Vedanta, Adani Power among key intraday tips for today's trade

The Sensex closed 429 points or 1.27% lower at 33,317, while the Nifty fell 109 points or 1.06% to 10,249 level on Tuesday. Image source: Reuters

The benchmark indices are expected to extend losses for the fifth straight session on Wednesday, tracking negative trend in Asian markets after a key advocate for free trade in the White House announced his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war. At 8:30 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,225.50, down 6.50 points or 0.06 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent. Australian stocks fell 0.75 per cent and Japan’s Nikkei retreated 0.2 per cent.

On Wall Street, US stock futures fell more than 1 per cent late Tuesday after the resignation of Trump’s top economic adviser, Gary Cohn, fueled fears that the administration would follow through with plans to impose steel and aluminum tariffs, possibly triggering a trade war.

White House officials said the dispute over tariffs contributed to Cohn’s decision to resign but was not the only reason. S&P 500 e-mini futures were down 1.5 per cent in trading for the overnight session. Dow futures were down 1.7 per cent.

Back home, after a positive start, the Sensex and Nifty tanked sharply after Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs summoned ICICI Bank CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in relation to probe in Mehul Choksi's Gitanjali Gems fraud.

The Sensex closed 429 points or 1.27% lower at 33,317, while the Nifty fell 109 points or 1.06% to 10,249 level.

Here are the key intraday tips for today's trade:

Tata Motors (Sell)

Target: Rs 338
Stoploss: Rs 350