Tuesday, 26 August 2014

Nifty opens below 7,900; metals & power under pressure

Markets have opened lower on account of selling pressure in and after the Supreme Court on Monday held that guidelines were breached in coal block allocations during the UPA government and that the terms of allotment, going as far back as 1993, were themselves illegal.

The Sensex has opened lower by 27 points at 26,409 mark and the Nifty slipped by 11 points at 7,895 mark.


US stocks ended higher as investors bought shares after recent data showed that the economy is on an uptick while better-than-expected earnings also boosted sentiment.

Meanwhile, the broader S&P 500 touched a fresh all-time high led by biotechnology and financials surpassing the 2,000 mark for the first time ever but closed shy of that level at 1,997.92.

The global benchmark Dow Jones ended up 0.4% at 17,076.87 while the tech-laden Nasdaq ended up 0.4% at 4,557.35.

Asian shares got off to a firm start on Tuesday as investors warmed up to the idea of more monetary stimulus by the European Central Bank to boost the sagging euro zone economy.

The euro slipped to a one-year low against the dollar as comments from ECB chief Mario Draghi late last week that the central bank was prepared to respond with all its "available" tools resonated in the market.

South Korean shares rose 0.3% and the Australian market edged up 0.2% in early trade. MSCI's dollar-denominated index of Asia-Pacific shares outside Japan tacked on 0.05%.

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