Indian shares off to a muted start; Hyundai market debut in focus
Updates at 9:20 a.m. IST
Oct 22 (Reuters) -Indian shares opened little changed on Tuesday, with lacklustre earnings and sustained foreign selling weighing on markets, while caution over the escalating MiddleEast conflict dragged global equities lower overnight.
The NSE Nifty 50 .NSEI opened 0.07% higher at 24,798.65 points as of 9:20 a.m. IST, while the BSE Sensex .BSESN was up 0.1% at 81,253 points.
Seven of the 13 major sectoral indexes declined at the open, but thelosses were marginal.
The broader, more domestically focussed small-caps .NIFSMCP100 mid-caps .NIFMDCP100 fell 1% and 0.3%,respectively.
India's No. 2 carmaker Hyundai Motor India HYUN.NS will be in focus as it makes its stock market debut.
The $3.3 billion initial public offering, at an issue price of 1,960 rupees, was oversubscribed by more than two times last week.
Among individual stocks, Bajaj Housing Finance BAJO.NS rose 2%. The country's most valuable home loan financier reported a rise in second-quarter profit on strong credit demand.
City Union Bank CTBK.NS gained 10% after posting rise in quarterly profit.
Domestic equities have witnessed profit taking since hitting record high levels on Sept. 27.
Dull earnings and foreign flows directed from India to China on the recently-announced stimulus measures and relatively cheaper valuations also weighed on the market.
Foreign outflows from Indian equities continued for the 16th consecutive session on Monday.
Asian markets opened lower on the day, with the MSCI Asia ex-Japan index .MIAPJ0000PUS dropping 0.5%.Wall Street equities logged losses overnight as caution loomed on rising geopolitical tensions in the Middle East.
While markets remained largely risk-averse due touncertainty over U.S. presidential elections and demand recovery in China, safe haven asset gold hit record highs. MKTS/GLOB
($1 = 84.0720 Indian rupees)
Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
