MARKETS LIVE: Indices turn flat, Nifty slips below 10,150; Infosys up 2%
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SI Reporter |
New Delhi
Last Updated at December 4, 2017 09:38 IST
The benchmark indices turned flat after opening higher on Monday, tracking cautious trend in Asian
markets as traders marked the passage of a
US Senate tax bill over the weekend, a move that raises the risk of more aggressive rate hikes in the world’s largest economy.
Back home,
Infosys rallied over 2% and was the top gainer on Sensex and Nifty after the IT giant on Saturday named Salil S Parekh, a member on the board of its global rival Capgemini, as its new chief executive officer (CEO) and managing director (MD), ending a three-month-long search.
Meanwhile, focus now shifts to RBI monetary policy meeting after the upbeat GDP numbers for the September quarter failed to cheer investors. The central bank's two-day policy meet is scheduled to begin on Tuesday.
9:38 AM
RBI policy: Case for a pause
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is due to meet in the first week of December, and expectations from the government to cut the policy interest rate, currently at six per cent, continue to be high. The government’s argument is simple.
In its last statement after its October meeting, the MPC had highlighted some actions it expected the government to take, including moving forward on the insolvency process and cleaning up the implementation of the goods and services tax, or GST.
READ MORE 9:28 AM Sectoral trend at open
Source: NSE
9:26 AM
Broader markets underperform
Broader markets underperformed the headline indices with the BSE Smallcap index slipping 0.2%, while the BSE Midcap index was down 0.1%.
9:22 AM Sensex heatmap at open
Source: BSE
9:19 AM Markets at open
At 9:18 am, the S&P BSE Sensex was trading at 32,931, up 98 points, while the broader Nifty50 was ruling at 10,149, up 28 points.
Source: BSE
9:11 AM
Technical picks by Prabhudas Lilladher
BUY IDFC
CMP: Rs 60.90
TARGET: Rs 67.50
STOP LOSS: Rs 58
9:06 AM
Commodity picks by Prerana Desai
Soybean
Soybean prices at the Indore spot market are trading at Rs 2,990 a quintal. For the week ahead, prices are expected to head towards Rs 3,030 a quintal.
CLICK HERE FOR MORE9:03 AM
Nifty outlook by Devang Shah
Short-term outlook for the market remains positive till Nifty trades below 10,094 levels. The index expects target of 10,600-10,800 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term.
READ MORE8:58 AM
Technical calls by Devang Shah
DCB BANK- BUY
CLOSE – Rs 181.15
TARGET – Rs 195-210
8:52 AM
Wall Street on Friday
Wall Street fell on Friday, whipsawed by developments with a probe into Russia’s alleged involvement in the U.S. election as well as with progress on a tax bill in Congress.
The Dow Jones Industrial Average fell 40.76 points, or 0.17%, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20%, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38% to 6,847.59.
8:51 AM
Asian shares listless
Asian shares were less euphoric, with MSCI’s broadest index of Asia-Pacific shares outside Japan hovering near a one-month trough on fears US policy tightening could suck liquidity from emerging markets and derail global growth.
Traders will be focusing their attentions on a meeting scheduled for British Prime Minister Theresa May and EU President Jean-Claude Juncker to work on a Brexit deal.
EMini S&P stock futures jumped 0.6% on Monday, though most major Asian markets started the week with a whimper.
China’s CSI 300 index and SSE Composite were down 0.2% each, while Australian shares dipped 0.1%. Japan’s Nikkei eased 0.2%.
8:47 AM
Singapore Nifty
At 8:45 am, the SGX Nifty was trading at 10,156, up 25 points or 0.25%.
8:46 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Mon, December 04 2017. 09:23 IST
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