Financial stocks on Wall Street rose with the S&P 500 closing at a record high for the fourth consecutive session on Tuesday which was carried on as the Asian stocks opened to a firmer start on the back of a strong dollar.
The US dollar strengthened as US Federal Reserve Chair Janet Yellen signalled a interest rate hike in the next meet.
However, the Indian market opened on a flat note.
At 9.30 AM, The S&P BSE Sensex was trading 28,322, down 17.07 points while the broader Nifty was trading 8,789, down 2.45 points.
"Going forward, we expect this consolidation phase to continue in the market as long as trading range of 8820 - 8715 remains intact," said an Angel Broking Report.
"In case of Nifty sustaining above 8820 on a closing basis, we could see extension of this rally towards the next milestone of 8900. On the downside, the support has now been shifted higher towards 8754 - 8715. It's advisable to follow stock centric approach in order to fetch decent returns," added the report.
Tata Motors dragged the market lower plunging 7.85 per cent on the BSE.
Sun Pharma was also a major laggard in the market after a poor quarterly earnings report losing nearly 3 per cent on the BSE.
While Adani Ports was the top gainer in early morning trade gaining 1.48 per cent.
Bogged down by demonetisation and higher fuel costs, SpiceJet on Tuesday reported a 24 per cent fall in net profit at Rs 181.1 crore in three months ended December 2016 even as the second largest low-cost carrier remained in the black for the eighth straight quarter.
India's largest drug maker Sun Pharmaceutical Industries was affected by the impact of a slowdown in its US business which was reflected on their performance.
The drug maker posted a decline in net profit to Rs 1,472 crore in the quarter.
Officially, earning season ended on February 14, 2016 and here are some of the other losers and gainers:
Thomas Cook, Vivimed Labs, Bannari Sugars, ITDC and Flexituff International reported good profits and incomes. HDIL reported a 66 per cent fall in income, Unitech posted a loss of 17 crore while Amtek Auto posted a 46.6 per cent plunge in income.
Asian stocks opened firmer on the back of a strong dollar.
At 9.20 AM (IST), China's Shanghai Composite was up 0.31 per cent, Hong Kong's Hang Seng Index was up 1.28 per cent gaining over 289 points while Japan's Nikkei surged 1.22 per cent to 234 points.
On Wall Street, the Dow Jones Industrial Average rose 92.25 points to 20,504.41, the S&P 500 gained 9.33 points to 2,337.58 and the Nasdaq Composite added 18.62 points to 5,782.57 on Tuesday's trade.
Along with the S&P, the Dow Jones Industrial Average notched its fourth straight record, while the Nasdaq closed at a high for a sixth consecutive day.
The greenback was initially under pressure following the resignation of President Donald Trump's national security adviser, Michael Flynn but reversed course after Yellen's comments.
The dollar was up 0.3 percent after touching a three-week high of 101.38 against a basket of major currencies.
Source - businesstoday.in