 "Markets trade lower, Nifty below 8,950; Tata Steel, Infosys drag")
Benchmark indices opened flat following global cues as investors remained wary over the latest tumult surrounding the Trump administration and geopolitical tensions emanating from North Korea. Investors are also grappling with the likelihood of an interest rate hike by the US Federal Reserve at its meeting next week.
At 11:09 am, the S&P BSE Sensex was trading at 28,993, down 55 points, while the broader Nifty50 was ruling at 8,942 up 21 points.
The broader market was trading flat with BSE Midcap gained 0.2% and BSE Smallcap fell 0.02%.
After closing the last week in red, bulls regained charge yesterday with the markets nearing a new all-time high. Expectations of outcome in favour of BJP in the UP assembly elections made indices close at the highest level in 2 years. Nifty50 closed at 8,963.45, 40 points or 0.4% shy of a record high while Sensex gained ended 215.74 points higher, to close 29,048 - around 3% away from unchartered territory.
GST Council's approval to central GST & integrated GST laws and strong foreign inflows also boosted sentiment.
On Monday, foreign portfolio investors (FPIs) bought shares worth a net Rs 564.15 crore, while Domestic institutional investors (DIIs) sold shares worth a net Rs 481.96 crore, provisional data available with BSE showed.
Sectors and Stocks
RIL, PowerGrid, TCS and NTPC were the top gainers on BSE Sensex while Infosys, HeroMoto Corp and Bharti Airtel were the top losers.
Tech Mahindra gained 1.24 % after it announced that it has signed an agreement to acquire a US-based healthcare Information Technology consulting company CJS Solutions Group LLC, which does business as The HCI Group.
Bharat Financial Inclusion fell 2% after reports that the company's 4.5% gross loan portfolio is under risk of slipping into bad loan in the fourth quarter.
Music Broadcast IPO subscribed 51%
The initial public offering of Music Broadcast Ltd, a Jagran group firm that runs Radio City FM channel, was subscribed 51% on the first day of the offer today.
The IPO, received bids of 53,17,065 shares against the total issue size of 1,04,80,784 shares, data available with the NSE showed. The portion set aside for non-institutional investors was subscribed 3% while retail investors category was fully subscribed. Qualified institutional buyers segment did not see any subscription on day one.
Donald Trump’s tweet shook markets
Global equity markets fell on Monday as US President Donald Trump's allegations that he was wiretapped by his predecessor raised worries about his ability to push ahead with tax reform plans, while the dollar rose on concerns that an anti-EU candidate may be elected France's next president.
Trump offered no evidence in a series of tweets on Saturday that President Barack Obama had wiretapped him. The allegations, combined with rising scrutiny of Trump's campaign's contacts with Russia, put a damper on investor enthusiasm for stocks.
Global Markets
Asian stocks were listless early on Tuesday after Wall Street slipped on concerns about US President Donald Trump's ability to focus on economic policies, while the euro slid on fears an anti-European Union candidate may be elected France's next president.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, retaining most of its 0.36% gain from Monday.
Japan's Nikkei fell more than 0.1%, driven lower by demand for the safe haven yen.
Australian shares were up 0.2%, ahead of the central bank's policy meeting later in the session when it is expected to keep interest rates on hold.
On Monday, US stocks posted losses of as much as 0.37% after Trump signed a revised executive order, effective March 16, banning citizens from six Muslim-majority countries from travelling to the United States for 90 days.
(With inputs from agencies)
At 11:09 am, the S&P BSE Sensex was trading at 28,993, down 55 points, while the broader Nifty50 was ruling at 8,942 up 21 points.
The broader market was trading flat with BSE Midcap gained 0.2% and BSE Smallcap fell 0.02%.
"The turn higher since Thursday has evolved well, but now looks to be running out of steam. Oscillators however, are more neutral, and to this end, swings to either side are to be expected. Though the upside objectives of 9,029-9,120 are still possible, they are less likely to followed up
today unless more dips unfold," said Geojit Financial Services in a note.
After closing the last week in red, bulls regained charge yesterday with the markets nearing a new all-time high. Expectations of outcome in favour of BJP in the UP assembly elections made indices close at the highest level in 2 years. Nifty50 closed at 8,963.45, 40 points or 0.4% shy of a record high while Sensex gained ended 215.74 points higher, to close 29,048 - around 3% away from unchartered territory.
GST Council's approval to central GST & integrated GST laws and strong foreign inflows also boosted sentiment.
On Monday, foreign portfolio investors (FPIs) bought shares worth a net Rs 564.15 crore, while Domestic institutional investors (DIIs) sold shares worth a net Rs 481.96 crore, provisional data available with BSE showed.
Sectors and Stocks
RIL, PowerGrid, TCS and NTPC were the top gainers on BSE Sensex while Infosys, HeroMoto Corp and Bharti Airtel were the top losers.
Tech Mahindra gained 1.24 % after it announced that it has signed an agreement to acquire a US-based healthcare Information Technology consulting company CJS Solutions Group LLC, which does business as The HCI Group.
Bharat Financial Inclusion fell 2% after reports that the company's 4.5% gross loan portfolio is under risk of slipping into bad loan in the fourth quarter.
Music Broadcast IPO subscribed 51%
The initial public offering of Music Broadcast Ltd, a Jagran group firm that runs Radio City FM channel, was subscribed 51% on the first day of the offer today.
The IPO, received bids of 53,17,065 shares against the total issue size of 1,04,80,784 shares, data available with the NSE showed. The portion set aside for non-institutional investors was subscribed 3% while retail investors category was fully subscribed. Qualified institutional buyers segment did not see any subscription on day one.
Donald Trump’s tweet shook markets
Global equity markets fell on Monday as US President Donald Trump's allegations that he was wiretapped by his predecessor raised worries about his ability to push ahead with tax reform plans, while the dollar rose on concerns that an anti-EU candidate may be elected France's next president.
Trump offered no evidence in a series of tweets on Saturday that President Barack Obama had wiretapped him. The allegations, combined with rising scrutiny of Trump's campaign's contacts with Russia, put a damper on investor enthusiasm for stocks.
Global Markets
Asian stocks were listless early on Tuesday after Wall Street slipped on concerns about US President Donald Trump's ability to focus on economic policies, while the euro slid on fears an anti-European Union candidate may be elected France's next president.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, retaining most of its 0.36% gain from Monday.
Japan's Nikkei fell more than 0.1%, driven lower by demand for the safe haven yen.
Australian shares were up 0.2%, ahead of the central bank's policy meeting later in the session when it is expected to keep interest rates on hold.
On Monday, US stocks posted losses of as much as 0.37% after Trump signed a revised executive order, effective March 16, banning citizens from six Muslim-majority countries from travelling to the United States for 90 days.
(With inputs from agencies)
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