MARKETS: Metals, financials drag Sensex 100 pts down; Nifty tests 18,050

Opening Bell

LIVE market updates: The benchmark indices started in the negative territory on Tuesday amid selling in metals and financial counters. The BSE Sensex index declined 134 points, or 0.22 per cent, in early deals at 60,585 levels, dragged by Tata Steel, HDFC, Reliance Industries, Axis Bank, Kotak Bank, and Asian Paints.

The NSE Nifty50, too, dipped 32 points to quote at 18,077-mark. Meanwhile, the broader MidCap and SmallCap indices on the BSE rose up to 0.2 per cent.

Among individual stocks, Escorts rose 0.23 per cent after the company said its board is scheduled to meet on November 18, to consider and evaluate proposals for raising funds by way of issue of bonds/ debentures/ any other securities.

That apart, Macrotech Developers added 1.6 per cent as the company launched its qualified institutional placement (QIP) programme to raise Rs 4,000 crore.

Lastly, Coforge zoomed 5.7 per cent amid reports that the company is likely to soon file papers with the US SEC (Securities Exchange Commission) for an initial public offer via the ADR (American Depository Receipts) route.

Sectorally, the Nifty IT index was up 0.4 per cent while the Nifty Financial Services index was down 0.5 per cent.

Overall, the market breadth favoured buyers with 1,334 stocks advancing on the BSE as against 853 stocks that declined.

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Pre-open session:

LIVE market updates:

Frontline indices ended flat on the bourses in the pre-open session. The BSE Sensex, for instance, settled around 60,755 levels, up 36 points. The Nifty50, on the other hand, was up 17 points at 18,127.

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Updated at 8:25 AM

LIVE market updates: Indices may continue to trade sideways on Tuesday amid lack of triggers. At 8:15 AM, SGX Nifty was up 56 points at 18,195 levels.

On tech charts, the Nifty needs to sustain above 18,070-odd level for further gains. While the index can rally up to 18,500 on the higher side, the Nifty can drop to 17,800-odd levels on the downside.

Primary Market Update

Tarsons Products’ Rs 1,024 crore IPO managed full subscription by the end of Day 1 with retail portion seeing a subscription level of 2.1 times.

Global cues

On Monday, the US markets ended almost flat amid an uptick in Treasury yields. According to a Reuters report, the focus is now on retail sales data for October, which is expected to show the impact of inflation on consumer spending.

In Asia, Hang Seng and Taiwan were up 0.3 per cent each. Nikkei, Shanghai Composite, Straits Times and Kospi were more or less unchanged.

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