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Updated on: Tuesday, September 07, 2021, 10:44 AM IST

Stock market indices open mixed with minor gains; Sensex opens above 58,400, Nifty crosses 17,400-mark

The markets opened with minor gains amid mixed global cues on September 7 |

The markets opened with minor gains amid mixed global cues on September 7 |

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The markets opened with minor gains amid mixed global cues on September 7. The benchmark Sensex was up 121.78 points or 0.21 percent at 58,418.70 points at the opening bell. The broader Nifty was 23.70 points up or 0.14 percent at 17,401.50 points. About 1224 shares have advanced, 510 shares declined, and 103 shares are unchanged.

Among the early gainers were Asian Paints, ITC, Nestle India, Tata Steel, HUL and Maruti. Asian Paints up 1.17 percent at Rs 3,353.70, ITC 0.91 percent up at Rs 211,25, Hindustan Unilever 0.76 percent up at Rs 2,800.80, Nestle Industries 0.70 percent up at Rs 20,350, HCL Tech 0.70 percent up at Rs 1,208.05 and Maruti 0.60 percent up at Rs 6,888.70.

Axis Bank was the top loser in the Sensex pack, shedding nearly 1 per cent, followed by Sun Pharma, Infosys, ICICI Bank, SBI, and Kotak Bank. Meanwhile, TCS slipped 0.26 per cent.

Axis Bank (-0.46 percent) at Rs 796.95, Sun Pharma (0.44 percent) Rs 780.35, Balaji Finserv (-0.40 percent) Rs 16,690, Power Grid (-0.34 percent) Rs 173.65, ICICI Bank (-0.26 percent) Rs 719.10 and Infosys (-0.22 percent) at Rs 1,726.15 were the early losers when the market opened for trading.

In the previous session, the 30-share index advanced 166.96 points or 0.29 per cent to its new closing record of 58,296.91. It touched an all-time high of 58,515.85 during the session.

In the previous session, the 30-share index advanced 166.96 points or 0.29 per cent to its new closing record of 58,296.91. It touched an all-time high of 58,515.85 during the session.

Global shares post longest winning streak

Global shares posted their longest winning streak in three months on Monday, aided by hopes U.S. interest rates would stay low for longer and talk of more stimulus in Japan and China. MSCI's all-country world index gained 0.3 percent, touching a new record level and on course for its seventh consecutive closing high. European shares climbed on Monday to end near record levels, led by technology stocks which surged to their highest this year as a surprise rise in German factory orders pointed to improving global demand and boosted sentiment.

Goldman Sachs Group Inc. economists revised down their forecast for US expansion this year, in part as the delta variant crimps consumer spending.

Asian stocks trade mixed

Asian stocks were mixed Tuesday as Japan extended a rally and traders weighed the resilience of a global recovery supported by central bank stimulus but facing challenges from the delta virus strain.

Taiwan is weighted and Kospi down 0.5 percent each, while Nikkei gained 1 percent.

Oil holds losses

Oil held losses below $69 a barrel as investors assessed a demand outlook still clouded by the Covid-19 resurgence in many regions.

Futures in New York lost around 1percent from Friday’s close after not settling Monday due to a US holiday. The fast-spreading delta variant of the virus has led to renewed restrictions on mobility in some areas, although there are signs of recovery emerging. Chinese trade data for August are due Tuesday, giving an indication of the economic health of the world’s biggest oil importer.

The market opened weaker on Monday after Saudi Arabia cut prices of its crude to Asia next month by more-than-expected, catching traders by surprise and raising concerns about the short-term demand picture.

Fuel prices unchanged

The oil marketing companies (OMC) kept petrol and diesel prices unchanged the second consecutive day on Tuesday.

Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.

Across the country as well the petrol and diesel prices remained static on Monday but their retail rates varied depending on the level of local taxes in a particular state.

In Mumbai, the petrol price is stable at Rs 107.26 per litre on Thursday while diesel rates also remain unchanged at Rs 96.19 a litre.

In Chennai, petrol is priced at Rs 98.96 a litre and in Kolkata Rs 101.62 a litre. Diesel is also priced at Rs 93.26 and Rs 91.71 per litre in both cities respectively.

International oil benchmark Brent crude rose 0.44 per cent to $72.54 per barrel.

Dollar retreats

USD/INR retreats to 73.09 after positing the heaviest daily gains in 13 days. That said, the Indian rupee (INR) pair remains inside a bearish chart pattern called bear flag while taking rounds to the three-month low flashed last week.

Given the quote’s sustained trading inside a bearish formation, not to forget weakness below the one-month-old previous support and 100-SMA, USD/INR bears are likely to keep the reins.

The dollar hovered near recent lows on Tuesday as traders braced for a slew of central bank meetings from Australia to Europe and Canada this week, looking for any signs that they are making progress towards policy normalisation.

China to pursue pragmatic cross-border cooperation

China will further open its capital markets to foreign investors, the country’s top securities regulator said on Monday, adding that it will pursue pragmatic cross-border cooperation to regulate overseas-listed Chinese companies.

“Opening-up and cooperation is the inevitable trend in the integrated development of global capital markets,” China Securities Regulatory Commission (CSRC) Chairman Yi Huuiman told a conference organised by the World Federation of Exchanges.

China is studying further measures, including expanding the scope of the stock connect scheme linking China and Hong Kong and improving the Shanghai-London Stock Connect program, Yi said in a speech posted on CSRC’s website.

Travellers confident of air travel

Increasing vaccination and declining COVID-19 cases in most parts of India have given travellers the confidence to book air tickets weeks in advance instead of flying at short notice because of lockdowns or emergencies.

Industry experts and airline executives say that in view of the changed customer behaviour, the government should ease the restriction on capacity utilization and fares, which was imposed to help the smaller carriers withstand the disruption caused by the pandemic.

Sebi bars 85 entitites

Sebi on Monday barred total 85 entities, including Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company's share price. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months.

The Securities and Exchange Board of India (Sebi) had conducted an investigation in the scrip of Sunrise Asian for the period from October 16, 2012 to September 30, 2015, based on a reference received from the Principal Director of Income Tax (Investigation), Kolkata.

Yes Bank notice to Dish TV

Yes Bank, which holds a key stake in Dish TV, has written to the company seeking removal of its directors and managing director, the DTH service provider said in a regulatory filing on September 6.

The private lender had sent a special notice dated September 3, 2021 to Dish TV, demanding the removal of directors under Section 169 of the Companies Act, 2013.

F&O ban

Two stocks - Indiabulls Housing Finance and NALCO - are under the F&O ban today.

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Published on: Tuesday, September 07, 2021, 09:26 AM IST
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