The market remained under pressure weighed down by index heavyweights like HDFC twins and ITC. The Sensex fell 154.24 points to 26413.75 and the Nifty declined 52.15 points to 7893.40. About 1130 shares have advanced, 1235 shares declined, and 114 shares are unchanged. Metal stocks are weak as global growth concerns weigh. The World Bank has cut China's growth forecast for the next 3 years - estimate is 2015 growth will be 7.2 percent, 7.1 percent in 2016 versus a previous forecast of 7.5 percent for both years. Other frontline stocks in focus include Tata Motors (up 1.5 percent) that saw buying despite weak September sales, Mahindra and Mahindra (down 2 percent) as Mahindra 2 wheelers bids to acquire 51 percent stake in Peugeot Motorcycles. Infosys reversed earlier losses reacting to Jack Palmer (former employee) suing the company again. DLF lost nearly 3 percent as Prime Minister Narendra Modi yesterday said the Election Commission should take appropriate action over the Haryana government's approval of DLF and Robert Vadra land deal From the broader markets, Mphasis declined 2 percent after Macquarie downgraded the stock to underperform. TVS Motor and Ashok Leyland gained 1 percent and 3 percent, respectively post September sales numbers. Ballarpur Industries rallied 11 percent as IFC will invest USD 100 million in BILT's arm while Apollo Tyres rose 6 percent after the RBI said foreign investors can buy upto 45 percent in the company. Brent crude fell to over two-year lows while FIIs started month of October on negative note with a sell figure of Rs 63 crore on last Wednesday. This comes after September saw the lowest FII flows in seven months.
Tuesday 7 October 2014
Nifty breaks 7900; Infosys rebounds, Tata Motors rises
The market remained under pressure weighed down by index heavyweights like HDFC twins and ITC. The Sensex fell 154.24 points to 26413.75 and the Nifty declined 52.15 points to 7893.40. About 1130 shares have advanced, 1235 shares declined, and 114 shares are unchanged. Metal stocks are weak as global growth concerns weigh. The World Bank has cut China's growth forecast for the next 3 years - estimate is 2015 growth will be 7.2 percent, 7.1 percent in 2016 versus a previous forecast of 7.5 percent for both years. Other frontline stocks in focus include Tata Motors (up 1.5 percent) that saw buying despite weak September sales, Mahindra and Mahindra (down 2 percent) as Mahindra 2 wheelers bids to acquire 51 percent stake in Peugeot Motorcycles. Infosys reversed earlier losses reacting to Jack Palmer (former employee) suing the company again. DLF lost nearly 3 percent as Prime Minister Narendra Modi yesterday said the Election Commission should take appropriate action over the Haryana government's approval of DLF and Robert Vadra land deal From the broader markets, Mphasis declined 2 percent after Macquarie downgraded the stock to underperform. TVS Motor and Ashok Leyland gained 1 percent and 3 percent, respectively post September sales numbers. Ballarpur Industries rallied 11 percent as IFC will invest USD 100 million in BILT's arm while Apollo Tyres rose 6 percent after the RBI said foreign investors can buy upto 45 percent in the company. Brent crude fell to over two-year lows while FIIs started month of October on negative note with a sell figure of Rs 63 crore on last Wednesday. This comes after September saw the lowest FII flows in seven months.
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