Sensex falls 509 pts, Nifty near 16,850; RIL, ITC shed 3%, pharma stocks up

CLOSING BELL: Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent

10:43 AM

RBI's MPC to start 3-day today, another rate hike likely

Based on the recommendations of the Monetary Policy Committee (MPC), the RBI had effected 50 basis points increase in repo rate each in June and August after raising the short-term lending rate by 40 basis points in an off-cycle decision in May. READ MORE

10:32 AM

Stock of this footwear company has zoomed 60% thus far in September

Shares of Liberty Shoes hit a fresh four-year high at Rs 270.40, surging as much as 8 per cent in Wednesday's intra-day trade, in an otherwise a weak market. READ MORE

10:20 AM

COMMENT | Market texture bearish, adopt 'sell on rally' now

Globally equity markets are in bear territory. Nasdaq is down 33.2 % from the peak and S&P 500 is down 24.3% from the peak.

The Euro Stoxx 50 is down 24.3% from its peak. These are clear bearish signals from markets in the developed world.

India is a distinct outlier with only 8.5% decline from the peak in Nifty. India can remain an outperformer supported by its strong fundamentals but India cannot remain immune to major global trends.

 

The texture of the market has changed from ‘buy on dips’ to ‘sell on rally’ and therefore, investors have to be cautious in the market now.

The Bank Nifty has sharply corrected by 8% from its recent record high and is weak now. IT is likely to remain resilient supported by currency tailwinds. Autos and capital goods can be slowly accumulated on declines.
 

Since valuations in India continue to be high relative to peers, investors may brace for more corrections in this bearish scenario.

A sharp turnaround in global market sentiments will happen only when data indicate a decline in US inflation.

Views by  V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

 

10:10 AM

India rules out tax policy changes for inclusion of bonds in global indices

FTSE Russell and JPMorgan Chase & Co. are due to unveil the results of their index reviews in coming weeks, with investors piling into Indian bonds on bets the country will replace Russian debt. While the index compilers could proceed to include the securities without changes, discussions earlier fell apart over the government’s demand to retain the right to tax capital gains, dashing analysts’ predictions of $30 billion of foreign inflows. READ MORE

10:00 AM

MCX Crude Oil can fall to Rs 5,900; Natural Gas may soon test Rs 500-mark

The MCX Crude Oil October futures are likely to test major support of 100-WMA around the Rs 5,900-level. Whereas, for the week, Rs 530-level is the key support for Natural Gas futures. Read here

9:52 AM

MARKET CHECK | Sensex recovers from day's low

9:49 AM

Torrent Pharma to acquire Curatio Healthcare for Rs 2,000 cr; stock down 6%

ICICI Securities is positive on Torrent's ability of faster integration and turnaround of acquired assets in the domestic space. Read here

9:45 AM

63 Moons Tech edges up in a weak mkt; to provide next-gen tech to Spuma SRL

The company on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets. 

9:42 AM

Reliance Industries slides over 1%

9:39 AM

Dr Reddy's up nearly 1% on receiving US FDA nod for Timolol Maleate

9:35 AM

Motherson Sumi Wiring rises 4%; board to mull bonus issue on Sep 30

The company said the board of directors will meet on September 30 to consider a proposal for issuance of bonus shares to the equity shareholders of the company.

9:32 AM

SECTORS | Financials slip most; Metals also weaken

9:30 AM

BROADER MARKETS | Small, mid-caps sustain less steeper cuts

9:26 AM

EARLY DEALS | Sensex extends slide; down over 500 pts

9:24 AM

NIFTY LOSERS | ITC, IndusInd Bank, JSW Steel top laggards