Sensex starts on a flat note, Nifty holds 10,800; TCS down 1% post Q3 show

Market opens It is a flat start to the market on Friday morning, with the Nifty holding 10,800-mark. 

The Nifty IT index is down around half a percent, with TCS dragging around 1 percent. Banks, consumption and metals were the other big gainers. The Nifty midcap index is up one-tenth of a percent. 

The Sensex is up 48.99 points or 0.14% at 36155.49, while the Nifty is higher by 9.10 points or 0.08% at 10830.70. The market breadth was positive as 301 shares advanced, against a decline of 115 shares, while 32 shares were unchanged.

Yes Bank and ITC are the top gainers, while TCS, Power Grid, and Bharti Airtel lost the most.

Rupee Update: The Indian rupee opened flat at 70.42 per dollar on Friday versus Thursday's close 70.41.

Source:https://www.moneycontrol.com/news/business/markets/stock-share-live-updates-market-live-sensex-starts-on-a-flat-note-nifty-holds-10800-tcs-down-1-post-q3-show-3377521.html

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Tata Steel may retain up to 30% stake in South East Asian units

In a possible tweak to its strategy, Tata Steel may retain up to 30 percent of its shareholding in its South East Asian units, which had been put on the block.

Sources told Moneycontrol that the slight tweak means that Tata Steel is now looking for a partner and not a downright buyer.

The units include the Singapore-based NatSteel Holdings and Tata Steel (Thailand).

Earlier this week, media reports said the steel major was in talks with China's Hesteel Group. The Chinese company is the second largest steelmaker in the country.

In response to a query on the development, Tata Steel said: “In pursuit of its long-term strategy to create sustainable value for its shareholders, Tata Steel periodically undertakes strategic assessment and review of its portfolio including overseas business.

"Tata Steel will continue to consider all strategic decisions including portfolio restructuring options in a responsible manner taking into account the interests of stakeholders including employees. However, as there is no firm proposal for consideration currently, the company has no further comment to make in this matter.”

The stake sale is part of Tata Steel's strategy under CEO and Managing Director TV Narendran to refocus its energy and resources into India. Even as it looks to dilute stake in its South East Asian units, Tata Steel has forged a joint venture with thyssenkrupp for its European operations.

Now it wants to possibly follow the JV model in South East Asia too.

Source:https://www.moneycontrol.com/news/business/change-in-plans-tata-steel-may-retain-up-to-30-stake-in-south-east-asian-units-3373131.html

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MCX Support and Resistance Level

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Sensex continues to trade flat, Nifty around 10,850; IndusInd Bank down 2%

Market opens It is a mildly lower start on the benchmarks on Thursday morning, with the Nifty above 10,800-mark.  

The Sensex is down 49.87 points or 0.14% at 36163.04, and the Nifty down 20.30 points or 0.19% at 10834.90. The market breadth is negative as 312 shares advanced, against a decline of 376 shares, while 37 shares were unchanged.

Consumption and metal names are trading higher, while pain is visible among banks and pharmaceuticals, among others. The Nifty Midcap index is trading flat. 

Tata Motors and NTPC are top gainers, while IndusInd Bank, Axis Bank, Bharti Infratel and HPCL lost the most.  

Rupee opens The Indian rupee has opened flat at 70.46 per US dollar. 

RUPEE OUTLOOK

“The rupee is expected to come under pressure as crude oil prices are rising once again in the international market. Further, now focus would shift to India's macroeconomic data. CPI is expected to remain benign. Hence, there is a chance of interest rate cut by the RBI. But political risk is rising for the market. The Budget is expected to be populist after the BJP's debacle in state elections last month. This might put pressure on the fiscal arithmetic. Globally tension has eased somewhat between US and China...but it is early to say anything. There is a sell-off in the global market which may have impact on the Indian market as well. So, overall the rupee is expected to be driven by global factors and the upcoming political factors in the domestic market. In the near term, the rupee is expected to trade in 69.50 to 72 band,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement. 

Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-continues-to-trade-flat-nifty-around-10850-indusind-bank-down-2-3372541.html

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