Nifty opens below 11,000, Sensex down 112.62 points; Titan, Bharti Airtel, Yes Bank, Kaveri Seed major gainers
Benchmark indices today open on negative note with Sensex down 112.62 points or 0.30% at 37010.69, and Nifty declines 32.30 points or 0.29% at 10971.20.
Benchmark indices today open on negative note with Sensex down 112.62 points or 0.30% at 37010.69, and Nifty declines 32.30 points or 0.29% at 10971.20. Major gainers on the stock market include Titan, Bharti Airtel, Yes Bank, Kaveri Seed, and SAIL, while STC, MMTC, Indiabulls Housing, BPCL, and IOC are the major losers.
Amid neutral domestic institutional investors (DIIs) and futures and options (F&O), negative foreign institutional investors (FIIs) and global market cues, the short-term trend of the domestic Indian markets are expected to remain neutral today. According to Zee Business, the five five stocks in focus today are: Lakshmi Vilas Bank (LVB)/Indiabulls Housing Finance (IHF), Coffee Day Enterprises Ltd, MMTC/STC/PEC, Kaveri Seed and Ajanta Pharma.
On the gobal front amid Midddle East tension, oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. While equity market losses have not been large, shaky investor confidence continued to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising, said a Reuters report.
Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday and the next round of U.S.-China trade talks on Thursday, said the report, adding that MSCI`s broadest index of Asia-Pacific shares outside Japan was down 0.6%. Chinese shares fell 0.85%, while Australian shares were down 0.27%.
Notably, Saturday`s attack on Saudi oil facilities has halved the kingdom`s oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data reportedly show.
Watch Zee Business Live TV
Gold, however, gained 1% on Monday after attacks on oil facilities in Saudi Arabia pushed investors toward safe-haven assets. Spot gold climbed 1% to $1,503.31 per ounce at 1:36 p.m. EDT (1736 GMT). U.S. gold futures settled up 0.8% at $1,511.50.