The bottom-out effect along with the government's growth-inducing measures were the prime reasons for the Indian equity markets stellar rise on Monday

Experts have said that key indices had bottomed-out last week as investors waited for the government's measures to shore up growth. The steps were announced after market hours on Friday. 

In stock parlance, the bottom-out effect appears when any scrip or index touches the lowest possible point with respect to various market conditions and time periods. 

"Equity markets had bottomed-out on a near-term basis last Friday. Today's rise has come as a result of that trend," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 

"If further steps are taken to usher in growth then the bottom-out effect will last from immediate to medium term period."

Last Friday, Finance Minister Nirmala Sitharaman gave a major economic boost to diverse sectors such as NBFCs, auto, housing, MSMEs, equity markets and banking via a slew of measures on tax surcharge, GST refunds, easier loans and demand generation.

"Multi RSI (relative strength index) divergence, record FPI futures short position and the subsequent reversal candle indicates that a swing low and bottom is in place," Edelweiss Professional Investor Research Chief Market Strategist Sahil Kapoor told IANS.

"The market rose on positive breadth with the corresponding decline in yields and stoppage of rupee depreciation. This indicates that a break above 200DMA (day moving average) for Nifty is likely to take it from 11,400 to 11,600 range."

On Monday, Indian markets advanced sharply on the back of Finance Minister Sitharaman's measures to combat slowdown and improve foreign investor confidence.

Both the Sensex and Nifty surged over 2 per cent as investors rejoiced over what many analysts are dubbing as Sitharaman's "mini-budget". The single biggest push came via the roll-back of the much-criticized tax surcharge on Foreign Portfolio Investors (FPIs).

The BSE Sensex jumped 792.96 points, or 2.16 per cent, to close on Monday at 37,494.12, while the Nifty gained 228.50 points, or 2.11 per cent, to 11,057.85.

The financial sector and public sectors banks (PSBs) led the charge on Monday. The Nifty Financial Service index closed 4 per cent higher, followed by the Nifty PSB index that was up 3.58 per cent. The Nifty Realty index surged by 3.74 per cent.

"The initial set of actions, though small, has enhanced market sentiment and confidence," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The market will trade in a positive bias awaiting further developments regarding additional government measures and US-China trade talks, he added.

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Nifty could move to the immediate resistance level of 11,200 levels, and any close above 11,200 levels would result in further short covering which might push Nifty to levels around 11,400-11,500

Nifty50 surged 229 points on August 26 to post its highest absolute gains since May 20. It closed at 11,058 levels. The move was largely on the back of a series of measures announced by the finance minister on August 23 to build the confidence of the capital markets and the auto industry.

By closing at 11,058 levels on August 26, the Nifty50 conquered its 20-days EMA hurdle for the first time after the budget day. The Nifty50 was facing resistance around its 20 days exponential moving average and reversed south the moment it touched since the breakdown seen on the budget day.

Moreover, on August 23, the Nifty has formed bullish “Piercing line” candlestick pattern on the daily charts. This pattern usually indicates a trend reversal.

The Relative Strength Index (RSI) Oscillator has also formed positive divergence on the daily chart of Nifty and Bank Nifty. In the derivatives, we have seen the first sign of long build-up in the Nifty Futures on August 26.

Amongst the Options, we have seen Put writing at 10,800-11,000 strike prices, indicating strong support around these levels for the coming days.

Unless Nifty closes below it, the trend would be considered bullish for the markets. On the upside, the 11,200 level is likely to act as an immediate resistance where Calls have been written.

This level also coincides with the 200-day SMA which is placed at 11,196 levels. The Nifty Midcap and Smallcap indices also participated in the rally where they gained by 1.58 percent and 2.34 percent respectively.

The Advance decline ratio remained positive for the last two days which is a positive sign. Considering the above indicators, we believe that Midcap/Smallcaps have formed a bottom, and we may see a sharp bounce back from here on.

To conclude, the short-term trend for the Nifty has turned bullish. Therefore, our advice would be to accumulate longs in the Nifty with the stop loss placed below 10,800 levels.

On the higher side, the Nifty could move to the immediate resistance level of 11,200 levels, and any close above 11,200 levels would result in further short covering which might push Nifty to levels around 11,400-11,500.

In the Bank Nifty, one should accumulate long positions with the stop loss of 27,500 levels. On the higher side, the immediate resistance is seen around 28,500 levels, followed by 28,870.

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The top Nifty50 gainers include Indiabulls Housing Finance which is up close to 4 percent followed by HDFC, Adani Ports, Bajaj Finance and Bajaj Finserv while the top losers are Tata Steel, JSW Steel, Vedanta, Hindalco Industries and Hero MotoCorp

Despite global markets in a ul mood, Indian benchmark indices are trading on a positive note after Finance Minister Nirmala Sitharaman on August 23 unveiled a slew of measure to boost growth, increase liquidity, and revive consumer and investor sentiment in the Indian economy.

Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants.

Sensex is up 133 points at 36,833 marks while the Nifty gained 28 points and is trading at 10,857 level.

Nifty PSU bank is the outperforming sector, up 1.5 percent led by Indian Bank, Oriental Bank of Commerce, Central Bank of India, Bank of India and Punjab National Bank.

The media index also added over a percent led by Dish TV, Eros International Media, UFO Moviez, TV18 Broadcast, Zee Entertainment and DB Corp.

Realty stocks are also buzzing, the top gainers are Indiabulls Real Estate which spiked over 8 percent followed by Sobha, Godrej Properties and Prestige Estates.

Metal stocks have taken a hammering after the China-US trade war escalated, weighing further on global growth. The top losers include Tata Steel which tanked over 5 percent followed by Vedanta, JSW Steel, Jindal Steel & Power, Hindalco Industries and SAIL.

Nifty IT is trading in the red dragged by Wipro, Tech Mahindra, Oracle Financial Services, Mindtree, Infosys and HCL Tech.

India VIX spiked 4.84 percent and is trading at 18.19.

The top Nifty50 gainers include Indiabulls Housing Finance which is up close to 4 percent followed by HDFC, Adani Ports, Bajaj Finance and Bajaj Finserv while the top losers are Tata Steel, JSW Steel, Vedanta, Hindalco Industries and Hero MotoCorp.

The most active stocks are State Bank of India, Indiabulls Housing, HDFC Bank, YES Bank and Maruti Suzuki.

Tata Steel, JSW Steel, Hindalco Industries, MRPL, IndusInd Bank, Mahindra CIE and Eicher Motors have hit a w 52-week low on BSE.

Among the Nifty50 names, 23 stocks advanced while 27 declined. On the BSE, 1211 stocks advanced, 804 declined and 103 remained unchanged.

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Indian shares gained on Monday, led by a surge in financial stocks, as investors cheered the government's decision to withdraw a recent tax surcharge on foreign investors and speed up a $10 billion capital infusion into state-run banks

The broader NSE Nifty was up 0.7% at 10,908.05 as of 0354 GMT, while the benchmark BSE Sensex was 0.82% higher at 36,995.07.

On Friday, Finance Minister Nirmala Sitharaman outlined a raft of measures in an attempt to lift consumer sentiment and promised more actions soon to revive slowing economic growth.

"Friday's announcement is a turning point for the domestic market. It could have been better if the global factors were also accommodating," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The development with U.S.-China is an overhang."

Broader Asian shares slumped on Monday as deteriorating trade relations between the U.S. and China shook confidence in the world economy and sent investors steaming to the safe harbours.

India, Asia's third-biggest economy, is facing a slow growth that has dampened demand for everything from cars to cookies, and a poorly received budget proposal on higher taxes for foreign portfolio investors had contributed to a selloff in the markets.

The Nifty PSU bank index that tracks state-owned lenders rose as much as 6.47%, with a 3.8% rise in State Bank of India.

Shares of Yes Bank Ltd and Indiabulls Housing Finance Ltd were among the top gainers on the NSE Nifty, rising over 3% each.

The Nifty Auto index rose as much as 3.07% but gave up gains to trade 0.74% lower by 0415 GMT

The Indian rupee fell to 72.08 against the dollar, its lowest since Dec. 12, versus Friday's close of 71.655.

Shares of miners Vedanta Ltd and Tata Steel Ltd were among the top losers on the NSE index, down 3.5% and 3.2% respectively

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Parle Products Pvt Ltd, India's largest biscuit maker, may be forced to lay off up to 10,000 workers if a bruising consumption slowdown persists, the Economic Times daily reported on Wednesday.

The news comes as a slowdown in Asia's third-largest economy has hit demand for everything from automobiles to retail products, forcing companies to curtail production and recruitment while raising hopes that the Indian government would unveil an economic stimulus to revive growth.

"We have sought a reduction in the goods and services tax ... but if the government doesn't provide that stimulus, then we have no choice but to let go of 8,000-10,000 people," the Economic Times quoted Mayank Shah, category head at Parle Products, as saying.

A representative for Parle did not respond immediately to Reuters' request for comment.

Parle, popular for its Parle-G and Marie brand of biscuits, is not the only food product company to have flagged a slowing demand.

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Eleven years ago, college students Sagar Daryani and Binod Homagai invested Rs 30,000 to start in Jadavpur a small venture selling an Indianised version of the Tibetan delight, momos

With 274 kiosks, small and medium-size outlets and big eating joints spread over 13 Indian cities that employ 2,200 people, their projected turnover by the current fiscal end would be around Rs 200 crore.

Daryani and Homagai now plan to come up with fully automated machines to prepare their delicacy, which would tumble out of conveyor belts beyond Indian shores.

That, in short, is the fascinating tale of the humble past, present growth and likely technology-driven future of the quick-service restaurant chain Wow! Momo.

Headquartered at Jadavpur, where it all started in 2008 with a kitchen, two cooks and a table, Wow Momo Foods Private Limited today fully owns and operates 271 outlets. The rest three in Kerala are franchises.

"We were both greenhorns in business, though Sagar's father had a shop. We were the final year B.Com students. Before the results were out, we had launched our business. We thought it was worth taking the risk. If it doesn't work, we'd go for jobs," 34-year-old Homagai, the company's Chief Operating Officer, told IANS.

"I'm a Nepali, we make momos at home. So we thought of this food because we could see the culture of momos developing in Kolkata," he added.

The first store opened in Gachhtala area of Tollygunge in Spencer's Retail hypermarket, where the momos were supplied from the base kitchen in Jadavpur.

Sales touched Rs 2,000 a day. While Homagai managed the store, with two part-time chefs, Daryani stood outside, distributing leaflets, talking to the customers, giving them free samples.

"We ran an offer every 15 days -- buy three, get one free. The offer boosted the sales by 45 to 50 per cent, thereby covering the salaries of the two chefs," he said.

Impressed with their success, the hypermarket chain gave them another store. And very soon they got the third one in the swanky South City Mall, "which made us a brand".

"The part-time cooks now became full-time. And we also started hiring front end staff," he said.

From then on, there was no looking back. They were opening a store every month, and the speed accelerated as time went by. In 2011, Daryani and Homagai decided to expand beyond Kolkata, by setting up a store in Bengaluru.

Till 2015, they had 44 stores and the only bank loan was of Rs 25 lakh. But that year, they roped in IAN, world's leading horizontal seed-stage platform, to invest Rs 10 crore. "With that money, we started building a good management team."

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The company said it plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings

Shares of CG Power and Industrial Solutions were locked at 20 percent lower circuit intraday on August 20 after the company recognised irregularities in its financial statements. unauthorised transactions

The scrip has hit a new 52-week low of Rs 14.75.

The company in a regulatory filing on August 19 said that an internal probe has uncovered some irregularities in the financial statements of the company.

"While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company," the BSE filing said.

An independent legal firm appointed by the board of directors to probe financial wrongdoings pointed out certain misrepresentation in financial statements of the company and unauthorized financial transactions.

The company plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

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The share price jumped 26 percent in the last 1 month

Shares of Cupid rose more than 8 percent intraday on August 19 after the company received an order worth Rs 14 crore.

"The company has received an order worth Rs 14.1 crore from UNFPA to supply male condoms to Uganda," the company said in a release.

'We are excited to receive this valuable order”, said Omprakash Garg, CMD, Cupid.

Cupid was quoting at Rs 133.45, up to Rs 5.95, or 4.67 percent on the BSE.

The share touched its 52-week high Rs 210.67 and 52-week low Rs 101 on 20 August 2018 and 22 July 2019, respectively.

Currently, it is trading 36.65 percent below its 52-week high and 32.13 percent above its 52-week low.

The share price jumped 26 percent in the last 1 month.

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The buying was seen across sectors and broader markets traded in line with benchmarks for the second straight day, largely driven by domestic factors.

After a steep fall followed by consolidation in the early part of the week, the market has broken on the upside with full force in later part, as bulls took complete charge of Dalal Street for the second consecutive day on August 9.

Buying has been seen across sectors and broader markets traded in line with benchmarks for the second straight day, largely driven by domestic factors.

The BSE Sensex rallied 254.55 points to 37,581.91, taking two-day gains to nearly 900 points. The Nifty50 climbed 77.20 points to close at 11,109.70.

The market breadth was also in favour of bulls as about two shares advanced for every share falling on the BSE. The Nifty Midcap and Smallcap indices gained 1 percent each.

The five factors driving the market high Optimism on FPI surcharge

Reports that the government could tweak or rollback the surcharge on super-rich has played a big part in the upswing. The controversial tax was one of the main reasons for the outflow of foreign institutional investor (FII) money since July.

Presenting the budget on July 5, Finance Minister Nirmala Sitharaman proposed an increased surcharge of 25 percent for individuals earning between Rs 2 crore to Rs 5 crore annual, and 37 percent for those with an income of for more than Rs 5 crore. It effectively increased the tax rate to 39 percent for those in the Rs 2 crore-5 crore bracket and 42.7 percent for those in the higher bracket.

Given that the Income Tax Act includes the association of persons/ body of the individual, trusts in the definition of an individual, the increased surcharge will also be applicable to a majority of the foreign portfolio investors (FPI).

Since July, FIIs have sold more than Rs 25,000-crore worth of shares in India.

"Market gets a breather due to the expectation that the government is likely to be lenient on a higher surcharge on FPIs, which influenced bears to cover their short positions," Vinod Nair, Head of Research at Geojit Financial Services, said.

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A slowdown in its European operations dragged down Tata Steel Ltd’s overall operating margins, which in turn took a toll on its stock price. The stock fell as much as 4.03% on Thursday, before closing 3.77% lower. Given the weak outlook, analysts have not ruled out a further derating

The double whammy of lower steel prices and higher raw material costs have been impacting steel producers. Steel prices have softened significantly in the past quarter leading to lower realizations. As a result, globally diversified firms such as Tata Steel have been hit.

Revenues from its European operations dipped by 11% year-on-year to 14,495 crores in the June quarter. Volume growth was lower than what the Street had pencilled in. Operational issues further dragged down performance. In fact, the European operations face headwinds from lower economic growth and uncertainty around Brexit.

Tata Steel’s Indian operations, though, held up somewhat, despite a slowdown in the domestic economy. Steel production rose 23% year-on-year to 4.5 million tonnes (mt), while sales increased by 18% year-on-year to 3.96 mt. As a result, domestic revenues rose by 12.7% from a year earlier. Higher operating costs, however, saw its domestic net profit shrink marginally, though subdued economic activity and liquidity issues will weigh on domestic consumption.

A rise in production could not perk up revenues because steel realizations were lower in the first quarter. Consolidated steel production rose 11% year-on-year to 7.15 mt, while sales increased 5% year-on-year to 6.34 mt. Domestic production surged 23%, while sales grew 18% from a year ago.

Nevertheless, lower realizations dragged down Tata Steel’s consolidated Ebitda (earnings before interest, tax, depreciation and amortization). Ebitda margins came in at 15%, which saw a sharp contraction of 200 basis points year-on-year.

Tata Steel has cut back on its domestic expansion plans due to slowing demand. Capital expenditure plans have been cut by 20-25%. This is also to help the company keep its deleveraging plans on course.

“Tata Steel has reiterated its deleveraging plan of $1 billion in FY20 relying on cash flows from 

a) downward revising FY20 capex by 20-25%

b) working capital release of  2,000 crores, and 

c) potential stake sale of south-east Asia business," said analysts at JM Financial Institutional Securities Ltd in a note to clients.

Still, its overleveraged balance sheet, coupled with a weak earnings outlook, could continue to weigh on the Tata Steel stock in the medium term.

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The key positive highlight of UltraTech Cement Ltd’s June quarter earnings is the sharp improvement in operating margin. Cast your eyes on the chart alongside. Ebitda margin surged 26%, exceeding analysts’ estimate of 23-24%

Ebitda is earnings before interest, tax, depreciation and amortization, and is a key measure of profitability.

This improvement in margin was primarily driven by higher price realizations. “Cement realisation/tonne witnessed sharp uptick by 13.5% YoY and 12% QoQ at ₹5,037 (which seems to be the highest compared to peers reported so far)," said analysts from Reliance Securities Ltd. Softening input costs also supported operating performance.

Unfortunately, the margin performance wasn’t enough for investors to shift focus from the company’s weak volume growth. Cement sales volume increased by merely 2% year-on-year to 17.86 million tonnes (mt), much lower than the anticipated 18.5 mt.

In its investor presentation, UltraTech Cement indicated that the cement industry’s volumes declined by 3-4% during the June quarter. At the same time, the industry’s capacity utilization was at 67%, suggesting demand was rather tepid.

In a post-earnings conference call with analysts, the management said that cement demand was impacted by general election code of conduct, but is likely to improve in the second half of the year. The company foresees 6% growth in cement demand for the industry in the fiscal year 2020.

As far as prices are concerned, the management said the June exit price was 3% lower than the average price seen earlier in the month and the demand-supply dynamics would play on prices, hereon. The benefits of the decline in the price of petroleum coke, a key input, will be seen in the quarters ahead, it added.

Going ahead, UltraTech Cement’s focus remains on deleveraging and consolidation of sister firm Century Textiles’ cement assets.

Meanwhile, improved performance of the acquired assets from Binani Cement Ltd and Jaiprakash Associates Ltd (Jaypee Cement), besides sequential reduction in debt were some other positives. But the sour point for the market remained poor volume growth.

Reacting to its earnings, the UltraTech Cement stock swung from the green to red, closing over 2% lower to ₹4,233.15 on Thursday. Nonetheless, it was the second-most expensive pan-India-focused cement stock after Shree Cement Ltd, trading at a one-year forward EV/Ebitda of 15 times. EV stands for enterprise value.

To be sure, analysts have cautioned of some more downside in the UltraTech Cement stock given that September is a seasonally weak quarter for the sector.

The lull in demand, especially from the housing sector, continues to weigh on cement prices. This does not bode well. Cement prices across the country corrected further in July and are likely to remain on a weak footing, at least for now.

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Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth

The broader Nifty was up 0.1% at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11% at 36,741.69.

Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%.

The RBI repo rate cut to 5.4% on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

"The expected rate cut has happened and there are signs that the regulator is clearing the NBFC  mess," said Anand James, chief market strategist at Geojit Financial Services.

"We are coming off global challenges and there are signs of things changing."

IT and auto stocks led gains among sectors.

The Nifty IT index was up about 1%, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis.

The Nifty auto index was up 0.73% after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7% to the country's GDP.

Hero Motocorp rose as much as 5% to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most.

HCL Technologies shares were also up 3.6%, after the IT services company guided to a constant currency revenue growth of between 14% and 16% for this financial year.

Among losers, Cipla fell 2.8% after the generic drugmaker reported a quarterly profit that missed estimates.

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All the sectoral indices are trading in the red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy

Shares of Escorts touched a 52-week low of 452.70, falling nearly 4 percent in the early trade on August 1 on the back of poor sales in the month of July 2019.

Escorts' Agri Machinery Segment (EAM) in July 2019 sold 4,860 tractors against 5,610 tractors sold in July 2018.

Domestic tractor sales in July 2019 at 4,505 tractors against 5,483 tractors in July 2018.

Export for the month of July 2019 at 355 tractors registering a growth of 179.5 percent as against 127 tractors sold in July 2018

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At a time when there is a broad-based economic slowdown, growth in lending is hard to come by

In that scenario, Axis Bank Ltd’s swift turnaround to a robust core income growth, driven by a 19% increase in domestic loans, should cheer investors.

The fact that this growth comes in tandem with a reduction in the private sector lender’s toxic loan pile is an added positive. Indeed, the management said the bank is not chasing extraordinary growth, but would rather lend to good borrowers, a message given by most other private-sector lenders that have announced results so far.

This preference for safety is writ large over the Axis Bank’s balance sheet. Loan growth is driven by retail; small businesses, especially the dealership network of the automobile sector, have been avoided. Another safety net provisions, which rose 14% from a year ago, despite the toxic loan stockpile reducing in the June quarter.

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Silver futures traded 0.07 percent higher to Rs 41,223 per kg on July 30 after speculators raised bets, driven by a firm trend overseas.

Silver for delivery in September contracts rose by Rs 28, or 0.07 percent, to Rs 41,223 per kg in a business turnover of 17,680 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in December contracts surged by Rs 12, or 0.03 percent, to Rs 41,950 per kg in 1,182 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.

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In a final push to revive the now grounded Jet Airways, London-based AdiGroup has again evinced interest in Jet Airways.

"Another 48hrs is all we have... and then we walk away!! Have been patient enough @PMOIndia @MoCA_GoI @TheOfficialSBI @EtihadAirways !!!," AdiGroup's Chairman and Managing Partner Sanjay Viswanathan tweeted. The account, however, has not been verified by Twitter.

According to industry insiders, the AdiGroup which was one of the unsolicited bidders for Jet is still interested to form a partnership with Etihad to operate the now-grounded airline.

The development comes after Jet's script continued to slip following reports of a breakdown in talks between the Hinduja Group and Etihad for a stake sale of the now-grounded airline.

Currently, the lenders of Jet Airways led by the SBI are in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways were shortlisted to submit their bids after they put forward their Expression of Interest (EoI).

However, on May 10, the last date for submitting the binding bids, only Etihad gave its offer and that too in the eleventh hour. The other two bids received for the airline were unsolicited including that of AdiGroup.

Industry insiders doubt whether bankers will be able to revive the airline or not, especially after other reports surfaced that Jet's vendors approached the National Company Law Tribunal (NCLT).

Having run out of cash, Jet Airways had suspended operations on April 17, impacting thousands of employees, lessors, vendors and passengers.

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BENGALURU -

Indian shares inched lower on Wednesday after three straight sessions of gains, tracking broader Asia as investors worried about Washington's tough stance on the trade talks with China, and as a slump in domestic automobile sales curbed risk appetite.

U.S. President Donald Trump said on Tuesday he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agrees again to four or five "major points" that he did not specify.

Meanwhile, weak demand and a liquidity crisis at India's shadow banks put the brakes on automobile sales in the domestic market, with passenger vehicle sales in May declining over 20%, data from the Society of Indian Automobile Manufacturers showed.

The broader Nifty fell 0.35% to 11,924.15 as of 0518 GMT, while the benchmark Sensex was down 0.37% at 39,802.41.

"Auto companies, which were in the limelight, are experiencing a slowdown in demand. This is definitely going to impact their profitability and will impact the market," said KK Mittal, an investment advisor at Venus India Asset Management.

"Even tractor sales and commercial vehicle sales have come down, especially in the monsoon months. This will have an effect."

The Nifty auto index was 0.3% lower, dragged by Bajaj Auto Ltd and Hero MotoCorp Ltd, which were down about 1% each.

Yes, Bank Ltd fell 2.7% and dragged the Nifty Bank index lower by about 0.5%, after rating agency Moody's put the bank's rating "under review."

Indiabulls Housing Finance Ltd continued its bear run, falling 5% and topping the NSE losers list, after being dragged into an embezzlement lawsuit on Monday.

Among gainers, Vedanta Ltd rose 1.6% to the top of the NSE list on optimism from higher copper prices. The Nifty metals index was up 0.9%.

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I expect the rupee strength to continue as I expect the USD-INR pair to trade within a range of 64.45-64.65 today, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened marginally lower at 64.53 per dollar on Tuesday versus 64.50 Monday.

Bhaskar Panda of HDFC Bank said, "The dollar has been languishing for some time now and yesterday was no different. The index is hovering below 93 levels.”

“I expect the rupee strength to continue as I expect the USD-INR pair to trade within a range of 64.45-64.65 today."

He further added, "The 10-year benchmark bond yield has remained elevated above the 7.05 percent mark. Today may not be any different as the yield continues to consolidate within the 7.04-7.07 percent range."

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Worries about potential delays in the implementation of US tax cuts weigh on the US dollar.The US currency eased versus the yen as the near term focus remains on senate vote this Thursday and confirmation hearing on Federal Reserve chair nominee Jerome Powell due later today.

Nifty and Sensex opened on a positive note following the strong push from Banking Sector. SBI Bank leads the Banking Index with the strong gain of over 18%, followed by ICICI Bank, that rose by 10%.

The S&P BSE Sensex is trading at 32,912, up by 305 points, while NSE Nifty is trading at 10,285 up by 77 points.

The BSE Mid-cap Index is trading up by 0.59% at 16,276 whereas BSE Small-cap Index is trading up by 0.4% at 17,260.

SBI, ICICI Bank, L&T, Axis Bank, and Ultra Cement are among the gainers, whereas HDFC, HDFC Bank, Indiabulls Housing Finance, Kotak Bank, and Indusland Bank are losing steam on NSE.

Some buying has seen in Basic Materials, Bank, Finance, Industrials,  Capital Goods, and Power while Consumer Durables show weakness on the BSE.

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