The market has kickstarted the week lower. This week, the Fed is likely to hike interest rates for the first time in nine years, following strong macro data in the world's largest economy recently. The Sensex is down 170.63 points or 0.7 percent at 24873.80 and the Nifty down 54.75 points or 0.7 percent at 7555.70. About 192 shares have advanced, 335 shares declined, and 66 shares are unchanged. GAIL, Hero MotoCorp, Maruti, HUL and Sun Pharma are top gainers while Tata Motors, TCS, M&M, ONGC and Axis Bank are among losers in the Sensex. The Indian rupee opened at a fresh two-year low at 67.09 per dollar. It is trading lower by 21 paise against Friday's close of 66.88. Agam Gupta of StanChart Bank said, "The local government banks should be sellers of the dollar on upticks towards 67.20-67.30/dollar today. Any dips towards 66.75/dollar should lead to importers buying dollar to hedge their future dollar payables." Asian equities were trading lower after a further slump in oil prices weighed on Wall Street on Friday. The International Energy Agency (IEA) warned that global oversupply of crude could worsen next year as OPEC continues to pump out more oil. Oil producers also saw sharp declines in their stocks in Asian trade.
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