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Nifty around 10,850; IndusInd Bank down 2%

Share Source By

Dion Global

10 Jan 2019

Indian benchmark indices trod a shaky road in morning trade on Thursday, tracking mixed Asian cues as investors restricted their bets seeking more clarity on the US-China trade talks that concluded on Wednesday. Asian shares took a breather on Thursday after an extended rally, as markets awaited more news on US-China trade talks that have raised hopes of a deal to avert an all-out trade war between the economic giants. Indices are on wait and watch mode and holding their bets ahead of crucial December quarter numbers. Oil prices fell by 1 per cent in global markets, giving a leg up to the Indian rupee. Dollar's weakness against it peers on account of increased selling of the greenback by exporters and banks, too, improved the rupee slightly. After opening 6 paise down, the rupee was trading 12 paise higher at 70.35 against the US dollar in early trade today. Bandhan Bank and TCS are the two companies whose number will influence the mood of the market today. The shares of IndusInd Bank declined 2 per cent, a day after it posted a 5.21 per cent YoY rise in profit at Rs 985.03 crore for December quarter. The stock fell after several brokerages, including Citi cut its target price on the stock, while maintained the buy recommendation.

At 10:31 hours, the BSE SENSEX was at 36220.69 up by 7.78 points or by 0.02 per cent and then NSE Nifty was at 10849.95 down by -5.2 points or by -0.05 per cent.

The top gainers of the BSE Sensex were Tata Motors Ltd. (Rs. 185.95,+1.56%), NTPC Ltd. (Rs. 147.60,+0.99%), Tata Motors Ltd. (Rs. 97.85,+0.93%), Bajaj Auto Ltd. (Rs. 2719.00,+0.87%), Mahindra & Mahindra Ltd. (Rs. 731.40,+0.73%), among others.

The top losers of the BSE Sensex were IndusInd Bank Ltd. (Rs. 1560.85,-2.50%), Axis Bank Ltd. (Rs. 662.95,-1.06%), Asian Paints Ltd. (Rs. 1395.75,-0.51%), Kotak Mahindra Bank Ltd. (Rs. 1233.60,-0.43%), Housing Development Finance Corporation Ltd. (Rs. 1985.00,-0.42%), among others.

Among sectors BSE Auto index was at 20174.66 up by 97.79 points or by 0.49%. Tata Motors Ltd. (Rs. 185.95,+1.56%), Ashok Leyland Ltd. (Rs. 95.80,+1.48%), Bosch Ltd. (Rs. 19628.00,+1.01%), Eicher Motors Ltd. (Rs. 20480.85,+1.00%), Bajaj Auto Ltd. (Rs. 2719.00,+0.87%). On the flip side, BSE Oil&Gas index was at 13196.87 down by -79.84 points or by -0.6%. Hindustan Petroleum Corporation Ltd. (Rs. 233.50,-2.44%), Bharat Petroleum Corporation Ltd. (Rs. 335.60,-1.66%), Oil India Ltd. (Rs. 174.50,-0.88%), Petronet LNG Ltd. (Rs. 212.85,-0.70%), Indian Oil Corporation Ltd. (Rs. 131.00,-0.61%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2032 , shares advanced were 1136 while 787 shares declined and 109 were unchanged.