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Markets off to negative start, RCom slips 8%

he Indian rupee opened marginally lower on Tuesday.

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Key indices on Tuesday started off on a negative note as both the equity benchmarks were trading in red. At 9:47 AM, Sensex was down with 68.09 points to trade at 33,660.4, while Nifty was trading 19.75 points below to 10,380.30. 

Among the top losers were Anil Ambani led Reliance Communications, the stocks of whom slipped 8 per cent. Today, the spotlight would also be on Bharat ETF 22, which would mark its debut in the market. 

The ETF comprises of blue chips such as ONGC, SBI, IOC, Nalco, BPCL, NTPC and Bank of Baroda as well as SUUTI shares in entities such as ITC, Axis Bank and L&T. 

The Indian rupee opened marginally lower on Tuesday. It opened at 64.53 per dollar against the 64.50 per dollar close on Monday.

Meanwhile, Asian shares stepped back from decade highs on Tuesday as Chinese stocks stumbled for a second straight session, while the U.S. dollar trod water ahead of a crucial Senate vote on tax reform.

Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.

Mainland stocks have jumped 22 percent in 2017, with the gains concentrated in a handful of large index-weighted stocks. The index was down 0.3 percent while Shanghai's SSE Composite index slipped 0.2 per cent. 

"The aspect of poor breadth and participation was actually the point for Chinese authorities who have been concerned with the equity market continually heading higher on very low participation," said Chris Weston, Melbourne-based chief strategist at IG Markets.

"The question is whether further downside in Chinese mainland equities continues in the session ahead and will there be a spillover into Hong Kong and potentially even Japan, Korea and Australia?"

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent from last week's high of 570.21 points. It was on track to end November in the black.

The index has been on an uptrend most of this year, posting a monthly loss only once in 2017.

 

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