LIVE market updates: At 8:36 am, the SGX Nifty futures were up 0.60% at 11,671.00After two days of sharp gains following the government's decision to cut corporate taxes, domestic stock markets clocked only mild gains on Tuesday amid choppy trade as Asian peers ticket up on renewed hopes about US-China trade talks.
The S-P BSE Sensex index rose as much as 216.34 points to 39,306.37 in early trade, and declined 317.00 points from that level to hit 38,989.37 on the downside at the day's weakest mark.
The broader NSE Nifty benchmark moved in a range of 93.5 points in the first half of the session, between 11,655.05 and 11,561.55 at the day's strongest and weakest levels respectively.
Gains in IT, pharma and energy sectors were offset by losses in financial stocks.On Monday, the Sensex had ended 2.83 per cent higher at 39,090.03 - its highest closing level recorded since July 17 - and the Nifty settled up 2.92 per cent at 11,603.40.Advance-Decline Ratio Favours DeclineMarket breadth favoured losses, with 951 stocks on the Bombay Stock Exchange trading higher and 986 moving lower.
On the National Stock Exchange (NSE), 754 shares advanced while 874 declined, and 493 remained unchanged.Aurobindo Pharma Shares Fall Nearly 4%Shares in Aurobindo Pharma fell as much as 3.96 per cent on Tuesday, after a report said market regulator Sebi imposed a penalty on the drug maker.
Market regulator Sebi imposed penalties of Rs 22.7 crore on Aurobindo Pharma and its promoters for violation of provisions of insider trading in relation to a licensing deal it had entered with Pfizer in 2009, news agency ANI reported.At 10:30 am, Aurobindo Pharma shares traded 1.47 per cent lower at Rs 604.75 apiece on the BSE, underperforming the benchmark Sensex index which was up 0.12 per cent.Sensex Falls Nearly 300 Points From Day's High, Nifty FlatThe Sensex plunged as much as 294.6 points from the day's strongest level to touch the 39,011.77 mark on thedownside.
The broader Nifty index moved in a range of 93.5 points, hitting 11,655.05 and 11,561.55 at the day's strongest and weakest levels respectively.At 10:00 am, the Sensex traded 35.83 points - or 0.09 per cent - at 39,125.86 while the Nifty was down 1.45 point at 11,598.75.Banking Stocks Drag Markets Lower; IT Shares Provide Some SupportThe markets gave in to losses amid selling in banking stocks.
However, buying in IT, pharma and energy stocks limited the downside.
NSE Sectoral IndexChangeNifty Bank-1.20%Nifty Media-1.16%Nifty Private Bank-1.13%Nifty Financial Services-1.11%Nifty PSU Bank-1.02%Nifty Realty-0.92%Nifty Metal-0.58%Nifty FMCG-0.32%Nifty Auto-0.03%Nifty Pharma+0.62%Nifty IT+1.77%Nifty Rose Over 8% In Past Two SessionsThe Nifty 50 index has added a total of 895.4 points - or 8.36 per cent - in the past two sessions.
"Traders and investors have certainly cheered to the steps taken by our Finance Minister on Friday and the party continued in yesterday's session as well," said Sameet Chavan, chief analyst-technical and derivatives, Angel Broking."Many of the large cap stocks have participated in the upmove in last couple of sessions and the volumes too have been good.
This is a positive sign and hence, we continue with our advice for traders to trade with a positive bias."Maruti Suzuki, Reliance Industries Top GainersMaruti Suzuki and Reliance Industries shares were among the top gainers on both benchmark indices in early deals.Top Nifty Gainers/LosersStockChangeMaruti Suzuki+2.74%Reliance Industries+2.57%ONGC+2.38%Marhindra - Mahindra+1.81%Larsen - Toubro-1.38%Bajaj Finance-1.43%Asian Paints-1.48%JSW Steel-1.72%Eicher Motors-1.89%Top Sensex Gainers/LosersReliance Industries+3.60%Maruti Suzuki+2.69%Tata Motors+2.62%Infosys+2.22%ONGC+2.20%Larsen - Toubro-1.25%Bajaj Finance-1.31%Power Grid-1.41%Kotak Bank-1.42%Asian Paints-1.52%Sensex Trades Above 39,200, Nifty Firm Above 11,600At 9:20 am, the S-P BSE Sensex index traded 132.85 points - or 0.34 per cent - higher at 39,222.88, while the broader NSE Nifty benchmark was at 11,617.85, up 17.65 points - or 0.15 per cent - from the previous close.Top gainers on the 50-scrip index at the time were Maruti Suzuki, Tata Motors, Reliance Industries, Infosys and HDFC, trading between 0.86 per cent and 2.18 per cent higher.
Reliance Industries, HDFC, Infosys and Maruti Suzuki contributed the most to the gains in Sensex.Sensex, Nifty Open On A Mixed NoteDomestic stock markets opened on a mixed note on Tuesday.
The S-P BSE Sensex index opened 45.25 points - or 0.12 per cent - higher at 39,135.28, whereas the broader NSE Nifty benchmark started the session at 11,590.70, down 9.5points - or 0.08 per cent - compared with the previous close.Sensex, Nifty Rise In Pre-Open MarketIn the pre-opening session, the S-P BSE Sensex index rose as much as 101.52 points - or 0.26 per cent - to touch 39191.55.At 9:03 am, the Sensex was at 39,158.75, up 68.72 points - or 0.18per cent - from its previous close, while the broader NSE Nifty benchmark was up 42.25 points - or 0.36 per cent - at 11,642.45.Asian Shares Up Supported By Chinese EquitiesMSCI's broadest index of Asia-Pacific shares outside Japan moved up 0.06 per cent, supported by a 0.4 gain in mainland Chinese shares, while Japan's Nikkei edged up 0.20 per cent after a market holiday on Monday.US stock futures gained 0.39 per cent.
The US Treasury Secretarylater clarified that the negotiations will take place in two weeks.Oil Prices Down, Near $65 Per Barrel MarkOil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September 14 attacks on its facilities.Brent crude futures - the global benchmark for crude oil - fell 0.42 per cent to $64.50 a barrel.SGX Nifty Indicates Positive Start For Domestic Stock MarketsAt 8:48 am, the SGX Nifty traded 77.00 points - or 0.66 per cent - higher at 11,678.00.
The SGX Nifty futures trading on Singapore Exchange are an early indicator of the NSE Nifty in India.On Monday, the Sensex had ended 2.83 per cent higher at 39,090.03 - its highest closing level recorded since July 17 - and the Nifty settled up 2.92 per cent at 11,603.40.Global Stocks Tick Up On Hopes Of US-China Trade TalksThe S-P BSE Sensex index and the broader NSE Nifty benchmark are likely to start Tuesday's session on a higher note, continuing their upmove for a third straight day after the government announced a cut in corporate taxes.Domestic stock markets are also likely to take positive cues from gains in global peers, where equities ticked up on renewed hopes about US-China trade talks but lingering concerns about slowing global growth tempered the overall appetite for riskier assets.