Sensex, Nifty Updates: Sensex and Nifty opened on a bearish note on Tuesday, led by weak Asian equities. Worries of new lockdowns on businesses to stem surging coronavirus cases, threatening economic recovery kept investors cautious worldwide. Sensex fell 238 points lower to 36,455 and Nifty fell 71 points to 10,371. Yesterday, Sensex ended 99 points higher at 36,693 and Nifty rose 47 points to 10,815. Investors are also awaiting April-June quarter earnings that are scheduled to be released today. Companies set to announce their earnings are Wipro, Mindtree, Century Textiles, Delta Corp, Oberoi Realty, Reliance Industrial Infrastructure among others.
Here's a look at the updates of the market action on BSE and NSE today
10. 32 AM: HDFC duo shares decline
Shares of the HDFC twins were down 3% each, after HDFC Bank said it has launched a probe into its auto lending practices following allegations against the conduct of a long-time executive who retired on March 31 this year.
10. 17 AM: Gold prices today
Gold price slipped slightly as dollar gained but rising coronavirus cases and US-China tensions supported the price. On MCX, Gold August Futures were trading Rs 198 lower at Rs 49,000 per 10 gm today, tracing the decline overseas.
10. 01 AM: Global cues
Asian markets are trading lower tracking overnight US markets and as investors await trade data from China. US markets closed in red after trading most of the day in green with good gains. Although, late selloff saw nearly 500 points getting evaporated. European markets closed higher on news that a potential vaccine for Covid which got fast track status for trail from USFDA.
9. 43 AM: Inflation rate
Commenting on Inflation rate, Deepthi Mary Mathew, Economist at Geojit Financial Services said,"Inflation rate at 6.09 percent is just above the target fixed by the RBI. Though the inflation rate is above the upper band, RBI would continue with the rate cut cycle, considering the economic damage caused by covid-19."
9. 30 AM: Gold outlook
On Gold's near term outlook, Hareesh V, Head Commodity Research at Geojit Financial Services said,"Gold's haven demand continues to be supported by concerns over surging new virus cases across the globe, weak dollar and escalating political and financial uncertainties. Meanwhile, signs of an economic rebound are likely to trigger higher level profit booking.
On Gold's technical outlook (London spot), he added," As long as prices stay above $1770 bullish sentiments are likely to continue with resistance is seen at $1830 followed by $1882 levels. The immediate downside reversal point is $1735."
9. 24 AM: Oil prices decline
Amid rising coronavirus cases, oil prices fell around 2% in early trade on Tuesday due to weak demand for the commodity. U.S. West Texas Intermediate (WTI) crude futures slid 84 cents, or 2.1%, to $39.26 a barrel, while Brent crude futures fell 77 cents, or 1.8% to $41.95 a barrel.
9. 16 AM: Opening session
Sensex and Nifty opened on a bearish note on Tuesday, led by weak Asian equities. Worries of new lockdowns on businesses to stem surging coronavirus cases, threatening economic recovery kept investors cautious worldwide. Sensex fell 238 points lower to 36,455 and Nifty fell 71 points to 10,371.
9. 10 AM: Stocks to watch today on July 14
Biocon, Wipro, Mindtree, Motherson Sumi, ITC among others are the top stocks to watch out for in Tuesday's trading session.
Stocks in news: Biocon, Wipro, Mindtree, Motherson Sumi, ITC
9.00 AM: Rossari Biotech IPO subscribed 60% on Day 1
Rossari Biotech initial public offering (IPO) was subscribed nearly 60 per cent on the first day of bidding on Monday. The issue received bids for 49,30,030 equity shares as against offer size of 81,73,530 equity shares (excluding the anchor book portion).
While the retail investor portion was subscribed 92 per cent, non-institutional portion was subscribed 11 per cent, the latest subscription data on the exchanges showed. The institutional investors' quota was subscribed 41 per cent.
Rossari Biotech IPO subscribed 60% on Day 1
8. 51 AM: Market outlook
"We're seeing hesitation in the market at the higher levels despite upbeat global cues and it could be largely due to caution ahead of the earnings announcements. Besides, the continuous underperformance of the banking index, which holds significant weightage in the index, is also adding to the chaos," said Ajit Mishra, VP - Research, Religare Broking Ltd.
8. 45 AM: Rupee closing
On the currency front, Indian Rupee, the local currency ended flat at 75.19 as against the last closing price of Rs 75.20 per dollar.
8. 40 AM: Earnings Today
Wipro, Mindtree, Century Textiles, Delta Corp, Oberoi Realty, Reliance Industrial Infrastructure among others are scheduled to announce their April-June quarter earnings today.
8. 35 AM: Nifty outlook
Nifty has been consistently trading volatile in the last few sessions. As per technical indicators, as long as the crucial support of 10,660-10,560 remains intact, Nifty could first surpass the 10,850 mark and head towards 11,000-11,200, its resistance levels.
Geojit Financial in its report said Nifty's 10,880 the 200SMA, is still considered a surmountable resistance, bringing in 10,960, as an achievable objective, with the stops pulled up to 10,677.
8. 30 AM: ClosingAfter a volatile trading session, Sensex and Nifty ended on a bullish note on Monday, on back of heavy buying in IT, FMCG and metal stocks amid positive global cues. Reversing trend from Friday's losses, Sensex ended 99 points higher at 36,693 and Nifty rose 47 points to 10,815. On Friday, Sensex closed 143 points lower at 36,594 and Nifty fell 45 points to 10,768.