The Indian markets opened flat on Tuesday with a negative bias, tracking SGX Nifty and global cues, and then were trading on a mixed note. At 10.34 am, the Sensex was trading at 26587.55, down by 7.90 points, while the Nifty was trading 4.40 points up at 8183.90.
The US markets remained closed on account of New Year. While the first day of the year was on Sunday, the financial markets across the US observed holiday on Monday. Most of the European markets ended on a positive note on the first trading session of the new year.
Indian markets traded on a weak note for the entire day on Monday in a range-bound manner and closed marginally negative. With sharp rate cuts by banks the credit growth for the industry should revive. However, it could take some time before the impact is felt.
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“In the mean time investors are worried about the margins of banks and competition to HFCs and hence we saw some selling in selective HFCs and banks during the day. In the near term quarterly results and commentary by corporates as to how 2017 looks forwards to them will be closely watched by the Indian market participants,” said an Angel Broking note.
As per provisional figures, foreign institutional investors (FIIs)/ foreign portfolio investors (FPIs) sold shares worth net Rs 260.64 crore on 30th December 2016. Domestic institutional investors bought shares worth Rs 20.66 core on that day.