Chennai, India (BBN) – The Sensex tested the 33,000 level in morning trade today after some value-buying in select stocks despite retail inflation rising to 7-month high in October.
The 30-share barometer rose to 33,126.55 but could not sustain the momentum. At about 10.15 am, the Sensex was trading down 40 points or 0.12 per cent at 32,993.54. The gauge had lost 281 points in the previous session, reports The Hindu Business Line.
Similarly, the Nifty too touched a high of 10,248 before falling into negative territory. The 50-stock index was quoting at 10,203.70, down 21.25 points or 0.21 per cent at about 10.15 am.
The rupee’s modest recovery against the dollar and a mixed global trend were the other deciders.
Retail or CPI inflation rose to 7-month high of 3.58 per cent in October, driven up by costlier food items, particularly vegetables.
GAINERS AND LOSERS
NTPC (+2.23%), Reliance (+1.17%), Hero MotoCorp (+0.89%), M&M (+0.78%), Axis Bank (+0.65%), and Lupin (+0.63%) were the top gainers on the Sensex during the morning session. Sun Pharma (-1.97%), Adani Ports (-1.32%), Coal India (-1.20%), L&T (-1.19%) and PowerGrid (-1.11%) were the big losers.
Shares of L&T (-1.16%), ICICI Bank (-1.11%) and TCS (-1.27%) weighed on the Sensex.
Among the sectoral indices, telecom, oil and gas, capital goods, IT and TECK were trading lower by up to 0.70 per cent. Auto, FMCG and consumer durables bucked the downtrend.
Asian stocks faltered on Tuesday as Chinese economic data disappointed and investors pondered whether a marked flattening in the US yield curve might ultimately be a harbinger of a slowdown there. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent after two sessions of declines, while Australia fell 0.8 per cent.
Japan’s Nikkei managed to recoup 0.5 per cent after four sessions of losses.
Investors were waiting for any signs of compromise on US tax policy after US Senate Republicans on Thursday unveiled a plan that would cut corporate taxes a year later than a rival House of Representatives’ bill.
The US Dow Jones Industrial Average had closed 0.07 per cent higher yesterday.