Sensex, Nifty sluggish; IT & pharma stocks rise, infra down

Moneycontrol Bureau1:55 pm Buyback: The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

The offer would be for buyback of equity shares not exceeding 10,89,55,223 of face value of Rs 10 each at a price of Rs 335 per equity share for cash aggregating up to Rs 3,650 crore on a proportionate basis, from the eligible shareholders by way of a tender offer through the stock exchange mechanism, the filing said.

1:30 pm Impact of US election on India: In the first televised debate between the two US presidential nominees Hillary Clinton and Donald Trump, Clinton appeared to have edged out her Republican opponent according to some market analysts.

Discussing the impact of the meeting on market, Jan Lambregts, Head of Research - Asia, Rabobank said markets think Clinton has won the debate but Trump managed to get more memorable lines. 

However, he said markets are not positioned for a Trump victory. “The market, like with Brexit, is having trouble trying to discount the odds of Trump victory into price correctly, so the relief rally is more limited,” said Lambregts.

If Trump were to win the US presidential election then it would surely be bad for emerging markets and induce volatility in currency market.

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The market is still on consolidation mode with the Nifty below 8750. The 50-share index is up 7.70 points at 8730.75 and the Sensex is up 32.16 points or 0.1 percent at 28326.44. About 1419 shares have advanced, 1050 shares declined, and 206 shares are unchanged.

Asian Paints, TCS, Infosys, Lupin and Wipro are top gainers while Bharti Airtel, ONGC, L&T, Adani Ports and BHEL are losers in the Sensex.

European stocks opened higher on Tuesday as global investors reacted to the first US presidential candidate debate and oil market news.

Global markets will be reacting to the first televised debate between US presidential nominees Hillary Clinton and Donald Trump on Monday night. Clinton appeared to have edged out her Republican opponent based on analysts' take on the initial market reaction.

Key market issues such as drug pricing and breaking up the banks were not discussed at this debate. But both candidates agreed on the need to strengthen cybersecurity. Clinton focused more on combating terrorism in cyberspace, while Trump said hacking and cyberwarfare were a "huge problem."