Sensex rises 50 points, Nifty near 10,900; Tata Motors up, Reliance down

The benchmark index Sensex edged higher by more than 50 points to 36,123.38 on Tuesday amid weak tracking weak global cues amid caution on the US-China trade talks and concerns hovering around slowdown in the Chinese economy. NSE Nifty was also higher 26 points, or 24 per cent, at 10,889.50.

The auto stocks including Tata Motors and Hero Moto were up 8 per cent and 3 per cent, respectively. Macquarie rated the company as outperform and put the target at Rs 260. Nomura is neutral on the stock with target at Rs 187.

Weakness was seen primarily in capital goods, IT and financial counters in the Sensex pack. TCS was down 0.18 per cent, Infosys was lower by 0.85 per cent. Reliance was down 0.01 per cent.

“Markets are in the midst of setting up a pre-election rally very similar to that in 2014. The market positioning in terms of scepticism, near term underperformance as well the INR outlook also seem very similar. Markets did not correct much despite all the newsflow of last week thus reflecting inherent bullishness,” veteran expert Sandip Sabharwal said.

“The broader market performance is also likely to pick up after a big underperformance. Most people want to buy after elections when uncertainty is over. By that time value will also be lesser,” he also said.

Earlier today, 30-share BSE index opened down by 0.14 per cent, or 50.71 points, at 36,013.10. The broader NSE Nifty was also quoted down by 0.13 per cent, or 14.60 points, at 10,848.90.

Globally, investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world’s top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement.

In Asia, Shanghai was down 0.2 per cent while Hong Kong slipped 0.6 per cent and Tokyo was 0.6 per cent lower.

On Friday, Sensex closed with 196 points gain to end at 36,064 and also posted its second straight weekly gains amid signs of easing tensions between India and Pakistan.

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