Nifty Eyes 8150; SBI Tanks 5%, Auto & Oil Stocks Lead

Bussing stocks11:55 am Exclusive: Speaking to CNBC-TV18 from the sidelines of Pune Inc Conclave Power Minister Piyush Goyal said demonetization has huge advantages. It will take India to digital banking and make it a cashless society.

He said the government will use the money from demonetization to pump prime economy.

When asked what one should expect from the Union Budget on February 1, Goyal said ‘Good things’. He said: “The Finance Minister over the last three Budgets – July’14, Feb’15 and Feb’16 has consistently worked on a series of measures. He focused on a sustainable framework for India’s development.”

FM Arun Jaitley never tinkered with rates, minor changes but looked at structural improvements, so that India could move towards and economy, which like China sees 2-3 decades of high-level growth, said Goyal.

11:45 am Sameer Nair Group CEO of Balaji Telefilms says that new shows have a much lower margin and hopes to have 10 shows on air by FY17 end.

TV business gross margin is likely to be up 25 percent by this fiscal year, he believes.

The plan now is to get next releases of movies in the next fiscal year, he says, adding that film business will likely book profit in FY18.

Balaji Telefilms will look to air new shows on Sony, Sun TV and Doordarshan.

11:30 am Exclusive: The demonetization move by the government on November 8 seems to have put the buzzing FMCG sector on a pause mode.

Industry sources told CNBC-TV18 that top FMCG companies like HUL , Nestle India , ITC, as well as Dabur are adopting a ‘wait and watch’ mode with regards to new product launches and may defer new launches of high-end, premium products by one-two quarters.

They would look at geography specific launches to minimise the impact of demonetization, say sources, adding that the worst hit categories are luxury chocolates, premium cookies and ice-creams.

Nestle, ITC may defer launches in premium chocolate, confectionery & cookies space, and HUL, Dabur may defer product launches in premium personal care space, say industry sources.

The market has recovered from early weakness but the Nifty is almost nearing 8150. The 50-share index is up 6.80 points at 8121.10 and the Sensex is up 21.34 points at 26337.68. About 1457 shares have advanced, 652 shares declined, and 112 shares are unchanged.

Bharti Airtel, Cipla, Hero MotoCorp, BHEL and Bajaj Auto are top gainers while ICICI Bank, Wipro, TCS and Axis Bank are losers in the Sensex. SBI is down 5 percent intraday on Monday after RBI increased cash reserve ratio (CRR).

India is proving to be immune from the heavy selling in global emerging market debt, as Prime Minister Narendra Modi’s clampdown on undeclared cash has sparked expectations of a rate cut and pushed issuers to take advantage of low yields.

Indian Railways Finance Corporation, NTPC, Vedanta Resources, Exim India and Axis Bank all rushed to print rupee notes last week to access cheaper funding.

“The debt market is very compelling,” said Killol Pandya, head of fixed income at Peerless Funds Management. “Issuers that were otherwise going to banks are approaching the bond market as banks are yet to cut lending rates.”

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Sensex Up 456 Pts, Nifty Posts Biggest 1-Day Gain in Last 6 Months

stock-market-boom-capitalheightSpectacular rally on Friday helped equity benchmarks turned positive for the week as well as for the calendar year. On the first day of December series, the NSE Nifty closed above 8100 level and posted the biggest one-day gain in last six months, driven by in technology, HDFC Group and FMCG stocks.

Value buying after more than 7 percent loss in November due to demonetization & US elections and sharp recovery in rupee could be the reason for positive sentiment.

The 30-share BSE Sensex surged 456.17 points or 1.76 percent to 26316.34 and the 50-share NSE Nifty jumped 148.80 points or 1.87 percent to 8114.30. The broader markets also participated in the rally as the BSE Midcap and Smallcap indices gained 1.3 percent and 2 percent, respectively.

Dipen Shah of Kotak Securities says going ahead, the central bank meetings in India / US and the Italian referendum will be important triggers to watch out for.

Apart from this, markets will also try to gauge the medium term impact of the demonetization scheme of the government, he feels.

The recent fall in markets has made led to sizeable losses in prices of several stock. Hence, Shah says one must identify fundamentally sound stocks and accumulate them with a long term perspective.

Vinod Nair of Geojit BNP Paribas Financial Services says now the market will focus over the possibility of a 50 basis points cut in repo rate by RBI in the next monetary policy.

than three shares advanced for every share falling on the Bombay Stock Exchange.

For the week, the Sensex gained 0.6 percent and the Nifty rose 0.5 percent.

Meanwhile, the rupee recovered sharply against the American currency in sustained bouts of dollar selling from banks and exporters amid rally in equities. It was trading at 68.45, up 27 paise from previous settlement, at the time of writing this article.

All sectoral indices closed in the green today. IT & Pharma gained the most, up 4.75 percent and 3 percent, respectively.

Infosys, which had seen delivery buying worth Rs 700 crore on Thursday, was up 4.8 percent. TCS and Tech Mahindra surged 5-6 percent. Wipro was up 3 percent.

Sun Pharma climbed 4 percent. Bank of America Merrill Lynch has a buy call on the stock with a target price of Rs 790 as it says seven observations for Mohali unit don’t seem incriminating and these are minor in nature but Halol plant inspection outcome will be more critical.

HDFC, HDFC Bank, ITC, Lupin, NTPC, Dr Reddy’s Labs and GAIL surged 2-3.5 percent whereas Bajaj Auto, SBI and Bharti Airtel were the only losers among Sensex 30 stocks, down 0.2-0.7 percent.

In the broader space, Bata India gained 2 percent and Shilpa Medicare surged 9 percent after quarterly earnings. J Kumar Infra was up 9.6 percent on metro orders worth Rs 1,794 crore.

Fortune Financial spiked 4.7 percent on acquisition of additional 16.4 crore shares for Rs 164 crore in ITI Reinsurance. Talwalkars gained 5 percent on demerger of gym business into Talkwalkars Lifestyle.

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Live Stock Market Updates – Nifty trades below 7,950 mark

bear-marketThe Sensex slipped below the 26,000 level by falling over 300 points in mid-session trade Monday, pulled down mainly by financial stocks.

The Sensex pared gains after rallying as much as 120 points in morning trade on Monday, led by losses for HDFC, Infosys, TCS and Maruti Suzuki. The domestic market fluctuated between gains and losses as energy producers advanced, while automakers and lenders declined.

The Nifty50 reclaimed the 8,100 mark but immediately turned volatile ahead of expiry of November futures & options contracts due on Thursday.

At 12:46 PM, the S&P BSE Sensex is trading at 25,836, down 314 points, while NSE Nifty is trading at 7,960, down 114 points. It is the first time Nifty dropped below 8,000 since June 2016.

The BSE Mid-cap Index is trading down 2.23% at 11,803, whereas BSE Small-cap Index is trading down 2.69% at 11,550.

Holding ground in the gloomy market were WIPRO, INFY, ONGC while POWERGRID, SBI, HDFC bore the brunt through the first hour of trading.

Only IT index is trading in green, while realty, banking, auto, metal, financial and FMCG were in red.

The INDIA VIX is up 6.13% at 18.8975. Out of 1,885 stocks traded on the NSE, 1,384 declined, 226 advanced and 275 remained unchanged today.

A total of three stocks registered a fresh 52-week high in trade today, while 53 stocks touched a new 52-week low on the NSE.

Rashtriya Chemicals & Fertilizers Ltd fell 3% after the company reported a marginal fall in net profit at Rs 43 crore for the quarter ended September 30. Its net profit stood at Rs 45.6 crore in the year-ago period.

Panacea Biotec rallied 2% after the pharma company announce receipt of Establishment Inspection Report (EIR) from the USFDA indicating the formal closure of the cGMP and Pre­ Approval Inspection conducted by USFDA, at its Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi in Himachal Pradesh.

Cadila Healthcare slipped 1.5%. Zydus Cadila has received the final approval from the USFDA to market for Metronidazole Tablets USP in strengths of 250 mg and 500 mg. The drug which is used to treat infections caused by bacetria will be produced at the group’s formulations manufacturing facility at Baddi.

Mawana Sugars soared 12.6% to Rs 48 on the BSE. The Board of Directors of the Company has agreed to sell one of the operating units of the Company viz. Titawi Sugar Complex (TSC) in Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash Limited.

Techno Electric & Engineering Company gained 2% after the company has received an approval for sale/disposal of 45 MW Wind Power assets of the company, subject to approval of shareholders and other relevant authorities. The board of director at its meeting held on November 19, 2016 has approved for the same.

HPL Electric & Power hits 10% lower circuit at Rs 91. The company announced that the Company has reduced its debt around Rs 320 crore from IPO proceeds.

Punjab National Bank fell 6.6%. The bank has cut interest rate on fixed deposits by up to 0.25% in line with competition.

India Cements tanked 3%. The company reported a 62% jump in standalone net profit at Rs 62 crore for the quarter ended September 30, 2016. It had posted a net profit of Rs 38.5 crore in the year-ago period.

HDFC and Unitech are trading lower on the BSE. With Unitech defaulting on loan repayment, housing finance major HDFC said it has sold the realty firm’s outstanding loan of Rs 869 crore to JM Financial Asset Reconstruction Company (JMFARC).

NHPC dipped 2%. The Company has posted a net profit of Rs 1,554.7 crore for the quarter ended September 30, 2016 where as the same was at Rs 1215.7 crore for the quarter ended September 30, 2015.

NBCC slumped 3.5%. NBCC reported a consolidated net profit of Rs 69 crore against net profit of Rs 68 crore in the corresponding quarter last year.

Bharat Forge tanked 3.5%. The company announced the acquisition of US-based Walker Forge Tennessee, for a total consideration of USD14mn. Bharat Forge has made this acquisition through its US subsidiary.

Infosys advanced 0.5%. The IT company has invested Rs 145 mn in a start-up UNSILO. The investment is done through Infosys innovation fund.

Alembic Pharmaceutical is trading marginally higher on the BSE. The company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Telmisartan and Amlodipine Tablets.

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Nifty below 8150; Dr Reddy’s Labs, Cipla, Lupin losers

Dalal Street CapitalHeightThe Sensex is up 101.76 points or 0.4 percent at 26406.39 and the Nifty is up 32.35 points or 0.4 percent at 8140.80. About 1190 shares have advanced, 1295 shares declined, and 147 shares are unchanged.

TCS, Asian Paints, Maruti, Bajaj Auto and Infosys are top gainers while Dr Reddy’s Labs, Cipla, Lupin, ITC and ICICI Bank are losers in the Sensex.

European stocks opened higher as the US dollar paused for breath after a rally that has been driven by a rise in bond yields following Donald Trump’s victory in the presidential election.

Traders continue to watch Trump’s economic policies closely for clues on the outlook for interest rates. The Republican has said that he planned to spend on infrastructure and cut taxes to stimulate the economy. Increased fiscal stimulus could have an impact on the Federal Reserve’s interest rate hiking path.

The rise in inflation expectations that followed Trump’s win sparked a sell-off in bonds and pushed the dollar higher.

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Apollo Tyres – Announces Q2 results

Apollo Tyres – Announces Q2 results (Standalone & Consolidated) & Limited Review Report (Standalone & Consolidated) for the Quarter ended September 30, 2016

Apollo Tyres Ltd has announced the following results for the quarter ended September 30, 2016:

The Unaudited Standalone results for the Quarter ended September 30, 2016

The Company has posted a net profit of Rs. 2046.17 million for the quarter ended September 30, 2016 as compared to Rs. 2151.83 million for the quarter ended September 30, 2015. Total Income has decreased from Rs. 25307.69 million for the quarter ended September 30, 2015 to Rs. 23456.75 million for the quarter ended September 30, 2016.

The Consolidated Results are as follows:

The Unaudited Consolidated results for the Quarter ended September 30, 2016

The Group has posted a net profit after tax, minority interest and share of profit of associates of Rs. 2600.39 million for the quarter ended September 30, 2016 as compared to Rs. 2800.73 million for the quarter ended September 30, 2015. Total Income has increased from Rs. 32868.85 million for the quarter ended September 30, 2015 to Rs. 33552.49 million for the quarter ended September 30, 2016.

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Live Stock Market Updates – Sensex Ends Higher; Lupin among top Gainers

todays-profitable-calls-capitalheight

Closing Bell:

Finally, the BSE Sensex ended with a gain of 184 points at 27,459. The BSE Sensex opened at 27,552 touched an intra-day high of 27,591 and low of 27,399.

The NSE Nifty closed with a gain of 63 points at 8,497. The NSE Nifty opened at 8,536 hitting a high of 8,535.85 and low of 8,481.

Live Market:

The Indian stock market snapped a five-day losing streak amid a rebound in Asian equities and also the FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.

At 11:10 AM, the S&P BSE Sensex is trading at 27,511 up 237 points, while NSE Nifty is trading at 8,516 up 83 points.

The BSE Mid-cap Index is trading up 1.53% at 13,036 whereas BSE Small-cap Index is trading up 1.70% at 13,097.

Lupin, ITC, Adani Ports, SBI and Tata Steel are among the gainers, whereas Asian Paints, HUL, TCS, Wipro and Bajaj Auto are losing sheen on NSE.

All the BSE sectoral indices were trading in the positive territory.

The INDIA VIX is down 2.12% at 16.4900. Out of 1,876 stocks traded on the NSE, 226 declined, 1,131 advanced and 319 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.

PNB Housing Finance shares got listed at Rs 863, a 11.35% premium over the issue price of Rs 775.The stock got listed on NSE at Rs 860, up 10.97%.

Lupin soared 7% after the company has received the inspection closure report from the USFDA for its Goa facility.

Punjab National Bank climbed 5.8%. Punjab National Bank reported a net profit of Rs.549 crore in the second quarter of the current fiscal, a fall of 11% from the Rs 621 crore profit recorded in the corresponding year-ago period.

Dalmia Bharat Ltd gained 1.7% its boards of Dalmia Bharat and OCL India decided to merge the two entities. The merged entity will have a cement capacity of 25 million tonne spread across eastern and southern India.

Bank of Baroda rallied 4%.  Bank of Baroda reduced the marginal cost of fund (MCLR) based interest rates by 10 basis points across different tenors with effect from 7 November.

PNB Housing Finance was trading at Rs 889 at BSE, a premium of 12.98% over the initial public offer price of Rs 775 per share on its debut on the bourses today.

KPIT Tech gained 2.5% : KPIT Technologies will sell its Berlin-based subsidiary KPIT medini Technologies AG to ANSYS, but did not disclose the deal size.

Dena Bank dropped 2% after the bank posted net loss at Rs 44 crore for the quarter ended September 30, 2016 as compared to net profit of Rs. 38.8 crore for the quarter ended September 30, 2015.

HCC climbed 4.6% to Rs 36 on the BSE. The RBI mandated Overseeing Committee (OC) has approved the (S4A) Scheme of Sustainable Structuring of Stressed Assets for Hindustan Construction Company. The ICICI led joint lenders’ forum had proposed the scheme for the infrastructure major.

The rupee opened marginally lower by four paise at 66.70/$ as against the previous close of 66.74/$.

Asian markets opened in the green after a week of declines & should see pull back from deeply oversold zone extend as we head into the results of US elections due on Tuesday night.

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Live Stock Market Updates – Sensex slips over 100 points; Pharma, Metal slip

stock-market-liveThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 12:41 PM, the S&P BSE Sensex is trading at 27,349 down 80 points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading down 0.85% at 12,903 whereas BSE Small-cap Index is trading down 1.75% at 12,937.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 2.90% at 16.9425. Out of 1,897 stocks traded on the NSE, 1,387 declined, 663 advanced and 397 remained unchanged today.

A total of 25 stocks registered a fresh 52-week high in trade today, while 30 stocks touched a new 52-week low on the NSE.

Shares of the FMCG stocks rallied after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC Ltd is currently trading at Rs 250.85, up by Rs 10.5 or 4.37% from its previous closing of Rs 240.35 on the BSE.

Larsen and Toubro slipped 1.3%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.

Pharmaceuticals stocks are under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs 661.3, down by Rs 43.7 or 6.2% from its previous closing of Rs 705 on the BSE. The scrip opened at Rs 680 and has touched a high and low of Rs 680 and Rs 654 respectively. So far 13128419 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 169676.15 crore.

Glenmark Pharmaceuticals Ltd is currently trading at Rs 856.95, down by Rs 55.5 or 6.08% from its previous closing of Rs 912.45 on the BSE. The scrip opened at Rs 911.95 and has touched a high and low of Rs 911.95 and Rs 851.35 respectively. So far 924463 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 25746.43 crore.

Dr Reddys Laboratories Ltd is currently trading at Rs 3103.95, down by Rs 158.05 or 4.85% from its previous closing of Rs 3262 on the BSE. The scrip opened at Rs 3238 and has touched a high and low of Rs 3238 and Rs 3085 respectively. So far 344198 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 55711.14 crore.

Lupin Ltd is currently trading at Rs 1401.95, down by Rs 71.6 or 4.86% from its previous closing of Rs 1473.55 on the BSE. The scrip opened at Rs 1460 and has touched a high and low of Rs 1461.95 and Rs 1394 respectively. So far 1248551(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 66492.91 crore.

Union Bank of India gained 0.40% to Rs 138. The bank will announce its Q2 numbers today.

Mphasis slipped 3.4%. The IT company registered 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.

TD Power Systems fell 3.6%. TD Power posted net profit of Rs 1.3 crore for the quarter ended September 30, 2016 against net profit of Rs 1.1 crore in the same quarter a year ago.

Tube Investment dragged 2.9% to Rs 633. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 against Rs 25 crore in the corresponding quarter a year ago.

Berger Paints inched up 0.52% to Rs.262. The company reported a 55% jump in its consolidated net profit at Rs 139 crore for the quarter ended September, aided by exceptional gains of Rs 44.20 crore.

Colgate-Palmolive (India) Ltd is currently trading at Rs 988.6, up by Rs 37.1 or 3.9% from its previous closing of Rs 951.5 on the BSE. The scrip opened at Rs 972 and has touched a high and low of Rs 1031.6 and Rs 972 respectively. So far 1292938 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 25879.43 crore.

Dabur India Ltd is currently trading at Rs 297.35, up by Rs 5.45 or 1.87% from its previous closing of Rs 291.9 on the BSE. The scrip opened at Rs 293.85 and has touched a high and low of Rs 300.8 and Rs 293.3 respectively. So far 1158967 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 51418.78 crore.

Hindustan Unilever Ltd is currently trading at Rs 856, up by Rs 16.25 or 1.94% from its previous closing of Rs 839.75 on the BSE. The scrip opened at Rs 848 and has touched a high and low of Rs 866.85 and Rs 848 respectively. So far 1226295 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 181744.97 crore.

VST Industries Ltd is currently trading at Rs 2335, up by Rs 29.9 or 1.3% from its previous closing of Rs 2305.1 on the BSE. The scrip opened at Rs 2377 and has touched a high and low of Rs 2440 and Rs 2306.05 respectively. So far 4547(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3559.07 crore.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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Live Stock Market Updates – Nifty trade below 8,500 mark

NSEThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 9:40 AM, the S&P BSE Sensex is trading at 27,439 up mere nine points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading up 0.05% at 13,021 whereas BSE Small-cap Index is trading down 0.14% at 13,148.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 0.71% at 16.5825. Out of 1,867 stocks traded on the NSE, 807 declined, 663 advanced and 397 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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Live Stock Market Updates – Sensex, Nifty flat; Pharma, IT stocks drag

Dalal Street CapitalHeightThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 9:40 AM, the S&P BSE Sensex is trading at 27,439 up mere nine points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading up 0.05% at 13,021 whereas BSE Small-cap Index is trading down 0.14% at 13,148.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 0.71% at 16.5825. Out of 1,867 stocks traded on the NSE, 807 declined, 663 advanced and 397 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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Sensex opens flat, Nifty below 8600; ITC up 1%, Tata stocks sink

150130141223-stock-market-down-780x4399:55 am Result poll: India’s biggest car manufacturer Maruti Suzuki is expected to report stellar performance in July-September quarter with profit rising a whopping 52 percent year-on-year to Rs 1,868 crore but margin may decline, according to analysts polled by CNBC-TV18. Revenue during the quarter is seen rising 30 percent year-on-year to Rs 18,222 crore as the mix shifted towards high priced vehicles like Vitara Brezza and Baleno. Compact car segment growth was 9 percent due to success of new Baleno and Celerio. Utility vehicle segment also saw big surge due to success of Vitara Brezza and Ertiga. Maruti sold 4.2 lakh vehicles in Q2, registering a 19 percent growth compared with 3.53 lakh units sold in year-ago period with exports and domestic volumes rising 18 percent.

9:45 am Tata in soup? Markets regulator Sebi has begun looking into the high profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over USD 100 billion conglomerate. Besides, stock exchanges, sought clarification from many of the group’s listed companies on the purported disclosure by ousted Chairman Cyrus Mistry about Rs 1.18 lakh crore possible writedown at the group firms. “We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction,” a senior official said.

9:30 am FII view: Willem Buiter of Citi says he continues to expect sluggish global growth in 2016 and 2017, with relatively steady growth in advanced economies and a pickup in emerging markets (EMs) growth.

He feels inflation in advanced economies is off its recent lows and will likely rise significantly in the coming 6-12 months.

The rise in inflation in advanced economies is mainly due to base effects, the rebound in oil prices and diminishing external drags, he says.

But although there are some upside risks to commodity prices over the next year, global disinflationary pressures remain quite strong, according to Buiter.

The market has opened in red dragged by September Futures and Options (F&O) expiry jitters and Tata group stocks weakness. The Sensex is down 70.51 points or 0.2 percent at 27766.00, and the Nifty is down 27.50 points or 0.3 percent at 8587.75.

About 449 shares have advanced, 492 shares declined, and 59 shares are unchanged.

ITC, Asian Paints, Dr Reddy’s Labs, Sun Pharma and Hero MotoCorp are gainers while Tata Motors, Tata Steel, ICICI Bank, TCS and Bharti are losers in the Sensex.

The Indian rupee opened lower by 9 paise at 66.92 per dollar versus previous close 66.83.

Mohan Shenoi of Kotak Mahindra Bank said, “With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December.”

The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election.

Meanwhile, the euro rose from a seven-month low on signs that the european economy may be improving enough to reduce pressure on the ECB to further ease monetary policy.

Asian shares edged down after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week’s nearly nine-month highs.

The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.

Disappointing results and forecasts from some other major US companies weighed on European and Asian stocks.

Gold prices fell as investor appetite for riskier assets recovered slightly, denting demand for safe-haven bullion.

Oil prices bounced off session lows for a time after the U.S. government reported a surprise drawdown in crude inventories, but oil ended lower on growing doubts that OPEC would cut production enough to drain a global oversupply.

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