 "Nifty faces resistance above 8,150; Consumer Durables surge")
Markets continue to remain under pressure for the fourth straight day with Sensex trading below the crucial 27,000 mark after US Fed rekindled hopes of an interest rate hike in the month of December.
Meanwhile, squaring-up of positions by market participants as today marks the last trading session of the October derivatives expiry further hurt the sentiments.
At 12:15 PM, the Sensex was at 26,940 down 99 points while the Nifty has lost 29 points at 8,142. The broader markets are showing divergent trend with BSE Midcap index, down by 0.1% and Smallcap index up by 0.2 % . The market breadth is positive with 1,209 advances against 1,063 declines on the BSE.
RUPEE
The rupee has depreciated by 22 paise to 65.13 against the US dollar on strong demand for the US currency from importers after the US Federal Reserve indicated it may hike interest rates in December.
STOCK TRENDS
On the sectoral front, BSE FMCG, Bankex, Oil & Gas and Power indices are trading lower between 0.5-1%. However, BSE Auto, Consumer Durables and Realty indices are between 0.5-1.5%.
RIL is up 0.5% after Reliance Jio Infocomm decided to raise Rs 3,000 crore by issuing secured redeemable non-convertible debentures on private placement basis.
Sun Pharma has initiated a recall of a little over a million boxes of Loratadine, an anti-allergic drug, from the US market after checks revealed the tablets were ‘super potent’ and ‘out of specification’. The stock has lost 1.2%.
Maruti Suzuki, which recently set up a premium dealership network for select cars, will start pilot for a new sales network to sell light commercial vehicles due for launch early next year which will roll out during the current quarter in four states. The stock is down 1%.
Jet Airways posted a consolidated net profit of Rs 83 crore in the second quarter of FY16 compared with a loss of Rs 43 crore in the same period last year on the back of passenger and revenue growth and lower fuel costs. However, the stock has lost 0.5%
Dabur India’s net profit has increased by 18.2 per cent during the July-September quarter of this financial year to Rs 341 crore from Rs 289 crore in the same quarter the previous year owing to declining raw material prices. The stock is up 0.4%.
ONGC Videsh has decided to double its investments in Africa from the current $8 billion over the next three years. The stock is trading with marginal losses.
Hero Motocorp may post growth in excess of 20% during the month of Octobe on the back of strong sales during the Navratri and Dusshera festive season. The stock is up 0.5%.
NTPC is trading with marginal losses ahead of the quarterly results due today.
Dr Reddy’s Lab has gained 2% ahead of the quarterly results due today.
Wiith the ensuing festive season, consumer goods such as air-conditioners, washing machines, televisions, jewellery and other home appliances are likely to remain in demand. BSE Consumer Durables is up 1%.
Wiith the ensuing festive season, consumer goods such as air-conditioners, washing machines, televisions, jewellery and other home appliances are likely to remain in demand. BSE Consumer Durables is up 1%.
