Sensex, Nifty Seeking Rebound On Value-buying

Crude oil prices slipped on Wednesday, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting share rally on concerns India's central bank would hold off on cutting interest rates. The broader Nifty index was up 21 points or 0.21 percent at 10,371.

The BSE Sensex settled lower by 360.43 points or 1.07 percent to 33,370.76 after moving in range of 33,865.95 and 33,341.82.

Among the stocks to watch today Bharti Airtel will be in focus as an investor from Qatar plans to sell stake in the company, according to a Bloomberg report.

On closing basis, the wider Nifty50 of the National Stock Exchange declined by 101.65 points, or 0.97 per cent, to 10,350.15 points.

The BSE market breadth was bearish - 1,916 declines and 839 advances.

The rupee fell sharply by 38 paise to 65.06 against the USA dollar on Tuesday on the back of higher crude oil prices. "Nifty touched nearly a one week low and closed 0.97 per cent lower", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS. The Indian rupee opened marginally higher at 64.65 per dollar on Tuesday against previous close 64.68.

Aviation major, IndiGo's shares fell during early trade session after the federal government ordered a probe into a passenger assault video by the company's staff. Shares of the company dropped 1.94% or 23.45 points to Rs 1185.95 at 0930 hours on BSE Sensex. That said, underlying sentiment remained cautious amid political tensions in Saudi Arabia.

Biggest gainers in the 30-share index were Cipla (4.46%), Axis Bank (3.30%), Sun Pharmaceutical Industries (1.92%), Lupin (1.74%) Asian Paint (1.42%).

On the other hand, Bharti Airtel (5.27%), Reliance Industries (0.60%), ICICI Bank (0.51%), ONGC (0.39%) and NTPC (0.25%) were the major losers in the Sensex.

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