BSE Midcap and BSE Smallcap indices registered an uptick of 0.07%, and 0.2%, respectively
Snapping previous week's beneficial properties, the benchmark indices on Monday opened decrease after Asian markets slipped on concerns UK prime Minister Theresa could may just signal plans for a "laborious Brexit" in her speech on Tuesday. back home, the products and services and products tax (GST) Council assembly and Wholesale worth index-based totally inflation due later within the day also stored investors' nerves frayed.
At 09:51 am, the S&P BSE Sensex was buying and selling at 27,213, down 25 points, whereas the broader Nifty50 used to be ruling at 8,386, down 14 factors.
within the broader market, the BSE Midcap and BSE Smallcap indices registered an uptick of 0.07%, and 0.2%, respectively.
"Going in advance, bearing in mind contemporary sharp rally, we may even see Nifty consolidating around 8,460 after which at 8,598, which can termed as immediate hurdles. In case of a dip, 8,320-8,250 could be seen as sturdy support levels for the index," mentioned Angel Broking in a technical note.
Sectors and stocks
BSE IT index was the top sectoral loser, led via losses in Ramco techniques (down 2.5%), R S device (down 1.9%), Infosys (down 1.7%) and Lycos internet (down 1.5%)
Shares of Coal India slipped 1% even as its arm crucial Coalfields announced an increase in price of coking coal, which may assist the PSU earn an extra earnings of virtually Rs 89.98 crore for the remainder of 2016-17 and Rs 222 crore for the following fiscal yr.
Oil advertising companies comparable to Indian Oil organization (IOC), Bharat Petroleum supplier (BPCL) and Hindustan Petroleum agency (HPCL) rallied after they hiked petrol costs through 42 paise a litre on Sunday, the fourth raise in 6 weeks, and diesel fee by Rs 1.03 a litre, the second hike in a fortnight.
IOC received 2% to Rs 358, BPCL brought 0.9% to Rs 663, while HPCL developed 1.1% to Rs 493 on the BSE.
GST Council meeting
A fortnight ahead of budget 2017, Finance Minister Arun Jaitley will try to bridge distinction with the state governments on GST in a two-day meeting which starts offevolved later within the day.
The all-powerful GST Council, headed via Jaitley, will meet for the ninth time as of late. The closing 4 meetings ended in a deadlock with states looking for sole powers to keep an eye on assessee with annual turnover of as much as Rs 1.5 crore.
Brexit fears loom massive
top Minister Theresa may just will call on Britons to reject the acrimony of the Brexit referendum in a speech this week that some newspapers have billed as atmosphere the stage for a "arduous" exit from the eu Union.
buyers will scrutinise could's speech on Tuesday for clues on whether or not she plans to prioritise immigration controls and bilateral alternate offers in a "laborious Brexit" that would see Britain go away the ecu's single market and customs union.
Oil prices to stay volatile
world oil prices will witness "far more volatility" in 2017 even if markets may just rebalance in the first half of of the yr if output cuts pledged by means of producers are carried out, the pinnacle of the international vitality agency (IEA) stated on Sunday.
Asian share markets had been hesitant with MSCI's broadest index of Asia-Pacific shares outdoor Japan up simply 0.09%. Japan's Nikkei and Taiwan's TSEC eased 0.9% every, while China's Shanghai Composite and Hong Kong's dangle Seng indices shed over 1% every.
On Friday, The Dow Jones Industrial average index slipped 5.27 factors to settle at 19,885 on Friday. The S&P500 index edged better by means of 4.20 points to 2,274. The Nasdaq Composite Index evolved 26.63 points to 5,574. US markets will stay closed today on account of Martin Luther King Jr day.