The BSE Sensex settled over 74 points lower, or 0.20 percent, at 37328. The NSE Nifty50 settled at 11017, down 37 points, or 0.33 percent. The Nifty MidCap index settled 0.85 percent lower, while the banking gauge, Nifty Bank slipped 0.72 percent. PSU bank and metal were among the worst falling sectors, while auto, IT and teck advanced. Maruti Suzuki, Tata Motors, HCL Tech, Infosys and Dr Reddy's were top gainers, rising between 1 and 4 percent. The losers included Yes Bank, Indiabulls Housing Finance, Britannia, UltraTech Cement and IndusInd Bank, dipping between 2 and 7 percent. 

Shares of NMDC fell 11 percent to trade at Rs 91.05 on reports that the Karnataka government has withdrawn its lease renewal letter for Donimalai mining block awarded to the company, and will auction the mining rights for the block. Brokerage Edelweiss Securities said this decision may have a far-reaching impact for NMDC as this could set a precedent for renewing mining leases, and the company may have to pay a hefty premium in the e-auction of mining blocks. The stock hit a three-month low of Rs 90.10.

European shares followed their Asian counterparts higher on Tuesday as investors bet possible monetary and fiscal stimulus measures would help stave off a major global economic downturn. In early European trade, the pan-region Euro Stoxx 600 rose 0.2 percent, the German DAX gained 0.1 percent, and Britain’s FTSE rose 0.36 percent. That followed gains in Asia. The MSCI world equity index, which tracks shares in 47 countries, rose 0.1 percent and followed a decent rebound on Monday.

UK's leading energy and home services firm British Gas has sold all of its holdings, or a 10 percent stake, in Mumbai-based Mahanagar Gas Ltd (MGL) through a block deal on the bourses today. Mahanagar Gas was listed on July 2016 at Rs 540 per share with GAIL and British Gas holding 32.5 percent stake each in the company. While GAIL still holds its 32.5 percent stake in the company, British Gas has been selling its stake since April 2018. READ MORE

Indian equity market looks fragile at this juncture as global and domestic headwinds have eroded investors' risk appetite. At first glance, it appears that the trend of 'sell-on-rise’ is dominant as every one or two sessions of gain in the market is succeeded by a fresh wave of selling.

While the worries over the US-China trade war remain, deteriorating domestic microeconomic health, plunging auto sales—a major indicator of the country's economic health—and the budget proposal of a tax surcharge on super-rich have shaken India's position as an attractive market. READ MORE

Indiabulls Ventures has given strong returns to investors during the last eight years. In 2011, the company hit its all-time low of Rs 5. The stock has risen over 4000 percent since then to trade around Rs 205 currently. Rs 1,00,000 invested into Indiabulls Ventures stock in 2011 would have grown to Rs 41 lakh today. READ MORE

Vodafone Idea shares fell 7 percent on Tuesday, adding to the sharp losses it suffered on Monday, on concern that the churn in the top management could hamper its prospects. Vodafone Idea on Monday said Chief Executive Officer Balesh Sharma had resigned with immediate effect citing personal reasons. The company appointed Ravinder Takkar as the new CEO and managing director. Sharma's resignation comes on the back of poor earnings performance over the past year, weak integration of Vodafone India with Idea Cellular, and constant exit of subscribers. Sharma left his position less than a year since the merged entity -Vodafone Idea - commenced operations on Aug 31 last year. As many as 32.95 million shares of the company changed hands on the NSE, below the three-month average daily volume of 97.35 million. At 10.34 am, stock quoted at Rs 5.70 apiece, down by 5 percent on NSE. The broader Nifty50 slipped 32 points to trade at 11,022.

-Benchmark equity indices have erased their gains after opening the session marginally higher. Indices had opened the session higher tracking other Asian equities and the strength in the US market overnight as fear over recession eased following de-escalation of trade tensions between US and China, and as governments across the globe were taking measures to prop up the economy.

-At 12.45 pm, the Nifty50 was at 10994, down 60 points, or 0.54 percent. The Sensex was at 37225, down 177 points, or 0.44 percent.

-Losses in the shares of ITC, Reliance Industries, and Kotak Mahindra Bank weighed on the indices.

Shares of Yes Bank fell over 5 percent following the discovery that the lender holds 12.8 percent stake in CG Power. The latter is locked in 20 percent lower circuit.

CG Power and Industrial Solutions shares hit lower circuit on Tuesday after financial irregularities, including understating total liabilities, advances and unauthorized transactions, were uncovered in an internal probe conducted by the company's board of directors. Intraday, CG Power's shares plunged 20 percent to Rs 14.80 per share on the NSE. The stock has already lost 70 percent of its value since the beginning of 2019. READ MORE

CLSA has trimmed the FY20 revenue growth forecast for consumer staples (ex-ITC) from 11.5 percent to 8.4 percent, leading to a decline in earnings growth forecast to 10.8 percent from 13.6 percent. Britannia has the highest earnings cut of 7 percent while Marico has a slight upgrade, CLSA said in its latest report, which reviews Q1FY20 for sectors like financials, telecom and consumption. The consumer sector witnessed moderation as the staples revenue growth moderated to an eight-month low. However, in comparison to auto sales, staples did well, CLSA said. READ MORE

The BSE Sensex opened at 37,441.75 on Tuesday, while the NSE Nifty50 started at 11,063.90. The Sensex was up 86.62 points, or 0.2 percent, to 37,489 at 9.20 am. The Nifty was up 18.60 points, or 0.2 percent, to 11,072.50. Among sectors, FMCG and metal are witnessing selling pressure, while buying seen in the auto, infra, IT and pharma. BSE midcap and smallcap are trading flat. Mahanagar Gas, Zee entertainment, Infosys, M&M, HDFC Bank, TCS are among major gainers on the indices, while losers include Britannia, Yes Bank, JSW Steel, IOC, Bharti Infra, Coal India , Tata Motors and ICICI Bank. READ MORE

The rupee opened lower against the US dollar on Tuesday, a day after it closed at over 6-month low, as growing worries over an economic slump and a stronger American unit weighed on risk appetite. Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon. At 09:10 AM, the rupee was trading at 71.60 a dollar down 17 paise from its Monday’s close of 71.43. The home currency opened at 71.51 and touched a high and a low of 71.51 and 71.61 a dollar, respectively. READ MORE

Credit Suisse on Reliance Industries: The brokerage upgraded the stock to 'neutral' and raised its target price to Rs 1,210 from Rs 1,028 per share. The brokerage is factoring in a stronger balance sheet with a debt reduction of $22 billion till FY21 and low capex intensity guidance.

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