Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000
All that happened in Wednesday's trade
 "sectors")
Source: NSE
The benchmark indices pared entire gains to end lower with the Nifty slipping below its crucial 10,000 mark as focus now shifted to the September-quarter earnings season, which is expected to be subdued due to the impact of the goods and services tax.
Market heavyweights Tata Consultancy Services and Reliance Industries are slated to post results tomorrow and on Thursday, respectively. TCS gained 1.6% to settle at Rs 2,500, while RIL ended marginally lower at Rs 840.
Investors also await the retail inflation data due tomorow, which is likely edged up in September, driven by higher salaries of government employees as well as the impact of the GST, a Reuters poll found, a development that would make further monetary policy easing unlikely.
Overseas, Spanish stocks and bonds rallied and the euro hit a two-week high on Wednesday as European markets took relief from Catalonia stopping short of declaring immediate independence from Madrid.
3:57 PM
Vinod Nair, Head of Research, Geojit Financial Services
The Market failed to hold the opening positive momentum as profit-booking emerged towards close due to caution ahead of CPI & IIP data. September CPI inflation is expected to surge to 3.52% from 3.36% while the rising crude oil price and volatility in rupee may limit RBI interference on key rate. Additionally, earnings season will kick-start tomorrow with the result of IT heavyweight and market will take direction from the expectations and the actual numbers.
3:55 PM
Nifty IT sole sectoral gainer
Source: NSE
3:52 PM
Top Sensex gainers and losers at close
Source: BSE
3:46 PM
Market breadth
Market breadth, indicating the overall health of the market, turned negative. There were at least two losers for every gainer on the BSE. 1,806 shares declined, while 938 shares rose. 106 shares remained unchanged.
Market breadth, indicating the overall health of the market, turned negative. There were at least two losers for every gainer on the BSE. 1,806 shares declined, while 938 shares rose. 106 shares remained unchanged.
3:44 PM
Broader markets
After hitting its fresh high, the BSE Smallcap index pared all its gains to end over 1% lower. The BSE Midcap index shed 0.8%.
3:40 PM
Markets at close
The S&P BSE Sensex ended at 31,833, down 90 points, while the broader Nifty50 settled at 9,984, down 32 points.
The S&P BSE Sensex ended at 31,833, down 90 points, while the broader Nifty50 settled at 9,984, down 32 points.
3:25 PM
Outlook on auto sector
We continue to believe that the stage is set for strong demand for automobiles across segments on the back of (1) An increase in the government’s capital spending and focus on the rural economy, (2) Higher rural income with well-spread normal monsoon, (3) Increasing per capita income and growing urbanisation, (4) Falling interest costs and (5) Low base effect. In our coverage universe, Maruti Suzuki, Hero Motocorp, M&M and Tata Motors are our top picks. This is owing to the fact that they have an extensive distribution network and strong rural franchise, and would be major beneficiaries of demand revival in the next two years. We also prefer Eicher and Force Motors, given the increasing preference for premium, stylish and differentiated vehicles. We continue to maintain our positive stance on Tata Motors, as JLR’s volume growth momentum is likely to continue with its healthy new product cycle and margin trajectory.
(Source: HDFC Securities)
(Source: HDFC Securities)
3:22 PM
Edelweiss Securities downgrades Coal India to 'HOLD'
Our target price of Rs 285 has been achieved and we see limited upside hereon as even price hikes of 6% (if taken) would merely nullify the adverse impact on EBITDA due to higher than expected wage increase. We have lowered our dividend yield estimate from 8% to 4-6% now in light of constrained cash accretion. The stock trades at top end of its peers and its own historical trading range. Hence, we downgrade to ‘HOLD/SP’ with revised TP of Rs 275, implying an exit multiple of 14.5x FY19E EPS.
3:16 PM
Buzzing stock
Sical Logistics rose over 5% to Rs 213.45 on BSE after the company's board approved a proposal to initiate the buying of 26% stake held by MMTC in the company's subsidiary Sical Iron Ore Terminals.
Sical Logistics rose over 5% to Rs 213.45 on BSE after the company's board approved a proposal to initiate the buying of 26% stake held by MMTC in the company's subsidiary Sical Iron Ore Terminals.
3:11 PM
Global markets
Spanish stocks and bonds rallied and the euro hit a two-week high on Wednesday as European markets took relief from Catalonia stopping short of declaring immediate independence from Madrid.
MSCI’s 47-country world stocks index briefly hit a fresh record high in opening European trading as a 1.5 percent jump in Spain’s IBEX added to a 10-year high set by Asian shares overnight.
The biggest surge came from Spanish banks which rallied as much as 4 percent, while the country’s government bond yields - which gauge political tension levels - saw their second biggest fall in a month.
3:07 PM
Volatility index
India VIX rose over 4% to 12 in intraday trade.
India VIX rose over 4% to 12 in intraday trade.
Source: NSE
3:04 PM
India to lose fastest-growing economy tag?
Demonetisation and Goods and Services Tax (GST) seem set to hamper India's growth in 2017-18. The International Monetary Fund (IMF) is the latest to trim its 2017-18 economic growth forecast for India. Even as IMF raised its economic growth projections for most major economies, it did the opposite for India. Also, its projection of 6/& per cent growth for India is lower the 6.8 per cent for China. That means, IMF sees India losing its tag of the fastest-growing major economy. READ FULL REPORT
3:03 PM
TCS trades firm ahead of Q2 results
Tata Consultancy Services (TCS) was trading 2% higher at Rs 2,510 on the BSE in an otherwise subdued market ahead of July-September quarter (Q2FY18) results on Thursday, October 12, 2017. READ MORE
2:46 PM
Markets check
At 2:45 pm, the S&P BSE Sensex was trading at 31,862, down 67 points, while the broader Nifty50 was ruling at 9,998, down 18 points.
At 2:45 pm, the S&P BSE Sensex was trading at 31,862, down 67 points, while the broader Nifty50 was ruling at 9,998, down 18 points.
2:32 PM
IPO watch: GIC Re
GIC subscription update at 2pm on day 1: Subscribed: Overall 0.72x, Retail 0.03x, QIB 1.41x and Employee 0.05x
GIC subscription update at 2pm on day 1: Subscribed: Overall 0.72x, Retail 0.03x, QIB 1.41x and Employee 0.05x
Topics :
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Oct 11 2017 | 3:32 PM IST
