A man looking at the ticker of stock quotes at Bombay Stock Exchange building. (Image: Reuters)
Sensex and Nifty opened marginally higher on Tuesday, snapping the two-day slide since Friday last week, but soon after, fell into the negative territory on continuing worries from the North Korean threat, and FIIs pulling out. BSE Sensex has fallen to below 31,500 points, while NSE Nifty is floating barely above 9,800 points for now. A technical analyst from Rare Enterprises today said that the Nifty has a near-term support at 9,700 points, but that if it falls below that, then he would be worried. Meanwhile, rupee also extended fall, hitting a fresh 6-month low today due to outflows from domestic capital markets and the effect of the US Fed’s intention to hike the rates in December. Some blue-chip stocks were trading higher. Notably, state-run ONGC surged over 4% after Prime Minister Narendra Modi yesterday invited the biggest oil and gas producer in the country to take up a challenge of developing an energy efficient electric cooking stove, under his Saubhagya scheme to provide electricity to every household by 2018. Here are the live updates:
1:40 pm: This investment expert will be concerned if Nifty breaches 9700 support. Where will it land? As the pessimism rises amid the market participants over the movement of equity markets in near time, Atul Suri, Chief Investment Officer at Marathon Trends PMS, said the matter will be of concern if Nifty breaches 9,000-point level.
1:30 pm: Goldman Sachs effect: D-Mart shares, which more than tripled since IPO, surge 18% today: Shares of Avenue Supermarts which runs the D-Mart retail store surged by more than 18% after Goldman Sachs initiated coverage on the stock. The global financial services behemoth has a buy rating on the stock with a target of Rs 1,586, implying an upside of more than 50% from the current price.
1:15 pm: Why PM Modi needs Economic Advisory Council now after three years: Narendra Modi has finally formed an Economic Advisory Council after three years. The question now arises why exactly PM Narendra Modi felt the need to form the council after three years when his government took even the most radical economic decisions such as demonetisation and the GST without one?
12:30 pm: Rupee plummets to a fresh 6-month low: 5 reasons why: The Indian rupee dropped to a fresh 6-month low on Tuesday over pessimism amid the forex market as the fears of fund outflows from the domestic capital markets weighed. We take a look at five reasons why rupee depreciated to a fresh six-month low.
11:00 am: Rakesh Jhunjhunwala owns more than 8% in this company; Deutsche Bank says buy: Rakesh Jhunjhunwala has more than 8.3% stake in Titan Ltd, as at the end of June 2017. Deutshe Bank has a buy call on the stock.
10:41 am: Will go to people’s doorsteps to provide them with electricity connection: Power Secretary: Power Secretary Ajay Kumar Bhalla on Tuesday said that the government will be allocating Rs 4000 crore in the current fiscal and is expecting to add another 6000-7000 MW into the system.
10:00 am: Implementation of Saubhagya a challenge; defensive on utilities: CLSA: Even as the Narendra Modi led government launched the Saubhagya scheme on Monday to add more ‘power’ to Indian infrastructure and economy, global research and brokerage firm CLSA remains defensive on the utilities sector, as it believes the implementation of the scheme remains a challenge.
9:40 am: Sensex manages to fall beyond 31,567 despite North Korean worries; Modi’s address uplifts ONGC: Sensex and Nifty opened marginally higher on Tuesday but within minutes of trading both the key indices fell into negative territory following the rising tensions on the Korean Peninsula.
9:00 am: Stocks of DLF, Yes Bank, BHEL, ONGC, Jaiprakash Associates will be in focus today: Sensex and Nifty are likely to open lower as most of the Asian shares slumped in the early trade on Tuesday following the rising tensions on the Korean Peninsula.
