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Stock Market Live: Sensex, Nifty turn flat after opening at new highs; Metals, Banks drag:  Sensex:  47807 – High-Nifty: 13982

Dollar slumps as bears shrug off U.S. stimulus delay

Stock Market Live: Indian indices pared gains to turn flat after opening at record high on Wednesday. Meanwhile, Asian shares also retreated as investors cashed in on a recent rally.

Opening Bell: Sensex, Nifty turn flat after opening a new highs; Banks drag

Indian indices pared gains to turn flat after opening at record high on Wednesday. Meanwhile, Asian shares also retreated as investors cashed in on a recent rally. At 9:18 am, the Sensex was 39 points higher at 47,652 while the Nifty rose 14 points to 13,947. Gains in heavyweights HDFC Bank, ITC, HCL Tech and HUL were capped by losses in HDFC, RIL, Infosys and ICICI Bank. Broader markets underperformed benchmarks with the midcap and smallcap indcies down 0.5 percent and 0.3 percent, respectively. Most sectors, except Nifty FMCG, also turned red after opening in the green. Nifty Metal was down the most, 0.5 percent, while Nfity Bank and Nifty Fin Servcies lost 0.2 percent each.

First up, here is quick catchup of what happened in the markets on Tuesday

Indian shares extended rally to end at record close on Tuesday, with beaten-down banking stocks gaining the most on the back of an improving economic outlook. The sentiment was also higher on robust FII inflows this month. The Sensex gained 0.55 percent or 259.33 points to end at 47,613.08, while the Nifty settled 59.40 points or 0.43 percent higher at 13,932.60. Broader markets under performed the benchmarks with Nifty Midcap100 and Nifty Smallcap100 indices ending in the red. Among sectors, Nifty Private Bank gained the most followed by Nifty Financial Services, Nifty IT and Nifty PSU Banks. Meanwhile, Nifty Metal, Nifty Media, Nifty Pharma and Nifty Realty ended with losses.

The dollar slumped to multi-year lows against many currencies on Wednesday as currency traders looked past a new delay in U.S. stimulus cheques and maintained bets additional financial aid was still likely. The greenback hit its weakest level in more than two years against the euro, the Australian and the New Zealand dollars. The greenback also crashed to the lowest in more than five years against the Swiss franc and fell broadly against Asian currencies. The dollar has fallen steadily since U.S. President Donald Trump signed a coronavirus aid and spending bill on Sunday, because more stimulus for the world’s largest economy reduces demand for the perceived safety of holding the greenback.

AirAsia to sell bulk of stake in its Indian operations to Tata Sons

Malaysian budget airline AirAsia Group Bhd said on Tuesday it plans to sell 32.67 percent of its stake in its Indian operations to majority shareholder Tata Sons for $37.7 million. The airline, which until now owned 49% of AirAsia India as part of a joint venture with the Indian conglomerate, said the sale would allow it to focus on its recovery in its key Southeast Asian markets amid the impact of the COVID-19 pandemic on travel. The announcement comes two months after AirAsia shut its operations in Japan, citing highly challenging conditions amid the pandemic.

Banks’ asset quality likely to deteriorate sharply: RBI report

The Reserve Bank of India (RBI) has warned after cases of borrowers defaulting on their loans may rise sharply because of the impact that the COVID-19 pandemic has had on businesses. “Given the uncertainty induced by COVID-19 and its real economic impact, the asset quality of the banking system may deteriorate sharply, going forward,” the Reserve Bank warned in the Report on Trend and Progress of Banking in India 2019-20, released today. Gross non performing asset (NPAs) of commercial banks– public, private, foreign and small finance–as a percentage of total loans stood at 7.5 percent as of as of September 2020, the second consecutive year of decline. But the RBI has warned that this downtrend in NPAs may not sustain.

So investors are cautioned to deal with PSB shares.

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