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Equity Tips
Sensex, Nifty open flat after yesterday's sharp fall; ONGC gains

Equity benchmarks opened flat on Tuesday after witnessing sharp fall in previous two sessions, and ahead of expiry of September derivative contracts.

The 30-share BSE Sensex was down 8.55 points at 31618.08 and the 50-share NSE Nifty gained 6.90 points at 9,879.50.

Lupin, ONGC, Power Grid and Sun Pharma were early gainers.

Nifty Midcap was up 0.1 percent. Jet Airways, InterGlobe Aviation, SpiceJet, JK Paper and Alkem Labs were down up to 4 percent while REC, Adani Transmission, Avenue Supermarts, Shoppers Stop and DHFL gained 1-6 percent.

The Indian rupee hit a six-month low, opening lower by 14 paise at 65.24 per dollar today versus 65.10 on Monday.

Asian markets were pressured, following declines on Wall Street overnight, as the war of words between North Korea and the US escalated.

Developing Asia is on track to grow faster this year and next, the Asian Development Bank said today, buoyed by a pick-up in world trade and China's expansion, but it flagged risks from tightening US monetary policy.

Developing Asia is expected to grow by 5.9 and 5.8 percent in 2017 and 2018, respectively, the Manila-based lender said.

Banks can no longer hold more than a 10 percent stake in a deposit taking non-banking finance company, with the exception of lenders owning equity in housing finance companies, and also regulated their commodity derivatives play, according to a Reserve Bank of India circular.

State-owned IDBI Bank said it has sold one percent stake in Small Industries Development Bank of India (Sidbi) for an undisclosed amount in a bid to mobilise funds by exiting non-core business.

The bank has sold 53,19,220 shares constituting 1 per cent of the paid up capital of Sidbi, IDBI Bank said in a regulatory filing.

Without disclosing the name of the buyer, the bank said, the sale took place on September 22.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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