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Indian benchmark equity indices, BSE Sensex and Nifty 50, opened with a subdued yet positive bias on Tuesday
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Sensex Today: Benchmark Indian equity indices BSE Sensex and Nifty 50 were trading lower on Tuesday.
At 1 PM, the BSE Sensex was at 81,353.63, lower by 154.83 points, or 0.19 per cent, while the Nifty 50 was at 24,561.90, behind by 57.10 points, or 0.23 per cent.
Among the 30 constituent stocks in the BSE Sensex index, more than half were trading higher. Gains were led by Tata Motors (up 0.84 per cent), followed by Infosys, HCLTech, Bajaj Finance, and JSW Steel, while losses were capped by Mahindra & Mahindra (down 1.08 per cent), followed by Tech Mahindra, Axis Bank, Maruti Suzuki India, and UltraTech Cement.
In the Nifty 50 index, 33 stocks out of the 50 in the index were trading higher, with gains led by Shriram Finance (up 2.19 per cent), followed by Apollo Hospital Enterprises, HCLTech, Wipro, and Infosys, while losses were capped by Mahindra & Mahindra (down 1.19 per cent), followed by Bajaj Auto, Tech Mahindra, UltraTech Cement, and Trent.
Across sectoral indices, the Auto, OMC and Consumer Durables indices were under pressure, falling 0.28 per cent, 0.14 per cent, and 0.09 per cent respectively. On the flip side, the Realty index had climbed 0.83 per cent, followed by IT, Healthcare and Pharma indices.
Meanwhile, in the broader markets, the Nifty Smallcap 100 index had climbed 0.28 per cent, followed by the Nifty Midcap 100 index, which was marginally up by 0.03 per cent.
Anand James, Chief Market Strategist at Geojit Financial Services, said: “Yesterday’s slow decline and consolidation in the vicinity of 24,600 sets up a window for an upswing early today. But we will wait for consistent trades above 24,740 to chase rallies. Be warned of slippages to 24,530-24,380 should Nifty show reluctance to float above 24,650. Alternatively, a direct rise above 24,740 could call for sizable upsides, but we do not see enough momentum to get us to 25,262-600 right away.”
Global Cues
Markets in the Asia-Pacific region were generally positive on Tuesday, with traders reacting to Beijing’s announcement of “more proactive” fiscal measures and a “moderately” looser monetary policy next year, aimed at boosting domestic consumption.
Hong Kong’s Hang Seng index, which had surged nearly 3% following the announcement, extended its gains by another 3.2% on Tuesday. Similarly, the CSI 300 was up by 3.66%, and the Shanghai Composite gained 2.58%.
In Japan, the Nikkei 225 rose by 0.32%, while the Topix increased by 0.41%. South Korea’s Kospi gained 2.27%, and the small-cap Kosdaq was up by 4.6%, although investors in the region continued to monitor the ongoing political situation.
However, global equities had dipped on Monday, as traders focused on US inflation data, while chip stocks experienced losses. Meanwhile, oil and gold prices rose more than 1% due to Beijing’s promise of more stimulus measures and the sudden collapse of the Syrian government.
The release of US inflation data this week could influence expectations for a December interest rate cut by the Federal Reserve. China’s shift in its stance toward monetary policy marked its first change since 2010, with Beijing pledging stimulus to encourage growth in the coming year.
The rapid collapse of Syrian President Bashar al-Assad’s 24-year regime added to tensions in the Middle East, further complicating an already volatile situation.
On Friday, US employment data was strong enough to ease concerns about economic resilience, but not robust enough to rule out a rate cut by the Federal Reserve.
MSCI’s global stock index fell 0.23%, or 2.05 points, to 871.68, while US stock markets saw declines: The Dow Jones Industrial Average dropped 240.59 points (0.54%) to 44,401.93, the S&P 500 fell 37.42 points (0.61%) to 6,052.85, and the Nasdaq Composite lost 123.08 points (0.62%) to 19,736.69. Chipmaker Nvidia saw a 2.5% drop after China’s market regulator launched an investigation into the company for suspected anti-monopoly violations.
On a positive note, European shares closed at their highest levels in six weeks on Monday, led by mining and luxury stocks. The STOXX 600 index edged up 0.1%, marking its eighth consecutive session of gains.