10.30 am: Only an hour into trading and Sensex slipped over 500 points to trade below 60,000-level, while Nifty50 corrected one per cent. Sensex was trading down 573.22 points to 59,779.60, down 0.95%. At the same time Nifty corrected one per cent or by 181 points to 17,836.20 

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10:15 am: Likhita Chepa, Senior Research Analyst, Capitalvia Global Research Ltd.

The Indian benchmarks have a gap-down opening today amid weak global cues. Investors may take encouragement with 9.5 percent economic growth of the country stating that growth impulses and fast-moving economic indicators are strong. The central government increased the procurement price of all three categories of ethanol produced from different sources by 1.27-2.55 percent for the 2021-22 season.

"Auto stocks will be in focus as the Union minister said the government is working on measures to increase the sales of electric vehicles and in the next two years the cost of EVs in India will drop to the level of petrol vehicles. There will be some reaction in sugar stocks as trade body AISTA said sugar mills have exported 2.76 lakh tonnes of sugar in the last 40 days of the current marketing year with maximum shipments to the UAE. There may be some buzz in Oil and gas sector stocks as the union Minister said bringing petrol, diesel and other petroleum products under the single national GST regime will reduce taxes on these products and increase the revenue of both the Centre and states. Our research suggests that the level of 17700-17800 may act as immediate support level in the market. If the market sustained the level of 17700-17800, we can expect the market to trade in the range of 17700-18000. Technical indicators also support positivity in the market," she said . 

Earlier in the market open...

Domestic equity benchmarks Nifty50 and S&P BSE Sensex started off on a negative note on Thursday. The Nifty index opened at 17,967.45, while Sensex started the fresh day at 60,291.70. The two indices soon shed 67. 20 and 191.83 points to trade at 17,950.00 and 60,160.99 respectively. 

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Nifty Bank continued weakness as the banking index was seen trading  208 points lower to 38,814.40  

Tata Steel, Dr Reddy, UPL and Tata Motors were the shares that gained on Nifty index, whileTech Mahindra, Wipro, ONGC declined the most 

Earlier, trends in SGX Nifty Futures, which was trading more than 50 points lower, hinted at negative opening for the Indian markets.  

What expert says 

Expert is of the view that inflation is dragging the global equity market, while the IPOs are trading at lofty valuations.  

"Rising inflation is emerging as a threat to the global equity rally, at least in the short-term. Consumer price inflation in the US has risen to a 30-year high of 6.2%, year-on-year, in October. Core inflation rose to 4.2%. These numbers are well above most forecasts. In China, too, producer price inflation has risen to 13.5%. This has the potential to spill over to global commodity inflation," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

He further said, sensing the danger ahead, the US 10-year yield rose to 1.57%. The Fed still believes that the spike in inflation is caused by supply-side issues and, therefore, is transient, observed the analyst. "But there are many who believe that the Fed is behind the curve and that the entrenched inflation will force the Fed to accelerate tapering and advance rate hikes. If this scenario is to unfold, there can be a sell-off and sharp corrections in markets, globally. So, investors have to watch this space," said V K Vijayakumar 

He said, however, the IPO market is getting exuberant and the new-age digital companies are trading at unjustifiably lofty valuations. "Investors have to exercise a lot of caution in this space," warned the analyst 

In the early morning trade on Thursday, Nikkei 225 index was trading with gains of 67 points to 29,174, Hang Sang Index, on the other hand, was down 140 points or 0.56% to 24,856 and Shanghai Composite was also trading in negative with weakness of marginal 6 points to 3,486. 

Earlier, major Wall Street Indices closed in the red for the second day in a row amid profit booking. Dow Jones corrected 0.66%, Nasdaq 1.66% and S&P 500 declined 0.82 % on Wednesday closing. The indices closed with loss of 240 points to 36,079; 264 points to 15,623 and 39 points to 4,647 respectively on Wednesday.