INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity benchmarks started Tuesday's session on a bumpy track, with headline index Sensex swinging around 165 points
within the first 10 minutes of the trade.
Weak Asian cues hit the sentiment, whereas a sustained fall in crude oil prices, rupee's rise
against the dollar and hopes of a rate cut by the RBI capped the losses
Asian peers remained under pressure, tracking Wall Street, on concerns of economic slowdown amid a prolonged and an escalating US-China
trade war that has begun spilling into other countries.
Around 9:30 am, the BSE Sensex was 35 points down at 40,232, while the Nifty was 14
TCS, Infosys, ICICI Bank, HCL Tech and HUL were among the top drag on Sensex
On the other hand, Larsen Toubro, ITC, Reliance Industries, NTPC and YES Bank were holding up
Barring IT and teck, all other sectoral indices were in the green on BSE
Most IT stocks declined amid a rise in the rupee against dollar
The rupee climbed 23 paise against the US dollar as the American currency lost some ground against major currencies overseas on increased
selling of the greenback by exporters and banks.
Meanwhile, the inflow of foreign capital continued on Monday
Foreign portfolio investors (FPIs) bought Rs 3,069 crore worth of domestic stocks on Monday, data available with NSE suggested
DIIs were net sellers to the tune of Rs 463 crore
Foreign investors have been buying into Indian market after Narendra Modi-led NDA got a decisive mandate in the general election 2019
Moreover, extended fall in crude oil prices has also pushed them to look into Indian stocks.
Oil prices were pressured in international
markets on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian
statement that consensus was emerging with other producers over extending supply cuts, Reuters reported