Indian shares edged lower on Tuesday as investors await the outcome of RBI’s policy meet due around 11.00 am for directional cues. Other Asian markets are trading mostly higher, helping limiting the downside to some extent.
The benchmark BSE Sensex is currently down 32 points or 0.16 percent at 20,071, while the broader Nifty index is at 6,067, down 8 points or 0.13 percent from its previous close. Among the prominent decliners, Hindalco, DLF, BHEL, HDFC Bank and Tata Motors are down about a percent each.
Adani Ports is climbing 5 percent after it unveiled plans to divest 100 percent stake in Australia’s Abbot Point Coal Terminal to the Adani family. Sundaram Finance is rallying 2.9 percent on reporting a 25 percent increase in quarterly net profit.
JSW Steel is edging down 0.2 percent as it reported a 19 percent drop in its quarterly profit, reflecting lower capacity utilization due to constraints in sourcing iron ore.
ING Vysya Bank is gaining 1.8 percent on solid Q3 earnings. Tata Motors is declining 1.2 percent after its JLR unit announced the pricing of $500 million Senior Notes due 2023.
Sugar stocks are gaining ground after the government relaxed norms on selling unsold sugar in the open market. Shree Renuka Sugar and Balrampur Chini are adding a percent each, while Bajaj Hindusthan is up 2 percent. Axis Bank is rallying 3 percent as it launched a QIP issue, with plans to raise as much as $1 billion.
Benchmark indexes Sensex and the Nifty ended a lackluster session unchanged on Monday as investors adopted a cautious stance ahead of the Reserve Bank of India’s monetary policy meet and the January series F&O expiry slated for Thursday.
by RTT Staff Writer
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