Market Live: Sensex, Nifty continue to trade lower; Sun Pharma up 2%

A brush of red is visible among the majority of the sector, while defensives such as IT and pharma are trading in the green

Buzzing: Share price of Aurobindo Pharma and Sun Pharmaceutical Industries gained more than 2 percent intraday Tuesday after brokerage house CLSA has upgraded Aurobindo Pharma to outperform, while maintained buy on Sun Pharma.

Market Update Benchmarks have extended their losses, with the Nifty giving up 10,750-mark. 

The Sensex is down 80.82 points or 0.23% at 35769.34, and the Nifty down 28.40 points or 0.26% at 10743.40. The market breath was narrow as 718 shares advanced, against a decline of 599 shares, while 72 shares were unchanged.

Essar Steel update: The Ahmedabad bench of the NCLT on Monday reserved its verdict on the maintainability of the bid by Essar Steel Asia Holdings to retake the management of the crippled company.

The NCLT bench comprising BP Chaturvedi and Manorama Kumari said they will pass an order on the plea by January 31. ArcelorMittal, whose Rs 42,000-crore offer to take over the bankrupt Essar Steel was accepted by the committee of creditors, Monday told NCLT that there is no right to redemption under the bankruptcy laws as being sought by Essar Steel Asia Holdings.

It said as per section 12A of the IBC Act only resolution professional has right to file such an application after getting the approval of 90 percent of the lenders.

Tata Motors surges Shares of Tata Motors were higher in trade due to healthy JLR UK sales.  

Market opens It’s a flat start for the market on Tuesday morning, with the Nifty trading around 10,760. 

A brush of red is visible among the majority of the sector, while defensives such as IT and pharma are trading in the green. 

The Sensex is up 51.33 points or 0.14% at 35901.49, and the Nifty down 9.60 points or 0.09% at 10762.20. The market breadth is positive as 259 shares advanced, against a decline of 120 shares, while 32 shares were unchanged.

ONGC, Sun Pharma, and Tata Motors are the top gainers, while M&M, Power Grid, and UltraTech Cement lost the most. 

Rupee Opens: The Indian rupee opened lower by 12 paise at 69.80 per dollar on Tuesday against previous close 69.68.

Market at pre-open: Benchmark indices are trading mixed in the pre-opening session with Nifty is below 10,800 level, while Sensex is up 90 points.

The Sensex is up 90.04 points or 0.25% at 35940.20, while the Nifty up 6.20 points or 0.06% at 10778.00

Bandhan Bank is down over 1 percent, while Share of Gruh Finance was down 10 percent in the pre-opening trade after Bandhan Bank board approved amalgamation of Gruh Finance, subsidiary of HDFC, into the bank.

Asian markets trade higher: Asian shares rose for the third straight session on Tuesday as investors bet that Washington and Beijing are inching towards a trade deal and that US Federal Reserve would halt its tightening if economic growth slows further

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain 4.5 points or 0.04 percent. Nifty futures were trading around 10,809.50-level on the Singaporean Exchange.

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