Sensex, Nifty Drifting Lower On Weak Global Cues

(RTTNews) - The Indian stock market is notably lower after a weak start Tuesday morning, as investors press sales at some key counters, tracking weak global cues.

A lack of positive triggers and caution ahead of sales data from automobile companies, due later this week, and fourth quarter earnings results appear to be forcing investors to refrain from making any significant purchases.

The benchmark BSE Sensex is down 158.40 points, or about 0.4%, at 41,399.60, while the National Stock Exchange's Nifty50 is down 44 points, or 0.37%, at 12,211.85.

Information technology majors Tech Mahindra (down 1.64%) and Wipro (down 1.05%) are notably lower. Infosys, HCL Technologies and Tata Consultancy Services are down with modest losses.

IndusInd Bank, UPL, Eicher Motors, Kotak Bank, ICICI Bank and Asian Paints are also weak.

Coal India is rising about 1.6%. Bharti Infratel is advancing 1.4%, while GAIL India, Axis Bank, Dr Reddy's Laboratories, Yes Bank, Hindustan Unilever and Larsen & Toubro are up with modest gains.

Shares of Jet Airways are gaining about 5%. The Hinduja Group is reportedly preparing to submit an expression of interest by the January 15 deadline, to acquire Jet Airways. Synergy Group Corp is the only company to have have submitted a bid for for Jet Airways so far.

InterGlobe Aviation Ltd. (Indigo) is up nearly 1%. Indigo officials have reportedly met government officials and evinced interest in acquiring ailing national carrier Air India. After failing to find a buyer for its 76% stake in the airliner last time, the government now aims to sell 100% stake in the company.

Chalet Hotels shares are up 4% despite having come off higher levels. The company said it has entered into five new agreements extending their collaboration with Marriott International Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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