MUMBAI: Indian markets pared early morning losses Tuesday as investors entered at lower levels providing support for indices. Traders ignored the weak cues from international markets and took positions on hopes that Indian economy will do better than other global economies, said dealers.

“US markets closed in the red and Asian markets too are negative. Asian stocks fell for a second day, led by automakers and mining companies, after a New York manufacturing report missed economist estimates and commodity prices sank. We expect our market to open down with heavy buying at lower levels. We believe that the expected correction has set in and this will only serve to make the market healthier. Thus, at every dip, we recommend going long on the market,” said Religare Securities report.

At 11:30 am, National Stock Exchange’s Nifty was at 4491.95, up 7.95 points or 0.18 per cent. The broader index touched an intra-day low of 4405.95 and high of 4492.85

Bombay Stock Exchange’s Sensex was at 14907.17, up 31.65 points or 0.21 per cent. The index touched an intra-day low of 14621.97 and high of 14907.17.

BSE Midcap Index was up 1.06 per cent and BSE Smallcap Index moved up 0.47 per cent.

“Trend deciding level for the day is 4518/14981. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4567/15155. However, if NIFTY trades below 4518/14981 for the first half-an-hour of trade then it may correct up to 4435–4387/14107–14527,” said Angel Broking note.

Amongst the sectoral indices, BSE Power Index gained 1.32 per cent, BSE Bankex moved up 1.04 per cent and BSE Healthcare Index advanced 1 per cent.

BSE Oil & gas Index was down 1.04 per cent and BSE Metal Index slipped 0.99 per cent.

Reliance Infrastructure (6.53%), State Bank of India (4.21%), Punjab National Bank (2.96%), Reliance Capital (2.76%) and Reliance Communications (2.16%) were amongst the Nifty gainers.

Losers included Sterlite Industries (-4.39%), Wipro (-2.48%), Grasim (-2.14%), Hero Honda (-2.09%) and ACC (-1.74%).

Market breadth was negative on the BSE with 1138 declines and 1016 advances.

Wall Street witnessed its biggest slide in a month on Monday after regional manufacturing data hurt optimism about the economy’s health and sliding commodity prices pressured metal stocks. The Dow Jones Industrial Average tumbled 187.13 points, or 2.13 per cent, to close at 8,612.13, the Standard & Poor’s 500 Index retreated 22.49 points, or 2.38 per cent, to end at 923.72 and the Nasdaq Composite Index lost 42.42 points, or 2.28 per cent, to finish at 1,816.38.

Tracking the weakness across US equities, Asian stocks traded lower Tuesday. The Nikkei fell 2.55 per cent, Hang Seng declined 3 per cent, Straits Times shed 1.89 per cent and Kospi was down 0.91 per cent.

source: Economictimes

Tags: buy or sell SBI, hot stocks, nifty recovers, nifty resistanc, nifty support, NSE Tips, Reliance infrastructure, sbi, stock market

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