Sensex ends 266 points lower, Nifty below 9,850; auto, pharma, realty drag

Catch all that happened in the market here

9:33 AM

Nifty Pharma sole sectoral gainer among NSE indices 

Source: NSE

9:29 AM

Top Sensex gainers and losers 

Source: BSE

9:26 AM

Earnings impact

 

Tata Motors tanked over 5% to Rs 393 on the BSE after the auto major posted a 41.6% growth in profit at Rs 3,200 crore, against Rs 2,260 crore it posted in the same quarter last financial year. The fall came as without the one-time gain of Rs 3,609 crore that came from changes in JLR’s pension plans, the company would have reported a loss on forex impact. CLICK HERE FOR DETAILED EARNINGS

9:20 AM

Markets at open

At 9:19 am, the Sensex was trading at 31,667, down 130 points, while the broader Nifty50 was ruling at 9,863, down 44 points. 

9:11 AM

Nifty outlook by Prabhudas Lilladher

 

Nifty now gets into the bear grip whereby the sentiment is now corrective with indices showing signs of fatigue at these levels and now the fear of weekly trend too turning down would further bring a corrective bias. The support for the day is seen at 9,860 while resistance is seen at 9,950.

9:07 AM

Nifty outlook by Angel Broking 

 

Traders are advised not to create longs in the index and in fact, use any bounce back towards 9,960-9,990 to move out of existing positions. On the flipside, this corrective move is now likely to extend towards 9,870-9,820 levels. One of the notable observations is that the individual stocks have now started experiencing

massive profit-booking and hence, traders are advised to be very cautious and needs to be selective while picking a stock.

9:06 AM

F&O WATCH

 

The Nifty futures open interest has increased by 1.31%. BankNifty futures open interest has decreased by 5.15% as market closed at 9908.55 levels.

 

The Nifty August future closed with a premium of 18.65 points against the premium of 20.90 points in last trading session. The September series closed at a premium of 51.60 points.

 

The Implied Volatility of at the money options has increased from 10.51 to 11.37. At the same time, the PCR-OI of Nifty has decreased from 1.15 levels to 1.13.

 

Few of the liquid counters where we have seen high cost of carry are IDFC, ADANIPOWER, CENTURYTEX, IFCI and HDIL

 

Source: Angel Broking

Photo: Shutterstock

9:03 AM

Pre-open trade

 

Sensex, Nifty open flat in pre-open trade. The Sensex was trading at 31,811, up 13 points, while the broader Nifty was up 51 points at 9,960. 

9:01 AM

NIFTY BANK OUTLOOK FROM ANGEL BROKING

 

The index breached the '20 DEMA' with a gap on Wednesday and continued the corrective move seen in the previous session. As also mentioned in our yesterday's report, the index has given a breakdown from a 'Head & Shoulders' reversal pattern on the hourly chart which is a negative sign. 

 

For intraday, the support for the index is placed around our earlier mentioned target of 24200. We may see some pullback move from the mentioned support and the index could trade in the range of 24200-24600 for next couple of sessions. 

 

We continue with our advise to remain cautious and trade in stock specific move with proper risk management. The intraday support for the Nifty Bank index is placed in the range of 24150-24200 whereas resistances are seen around 24525 and 24600

8:58 AM

Gold inches down from near-two month high

 

Gold prices edged lower early Thursday, moving away from near two-month highs hit in the previous session as safe haven demand triggered by rising tensions in the Korean peninsula eased.

 

Spot gold fell 0.2% to $1,275.10 per ounce. The precious metal rose 1.3% in the previous session, its biggest gain since mid-May, and touched $1,278.66 an ounce, it highest level since June 14.

8:57 AM

MARKET OUTLOOK FROM ANAND RATHI RESEARCH

 

The momentum indicator MACD has also gone into sell mode which is a confirmation of a trend reversal. Now, just a close below its crucial levels is required i.e. a close below 9900 levels will confirm trend reversal for the target of 9700 levels. 

 

We have been saying that the range for the Index is 9900-10150 levels, hence a reversal form upper end of the trend will definitely get it to the lower end of the trend. 

 

From hereon, 9900 levels on closing basis must be watched, as a close below those levels will lead to a trend reversal, hence any bounce thereafter should be utilised as a shorting opportunity for the target of 9700 levels with a reversal then pegged above 10050 levels. It will be interesting to watch whether the Index closes below 9900 levels or bounces back from those levels.

8:55 AM

Oil prices

 

Oil futures inched down despite official figures showing U.S= crude inventories fell more than expected, with an analyst saying the market had settled into a range.

 

Brent crude, the global benchmark, was down 4 cents, or 0.1% at $52.66 after earlier trading as high as $52.80. It closed up 1.1% on Wednesday, snapping two days of declines. US West Texas Intermediate (WTI) crude was down 3 cents at $49.52, after rising to $49.69 earlier. The contract gained 0.8% in the previous session.

8:55 AM

Prabhudas Lilladher is bullish on Asian Paints, Infosys and Bank of India. Check out why

8:54 AM

Sebi ban on shell companies: Why investors should be worried READ MORE HERE

8:53 AM

We remain bearish on Nifty for August series: Sacchitanand Uttekar CLICK HERE FOR MORE