharma, Tata Steel, Adani Ports, HDFC Ltd, Hero MotoCorp, Kotak Bank and Maruti Suzuki were trading in the positive terrain with gains of up to 3.13 per cent.

Among other Asian markets, Japan's Nikkei rose 0.83 per cent, Shanghai Composite Index up 0.12 per cent and Hong Kong's Hang Seng gained 0.13 per cent in their early deals.

The US Dow Jones Industrial Average ended 0.19 per cent higher in yesterday's trade.

-PTI