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Indian benchmarks opened lower, snapping their five-day rally, as shares of IT companies and heavyweight Reliance Industries weighed on them. At pre-open, the S&P BSE Sensex Index was up 4.01 points, or 0.01%, at 73,331.95 while the NSE Nifty 50 was 16.95 points or 0.08% lower at 22,080.50. "In our opinion, the broad picture of the market is still positive, but due to temporary overbought conditions, we may see range-bound activity in the near term," said Shrikant Chouhan, head of equity research at Kotak Securities. "For traders, key support levels would be 22000-21950/73000-72800, while key resistance zones may be 22150-22225/73500-73800. However, if the Nifty falls below 21950/72800, it may drop to 21850 or 21800 levels. The recommended strategy is to buy between 22000 and 21950, with a stop loss at 21800." Shares of HDFC Bank Ltd., Reliance Industries Ltd., HCLTechnologies Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. contributed the most to today's fall While those of of Bajaj Finance Ltd., Tata Motors Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and Bharat Petroleum Corp. Ltd. cushioned the downside. At pre-open, the S&P BSE Sensex Index was up 4.01 points, or 0.01%, at 73,331.95 while the NSE Nifty 50 was 16.95 points or 0.08% lower at 22,080.50. The yield on the 10-year bond opened flat at 7.16% on Tuesday. Source: Bloomberg -The local currency weakened 5 paise to open at 82.94 against the U.S dollar on Tuesday. -It closed at 82.89 on Monday. Source: Bloomberg Deposit-taking HFCs to maintain 15% of deposits in liquid assets (13% now) Cap on deposits to be reduced to 1.5x net owned funds (from 3x) Maturity of deposits raised will be capped at 60 months (120 months now) Limited impact seen on covered HFCs
Read more: bloombergquint
