Indian equity benchmarks were slightly higher on Tuesday, tracking gains in Chinese stocks.
At the time of writing, the BSE Sensex was up 0.6% at 81,502.37, while Nifty50 was also 0.6% higher at 24,949.60.
“Looking ahead, several important data releases and events could influence market direction. Investors will be closely monitoring developments in the geopolitical situation and its impact on crude prices,” The Times of India quoted Ajit Mishra, SVP, research at Religare Broking.
Asian markets dip, China outperform
Most Asian markets fell on Tuesday, tracking overnight losses in Wall Street.
Asian technology stocks saw the biggest losses on Tuesday, tracking overnight weakness in their US peers amid some regulatory jitters and negative analyst comments, Investing.com said in a report.
Meanwhile, China’s Shanghai Shenzhen CSI 300 and Shanghai Composite rose around 6-8% after opening nearly 13% higher on Tuesday.
Trade resumed after the Golden Week holiday on Tuesday as sentiments were supported by a slew of major stimulus measures announced by Beijing recently.
Investing.com said:
But investors were still watching for more stimulus measures in the country, especially targeted fiscal measures.
Tata Motors shares drop on muted sales
Shares of Tata Motors dropped today as the company’s Jaguar Land Rover segment’s retail sales were muted during July-August.
Retail sales of Tata Motors-owned Jaguar Land Rover dipped 3% during the September quarter as compared to the year-ago period.
Additionally, the Indian operations of Tata Motors are experiencing a slowdown in local demand, which weighed on sentiments as well.
Shares of Tata Motors were down 1.7% at 912.85 on Tuesday.
Metal stocks decline as iron ore prices slip
Shares of metal companies declined on Tuesday as a sharp fall in SGX iron ore prices weighed on manufacturers of the steel-making material.
Also, China’s state planner announced a roadmap to boost its economy, but lacked new fiscal stimulus measures, which dented hopes of investors.
This weighed on metals stocks too as China is the top consumer of base metals.
Shares of NMDC, NALCO, JSW Steel and Tata Steel were down around 1-4% on Tuesday. This also dragged down the Nifty Metal index over 2% lower.
Other metal stocks such as Hindalco, Vedanta and Jindal Steel also fell.
Nifty Bank rebounds 1%
The Nifty Bank index rebounded 1% on Tuesday, snapping a six-day losing streak.
Shares of HDFC Bank rose 1.8% on Tuesday, while ICICI Bank gained 0.4%. Axis Bank’s stock rose over 1.5% as well.
SBI shares also rose nearly 1%.
Nifty Infra index also gained on Tuesday, after declining for the past five sessions.
Shares of hotel companies and Tata Power rose, which aided the performance of the Nifty Infra index.
RVNL, M&M and Bharat Electronic among major gainers
Shares of Rail Vikas Nigam Limited rose more than 4% on Tuesday. Bharat Electronics’ stock also gained nearly 3% on Tuesday and was among the top gainers.
Meanwhile, shares of Suzlon Energy also rose 1.3%, while those of Trent jumped more than 3.5%.
Shares of Mahindra and Mahindra surged more than 2.3% on Tuesday after CLSA upgraded the counter to ‘outperform’ from ‘sell’ and raised the price target as it sees multiple growth triggers for the auto major, Moneycontrol said in a report.
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