Share market LIVE updates: The domestic stock market–Sensex and Nifty–opened lower tracking weak global cues, after S&P 500 closed at a 14-month low on concerns about slowing economic growth. The 30-share Sensex slumped 213 points in the opening trade to 36,047.49, while the broader Nifty 50 was trading firmly below 10,850-level.
Tata Motors share price gained by more than 2% to hit the day’s high at Rs 177.60. Notably, the firm’s subsidiary JLR has reportedly hired Boston Consulting Group for its $3.2 billion turnaround plan.
Earlier, the SGX Nifty was trading 38 points lower indicating a negative start for Sensex and Nifty. Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.3 percent in mid-morning trade while Japan’s Nikkei tumbled 1.2 percent by the midday break. We bring to you live updates.
Shares of Oriental Bank of Commerce (up 3.80 percent), Union Bank of IndiaNSE 3.85 % (up 2.95 percent), Bank of India (up 2.94 percent) and Punjab National Bank (up 2.47 percent) were the top performers in the index. Syndicate Bank (up 2.04 percent), Canara Bank (up 1.54 percent), Vijaya Bank (up 1.36 percent) and Indian Bank (up 1.33 percent) too were trading higher
Rupee update
The Indian rupee gained in early trade against the dollar. The rupee opened higher by 22 paise at 71.33 as compared to previous day close of 71.55.
Oil price update:
U.S. oil prices drop 1% on oversupply fears U.S. oil prices fell 1 percent on Tuesday after slipping below $50 a barrel in the previous session, with reports of a big climb in U.S. inventories and forecasts of record shale output stoking worries about oversupply. Concerns around future oil demand amid weakening global economic growth and doubts on the impact of planned OPEC-led production cuts were also hurting prices, traders said. The U.S.
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