Market Live: Nifty consolidates, Midcap continues to underperform; Brent crude at $77.50/bbl.
Asian markets were mixed amid ongoing trade concerns between the US and China
Market Outlook: The S&P BSE Sensex might be down by about 3 percent from its all-time high while for the Nifty it is nearly 5 percent from its lifetime high of 11,171 which does not mean that we are in a bear market but a more matured phase of a bull market, Bharat Iyer, MD, JP Morgan highlighted in an interview with JPMorgan.
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“When we started the year with expectations of low returns and high volatility. The Nifty5o in a way has risen from 10,000 at the beginning of the year to 10,600 now, a return of 6-7 percent. The will hit 11,300 through course of the year amid volatility,” said Iyer.
The volatility is likely to continue and midcaps are vulnerable at current levels which are likely to stay in that state for some more time thanks to excess valuations, rising cost of capital and global tensions.
The volatility is likely to continue and midcaps are vulnerable at current levels which are likely to stay in that state for some more time thanks to excess valuations, rising cost of capital and global tensions.
Market Update: The market is trading mildly lower in morning amid ongoing trade tensions between the US and China, and after the rupee breached 69 a dollar for the first time against the dollar.
The Nifty Midcap index continued to underperform frontliners, falling more than half a percent on weak market breadth. About two shares declined for every share rising on the BSE.
The 30-share BSE Sensex fell 28.79 points to 35,188.32 and the 50-share NSE Nifty fell 20.40 points to 10,651.
Rupee Trade: The Indian rupee breached 69 against the dollar for the first time on strong demand for the American currency from exporters and banks.
Market Opening: Benchmark indices opened mildly lower after the Indian rupee touched an all-time low of 68.89 to the dollar.
The 30-share BSE Sensex fell 33 points to 35,184.11 and the 50-share NSE Nifty slipped 23 points to 10,648.40.
TCS, Infosys, Wipro, HCL Technologies, Tech Mahindra, Kotak Mahindra Bank, IndusInd Bank and Hindalco Industries are early gainers.
Tata Motors is under pressure.
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The Nifty Midcap index continued to underperform frontliners, falling more than half a percent on weak market breadth. About two shares declined for every share rising on the BSE.
The 30-share BSE Sensex fell 28.79 points to 35,188.32 and the 50-share NSE Nifty fell 20.40 points to 10,651.
Rupee Trade: The Indian rupee breached 69 against the dollar for the first time on strong demand for the American currency from exporters and banks.
Market Opening: Benchmark indices opened mildly lower after the Indian rupee touched an all-time low of 68.89 to the dollar.
The 30-share BSE Sensex fell 33 points to 35,184.11 and the 50-share NSE Nifty slipped 23 points to 10,648.40.
TCS, Infosys, Wipro, HCL Technologies, Tech Mahindra, Kotak Mahindra Bank, IndusInd Bank and Hindalco Industries are early gainers.
Tata Motors is under pressure.
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Nifty Midcap index fell 93 points and Nifty Bank lost 23 points.
Jet Airways, SpiceJet, Apollo Tyres, Ashok Leyland, Bank of Baroda, HDIL, Adani Power and Tata Power fell 1-2 percent.
Rupee Trade: The Indian rupee touched a fresh record low of 68.89 against the dollar in opening trade, falling 26 paise from the previous close. Consistent dollar demand from exporters and banks pushed it lower.
In previous session, the currency closed at 68.63 to the dollar, down 38 paise.
Jet Airways, SpiceJet, Apollo Tyres, Ashok Leyland, Bank of Baroda, HDIL, Adani Power and Tata Power fell 1-2 percent.
Rupee Trade: The Indian rupee touched a fresh record low of 68.89 against the dollar in opening trade, falling 26 paise from the previous close. Consistent dollar demand from exporters and banks pushed it lower.
In previous session, the currency closed at 68.63 to the dollar, down 38 paise.
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