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The Indian market erased opening gains to close largely flat. The benchmark Sensex ended the session 18 points lower at 37,675, while the Nifty ended the session at a high of 11,389, but with a gain of just 2 points.
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Reliance was the biggest drag on the Index, followed by SBI, Adani Ports & ICICI Bank. In the broader markets, the Nifty Bank index failed to hold on to 27,900, closed 23 points lower at 27,876. And, Nifty Midcap Index edged 54 points lower to 19,146.
On the earnings front, M&M closed near day’s low despite reporting an in-line numbers with tractor segment margin holding above 20 percent and automotive segment seeing margin at 9.4 percent against 6.7 percent in the same quarter last year. Two wheeler co TVS Motor gained 4 percent, as co reported an increase of 40 bps in margin despite higher raw material costs. Auto ancillary co Motherson Sumi slipped 3 percent post Q1 numbers. From the banking space, PNB failed to provide entirely for the remaining amount in the Nirav Modi Fraud case, and that lead to the biggest one-day fall (8 percent) in the last four months.
In the futures market, Nifty 11,500 Call saw an addition of 4 lakh share sin the open interest with premium slipping 1 percent while 11,400 Call added 2 lakh shares and premium gained 1.2 percent. Nifty 11,400 Put Call added 3 lakh shares in the open interest with premium slipping 5 percent. Nifty August Futures closed with a premium of 35 points against a premium of 27 points on Monday.
Asian stocks climbed, with markets in the region mostly finishing higher after U.S.-China trade jitters weighed on sentiment in the last session. Japanese shares rose, with the benchmark Nikkei 225 adding 0.7 percent to close at 22,663. Driving those gains was the 6.5 percent surge in SoftBank shares after the index heavyweight reported a 49 percent jump in its quarterly profit.
Most sectors closed in positive territory, with the telecommunications sector leading the gains. South Korea's Kospi, meanwhile, tacked on 0.6 percent to end at 2,300. Technology finished higher, with Samsung Electronics gaining 2 percent, while brokerages and retailers came under pressure. Chinese stocks bounced back following Monday's slide when trade uncertainty dampened investor sentiment.
The Shanghai Composite added 2.7 percent to close at 2,779, finishing the session higher on the back of a four-day losing streak, while the blue-chip CSI 300 was up 2.9 percent for the day.
Hong Kong's Hang Seng Index rose 1.5 percent, extending gains made during the Monday session that had snapped a five-day losing streak. Energy as well as property and construction led the advance, both up by more than 3 percent. Elsewhere, Australian shares finished the day lower as the Reserve Bank of Australia held rates steady. The S&P/ASX 200 slipped 0.3 percent to close at 6,254 as declines in the materials and telecommunications subindexes weighed on the broader index.