Sensex, Nifty fall; Tata Steel touches 52-week high

Key Highlights: 

• Sensex, Nifty open in green
• Rupee trades down 0.14% against dollar
• Tata Steel touches 52-week high

UPDATE: Markets gave up gains with Sensex falling 0.48% while Nifty losing 24 points to trade at 10,033 points at 10.15 am

Indian markets opened in green on Tuesday with Sensex trading at 32,316.58, up 42 points or 0.13%, while Nifty 50 gained 21 points or 0.21%, trading at 10,078.50. 

MSFL Research said, "A couple of mix candles on daily chart with the average volume action indicate the consolidation in the index."

IIFL said, "Nifty finds support around 10000 while 10100 will act as resistance on the upside. Bank Nifty also faces resistance around 25100 while 24750 will act as support on the downside."

Tata Steel took the lead by trading at Rs 617 per piece up 3% post its Q1FY18 result. The company also touched a 52-week high of Rs 620 per piece. 

On August 07, Tata Steel reported net profit of Rs 921 crore in June 30 quarter ended, compared to a loss of Rs 3,183 crore a year ago same period. 

Other gainers were - Bajaj Auto at Rs 2,940 per piece up 1.73%, followed by Bharti Airtel at Rs 423.75 per piece (1.45%), Hero Motocorp at Rs 3,996 per piece (1.07%) and Mahindra & Mahindra at Rs 1,413 per piece (0.98%). 

Losers involved NTPC at Rs 172.25 per piece down 1.20%. Followed by Dr Reddy's Laboratories at Rs 2,190 per piece, Kotak Mahindra Bank at Rs 992.45 per piece, ONGC at Rs 165.25 per piece and State Bank of India at Rs 309.60 per piece trading negative in the range of 0.40% - 0.90%. 

Analysts at Motilal Oswal said, "Overall metals, oil and gas space, select banking should continue to do well. Small cap space could see some volatility on back of report on shell companies."

Market regulator Sebi on Monday directed BSE and NSE to initiate action against 331 suspected shell companies that are listed and these scrips will not be available for trading this month, reported in PTI. 

Major companies that will in focus ahead of their Q1FY18 result announcement are - Abbot India, Bank of India, Future Retail, GTPL Hathway, Jindal Steel & Power, Muthoot Finance and Tata Chemicals.

At the same time, Indian Rupee was trading 63.756 down 0.092 paisa or 0.14% as against US dollar.

Asian shares were on flat note on Tuesday. According to a Reuters report this was due disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth, leaving currencies and commodities becalmed in summer doldrums.