Markets bleed; Nifty ends below 7,800

Markets finished the last session of Samvat Year 2071 on a dismal note, extending its losses for the fifth straight session with Sensex settling below the crucial 26,000 mark on persistent outflow of foreign funds amid a weak trend among the global peers as prospects of  interest rate hike by the US Fed rekindled.

Meanwhile, Bihar Assembly polls verdict raised concerns after NDA led by BJP lost heavily in the state election of Bihar.

Provisionally, the Sensex closed 392 points lower at 25,729 and the Nifty lost 131 points lower at 7,784.

_______________________

(updated at 3:30 PM)

Markets have trimmed losses in the late trades owing to strength in select financials coupled with a smart rally in the auto shares as the sales of the auto companies in the domestic market increased in the month of October amid the ongoing festive season.

 

At 3:15 pm, the 30-share Sensex was down 382 points at 25,739 while the Nifty eased 134 points at 7,781.

Meanwhile, the sentiment remained bearish on the persistent outflow of foreign funds amid losses among the global peers on the possibility of an interest rate hike by the US Federal Reserve in the month of December.

Adani Ports & Special Economic Zone (SEZ), Bharat Heavy Electricals Limited (BHEL), Idea Cellular and Sun Pharmaceutical Industries from the Nifty 50 companies have touched their respective 52-week lows on the National Stock Exchange (NSE).

Top 5 gainers on the Sensex include Axis bank, ICICI Bank, Maruti Suzuki, Tata Motors and Bajaj Auto up between 0.8-2.5%.

On the flip side, ONGC, Sun Pharma, Dr Reddy’s Lab, BHEL and Veadnata have lost between 2-4%. 
_________________________

(updated at 2:30PM)

Benchmark share indices continued to trade with losses as investors extended profit taking in index heavyweights while auto majors continued to remain in top gear on strong October sales.

At 1:30pm, the 30-share Sensex was down 274 points at 25,847 while the Nifty eased 97 points at 7,818.

"Traders are unwilling to extend positions in wake of the truncated week while profit taking is in index heavyweights and news-based selling in pharma stocks. Further, global cues are also not supportive," said Alex Mathews, Head of Research, Geojit BNP Paribas Financial Services

The broader markets also witnessed profit taking with the BSE MidCap and SmallCap indices down 0.3-1% each. Market breadth continued to remain weak with 1341 losers and 1044 gainers on the BSE.

Meanwhile, markets will be open for trading from 5.45pm to 6.45pm tomorrow on account of a special Muhurat trading session to herald the new year Samvat 2072. Further, Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.

The rupee which has been depreciating against the US dollar in the previous 7 sessions firmed up in today's trade and was trading at 66.38 after exporters pressed sales in the US currency.

SECTORS & STOCKS

Except for Auto index all other sectoral indices were in the red with Oil & Gas emerging as the top loser down 2.7%.

Auto stocks have bucked the weak trend after domestic passenger car sales rose 21.80% to 1,94,158 units in October from 1,59,408 units in the same month a year ago. Maruti Suzuki was up 1.1%.

Motorcycle sales rose 5.66% to 10,65,856 units in October as against 10,08,761 units sold during the same month last year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). Bajaj Auto, Hero Motocorp are up 1.3-2% each.

Tata Motors has extended its gains from yesterday and is marginally up on the back of a new proposed cost cutting plan of JLR.

Among the index heavyweights, Reliance Industries was down 2.7% while IT major was down over 1% contributing the most to the Sensex losses.

ONGC is down nearly 4% on the back of a decline in the crude oil prices. Disappointing quarter by the company further hurt the stock.

Hindalco is down 2.5% after weak earnings from its overseas subsidiary Novelis. Further, the company is expected to announce the quarterly results today.

Dr. Reddy’s which had slumped in the previous session was further down nearly 4% on the back of the warning letter issued by the US Food and Drug Administration (USFDA).

Capital Goods stocks are trading lower ahead of the IIP numbers due on Thursday. BHEL and L&T have lost 0.6-2.4%.

FMCG majors ITC and Hindustan Unilever are trading mixed ahead of the consumer price inflation data due on Thursday.