The BSE benchmark index Sensex fell by nearly 59 points in opening trade today as investors booked profits after yesterday’s gains.
The 30-share barometer,which had gained 81.63 points in the yesterday’s highly volatile session,moved down by 58.74,or 0.34 per cent,to 16,853.97 points in early trade.
Similarly,the wide-based National Stock Exchange index Nifty declined by 12.50 points,or 0.24 per cent,to 5,101.65 points.
Brokers said the fall in stock prices was mostly due to profit-booking by participants after yesterday’s gains following Finance Minister Pranab Mukherjee announced a slew of measures to provide relief to the equity markets and postponed implementation of the General Anti-Avoidance Rules by one year.
In the Asian region,the Hong Kong’s Hang Seng index up 0.05 per cent,while Japan’s Nikkei was quoted 0.57 per cent higher in early trade.
PRE-OPEN: Indian stocks to watch
GLOBAL MARKETS ROUNDUP
*Shares and riskier assets recovered on Tuesday from the previous day’s plunge,as sentiment improved on hopes Spain would use public funds to bolster its struggling banks.
*US stocks rose on Monday as investors brushed off Europe’s election results,as the S&P 500 rebounded from early losses to end nearly unchanged on Monday.
KEY EVENTS TO WATCH
* US Secretary of State Hillary Clinton meets India’s Foreign Minister Somanahalli Mallaiah Krishna in New Delhi and both will address a joint news conference after their meeting. (0500 GMT)
*RBI Deputy Governor Subir Gokarn to address an event in Hyderabad (0710 GMT)
*India’s top aluminium producer Hindalco Industries is expected to report fiscal Q4 profit fell on lower prices and higher input costs.
*Other Jan-March earnings from Dena Bank,Glenmark Pharma,and Kotak Mahindra Bank
INDIAN STOCKS TO WATCH
*SKS Microfinance posted a 3.3 billion loss in the Jan-March quarter,wider than its 697.7 million rupees loss a year ago.
*Bank of India said it has received all regulatory approvals,completing formalities for the acquisition of a 51 percent stake in Bharti Axa.
*BGR Energy says its Iraq contract valued at $80.50 million has been terminated and that contractual claims of the company will be settled with mutual agreement.
*India’s fire-damaged 60,000 barrel-per-day (bpd) Numaligarh refinery will extend its shutdown by about 25 days to the end of May.
*Mangalore Refinery and Petrochemicals Ltd has restarted two of three crude distillation units (CDUs) at a 300,000 barrel-per-day (bpd) plant that was closed more than a week ago because of water shortages,traders said on Monday.
*Drug maker Jubilant Life Sciences reported a Jan-March net loss of 635.3 million rupees versus 617.2 million rupees profit for the same period a year ago.
*Elder Pharmaceuticals is exploring options to sell its nutrition products business,two sources with direct knowledge of the development said.
One of the sources said Elder is looking for a valuation of roughly $60 million to $75 million for the business,which includes about 20 brands,and that discussions are at a very early stage. AIRLINES
* India’s Kingfisher Airlines will start paying January salaries starting from Wednesday,Chairman Vijay Mallya wrote in a letter to employees,as the debt-laden carrier struggles to retain staff.
OTHER FACTORS TO WATCH
*Indian debt/FX factors to watch
*Euro dips but market positioning may lend support
*Oil dips as Europe’s election results fan uncertainty
*Foreign institutional investor flows
*For closing rates of Indian ADRs