Markets dance to rupee tune; fall yet again

The rupee played the pied piper in trade today, as it has been doing through the week. The Sensex ended the day lower by 78 points at 15948 points, while the Nifty closed the day lower by 24 points. Weak opening in Europe compounded problems further with the German DAX, UK's FTSE and French CAC all opening lower by 1-2%.

A EU meeting is scheduled later today, which will discuss problems in Europe and solutions to the same. All eyes would be on French President Francois Hollande and see if any statement if forthcoming from the French President, a critic of austerity measures.

Among the shares that gained today was GAIL, which rose on value buying at lower levels. Among the shares that lost ground were Bharti Airtel, Sea Goa, Jindal Steel and Kotak Mahindra.

Idea Cellular dropped sharply following a review by a leading institutional investor. BHEL rose marginally in trade after the company reported a decent set of numbers.

Markets may continue to exhibit volatility and much would depend on the rupee and newflows on developments in Europe.

GoodReturns.in