Sensex struggles in early trade, RIL falls 2%1 min read . Updated: 23 Dec 2019, 09:36 AM IST
- Titan Company, UltraTech Cement, Nestle India have been added to BSE Sensex from today
Indian markets struggled in early trade today amid some selling pressure in Reliance Industries or RIL shares. The Sensex was down 72 points at 41,609 while Nifty traded lower at 12,264. Titan Company, UltraTech Cement, Nestle India have been added to BSE Sensex from today whereas Tata Motors, Tata Motors DVR, Vedanta, and Yes Bank have been removed. Titan shares were up 2% in early trade.
For the Nifty, 12,200 is a very strong support and 12,350 a strong resistance, HDFC Securities said in a note.
RIL shares were down over 2%. Reliance Industries Ltd (RIL) on Sunday termed as “premature" the Union government’s attempt to enforce non-payment of $4.5 billion in an international arbitral award of the Panna-Mukta and Tapti (PMT) production-sharing contracts case.
On Friday, the Delhi High Court ordered RIL and BG Exploration and Production India Ltd (BG), a unit of Shell India, to disclose their assets after the Centre sought to restrain the companies from disposing the assets.
"Going ahead, Union budget is likely to be crucial for the market on account of new steps to attract investments. Considering strong liquidity, the momentum is likely to shift from pricey stocks to value stocks going ahead. We believe that this is a good time to invest in cyclical stocks and sectors like metals, energy, capital goods and industrials. However, a short-term consolidation cannot be ruled out as investors may slid to a holiday mood," said Vinod Nair, Head of Research at Geojit Financial Services.
Asian markets were mixed today with activity thinning out as investors wind down for the Christmas break, while confidence remains buoyed by relief at the China-US trade deal.
Global equities are enjoying a flourish at the end of the year, having been on a rollercoaster ride for 12 months owing to the long-running trade row and Brexit. (With Agency Inputs)