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Market LIVE: Sensex, Nifty slump in early trade; Michael Patra appointed as RBI’s Deputy Governor

FE Online

Market LIVE: Equity benchmarks Sensex, Nifty made a bullish start on Tuesday taking cues from the global stock markets. Sensex slumped 59 points to open at 41,800.22 while Nifty fell 10 points to start the day at 12,318. Monday’s biggest loser TCS turned it around completely and holds the top position at the start of the day trading at 2206.55. ICICI Bank and HDFC bank fell to the bottom of the Sensex pack in early trade. The global markets riding high on the expectations of the Phase-1 of the highly talked US-China trade deal. Japan's Nikkei surged 0.8% and hit its highest point in a month. Australia's S&P/ASX 200 jumped 0.7% and touched a fresh intraday high. On the other hand, oil prices slumped on Tuesday as Middle East tensions seem to be cooling down for now. Meanwhile, the government released inflation numbers on Monday evening and the picture looks bleak for the already reeling economy. Consumer price inflation (CPI) has surged to 7.35 per cent for December, way more than RBI's targeted 4 per cent.  The CPI is on the upscale since October last year. CPI in October stood at 4.62 per cent but shot up to 5.54 per cent in November. The government is also likely to announce RBI’s Deputy Governor soon.