Domestic stock markets started Tuesday’s session on a mixed note but soon gave in to losses, amid weakness in Asian peers. The S&P BSE Sensex index fell as much as 122.04 points to 37,001.27 in early trade, and the broader NSE Nifty benchmark moved to 10,965.25, down 38.25 points from the previous close. Losses in financial, information technology and energy stocks pulled the markets lower however sharp gains in metal shares limited the downside. Equities in other Asian markets fell as investors broadly remained on the sidelines ahead of an expected interest rate cut from the Federal Reserve – the US central bank – on Wednesday and the next round of US-China trade talks on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 0.60 per cent lower, Chinese shares were down 0.85 per cent and Australian shares were down 0.27 per cent. The Sensex and Nifty had ended 0.70 per cent and 0.65 per cent lower respectively on Monday, suffering their worst single-day fall in two weeks.
Here are the latest updates on the share markets (Sensex, Nifty) today:
Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, UltraTech Cement, ICICI Bank, Bharat Petroleum and Axis Bank, trading between 0.91 per cent and 2.85 per cent lower. Housing Development Finance Corporation (HDFC), Reliance Industries, ICICI Bank and HCL Tech were the top drags on the Sensex.
Markets Turn Lower After Mixed Start
At 9:17 am, the S&P BSE Sensex index traded 103.21 points – or 0.28 per cent – lower at 37,020.10 while the broader NSE Nifty benchmark was at 10,976.30, down 27.20 points – or 0.25 per cent – from the previous close. Losses in financial and information technology shares pulled the markets lower however gains in metal stocks limited the downside.
Stock Markets Open On A Mixed Note
The Sensex opened up 46.15 points at 37,169.46 while the Nifty started the session at 11,000.10, down 3.4 points from the previous close.
The S&P BSE Sensex index rose as much as 131.00 points to 37,254.31 in the pre-open market. At 9:05 am, the Sensex was at 37,246.52, up 123.21 points – or 0.33 per cent – from the previous close, while the broader NSE Nifty benchmark was up 18.80 points – or 0.17 per cent – at 11,022.30.
However, both the indices gave up most of those gains within minutes. The Sensex and Nifty were last seen up 47.21 points – or 0.13 per cent – at 37,170.52 and up 0.35 point at 11,003.85 at 9:07 am in the pre-open market.
Any spike in crude oil prices tends to widen India’s current account and fiscal deficits, with the country being the world’s third-biggest importer of oil.
India is already likely to miss its fiscal deficit target for the current financial year, five government officials and advisers told news agency Reuters earlier this month.
Monday’s surge in crude oil prices hurt domestic oil refinery stocks, with the Nifty Energy index – comprising shares of petroleum, gas and power companies – ending 1.32 per cent lower. Bharat Petroleum, Hindustan Petroleum, Indian Oil and Reliance Industries ended 7.31 per cent, 5.85 per cent, 1.50 per cent and 1.22 per cent lower respectively on Monday.
A day after registering big gains, crude oil prices lost steam on Tuesday as the US flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated.
Brent futures – the international benchmark for crude oil – were last down 1.78 per cent at $67.79 per barrel in Asia. On Monday, Brent futures had surged 14.6 per cent to clock their biggest one-day percentage gain since at least 1988.
Shares in other Asian markets fell, with MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen trading 0.60 per cent lower. Chinese shares fell 0.85 per cent while Australian shares were down 0.27 per cent.
Investors broadly remained on the sidelines ahead of an expected interest rate cut from the Federal Reserve on Wednesday and the next round of US-China trade talks on Thursday.
Domestic stock markets are likely to start Tuesday’s session on a lower note. At 8:32 am, the Singapore Exchange’s SGX Nifty futures – an early indicator of the NSE Nifty index in India – traded 19.00 points – or 0.17 per cent – lower at 10,986.00.
The Sensex and Nifty had ended 0.70 per cent and 0.65 per cent lower respectively on Monday, suffering their worst single-day fall in two weeks.