New Delhi: Dragged by global cues the market on Monday opened with severe cuts as the Nifty traded down below 8100 with 72.75 points or 0.9 percent at 8097.30 while the Sensex traded down 246.12 points or 0.9 percent at 26389.63.
Shares such as ICICI Bank, SBI, Tata Motors, BHEL and Tata Steel were among the losers while Dr Reddy’s Labs and HDFC Bank were gainers in the Sensex.
The Indian rupee opened lower by 18 paise at 66.94 per dollar on Monday versus 66.76 Friday. The market experts believe that the weak global cues will put pressure on the rupee and it is likely to touch 67/dollar levels.
Crude prices continued to decline after falling three percent on Friday as the US rig count rises for the second straight week.
There is no doubt that global issues like Brexit and the Orlando terror attack will weigh on the domestic market but in case the market corrects five to seven percent, it would be a good opportunity to buy, especially if the Nifty goes to levels of around 7600-7700, the exerts further added. (ANI)