Profit booking drags Sensex, Nifty; inflation, global cues weigh .

Equity benchmarks closed lower on profit booking Tuesday after a rally in previous two consecutive trading sessions but the broader markets outperformed despite weak breadth. Fears of delay in rate cut after July inflation data and correction in global peers dented sentiment that dragged the Sensex more than 200 points intraday, though it halves losses in last hour of trade.

 Indices started off trade today after a long weekend as the market was shut on Monday for Independence Day holiday. 

The 30-share BSE Sensex was down 87.79 points at 28064.61 and the 50-share NSE Nifty fell 29.60 points to 8642.55 while the BSE Midcap gained half a percent.

 Experts see some consolidation in near term as the market digested June quarter earnings and inflation data. They don't expect any rate cut in 2016. 

While consumer price inflation (CPI) breaching the 6-percent mark is slightly worrisome, Tirthankar Patnaik of Mizuho Bank believes the Reserve Bank of India's FY17 target of 5 percent still looks achievable.

 He says the monsoon's progress and consequent improvement in Kharif sowing this year raises confidence of food inflation easing off in the coming months. He feels it could provide RBI the space to cut rates by 25 basis points by the end of the fiscal. 

Wholesale price index (WPI) inflation in July jumped to 23-month high at 3.55 percent against 1.62 percent in preceding month and estimates of 2.65 percent by a CNBC-TV18 poll. Retail inflation measured on consumer price index (CPI) for July also hit 23-month high of 6.07 percent against 5.77 percent on MoM basis.

Sensex slips over 150 pts; TCS, Tata Motors down 2%.

The market is still weak with the Sensex is down 168.52 points or 0.6 percent at 27983.88 and the Nifty is down 56.65 points or 0.6 percent at 8615.50. About 993 shares have advanced, 1575 shares declined, and 153 shares are unchanged.

 Cipla, Adani Ports, L&T, Lupin and ONGC are top gainers while TCS, Tata Motors, Sun Pharma, HDFC and Bharti Airtel are losers in the Sensex.

 The total value of FII holdings in NSE-listed companies rose to Rs 20.13 lakh crore in the April-June quarter this year, Prime Database said today.

 The increase was attributed to net inflows of Rs 14,671 crore, Prime Database Managing Director Pranav Haldea said.

 As per the report, the total value of FIIs' holding rose from Rs 18.37 lakh crore in January-March period to Rs 20.13 lakh crore in the June quarter.

 The valuation of FIIs had hit an all time high of Rs 20.29 lakh crore in the January-March quarter of last year. In percentage terms, FIIs' ownership on average climbed to 6.65 percent in the June quarter of this year from 6.59 percent in the preceding three months.

 European stocks were lower as investors paused for breath after fresh record closing highs in US equities failed to boost investor sentiment in Europe and Asia.

Live Stock Market Updates - Sensex slips over 150 points; Nifty below 8650

The Indian stock market opened lower on Tuesday. The key benchmark is trading lower after disappointing macroeconomic data and weak trend in Asian markets. India's retail inflation hit a two-year high of 6.07% in July and the country's merchandise exports contracted 6.84% from a year earlier in the month, after a marginal rise in June.

The stock market remained closed yesterday on account of Independence Day.

The BSE Sensex opened 37.64 points up at 28,190.04, while NSE Nifty opened 1.90 points down at 8,670.25.

At 12:17 PM, the S&P BSE Sensex is trading at 27,972 down 181 points, while NSE Nifty is trading at 8,610 down 62 points.

The BSE Mid-cap Index is trading up 0.15% at 12,773 whereas BSE Small-cap Index is trading down 0.24% at 12,184.

Adani Ports, Cipla, Power Grid, NTPC, L&T, ITC and Tata Steel are among the gainers, whereas Tata Motors, HDFC, Bharti Airtel, Infosys and Sun Phrama are losing sheen on BSE.

Some buying activity is seen in oil & gas, metal, utilities, basic materials and power sectors, while telecom, IT, consumer durables, realty,auto and banking showing weakness on BSE.

The INDIA VIX is up 6.17% at 14.6200. Out of 1,822 stocks traded on the NSE, 690 declined, 746 advanced and 386 remained unchanged today.

A total of 44 stocks registered a fresh 52-week high in trades today, while 30 stocks touched a new 52-week low on the NSE.

The Independence Day celebrations saw Prime Minister Narendra Modi reiterate his point that things are getting better in India and called for moving from Swarajya to Surajya, which means good governance.

The global cues are supportive for a firm opening with US indices closing at record highs after crude prices moved higher again.

Asian markets are also doing fine. As if the result woes were not enough, Infosys could be at the receiving end again after reports that it lost a US$200 million order from Royal Bank of Scotland; major layoffs are also anticipated. OMCs will be in focus are petrol price was cut by Re 1 a litre while diesel prices cooled by Rs.2 per litre on Monday.

Live Stock Market Updates - Sensex, Nifty volatile

The Indian stock market opened lower on Tuesday after India's retail inflation hit a two-year high of 6.07% in July and the country's merchandise exports contracted 6.84% from a year earlier in the month, after a marginal rise in June.

The BSE Sensex opened 37.64 points up at 28,190.04, while NSE Nifty opened 1.90 points down at 8,670.25.

At 9:37 AM, the S&P BSE Sensex is trading at 28,154 up mere two points, while NSE Nifty is trading at 8,668 down mere four points.

The BSE Mid-cap Index is trading up 0.73% at 12,740 whereas BSE Small-cap Index is trading up 0.45% at 12,243.Adani Ports, Power Grid, SBI, Cipla, ITC, Lupin and ONGC are among the gainers, whereas Infosys, Tata Motors, Sun Phrama, Bharti Airtel, Axis Bank and HDFC are losing sheen on BSE.

The INDIA VIX is up 3.59% at 14.2650. Out of 1,822 stocks traded on the NSE, 690 declined, 746 advanced and 386 remained unchanged today.A total of 31 stocks registered a fresh 52-week high in trades today, while 10 stocks touched a new 52-week low on the NSE.

The Independence Day celebrations saw Prime Minister Narendra Modi reiterate his point that things are getting better in India and called for moving from Swarajya to Surajya, which means good governance.

The global cues are supportive for a firm opening with US indices closing at record highs after crude prices moved higher again.

Asian markets are also doing fine. As if the result woes were not enough, Infosys could be at the receiving end again after reports that it lost a US$200 million order from Royal Bank of Scotland; major layoffs are also anticipated. OMCs will be in focus are petrol price was cut by Re 1 a litre while diesel prices cooled by Rs.2 per litre on Monday.