Opening bell: Sensex slides by over 100 points, Nifty above 10,900 levels
BSE Sensex went down by over 100 points to 36,518 levels while 50-strip Nifty opened 30 points below from its previous close to 10,937 levels.
On account of pessimism about world growth forcing investors to drift away from the risky trade sessions, th BSE Sensex went down by over 60 points to 36,518 levels while 50-strip Nifty opened 30 points below from its previous close to 10,937 levels. The BSE Midcap and Small cap too went down by around 0.25 percent and 0.15 percent. Auto, energy and realty stocks were the major losers in early morning trade session on Tuesday. After gaining more than 4 per cent on Monday, the Reliance Industries shares went down by around 1.2 per cent in early session trade on Tuesday.
Shares from the telecom sector were the major gainers today. Telecom major Tata Teleservices went up by more than 2 per cent, Sterlite Technologies went northward by around 1.15 per cent while Tejas Network and Himachal Futuristic went up by more than half a per cent. In banking sector, Axis Bank shares continue to bleed today as well. In early trade sessions, Asix banbk shares were down by around 0.75 per cent, HDFC Banbk went down by near 0.6 per cent while the Yes Bank strip went southward by around 1.4 per ent.
Commenting upon the current market trend Mehul Kothari, Senior Technical Anayst — Equity at IndiaNivesh told, "Since past three sessions, NIFTY was unable to clear the hurdle of 10930. While yesterday the index managed to clear the same on a closing basis which indicates strength. However, the only concern was lower participation from other stock. Pattern wise there is a clear breakout which indicates potential upside towards 11000 – 11100." However, he maintained that 11100 - 11200 still remains an important resistance where traders should start booking their long positons for the time being. "Meanwhile, 10880 – 11000 levels are likely to act as intermediate support and resistance respectively in the coming session. Traders are again advised to avoid over leveraged positions,"Kothari said.
See stocks performance on Tuesday early trade sessions:
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Asian shares and US stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent, drifting away from a recent seven-week top. Losses were led by Chinese shares, with the blue-chip index off 0.6 per cent. Hong Kong's Hang Seng index was down 0.4 per cent and Australia's main share index faltered 0.5 per cent.
Japan's Nikkei, which had opened firmer, was flat. US stock futures, which offer an indication of how Wall Street will open, were down about 0.5 per cent.
US markets were closed on Monday for a holiday so trading was generally subdued overnight. However, equity prices in Europe and Latin America were hit after data showed a slowdown in growth in China, the world's second biggest economy.