Sensex, Nifty reverse opening gains; bank, FMCG top drag
BSE IT, teck and consumer durables index climbed over 1 per cent.
Rupee's unabated fall hit the sentiment on Tuesday after the Indian currency plunged another 14 paise to 71.35 against dollar in early trade on account of some buying in American currency by banks and importers.
Argentina's austerity measures to mitigate country's currency crisis raised concerns over trouble in emerging markets.
Asian shares fell in early trade, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets, Reuters reported.
Investors also noticed Nikkei India Manufacturing Purchasing Managers’ Index (PMI) that was released on Monday and showed growth in India’s manufacturing sector moderated in August as domestic demand softened. The Nikkei India Manufacturing PMI stood at 51.7 in August against 52.3 in July.
Around 9:30 am, the Sensex was 36 points, or 0.09 per cent down at 38,277, while the Nifty was 19 points, or 0.16 per cent down at 11,563.
IT stocks, including Infosys, TCS and Wipro were among the top gainers in the Sensex index, buoyed by the fall in Indian rupee. Reliance Industries, Tata Motors and Mahindra & Mahindra too were trading with gains.
However, Coal India, ITC, vedanta, Bajaj Auto and Hindustan Unilever were suffering losses.
BSE IT, teck and consumer durables index climbed over 1 per cent, but FMCG, bank, finance and telecom indices were subdued.