 "Sensex falls over 100 points; Lupin, HDFC dip 2-6%")
Benchmark indices continue to trade lower tracking weak global cues along with selling pressure among capital goods, metal and oil shares.
Market participants have turned cautious ahead of the US FOMC meet which begins today. The Bank of Japan's (BoJ) meeting on interest rate decision is also scheduled on Friday.
Further, markets are likely to remain volatile ahead of the October derivatives expiry on Thursday.
The broader markets are however outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.1-0.2%. Market breadth was weak with 1,474 losers and 1,136 gainers on the BSE.
In the currency front, the rupee was marginally down by three paise at 64.99 against the dollar due to month-end demand for the US currency from importers.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 724.51 crore yesterday as per provisional data released by the stock exchanges.
MACRO-ECONOMIC ANNOUNCEMENTS
Finance Minister Arun Jaitley said today that there is no cause for concern on fiscal deficit and the government will meet its target for the current fiscal despite certain challenges on the disinvestment front.
Reserve Bank of India (RBI) Deputy Governor H R Khan said today that the central bank was considering new measures in debt markets, including working on a trading platform for repos and corporate bonds and looking at building bond indexes.
The government will apply a 5% withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the finance ministry, told reporters on Tuesday.
INDIGO IPO
InterGlobe Aviation which operates IndiGo airline will hit the capital markets today to raise Rs 3,018 crore through its initial public offering. The operator of the profitable no-frills carrier IndiGo has set a price band for the public offer at Rs 700 - 765.
On Monday, IndiGo raised Rs 832 crore from 43 anchor investors, ahead of its Initial Public Offering (IPO) of equity.
GLOBAL MARKETS
Asian shares fell on Tuesday after a four-week rally ran out of steam as investors took cover ahead of central bank meetings in the United States and Japan later in the week, while disappointing US home sales weighed on the dollar.
European markets were set to open flat to lower, with earnings from major companies such as Deutsche Bank and Novartis in focus.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7%.
China's main indexes slid more than 2% at one point, pressured by concerns about weak bank profits and growing bad loans, but pared losses by early afternoon.
Japan's Nikkei eased 0.8%, though it remained near a two-month high.
SECTORS & STOCKS
BSE Consumer Durables, Capital Goods, Metal and Oil & Gas indices are down almost 1% each.
The top losers from the Sensex pack are Lupin, ONGC, GAIL, HDFC, Tata Steel and Vedanta.
Lupin has dipped 6% to Rs 1,936 on the BSE after the company reported 35% year on year (YoY) decline in its consolidated net profit at Rs 409 crore for the quarter ended September 30, 2015 (Q2FY16), due to single digit growth in net sales and lower other income.
Vedanta has fallen almost 2% ahead of its Q2 result today.
On the gaining side, Maruti Suzuki is up almost 2%. The company has launched a premium hatchback, the Baleno, on Monday. It is priced at Rs 4.99 lakh (ex-showroom, Delhi), pitting it directly against the reigning segment leader, the Hyundai Elite i20.
Axis Bank has surged over 1% after the bank reported a 19% increase in second-quarter profit, in line with estimates, while its bad loans remained stable.
Hero Moto has risen by nearly 1%. Buoyed by a double-digit growth in the ten-day long Navratra-Dussehra period, two-wheeler market leader Hero MotoCorp is aiming to sell nearly 600,000 units in retail sales this month.
Bajaj Auto, India's second largest two-wheeler manufacturer, has given its only cruiser bike the much needed upgrade by launching the Avenger at Rs 84,000 (ex-showroom, Delhi). Shares of Bajaj Auto have gained almost 1%.
SMART MOVERS
Shares of TVS Motor were up over 5% at Rs 258 after the auto major reported net profit of Rs 116 crore for the quarter ended September 30, 2015 up 22% compared to Rs 95 crore in the corresponding quarter last fiscal on the back of higher EBITDA margins.
Solar Industries has surged 11% to Rs 3,430 on BSE, erasing most of its yesterday’s loss, after local mutual funds bought three percent stake in the company through open market.
NIIT Technologies has moved higher by 7% to Rs 593, also its new high on the BSE, after the company said it has signed a long term strategic agreement with Dubai based airline flydubai.
With Reuters input
Market participants have turned cautious ahead of the US FOMC meet which begins today. The Bank of Japan's (BoJ) meeting on interest rate decision is also scheduled on Friday.
Further, markets are likely to remain volatile ahead of the October derivatives expiry on Thursday.
More From This Section
At 14:45 pm, the 30-share Sensex was down 131 points at 27,231 while the Nifty was down 38 points at 8,223.
The broader markets are however outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.1-0.2%. Market breadth was weak with 1,474 losers and 1,136 gainers on the BSE.
In the currency front, the rupee was marginally down by three paise at 64.99 against the dollar due to month-end demand for the US currency from importers.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 724.51 crore yesterday as per provisional data released by the stock exchanges.
MACRO-ECONOMIC ANNOUNCEMENTS
Finance Minister Arun Jaitley said today that there is no cause for concern on fiscal deficit and the government will meet its target for the current fiscal despite certain challenges on the disinvestment front.
Reserve Bank of India (RBI) Deputy Governor H R Khan said today that the central bank was considering new measures in debt markets, including working on a trading platform for repos and corporate bonds and looking at building bond indexes.
The government will apply a 5% withholding tax to offshore rupee bonds for foreign investors, in line with the rate applied to domestic debt, Manoj Joshi, joint secretary at the finance ministry, told reporters on Tuesday.
INDIGO IPO
InterGlobe Aviation which operates IndiGo airline will hit the capital markets today to raise Rs 3,018 crore through its initial public offering. The operator of the profitable no-frills carrier IndiGo has set a price band for the public offer at Rs 700 - 765.
On Monday, IndiGo raised Rs 832 crore from 43 anchor investors, ahead of its Initial Public Offering (IPO) of equity.
GLOBAL MARKETS
Asian shares fell on Tuesday after a four-week rally ran out of steam as investors took cover ahead of central bank meetings in the United States and Japan later in the week, while disappointing US home sales weighed on the dollar.
European markets were set to open flat to lower, with earnings from major companies such as Deutsche Bank and Novartis in focus.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7%.
China's main indexes slid more than 2% at one point, pressured by concerns about weak bank profits and growing bad loans, but pared losses by early afternoon.
Japan's Nikkei eased 0.8%, though it remained near a two-month high.
SECTORS & STOCKS
BSE Consumer Durables, Capital Goods, Metal and Oil & Gas indices are down almost 1% each.
The top losers from the Sensex pack are Lupin, ONGC, GAIL, HDFC, Tata Steel and Vedanta.
Lupin has dipped 6% to Rs 1,936 on the BSE after the company reported 35% year on year (YoY) decline in its consolidated net profit at Rs 409 crore for the quarter ended September 30, 2015 (Q2FY16), due to single digit growth in net sales and lower other income.
Vedanta has fallen almost 2% ahead of its Q2 result today.
On the gaining side, Maruti Suzuki is up almost 2%. The company has launched a premium hatchback, the Baleno, on Monday. It is priced at Rs 4.99 lakh (ex-showroom, Delhi), pitting it directly against the reigning segment leader, the Hyundai Elite i20.
Axis Bank has surged over 1% after the bank reported a 19% increase in second-quarter profit, in line with estimates, while its bad loans remained stable.
Hero Moto has risen by nearly 1%. Buoyed by a double-digit growth in the ten-day long Navratra-Dussehra period, two-wheeler market leader Hero MotoCorp is aiming to sell nearly 600,000 units in retail sales this month.
Bajaj Auto, India's second largest two-wheeler manufacturer, has given its only cruiser bike the much needed upgrade by launching the Avenger at Rs 84,000 (ex-showroom, Delhi). Shares of Bajaj Auto have gained almost 1%.
SMART MOVERS
Shares of TVS Motor were up over 5% at Rs 258 after the auto major reported net profit of Rs 116 crore for the quarter ended September 30, 2015 up 22% compared to Rs 95 crore in the corresponding quarter last fiscal on the back of higher EBITDA margins.
Solar Industries has surged 11% to Rs 3,430 on BSE, erasing most of its yesterday’s loss, after local mutual funds bought three percent stake in the company through open market.
NIIT Technologies has moved higher by 7% to Rs 593, also its new high on the BSE, after the company said it has signed a long term strategic agreement with Dubai based airline flydubai.
With Reuters input