FIRST TRADE: Sensex slips over 150 pts, Nifty below 22,400 amid subdued Asian peers; Tata Motors up 4%
Stock market today: Last seen, the S&P BSE Sensex was down 0.22 per cent, or 162.6 points, at 73,709.69, and the NSE Nifty slipped 0.23 per cent, or 50.85 points, at 22,354.75.
Stock market today: Domestic equity indices on Tuesday, March 5, opened lower after scripting record highs in the previous session amid subdued Asian peers ahead of the Federal Reserve Chair's congressional testimony and key US jobs data due later in the week.
Last seen, the S&P BSE Sensex was down 0.22 per cent, or 162.6 points, at 73,709.69, and the NSE Nifty slipped 0.23 per cent, or 50.85 points, at 22,354.75.
"The Chinese National People’s Congress which has begun will be keenly watched by the markets. Announcements relating to the initiation of growth-stimulating reforms have the potential to attract big money into their stock market, which is now trading at cheap valuations. Therefore, it is important to watch out for developments in China. While there is fundamental support for the Indian stock market, high valuations can constrain further rallies. The market is likely to remain range-bound in the near term. As expected RIL has crossed the Rs 3000 level" said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Dr. Vijayakumar added while the market is steady the small cap index is showing some strain with a cut of 0.5 per cent yesterday. Perhaps there is some selling happening in small caps in response to the SEBI advisory to mutual funds flagging concerns of excessive valuations. Weakness in the small cap segment is likely to continue.
Meanwhile, Nifty Mid Cap 100 and Small Cap 100 traded in negative territory. High-beta Nifty Bank was down 0.42 per cent at 47,258.55.
BUZZING STOCKS
Tata Motors shares were up over 4 per cent after the company announced to demerge into two separate entities.
Dynamatic Tech shares were up nearly 8 per cent after Zee Business reported that the company can get big orders from Hindustan Aeronautics (HAL).
Macrotech Developers shares were up over 1 per cent after the company authorised QIP on March 4.
Tanla Platform shares were up over 1 per cent after the company launched Messaging as a Platform (MaaP) for telecom companies.
Apeejay Surrendra Park Hotels shares were up nearly 2 per cent after the company reported good results.
Conversely, IIFL Finance shares hit a 20 per cent lower circuit after the Reserve Bank of India (RBI) issued a ban on new gold loans.
(With inputs from agencies.)
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