Share markets in India are presently trading on a negative note. Sectoral indices are trading mixed with stocks in the auto sector and oil & gas sector witnessing maximum buying interest while metal stocks and IT stocks are witnessing selling pressure.
The BSE Sensex is trading down by 101 points (down 0.3%), while the NSE Nifty is trading down by 42 points (down 0.4%). The BSE Mid Cap index is trading down 0.3%, while the BSE Small Cap index is trading down by 0.2%.
The rupee is trading at Rs 71.37 against the US$.
The rupee opened 20 paise higher at 71.47 against the US currency, extending its gaining streak for the sixth straight session keeping afloat robust forex inflows and softening crude oil prices.
Rupee also got some support after the outcome from the RBI's board meeting on Monday removed uncertainty over a growing rift over policy decisions between the government and the central bank.
The rupee has gained over 1.5% since November 13.
Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.
This selling pressure is seen on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey is weighing on the rupee.
The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.
However, in the near term, the rupee being under pressure could benefit export-oriented businesses.
The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.
If you're a Smart Money Secrets subscriber, read the detailed report here.
In the news from the aviation space, Jet Airways share price is witnessing selling pressure today. As per an article in a leading financial daily, the board of Tata Sons has raised concerns over the financial health of the airline.
Reportedly, the Tata Sons board has cautioned the management against rushing into any deal with the cash-strapped airline amid concerns of rising liabilities of the airline.
As Ankit Shah wrote in a recent edition of The 5 Minute WrapUp...
It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.
In the latest development from the results corner, Siemens reported 55.2% fall in its net profit at Rs 2.8 billion for the quarter ended September 30, 2018 as compared to Rs 6.2 billion for the same quarter in the previous year.
Siemens share price is trading down by 1%.
You can read Siemens Q2FY19 analysis and Siemens annual report on our website.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Equitymaster requests your view! Post a comment on "Sensex Trades Marginally Lower; Metal & IT Stocks Drag". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!