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.

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Keep 5-yr investment horizon for Long Term Equity Fund

Though the fund has done well over past five years, the investors must be prepared to tolerate short-term under performance in case there is a sudden rally that overlooks fundamentals . Investment strategy The scheme has invested in a concentrated portfolio of around 25 stocks. The stocks are picked up on a bottom-up basis. The fund manager identifies investment opportunities that would deliver over a five-year time frame. “We don’t put much emphasis on the macro environment and the associated factors since they are not predictable and not within anyone’s control. Should you invest now? The scheme’s portfolio has cut its net exposure to Indian stocks over past two years. Compared to 62 percent in September 2016, it came down to 55 percent in September 2017 and to 45 percent now, in line with rising valuations of quality companies. High cash levels and exposure to overseas stocks have helped the fund to weather recent sharp correction in Indian stocks....

Oil prices fall on rising US rig count, Illinois refinery fire

US West Texas Intermediate (WTI) crude futures were at $51.92 per barrel at 0144 GMT, down 80 cents, or 1.5 percent, from their last settlement. Oil prices fell by more than 1 percent on Monday as US drilling activity picked up and as a refinery fire in the US state of Illinois resulted in the shutdown of a large crude distillation unit. US West Texas Intermediate (WTI) crude futures were at $51.92 per barrel at 0144 GMT, down 80 cents, or 1.5 percent, from their last settlement. International Brent crude oil futures were down 71 cents, or 1.1 percent, at $61.39 a barrel. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in US crude production, which already stands at a record 11.9 million bpd. WTI prices were also weighed down by the ...

Wall Street drops, S&P 500 confirms correction

The Dow Jones Industrial Average fell 178.74 points, or 0.73 percent, to 24,285.95, the S&P 500 lost 17.37 points, or 0.66 percent, to 2,632.56 and the Nasdaq Composite dropped 33.27 points, or 0.48 percent, to 6,938.98. US stocks closed lower in a shortened post-holiday trading session on Friday as the energy sector tumbled on continued weakness in oil prices, and the benchmark S&P 500 confirmed its second correction of 2018. The three major US indexes all fell well over 3 percent for the week, with the Dow industrial and the Nasdaq posting their biggest weekly percentage declines since March. The S&P 500 ended about 10.2 percent down from its September 20 closing record high, confirming it had entered a correction. The S&P last entered a correction earlier this year after posting a then record high in late January, and falling more than 10 percent by early February. That correction lasted roughly seven months, until the index posted a fr...

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