Sensex Edges Lower, Nifty Gives Up 8,800; DLF Rises Ahead Of Earnings

The Indian markets open mildly lower on Tuesday with the BSE Sensex down 38 points and the broader Nifty slipping just below 8,800 despite gains in the other Asian markets. Losses were led by auto and infra sectors which were down between 0.4 per cent and 0.5 per cent.

In early deals, a majority of stocks on the 51 scrips on Nifty were in the negative zone.

At 9:22 am, BPCL, Ambuja Cements, Coal India and Tata Motors were the top Nifty losers - shedding up to 1.6 per cent. On the other hand, Hindalco Industries, Tech Mahindra, ITC, ONGC and Grasim Industries helped the broader markets cap the fall, recording gains between 0.5 per cent and 1.2 per cent.

Elsewhere, DLF shares were in focus, rising over 1 per cent, ahead of its Q3 earnings announcement.

Asian shares held on to 19-month highs as the potential for economic stimulus in the US lifted the dollar, bond yields and Wall Street stocks. The dollar was also bolstered by speculation the head of the Federal Reserve would underline the prospects of more US rate hikes when Fed chief Janet Yellen testifies to Congress later in the day.

Helping sentiment was data showing consumer and producer prices were rising in China, thus reducing the danger of deflation across the globe.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, trying for its fifth straight session of gains. Japan's Nikkei eased 0.1 per cent while Shanghai stocks were barely changed, but Australia managed a 0.4 per cent gain.

Overnight, Wall Street indices - S&P 500, Nasdaq Composite and Dow Jones industrial average - hit historic peaks, with the benchmark S&P 500's market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.