Markets remain under pressure; Bluechips drag

Markets continue to remain under pressure dragged down by rate sensitive shares on the back of dismal macro-economic data. The industrial growth fell to a four-month low of 3.6% in September and the Consumer Price Index-based (CPI) inflation for October rising to 5%- the highest in four months.

Also, global commodity prices slumped to a new multi-year low, fearing a supply glut on the back of a slowdown in global growth.

At 10:50 AM, the Sensex was at 25,652 levels, down by 218 points while Nifty was at 7,761 levels, down by 68 points.

The top losers on the Sensex are ITC, Vedanta, Cipla, ONGC, and TCS, all down between 2-3% each.
 
The top gainers on the Sensex are Coal India, Tata Steel, Axis Bank , Bajaj Auto, and Bahrti Airtel, all up between 0.4-2% each

------------------------------------
(updated 9:40 AM)

Markets commenced the last trading session for the week on a poor note mirroring the weakness in the global markets.

Also, on the domestic front, a disappointing macro-economic data that suggests a slump in the September factory output numbers and a sharp rise in the October inflation numbers has also dampened the sentiment across the bourses.

At 9:40 AM, the Sensex was at 25,647 levels, down by 214 points while Nifty opened at 7,761 levels, down by 68 points.

The broader markets are in line with BSE Midcap and Smallcap indices down between 0.6-1%. The market breadth is extremely weak with 1,082 declines against 435 advances on the BSE.



The Asian stocks are under pressure amid a decline in global commodity prices and the fear of a possible December rate hike by US Fed has played a dampener as well.

MACRO-ECONOMIC DATA

The annual industrial output grew at a slower-than-expected pace of 3.6% in September, dampened by a slower expansion in the mining sector.

Also, the retail inflation climbed to a four-month high in October as food prices escalated on supply deficiency in pulses.

Consumer price index based inflation, the primary gauge of central bank, rose to 5% in October versus 4.41% in the previous month

GLOBAL MARKET

Asian shares are trading lower after a sharp decline in commodity prices on concerns that sluggish global growth may worsen the supply glut, while the investors remain edgy that the US Federal Reserve may hike interest rates in the month of December. Meanwhile, crude oil prices hit two-and-a-half-month lows on Thursday on oversupply glut.

Japan's Nikkei, Hong Kong's Hnag Seng and China's Shanghai Composite have slumped between 1.2-2.5%.

Investors are likely to keenly await US data on imports and exports, foreign reserves and PPI numbers, scheduled today. Investors will watch out for the Japanese industrial production numbers for September and euro zone's GDP data for the September quarter.

SECTORS & STOCKS

Sectorally, all the indices are in red with BSE Bankex and Capital Goods indices cracking 1.16% each.

Globally, commodity prices slumped to a multi-year lows thus exerting excess pressure on metal stocks. Vedanta, Hindalco, NMDC, Jindal Steel are all down between 1-3% each.

The October Consumer Price Index data released by the government on Thursday has risen to 5% against a 4.4% month-on-month. Banking shares are bleeding red as the inflation numbers could weighed on the decision of the central bank when it announces its fifth bi-monthly monetary policy on December 1, 2015.

Axis bank, HDFC Bank, ICICI Bank, SBI are all down between 0.6-1.2% each

The September factory output data has fallen to 3.6% as against 6.3% in August. L&T, BHEL, Suzlon, Siemens are all down between 1-2% each.

A slew of launches over the past few months have pushed demand for Bajaj motorcycles to new recent highs. Bajaj Auto is 0.5% up in a weak market

Country's largest mortgage lender, HDFC will issue $ 750 million rupee-denominated bonds, also known as 'Masala' bonds, to overseas investors to improve financing prospects for domestic infrastructure projects.  However, the stock has dipped 1.2%

On the flip side, Coal India, Dr. Reddy’s, Bajaj Auto , Tata Motors and Gail are all up between 0.1-1.1% each

Among other shares, SpiceJet reported a Rs 23.8 crore net profit in the September quarter of 2015-16 on lower fuel costs and higher other income as against a loss of Rs 310 crore in same period a year ago. However, the stock is in line with the market trend and is trading 2.4% down

Maggi instant noodles stocks with retailers in select markets were sold out within hours of their relaunch earlier this week.  Nestle India plans to relaunch Maggi starting from Monday. The stock is nearly 1% down in a weak market.