Market rundown by Nikhil Kamath, Co-Founder and Head of Trading, Zerodha Markets opened lower in trade Tuesday on the back of weaker global cues; the downtick was soon bought into with markets rallying post 10 am to close up for the session overall. Banks were weak in trade today, with public sector banks underperforming again, Oil marketing companies were weak in trade today, whereas auto and metals were the best performers of the session. Overall markets seem to have reached oversold territory in the short term, and we would recommend entering fresh positions at this juncture with a long-term view towards portfolio building." Nifty IT index ends 1.51% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME TECH MAHINDRA 634.90 609.90 25.00 4.10 3262256 KPIT TECH. 231.65 226.20 5.45 2.41 2490492 INFOSYS 1169.40 1146.75 22.65 1.98 4169811 WIPRO 293.90 288.65 5.25 1.82 2676359 TCS 2870.15 2831.00 39.15 1.38 1963055 Sectoral Trend BSE Sensex: Tata Steel top gainer of the day, ONGC top loser Market at close The S&P BSE Sensex ended at 32,997, up 74 points while the broader Nifty50 index settled at 10,124, up 30 points. I-T Dept says no to Sebi plea for tax exemption for unified broking licence Indian tax authorities are not willing to concede the request of market regulator Securities and Exchange Board of India (Sebi) to provide one-time tax exemption to trading members of stock and commodity exchanges to do both businesses under one entity. READ MORE
That apart, investors will be looking forward to the latest developments in the parliament following the no-confidence motion moved by Telugu Desam Party (TDP) after it broke away from the BJP-led NDA following the Centre's refusal to grant Special Category status to Andhra Pradesh.
In the global markets, Asian shares fell on Tuesday as investors dumped high-flying US technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data.
The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell’s first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional protectionist trade measures.
(with inputs from Reuters)