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Nifty hovers around 11,600 mark; Indiaibulls Housing, TCS stocks slip

Equity benchmark indices opened flat on Tuesday tracking mixed global cues. Sentiment remains cautious after disappointing macro-economic data and amid the June quarter earnings season.

The Sensex was up 70 points to 38,967, while the Nifty is trading below the 11,600 marks, down 4 points.

NTPC shares gained more than 1.25% to hit Rs129.20 on BSE. Yes Bank shares are trading 0.75% higher at Rs93.90.

Hero Motocorp, TCS, M&M have emerged among the biggest losers, shedding more than 1% each.

The Indian rupee opens marginally lower at 68.56 against the dollar.

On the sectoral front, auto, IT, banking, media and pharma are trading marginally lower on the NSE, while buying is seen in the FMCG, financial, PSU bank and realty space.

Shares of HDFC AMC gained 1% ahead of the Q1 results scheduled to be reported today.

Meanwhile, Asian markets inched up as traders awaited US retail sales data and more corporate earnings to gauge the health of the world’s biggest economy, with markets remaining focused on a likely US rate cut by the end of the month.

The Volatility gauge, India VIX was down 0.60% at 11.95.

The most active stocks on the NSE are HDFC Bank, ONGC and Infosys.

On the economy front, India’s exports in June 2019 were $25.01bn vs. $27.70bn in June 2018, exhibiting a negative growth of 9.71%.  Imports in June 2019 were $40.29bn, which was 9.06% in Dollar terms and 6.85% lower in Rupee terms over imports of $44.30bn over June 2018.

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