Nifty was struggling around 10,450 while Sensex was down nearly 100 points

Indian markets struggled today amid weak global cues. The Sensex was down around 100 points in early trade while Nifty was trading near 10,450. Asian markets were weak today, tracking an overnight selloff on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.4 percent to a 1-1/2 week low. Overnight, Dow Jones Industrial Average fell 602.12 points, or 2.32 percent, to 25,387.18, the S&P 500 lost 54.79 points, or 1.97 percent, to 2,726.22 and the Nasdaq Composite dropped 206.03 points, or 2.78 percent, to 7,200.87. Apple Inc and Goldman Sachs Group Inc dragged down the technology and financial sectors.
Among the Sensex stocks today, Tata Motors, which fell nearly 5% yesterday, was down 2%. Bharti Airtel and SBI were down nearly 1%.

Giving some comfort to Indian markets, oil prices fell by more than 1% today, with Brent crude sliding below $70 and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Both oil price benchmarks have shed more than 20 percent in value since early October.
Saudi Energy Minister Khalid al-Falih said on Monday the Organisation of the Petroleum Exporting Countries (OPEC) agreed there was a need to cut oil supply next year by around 1 million bpd from October levels to prevent oversupply.
In global markets, gold prices bounced off one-month lows. Spot gold was up 0.2% at $1,202.99 per ounce, having touched their lowest since October 11 at $1,199.72 earlier in the session.

Data released yesterday showed India’s retail inflation rate dropping sharply in October, giving the RBI some leeway to allow easier lending policies. The rate, which includes food and energy prices, dropped in October to 3.31 percent on a year-on-year basis, the slowest pace in 13 months and remains below the Reserve Bank of India’s (RBI) medium-term target of 4% for a third straight month. The September inflation rate was a revised 3.70%

9:30 AM IST
Jet Airways shares rise
Jet Airways India Ltd rose 1.3% to Rs 243.30 after Mint reported that Tata Group is conducting due diligence of Jet Airways (India) Ltd as the nation’s largest conglomerate explores the purchase of a controlling stake in the cash-strapped airline. The company posted a worse-than-expected loss for the third straight quarter on higher fuel costs and foreign currency losses. Jet Airways plunged to a net loss of ₹1,297.46 crore in the three months ended 30 September, excluding its units. It had a net profit of ₹49.63 crore in the same period a year earlier.

source: livemint.com