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Sensex, Nifty Flat amid Rupee Weakness; IT Stocks Rally

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Sensex, Nifty Flat amid Rupee Weakness; IT Stocks Rally
The BSE Sensex and Nifty were choppy on Wednesday tracking weakness in the rupee, which fell to 61.95 per dollar. Most emerging market currencies have weakened against the dollar over growing bets for an early hike in US interest rates.

September was the worst month for the rupee since the record low levels of August 2013.

Markets have also come under pressure by sustained selling by overseas investors over the last few days. On Tuesday, FIIs sold shares worth Rs 486 crore in cash market. Domestic institutional investors bought shares worth Rs 201 crore.

IT stocks gained tracking the weakness in the rupee. The CNX IT sub-index which gained 1.7 per cent was the top gainer among sectoral indices. Wipro was the top Nifty gainer, up 2.64 per cent. TCS and Tech Mahindra were up around 1.8 per cent each.

Auto stocks also rose on hopes of good sales during the ongoing festival season. Hero MotoCorp, India's biggest two-wheeler maker, rose 1.17 per cent.

Pressure was seen in banking and metal stocks. Jindal Steel & Power was the top Nifty loser, down 3.1 per cent, while IndusInd Bank fell 1.9 per cent.

Index heavyweights such as Reliance Industries and ITC also traded lower, pulling the Nifty down.

As of 11.15 a.m., the Sensex traded 25 points lower at 26,606, while the Nifty was down 9 points at 7,956.

(With inputs from Reuters)

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