Sensex\, Nifty LIVE Updates: Broader markets outperform benchmark indices; Sensex\, Nifty down 1%

Sensex, Nifty LIVE Updates: Broader markets outperform benchmark indices; Sensex, Nifty down 1%

The BSE SENSEX plunged 299.49 points, or 0.86 per cent, in opening trade to 34,660.23, and the NSE Nifty opened at 10,346.90, down by 141.55 points or by 1.35 per cent. The broader markets also declined in line with frontliners, with MIDCAP and SMALLCAP indices falling as much as 0.67 per cent and 0.71 each.

The Indian benchmark indices opened sharply lower on Tuesday, tracking bearing cues from the Singapore Nifty futures and weak trend across global markets, as investor turned jittery after the Reserve Bank Governor Urjit Patel 's sudden resignation on Monday after market hours. The market also weighed a possible setback for the ruling Bharatiya Janata Party (BJP) in the state assembly elections. Early elections result trend for three key states - Madhya Pradesh, Rajasthan and Chhattisgarh- show a tough challenge for the ruling BJP which could disrupt the pace of economic reforms, a key worry for the markets. The election results to be announced today will signal the mood of the voters as the country goes to Lok Sabha polls within a span of next six months.

Here are the latest updates from Sensex and Nifty:

12:00 am: Shares of Strides Pharma Science jumped over 6 per cent after pharmaceutical company said that it has its 50:50 JV Strides Vivimed Pte., Singapore has received approval for Albendazole Tablets USP 200 mg from the United States Food & Drug Administration (US FDA). This is the second generic approval by US FDA for Albendazole Tablets.

10:40 am: Broader markets outperform benchmark indices, with MidCap and SmallCap indices back in positive terrain, in otherwise weak market. The BSE Midcap index was 0.24 per cent up at 14,481, while the BSE Smallcap index was trading flat at 13,846.

Meanwhile, SENSEX was at 34619.55, down by 340.17 points or by 0.97 per cent, and the NSE Nifty was at 10405.45, down by 83 points or by 0.79 per cent.

10:35 am: BSE Bankex index was trading at 28792.81, down by 263.01 points or by 0.91 per cent. HDFC Bank fell 2.19 per cent to Rs 2043, followed by ICICI Bank (Rs. 339.05, 2.11%), IndusInd Bank Ltd. (Rs. 1540.00, 0.96%), Kotak Mahindra Bank Ltd. (Rs. 1191.90, 0.52%), Axis Bank Ltd. (Rs. 587.35, 0.45%), among others.

10:25 am: Shares of Punjab Nation Bank were up nearly 2 per cent after state-run lender put up for sale two dozen non-performing assets to recover dues of over Rs 1,779 crore, according to a ET report.

10:10 am: State bank of India shares were up 0.60 per cent after the country's largest lender said that it plans to raise up to USD 1.25 billion (around Rs 9,069 crore) by issuing bonds through various modes.

A meeting of the Executive Committee of Central Board of the bank is scheduled to be held on December 12, 2018 to consider the status and decide on long term fund raising in single/multiple tranches upto USD 1.25 Billion through a public offer or private placement of senior unsecured notes in US Dollar or any other convertible currency during January to March, 2019.

10:05 am: Shares of Titagarh Wagons jumped over 6 per cent after the company said that it has bagged Rs 15.60 billion order from the railway ministry for supply of wagons. As per the contract, one third quantity (1686 Wagons) is to be supplied within six months and to complete the supply of full quantity of Wagons before February 28, 2020.

10:00 am: Extending previous session losses, the rupee on Tuesday opened over 1.6 per cent lower at 72.46 against the US dollar. In the previous session, the rupee tumbled 50 paise to close at 71.32 after the Reserve Bank Governor Urjit Patel's sudden resignation on Monday.

9:30 am: Shares of Mukesh Ambani-led Reliance Industries fell 2.24 per cent in opening trade to Rs 1064, against previous closing price of Rs 1088.50.

On Monday, the Sensex slumped 713.53 points, or 2 per cent, lower at 34959.72, and the NSE Nifty ended at 10477.3, down by 216.4 points or by 2.02 per cent after exit polls indicated a togh fight for the BJP in the state assembly elections. Urjit Patel's move to quit as the Governor of the Reserve Bank is a jolt to investors as it shakes investor trust in its autonomy and will have an impact on the markets, warn analysts.

After the resignation of Patel, the rupee tumbled 50 paise to close at 71.32 against the US dollar. On the sectoral front, bank and oil&gas stocks were among top losers, falling as much as 1.04 per cent and 0.84 per cent, respectively.

Oil stocks got a bear hug, dragged by Reliance Industries, over the concerns of rising crude prices after the Organisation of Petroleum Exporting Countries (OPEC) and Russia decided to cut oil production.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 406, 76 shares advanced, while 309 shares declined and 21 remain unchanged.

In the Sensex, 28 out of 30 stocks and in the Nifty, 45 out of 50 stocks were trading in the negative terrain.

Overseas, Asian markets were trading mixed, with Hong Kong's Hang Seng and China's Shanghai SE Composite trading higher while Japan's Nikkei 225 stayed in negative terrain, mirroring a sharp rebound in their US counterparts, but concerns over political turmoil in Britain capped upmove. Britain is potentially facing domestic political turmoil after U.K. Prime Minister Theresa May delayed a key parliamentary Brexit vote. Hang Seng was up 0.41 percent and Shanghai SE Composite Index rebounded 0.35 percent, while Japan's Nikkei was trading down 0.56 percent at 21,100.30.

In the overnight trade, Wall Street ended higher ended a choppy session slightly higher, led by gains in technology shares, but worry amid uncertainty over Britain's exit from the European Union and lingering trade-war fears kept investors on edge about global growth. The S&P 500 index gained 4.64 points, or 0.2 percent, to 2,637.72. The Dow added 34.31 points, or 0.1 percent, to 24,423.26. Technology companies, which have fallen sharply since October, did better. The Nasdaq composite rose 51.27 points, or 0.7 percent, to 7,020.52.