Sensex off day's high, Nifty slips below 8,000 mark

The benchmark indices pared some of early gains with the S&P BSE Sensex falling below 26,000 level, while the broader Nify50 also slipping below its crucial 8,000 mark.

Market came off day's high even as Asian markets continued to trade higher tracking overnight gains on Wall Street after the oil prices surged to a three week high in Monday’s trade.

At 11:05 am, the S&P BSE Sensex was trading at 25,866, up 101 points, while the broader Nifty50 was quoting 7,969, up 40 points.

“Although, our trade set up did not work well, we still expect a sharp bounce towards 8,120-8,280 in the near term. The support is now seen at 7,900-7,880,” said brokerage Angel Broking in a research note.

 

On Monday, foreign institutional investors were net sellers with net equity sell value of Rs 1,310.82 crore, while domestic institutional investors bought equities worth Rs 1,211.01 crore, provisional data available with BSE suggested.

Sectors and stocks

BSE Metal was the top sectoral gainer and jumped over 2% to 9975.20. Hindalco (3.43%), Vedanta (2.72%) and Hindustan Zinc (2.30%) contributed to the gains.  
 
After 11% fall since demonetization move, the BSE Consumer Durables index added nearly 2% led by gains in PC Jewellers (5%),  TTK Prestige (3.68%), Whirpool (2.38%) and Blue Star (1.86%).

Adani Ports was the top gainer on the Sensex and added 2% on the BSE.
 
Among decliners, Sobha tumbled over 4% after the Bengaluru-based real estate company’s consolidated net profit came inflat at Rs 38.4 crore in the September quarter. The company had posted net profit at Rs 38.8 crore in the same period of last financial year. 

Earnings today

12 companies are likely to announce their September quarter results. The list includes Larsen & Toubro, Allcargo Logistics, Birla Corporation, Jindal Stainless,  Siti Networks and GTL Infrastructure. 

Oil at three-week high

Oil extended gains in Asian trading with US West Texas Intermediate (WTI) up 0.73% in early deals as the dollar pulled back. Prices surged 4% to a three-week high on Monday.
 

Comments by Russian President Vladimir Putin that raised expectations major oil producing countries could reach a deal to limit output at a meeting next week also spurred the jump in oil prices.

Global markets
 

Asian stocks rose on Tuesday in the wake of solid gains in US markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan.
 

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.53%, pulled up by a 1.0% rally in Australian shares.

A powerful earthquake that rocked northern Japan on Tuesday appeared to have been taken in stride by investors. The benchmark Nikkei average was off a touch and the yen ticked up a shade against the US dollar, although still near a five-month low hit earlier in the session.
 

Meanwhile, China’s Shanghai Composite rose 0.73%, while Hong Kong’s Hang Seng index zoomed over 1%.