Friday, 7 October 2016

Nifty ends below 8,700 ahead of U.S. payroll data

Indian shares declined for a third consecutive session today. Weak global cues and profit booking weighed on the domestic bourses. The domestic market started off on a positive note but then slipped into the red. It then remained in the negative zone throughout most of today’s session and closed with a marginal loss.

Finally, the BSE Sensex ended today’s trading with a loss of 45 points at 28,061. It opened at 28,129, touched an intra-day high of 28,156 and low of 27,965.

The NSE Nifty closed with a loss of 12 points at 8,698. It opened at 8,722, hit an intra-day high of 8,724 and low of 8,664.

Significant selling was witnessed in telecom, IT, oil & gas, consumer durables, banking, pharma and finance stocks, while metal, auto, industrial and basic materials stocks were among the gainers.

Among the 50 stocks of the Nifty, Tata Steel, Tata Motors DVR, Zee, Bajaj Auto, Tata Motors, Tata Power and Grasim were among the gainers, whereas Bharti Infratel, Asian Paints, Eicher Motors, HDFC, Infosys and Ciplawere among the losers today.

Sentiment remained downbeat as a World Bank release stated that India, the world's largest remittance recipient in 2015, may receive a lesser remittance of $65.5 bn this year, ie a drop of 5%. Investors also remained cautious ahead of a US jobs report due later in the day and the start of domestic quarterly earnings season.

The India VIX (Volatility) index was down 2.35% to 14.4850. Out of 1,497 stocks traded on the NSE, 755 declined and 684 advanced today.

The BSE Midcap index ended marginally higher and the Smallcap index closed in the red.

The rupee was trading down 3 paise at 66.72 per US dollar.

On the economy front, the Reserve Bank of India (RBI) has proposed widening the definition of a branch to make it easier for banks to meet the norm of opening 25% banking outlets in unbanked rural centres.

On the global front, Asian markets closed on a tentative note, following a warning from the IMF that a Fed rate hike will create a major disorder across Asian markets. As a result, the Hang Seng and Nikkei 225 closed lower. Markets in China remained closed for the Golden Week public holidays.

European markets remained subdued over speculation on curtailment of stimulus measures by the European Central Bank (ECB).The CAC 40 and DAX and FTSE are trading in red, while FTSE 100 gained 1%. The pound sterling slumped to a three-decade low, raising eyebrows across financial markets.

Sensex, Nifty slip further

The Indian equity market fluctuated between gains and losses amid mixed global clues and ahead of U.S payrolls data.

At 12:03 PM, the S&P BSE Sensex is trading at 28,017 down 89 points, while NSE Nifty is trading at 8,682 down 28 points.

The BSE Mid-cap Index is trading down 0.01% at 13,539 whereas BSE Small-cap Index is trading down 0.10% at 13,212.

Tata Steel, Tata Motors, Lupin, GAIL and Axis Bank are among the gainers, whereas Asian Paints, Cipla, HDFC, L&T, Bajaj Auto and HUL are losing sheen on BSE.

Some buying activity is seen in metal, power, industrial and utilities sectors, while IT, oil & gas, capital goods, consumer durables and banking are showing weakness on BSE.

The INDIA VIX is down 1.19% at 14.6575. Out of 1,873 stocks traded on the NSE, 796 declined, 736 advanced and 341 remained unchanged today.

A total of 53 stocks registered a fresh 52-week high in trades today, while 15 stocks touched a new 52-week low on the NSE. 

Endurance Technologies got fully subscribed in only one hour on Day 3 of the bidding process. The quota limit for non-institutional investors (NIIs) saw bids for 4.79 lakh shares, while the quota for qualified institutional investors (QIBs) was subscribed 1.7 times.

IDBI Bank Ltd is currently trading at Rs. 72.85, up by Rs. 3 or 4.29% from its previous closing of Rs. 69.85 on the BSE. The government is looking to get IDBI Bank’s stalled disinvestment plan moving again, has instructed the lender’s management to bring its stake down to 52%.

Tata Steel Ltd is currently trading at Rs. 395.45, up by Rs. 6.15 or 1.58% from its previous closing of Rs. 389.3 on the BSE. The company registered Hot Metal production of 3.12 million tonnes in Q2 FY'17 (up by 17 per cent y-o-y) and 6.14 million tonnes in H1 FY'17 (up by 17 per cent y-o-y).

Bombay Dyeing & Manufacturing Company Ltd is currently trading at Rs. 60.2, up by Rs. 2.45 or 4.24% from its previous closing of Rs. 57.75 on the BSE. Around 20.5 lakh shares were traded in a multiple block at Rs 57.40-59.10 on the NSE and BSE.

Aurobindo Pharma Ltd is currently trading at Rs. 850, down by Rs. 6.6 or 0.77% from its previous closing of Rs. 856.6 on the BSE. Around 98 lakh shares were traded in a multiple block.

The rupee opened lower six paise at 66.75/$ against US Dollar Friday as against the previous close of 66.69/$.

Asian markets opened modestly lower on Friday. Hang Seng and Nikkei 225 are trading in red. Mainland Chinese markets remained closed for the National Day holiday.

Wall Street closed flat on Thursday as investors looked ahead to a key employment report. The Dow Jones industrial average fell 0.07%. The S&P 500 rose 0.05% and the Nasdaq fell 0.17%.

Globally markets are in consolidation as wild swings in the Pound sterling which fell 6.5% to a new 30 year low, rise in bond yields & oil hitting 4 month highs are unsettling participants. Strong US jobs data to offset rate hike in December is the market mood in the US as data is awaited today.

Spectrum sale ended on Thursday, five days after it started, with the government raising Rs 65,789.12 crore in revenue, of which less than half will accrue to the exchequer in the current fiscal year.

On the economy front, the Reserve Bank of India (RBI) has proposed widening the definition of a branch to make it easier for banks to meet the norm of opening 25% banking outlets in unbanked rural centres.

Sensex, Nifty trade flat

The S&P BSE Sensex is trading at 28,149 up 42 points, while NSE Nifty is trading at 8,719 up 13 points.

The BSE Mid-cap Index is trading up 0.57% at 13,619 whereas BSE Small-cap Index is trading up 0.39% at 13,277.

ONGC, Tata Steel, GAIL, Tata Motors and Axis Bank are among the gainers, whereas HDFC, L&T, Bajaj Auto and Cipla are losing sheen on BSE.

Some buying activity is seen in media, FMCG, realty and metal sectors, while IT and financial service are showing weakness on NSE.

The INDIA VIX is down 0.80% at 14.7150. Out of 1,848 stocks traded on the NSE, 445 declined, 967 advanced and 436 remained unchanged today.

A total of 26 stocks registered a fresh 52-week high in trades today, while six stocks touched a new 52-week low on the NSE.

The rupee opened lower six paise at 66.75/$ against US Dollar Friday as against the previous close of 66.69/$.

Asian markets opened modestly lower on Friday. Hang Seng and Nikkei 225 are trading in red. Mainland Chinese markets remained closed for the National Day holiday.

Wall Street closed flat on Thursday as investors looked ahead to a key employment report. The Dow Jones industrial average fell 0.07%. The S&P 500 rose 0.05% and the Nasdaq fell 0.17%.

Globally markets are in consolidation as wild swings in the Pound sterling which fell 6.5% to a new 30 year low, rise in bond yields & oil hitting 4 month highs are unsettling participants. Strong US jobs data to offset rate hike in December is the market mood in the US as data is awaited today.

Spectrum sale ended on Thursday, five days after it started, with the government raising Rs 65,789.12 crore in revenue, of which less than half will accrue to the exchequer in the current fiscal year.

On the economy front, the Reserve Bank of India (RBI) has proposed widening the definition of a branch to make it easier for banks to meet the norm of opening 25% banking outlets in unbanked rural centres.