Sensex, Nifty tumble as North Korea tension rises

Indian Markets continued to tumble for the second consecutive day on Tuesday as global peers sink on the backdrop of rising tensions in North Korea. 

Also PM Narendra Modi's two-day BJP National Executive meet discussion on India's slower economic growth on September 25, resulted in investors being cautious over the stock exchanges. 

At 0936 hours, Sensex was down 45.47 points or 0.14% trading at 31,581.16, while Nifty 50 was trading flat at at 9,860.70 below 15.50 points or 0.16%. 

In pre-market opening, the 31-scrip index was over 31,680-mark and that of 51-scrip index maintained at 9,875-level. 

On Nifty, analysts at Motilal Oswal said, "Ithas been making lower top – lower bottom from last fourtrading sessions on daily scale and broken its trend linesupport by connecting the swing lows of 9075, 9448, 9685and 9900 zones."

It added, "Now if it sustains below 9880zones then weakness could continue towards 9820 then 9750zones. On the upside it needs to negate the negativepattern by holding above 9928-9950 zones to get the marketstability."

Gainers on BSE had ONGC taking the lead trading at Rs 168.05 per piece up 2.19%, followed by Adani Ports (Rs 391.70 per piece), Tata Motors (Rs 411.60 per piece), Power Grid (Rs 211.55 per piece), Axis Bank (Rs 504.60 per piece) and Hero Motocorp (Rs 3776.80 per piece) trading positive in the range of 0.50% - 1%. 

Losers on the index involved Asian Paints at Rs 1177.25 per piece down 1.59%, Hindustan Unilever at Rs 1226.70 per piece (1.58%), Dr Reddy's Laboratories at Rs 2392.30 per piece (1.04%), Coal India at Rs 254.90 per piece (0.80%) and State Bank of India at Rs 256.65 per piece (0.77%). 

On September 25, Modi set up a five-member panel of economists headed by NITI Aayog member Bibek Debroy to scan India's economic growth issues. He also launched a scheme called as Saubhagya- Sahaj Bijli Har Ghar Yojna to provide electricity to all household by March 31, 2019. 

Motilal said, 'Stimulus measures are expected to prop up the economy which has gotimpacted on account of demonetisation and then on account of GST."

"Overall the market willcontinue to be tentative as it tries to factor inmixed global cues, slower economic growth and geopolitical issues," Motilal. 

Meantime, Indian Rupee was trading at 65.175 below 0.100 paisa or 0.15% against the US benchmark dollar.