Markets pare losses; Hindalco up 3%

Markets have earsed its early losses and are trading higher on fesh buying by fund and retail investors in oil, metal and financials despite weakness in the global markets.

 

At 10 AM, the 30-share Sensex is up 70 points at 26,538 and the 50-share Nifty has gained 26 points at 7,937.

 

In the broader market, the BSE Mid-cap index is up 0.2% and the Small-cap index has gained 0.3%.

 

Market breadth is marginally positive with 982 gainers and 915 losers on the BSE.

 

Hindalco, ONGC, Tata Steel, L&T and M&M have gained between 1.5-3% and are the top 5 gainers on the BSE.

_____________________________________________________________
(updated at 9.40 AM)
Benchmark share indices have opened lower on Friday tracking weakness in their Asian peers and overnight sharp losses on Wall Street. Further, selling by funds and retail investors continue to weigh on the market sentiment.

 

At 9.40 AM, the 30-share Sensex is down 68 points at 26,399 and the 50-share Nifty has shed 14 points at 7,898.

On Thursday, Nifty September F&O series ended lower after seven consecutive positive series. The F&O turnover stood at Rs 5.3 lakh crore.

 

Meanwhile, foreign investors sold shares worth 8.51 billion rupees on Thursday

 

In the broader markets, the BSE Mid-cap and Small-cap indices are trading lower over 0.2% each.

 

Market breadth is weak on the BSE with 635 advances and 1000 declines.

 

Among Sensex stocks, Hindalco, Sun Pharma, Tata Motors, Sesa Sterlite, Coal India, BHEL, NTPC, Axis Bank, ITC and Dr Reddy's Labs are down 0.5-1% each in early trades.
 

Global Markets:

 

Asian shares got off to a rocky start on Friday after a sharp drop on Wall Street curbed enthusiasm for the dollar even after it touched multi-year highs in the previous session.

 

US stocks ended sharply lower, as Apple Inc broke under key technical levels after the tech giant withdrew an update to its new operating system. That pushed the S&P 500 to its biggest one-day decline since July.

 

Japan's Nikkei stock average skidded 1.6%, on track to shed more than 1% for the week, as a stronger yen exacerbated the risk-averse mood.

Sectors & Stocks:

 

On the sectoral front, BSE Consumer Durables is the top losing index down over 1% followed by Capital Goods, FMCG, Realty and Healthcare indices trading lower between 0.5-1%. Bankex is down 0.5%. However, BSE IT is trading higher by 0.1%.

 

Reliance Industries and ONGC which ended down over 3.3% each after the government deferred its decision on gas pricing till November 15 have rebounded in the morning trades and have gained between 0.3-1%.

 

In the financial segment, ICICI Bank which ended down 2.5% yesterday on concerns over the private banking major's exposure to Jaiprakash Group is trading marginally in green today. However, HDFC twins, Axis Bank and SBI have lost between 0.2-1.5%. 

 

In the metal pack, Hindalco and Tata Steel which ended down 2.5-4% each with Jindal Steel dropping 7.6% as the company would be the most impacted by the SC verdict and concerns over huge penalty it would have to pay have bounced back today on fresh buying and are trading over 1% higher.

 

Coal India which surged post the SC verdict on coal block de allocation has dipped nearly 1.5% on profit booking.

 

However, select defensive shares which ended firm yesterday are trading lower today on profit taking. Infosys, ITC, HUL, Dr Reddy’s Lab and Sun Pharma have lost between 0.2-1%. However, IT majors TCS and Wipro have gained nearly 0.5% on renewed buying.

 

Hero Motocorp, Sesa Sterlite, GAIL and Tata Motors are some of the prominent names in red among others and are down nearly 1% each.

 

On the flip side, Cipla, M&M and NTPC are some of the notable names in green and have gained between 0.3-1%.