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    Sensex, Nifty50 take a breather after 2-day fall; Asian Paints gain 3% ahead of Q4 results

    Synopsis

    Infosys and Reliance Industries led the Sensex gainers falling 0.8 per cent each. Tata Steel, ICICI Bank, Bajaj Finance, Wipro and Titan Company edged lower.

    Sensex, Nifty trade flat amid volatility; Asian Paints jumps 3%, Ruchi Soya 2%
    NEW DELHI: There was some relief for Dalal Street investors on Tuesday morning as domestic stocks edged higher after two days of successive drop, even as Wall Street shares continued to fall like a pack of cards amid fears over aggressive Fed rate hikes.

    At 9.20 am, the BSE Sensex was trading 149 points or 0.27 per cent higher at 54,619.26. Nifty50 was trading at 16,343, up 41.15 points or 0.25 per cent. Midcap and smallcap indices tanks up to 1 per cent.

    "The volatility index has gained traction in the past couple of trading sessions, raising concerns for participants. The relentless selling spree in the market has certainly showcased the tightening of the bearish grip. On technical levels, the 78.60 per cent of the Fibonacci retracement placed at 16,190 level is expected to be an intermediate cushion to any fall, followed by the psychological mark of 16,000," said Sameet Chavan of Angel One.

    Chavan said a decisive Nifty50 closure above the unfilled gap of 16,480-16,650 could only give some assurance to the bulls.

    Asian Paints rose 2.4 per cent to Rs 3,082 ahead of its quarterly results. The paints maker is likely to report a single digit growth in profit for the March quarter even as analysts see 10-21 per cent plus growth in sales.

    Ultratech Cement, Hindustan Unilever, Maruti Suzuki and SBI fell up to 2 per cent. M&M, SBI, Bharti Airtel and Nestle India and NTPC added up to 1 per cent.

    Infosys and Reliance Industries led the Sensex gainers falling 0.8 per cent each. Tata Steel, ICICI Bank, Bajaj Finance, Wipro and Titan Company edged lower.

    "In our view the current valuations offer little room for upgrades amid evolving risks to earnings from high input costs, muted consumer demand and geopolitical disruptions. Besides, global monetary policy tightening is likely to result in further drawdowns from global markets. We see major risk to domestic markets coming from external factors that are difficult to predict and quantify in the short term. Given skewed risk reward we suggest investors to stay cautioned, be selective in stock purchases or stay on the sidelines unless normalcy returns to market," Cholamandalam Securities said in a note.

    Adani Ports & SEZ, Punjab National Bank, Petronet LNG, Relaxo Footwears, Indian Bank, SKF India, BSE, Mangalore Refinery & Petrochem, Cholamandalam Financial Holdings, Balaji Amines, Lakshmi Machine Works, Birla Corporation and Kalyan Jewellers are among the companies which will announce their earnings today.

    Among the Nifty constituents, the quarterly numbers of Maruti Suzuki, Titan, SBI Life Insurance, Bajaj Auto, Kotak Mahindra Bank, HUL, Tata Steel, ICICI Bank, HDFC, HCL Tech and Tata Consumer exceeded Q4 estimates, Motilal Oswal Securities said in a note. Infosys was the only company that missed profit estimates, the brokerage added.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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