MARKETS
Indian equities started Tuesday's session (December 24). At the open, the NSE Nifty50 index opened flat up 0.8 points at 23,754.25, while the BSE 30-share Sensex was up 0.01 per cent or 11.24 points at 78,551.41. Broader markets, meanwhile, underperformed the headline indices with each down 0.04 per cent at the last count. Sectorally, in a mixed session, Realty, Oil & Gas, Media, Banking and Auto indices traded with minor gains, while the Metal and Pharma stocks were the top laggards. D r. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The relief rally witnessed yesterday is unlikely to have a free run up in the coming days. Two sets of factors- external and internal- will restrain a sustained rally. Externally, the strong dollar and high bond yields in the US will prompt the FIIs to sell on rallies. Internally, the growth and earnings slowdown will be near-term negatives that will restrain the bulls." The high valuations in the market in this challenging macro backdrop cannot favour a PE expansion which can take the market significantly higher, added Vijaykumar. Nifty is expected to trade choppily with volatility, and the next major catalysts will likely emerge in January with the Q3 earnings season. Until then, market upside may remain capped unless FIIs return to buying, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. SBI Card: After Morgan Stanley maintained its equal weight call on the stock, it traded with a negative bias at Rs 691.25. Sagility India: The stock in early trade marked its fresh 52-week high price of Rs 48.93 per share as JP Morgan initiated its coverage on the stock with an 'overweight' rating. Telecom stocks: In the interest of its subscribers, TRAI has asked telecom companies to mandatority provide a special tariff voucher for voice and SMS. On the development, stocks of Airtel and Vodafone Idea traded with a drag of up to 1.5 per cent. Asian stocks mostly traded in the green on the back of gains in technology stocks as tech stocks in the US recouped some of their last week's steep losses. The key MSCI Asia ex Japan index traded higher by 0.51 per cent at 575.74. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
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