Sensex opens lower, Nifty holds 11,000; IOC, Bharti Airtel gain

commoditymarkettips

Bharti Airtel, Tata Steel, and Indian Oil gained the most on both the indices, while Hindustan Unilever, Dr. Reddy’s Laboratories, and Indiabulls Housing were the top losers.

The market began the session on a mildly lower note, with the Nifty holding 11,000-mark.

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The Sensex is down about 25.75 points or 0.07% at 36,007.98, while the Nifty was down 9.90 points or 0.09% at 11039.80. The market breadth still continues to be negative as 413 shares advanced, against a decline of 639 shares, while 140 shares are unchanged.

Bharti Airtel, Tata Steel, and Indian Oil gained the most on both the indices, while Hindustan Unilever, Dr. Reddy’s Laboratories, and Indiabulls Housing were the top losers.

Midcaps continued to be weak, with the Nifty midcap index trading around 0.40 percent lower.

The Indian Rupee opened lower at 63.67 per Dollar on Wednesday versus previous close 63.60.

On the back of negative cues from the domestic equity market, the Rupee will remain under pressure.

The expected USD-INR pair is to trade in a range of 63.50-64.

Asia stocks eased on Wednesday, pulling further back from record highs, as the recent rise in global bond yields weighed on equities.

MSCI’s broadest index of Asia-Pacific shares outside Japan added to the previous day’s losses and dipped 0.1 percent, after reaching a record high on Monday.

Australian stocks shed 0.4 percent, South Korea’s KOSPI lost 0.3 percent and Japan’s Nikkei dropped 0.3 percent.

US stocks fell for a second straight day on Tuesday, with the Dow registering its biggest two-day drop since September 2016, pressured by healthcare stocks and rising bond yields.

The Dow also had its biggest daily percentage decline since May 2017 and the day’s 1.37-percent fall was the second-biggest single-day drop since the election of Donald Trump, slated to give his first State of the Union speech later Tuesday.

US Treasury yields climbed to multi-year highs after the start of the Federal Reserve’s two-day meeting, which could shed light on the central bank’s economic and rate hike outlook.


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