Stock Market LIVE Updates Today: The Indian market opened lower today. Sensex fell 280 pts to 59,366 and Nifty lost 98 points to 17,660 in early trade. The market snapped its eight-session winning streak on Friday amid profit-booking and weak global cues. Sensex fell 652 points to 59,646 and Nifty lost 198 points to 17,758. Consumer durables, banking and auto shares were the top sectoral losers with their BSE indices falling 499 points, 729 points and 431 points, respectively.
Stocks in news: Paytm, Adani Power, L&T, JSW Steel and more
Here’s a look at live market updates today.
10:17 am: Paytm stock rises 4%
Shareholders of One97 Communications, which operates under the Paytm brand, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company, according to the scrutinizer report filed by the firm on Sunday. The stock rose 3.65 per cent to Rs 800 on BSE.
9:40 am: Federal Reserve eyes rate hike
The Federal Reserve officials are in favour of third consecutive 75 basis point interest rate hikes in upcoming policy meetings. The dollar index reached six week highs and the US 10-year bond yields reached one month highs and pushed precious metals lower.
9:29 am: Expert take
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Market is delicately poised with higher downward risk. The sustained FII buying is positive. But FIIs are unlikely to buy aggressively in the present context of rising dollar. The dollar index is back above 108 and the US 10-year bond yield is at 2.99%. This is negative for capital flows to emerging markets. India’s impressive GDP growth and favorable leading indicators in the context of global growth slowdown have the potential to attract more FII flows but the rising dollar and bond yields are strong headwinds. Investors have to exercise caution. Medium to long-term investors can buy high quality banks on declines. Capital goods and autos are on a strong wicket.”
Market opens lower
9:17 am: Sensex falls 280 pts to 59,366 and Nifty loses 98 points to 17,660 in early trade.
9:00 am: Expert Take
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“A weak opening for domestic equity market indices is on the cards Monday, after US markets continued their descent on Friday while other Asian peers too are displaying a sluggish to negative trend in today’s early trades. The minutes of the monetary policy committee (MPC) deliberation for the August monetary policy review indicated more interest rate hikes in the coming months as the retail inflation remained elevated. Nifty could wobble or waver from here on as the big debate heats up on whether the Fed will scale back to 50 basis points from consecutive 75-basis-point hikes in September. Amidst this backdrop, the US Dollar index rose sharply and flirted around its 20-year high at 108.50, which is negative for emerging market equities like India as it triggers capital outflows.”
8:45 am: Expert Take
Joseph Thomas, Head of Research, Emkay Wealth Management
“Some moderation in the inflation rate in the US as well as in India generated expectations of a likely moderation in central bank polices as well. The Dollar Index too moved down towards the 104.50 level, sustaining the impression that rates could be lower. But the subsequent data points, as well as the fact that the level of inflation was too high, that rate hikes would be required more often to bring it down to the target levels, also led to the Dollar Index moving up to 107.50, and probably set to move higher still. The market levels and the action reflected a response to these developments during the day. These factors regarding the potential for rates to move up may put some pressure on the markets in the coming week.”
8:20 am: SGX Nifty
The Indian market is likely to open lower today as SGX Nifty fell 45 points to 17,698. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Friday
The Indian market snapped its eight-session winning streak on Friday amid profit-booking and weak global cues. Sensex fell 652 points to 59,646 and Nifty lost 198 points to 17,758. Consumer durables, banking and auto shares were the top sectoral losers with their BSE indices falling 499 points, 729 points and 431 points, respectively.