INDIAN BENCHMARKS indices opened near the flat line with a negative bias during the morning trading session on Tuesday amid weak global cues. The traders are expected to remain cautious amidst worries over the progress of key economic reforms such as the Goods and Services Tax ( GST), the possibility of which being passed in the Winter Session of Parliament that concludes on Wednesday, is quite faint, dimming the outlook for Asia’s third biggest economy, souring the appetite for risky assets. Also, foreign institutional investors may stay on the sidelines ahead of Christmas and New Year, weighing on trading volume at Dalal Street.
At 09:24 AM, Sensex was at 25694.18 down by 41.72 points or by 0.16%, while the NSE Nifty Trading Tips was at 7829.4 points, trading lower by 5.05 points or by 0.06%.
The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries 1.20%, State Bank of India 0.61%, Cipla 0.61%, HUL 0.57%, Dr. Reddy's Laboratories 0.53%, among others. Meanwhile, Adani Ports & Special Economic Zone 0.77%, Infosys 0.74%, Coal India 0.69%, Tata Consultancy Services 0.59%, M&M 0.59%, were among the top losers on BSE. The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1354 shares traded, 982 shares advanced, 311 shares declined while 61 were unchanged.
Globally, the Asian peers were trading lower today with traders resorting to caution ahead of the US revised Q3 GDP data which may show that the world’s biggest economy expanded by 1.9% in the September quarter, compared to an earlier reported 2.1% growth. Meanwhile, US stocks rallied yesterday led by gains in telecom and technology stocks as investors shrugged off weak oil prices.
Trend in FII flows: The FIIs were net sellers of Rs 37.37 Cr in the cash segment on Monday while the DIIs were net buyers of Rs 62.70 Cr, as per the provisional figures released by the NSE.
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