MARKETS LIVE: Nifty below 10,750 weighed by IT, metals; YES Bank down 4%

The benchmark indices are trading slightly lower taking cues from their Asian peers which fell due to losses on Wall Street as technology firms bore the brunt of worries about slackening demand.

YES Bank has dipped 6.5% to Rs 192 per share on Tuesday, erasing almost its entire Monday’s 7% gain on BSE, after the bank’s independent director Rentala Chandrashekhar put in his papers. “Rentala Chandrashekhar, non-executive, independent director has tendered his resignation from the bank's board, on November 19, 2018, with immediate effect, due to personal reasons,” YES Bank said on Monday after market hours.

Shares of Adani Gas have surged 14% to Rs 88.70 per share, their highest level since listing earlier this month, on the back of heavy volumes on the BSE after the stock shifted to normal trading segment with effect from today from the restricted segment.

The rupee is trading on a firm note, rising to a two-month high of 71.28 against US dollar in intra-day trade, up its previous of 71.67 against the greenback.

RBI BOARD MEET OUTCOME

In a nine-hour meeting at the Reserve Bank of India (RBI) headquarters, the central bank's board decided to constitute an expert committee to examine the economic capital framework (ECF) of the central bank. The membership and terms of reference of this committee would be jointly decided by the government and the RBI.

The board of the RBI advised it to act to support small businesses and give banks more time to step up capital norms, following weeks of pressure from central government to spur lending ahead of elections. The next board meeting is scheduled to be held on December 14 that will discuss the agenda items related to liquidity in non-banking financial companies (NBFCs) and governance in the RBI.

GLOBAL MARKETS

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent. South Korean shares dropped 0.9 per cent. Hang Seng index slipped 1.4 per cent.

OIL PRICES

Oil prices were stable on Tuesday on expectations that producer club OPEC will soon cut supply to prevent oversupply amid slowing demand growth and a surge in output from the United States.

US West Texas Intermediate (WTI) crude futures were at $57.21 per barrel, 1 cent above their last settlement. Front-month Brent crude oil futures were at $66.75 a barrel, down 4 cents from their last close.

Stock Market Tips and recommendations Follow Market captains .