Stock Trading Tips- Sensex sheds 100 points, Nifty50 tests 10,450; Tata Motors slips 2%
Domestic benchmark indices opened on a weak note on Tuesday, tracking up to 3 percent slide in other Asian markets.
Global sentiment took a big hit after technology stocks-led rout in US markets overnight. That said weakness in crude oil prices and a resultant appreciation in the rupee capped downside. Positive economic data on factory output and retail inflation too helped investors to keep their calm.
the BSE Sensex was trading 79.46 points, or 0.23 percent, lower at 34,733.53. The index was down over 100 points in early trade.
Nifty50 declined 24.40 points, or 0.23 per cent, to 10,457.80. Midcap and smallcap indices edged lower.
The index has been consolidating in 10,450-10,650 range for the last six sessions. It would now be critical for Nifty to hold the 10,450 level, else a breakdown could drag it towards the next major support at 10,333 level, said Chandan Taparia of Motilal Oswal Securities.
Tata Motors dropped 2.02 percent to Rs 82.20. The auto stock was the worst Sensex performer so far. Bharti Airtel, Bajaj Auto, SBI and WiproNSE 0.37 % fell up to 1 per cent.
Coal India, Asian Paints, ONGC and Power GridNSE 0.62 % added up to 1.19 percent. OMC stocks rallied up to 3 percent on ease in crude oil prices.
Oil prices fell by more than 1 per cent on Tuesday, with Brent crude sliding below $70 and WTI below $60 per barrel, after US President Donald Trump put pressure on Opec not to cut supply to prop up the market. Brent crude oil futures were at $69.17 per barrel, down 95 cents, or 1.4 per cent,
Sun Pharma, Tata Steel, Grasim Industries, Allahabad BankNSE -0.36 %, Apollo Tyres, Dilip Buildcon, General Insurance Corporation of India, Glenmark Pharma, IRCON International, Lemon Tree Hotels, Lovable Lingerie, NMDC and PTC India are among companies, which will announce their quarterly results later in the day.
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