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Sensex pares morning gains to slip in red, Nifty tests 9,600

The S&P BSE Midcap and the S&P BSE Smallcap indices added 0.4% each

SI Reporter  |  New Delhi 

Sensex

The benchmark indices extended gains for the fourth straight session on Tuesday tracking positive trend seen in after strong gains in US and European  

At 10:05 am, the S&P BSE was trading at 31,300, up 79 points, while the broader Nifty50 was ruling at 9,644, up 29 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.4% each. 

"Due to Monday's price activity, the has once again managed to regain the 9,600 mark. In fact, it has crossed this hurdle with an ease, which was slightly unexpected for us looking at Friday’s close. However, the stock specific optimism was very much in line with expectations and looking at the momentum, we expect this resistance to shift a bit higher towards 9,630-9,650 zone," said brokerage Angel Broking in a technical note. 

Sectors and stocks

Reliance Industries was the top gainer and added over 2% to Rs 1,412. 

ONGC gained over 1% after ONGC Videsh, the overseas arm of the company said it has acquired 30% interest in an oil block, off Namibia, from UK's Tullow Oil. OVL did not disclose the deal value. 

Just Dial tanked over 4% to Rs 365 after the company’s chief financial officer and key managerial personnel Ramkumar Krishnamachari submitted his resignation on Monday from his post. 

slows to four-month low in June

Fear of uncertainty over the implementation of the Goods and Services Tax (GST) has cast its shadow on manufacturing activities as growth in the sector fell to a four-month low in June, showed the widely-tracked Nikkei purchasing managers' index (PMI). 

The PMI dropped to 50.9 in June from 51.6 the previous month, as a softer rise in new orders resulted in weaker growth in production. A reading above 50 indicates expansion. CLICK HERE FOR THE FULL REPORT

Global markets

Asian shares climbed on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2% while Japan's Nikkei jumped 0.5%, thanks to a weaker yen.

Australian shares advanced 1.4%, while South Korea's KOSPI was little changed

Overnight on Wall Street, the S&P 500 index and the Dow Jones Industrial Average posted gains of 0.2% and 0.6%, respectively, led by financials and energy shares. The Nasdaq lost 0.5%, as the rotation away from technology names continued.

US are closed on Tuesday.

(With inputs from Reuters)

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