MARKETS LIVE: Indices range-bound, Nifty hovers near 10250; BPCL dips 4%
The benchmark indices have trimmed their opening losses and are now trading in a narrow range amid weakness in the Asian
Shares of BPCL slipped over 4 per cent to Rs 264.50 on the BSE in early trade after the oil marketing company reported a 48.3 per cent decline in its net profit to Rs 12.1871 billion for the second quarter ended September 2018.
Stock specific action is likely to continue as we are in the middle of September-quarter results season. Nearly 150 companies including Tech Mahindra, Bank of Baroda, Dena Bank, ABB India and IDFC are likely to announce their September quarter earnings later in the day.
On the macroeconomic front, investors will be looking forward to eight Infrastructure Industries Index and fiscal deficit data for September to be released on Wednesday, and Nikkei PMI manufacturing data due on Thursday.
Asian shares came under pressure on Tuesday after Wall Street peers finished weaker, hurt by fresh worries about the US-China trade war and were on track for their biggest October decline since the 2008 financial crisis.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.1 per cent, tracking falls in US stocks. The index has fallen more than 12 per cent this month. Japan’s Nikkei average rose 0.9 per cent and the Australian benchmark shed 0.2 per cent in early morning trade.
Oil prices fell on Tuesday, dragged down by ongoing weakness in global stock
and by signs of rising global supply despite looming sanctions on Iran’s crude exports.
Front-month Brent crude oil futures were at $76.78 a barrel, down 56 cents, or 0.8 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.78 a barrel, down 26 cents, or 0.4 per cent, from their last settlement.
(with Reuters input)