Live Markets Commentary
Sify Editors @ 4:00 PM
Sensex ends 329 points down on weak global cues
The Indian stock market ended lower for a second successive day today, and losses were much more pronounced than they were a day earlier, as the mood turned quite bearish due to weakness in Asian and European markets and on rising concerns about near term economic growth and fears about U.S. interest rates.
The impact of demonetization was evident from data released by automobile manufacturers. Bajaj Auto, Mahindra & Mahindra and Hero Motocorp reported weak sales in the month of November 2016. Tata Motors' sales performance was somewhat flat, while Maruti Suzuki came out with better than expected numbers.
In economic news, a report from Markit showed India's PMI to have declined to 52.3 in November following demonetisation move, after having come in with a reading of 54.4 in the preceding month. According to the Nikkei Markit India Manufacturing Purchasing Managers' Index, the withdrawal of 1000 and 500 rupees banknotes reportedly hampered manufacturing growth in November, as it brought in lower than expected orders and resulted in lower output and purchases.
The market traded in negative territory right through the session. There was a brief spell around mid afternoon when stocks, led by a few from banking space, staged a recovery of sorts, but lack of support at higher levels pushed the market deeper into the red in the closing minutes.
The BSE benchmark Sensex ended down 329.26 points or 1.24% at 26,230.66. The Nifty50 of the National Stock Exchange ended at 8086.80, down 106.10 points or 1.3% from its previous close.
Sify Editors @ 2:10 PM
Sensex falters after modest recovery, down 216 points
As a few front line stocks found some support and edged off their lows, the market regained a bit of lost ground earlier this afternoon, but retreated again due to resistance at higher levels.
Asian markets, except Indonesia and Malaysia, ended weak today, with most of them recording notable losses. Major European market are currently trading weak, rendering the mood on the Indian bourses quite bearish.
Speculation about U.S. interes rate hikes happening sooner than earlier thought and lingering concerns about an imminent slowdown in India's near term economic growth due to the impact of the government's demonetization move are casting a shadown on the market. Disappointing sales data from leading automobile manufacturers hurt as well.
The Sensex is now down 216.71 points or 0.81% at 26,343.21. The Nifty50 is down 66.10 points or 0.81% at 8126.80.
Sify Editors @ 1:30 PM
Hold cement stocks if looking at medium term. Fresh buying can be considered in ACC, UltraTech, Ambuja Cements and Mangalam Cement at declines.
Sify Editors @ 12:50 PM
Buy Bata India at sharp declines. Weak quarterly results resulted in the stock declining to a 52-week low of Rs 400 late last month.
The stock, nevertheless, was on a slide down south since it touched a high of Rs 613 in the last week of July this year.
Although more downside is not ruled out, a recovery is likely and the stock may well rise to Rs 460 - 470 levels soon.
Sify Editors @ 12:25 PM
Automakers fall; November sales plunge
Shares of Indian auto makers fall after companies report sharp declines in monthly sales as demonetisation hurts consumer demand.
Mahindra & Mahindra falls 0.17 pct, TVS Motor 1.06 pct lower, Hero MotoCorp down 0.66 pct and Bajaj Auto drops 0.77 pct.
Analysts expect sales of two-wheelers and tractors in rural areas to suffer most.
Demonetisation expected to hit passenger vehicle sales in coming 3-6 months - Deutsche Bank.
Sify Editors @ 12:00 PM
Sensex down 235 points as selling continues
The market, which opened on a weak note, tracking global cues, slipped deeper into the red as the session progressed and is currently down with sharp losses.
Lingering concerns about near term growth following data showing a drop in manufacturing activity in November following demonetization, and slightly fading hopes about interest rate cuts anytime soon appear to be prompting investors to exit counters.
The Sensex is down 235.40 points or 0.9% at 26,324.62, not far off from the day's low of 26,299.15. The Nifty50 of the National Stock Exchange, which declined to 8108.45, is down 78 points or 0.95% at 8114.90 at present.
Sify Editors @ 11:30 AM
Stay invested in Godrej Industries if looking at medium to long term. Add small quantities at declines.
Sify Editors @ 10:45 AM
Buy Bajaj Finserv at sharp declines. For short term, hold with a stop loss around Rs 2780.
Sify Editors @ 10:15 AM
Buy Reliance Power for medium to long term. For near term, hold with a stop loss around Rs 37.
Sify Editors @ 9:45 AM
Aurobindo Pharma has announced that it has received USFDA approval for Clozapine oral tablets, used in treatment of severe schizophrenia or to reduce the risk of suicidal behavior in people.
The stock is currently trading 1% down at Rs 736, after having opened at Rs 745, slightly above its previous closing price.
Sify Editors @ 9:15 AM
Sensex down 172 pionts as stocks drift lower on global cues
Stocks are drifting lower in early trades on the Indian bourses Friday morning, tracking weak cues from Asian markets following a sharp rise in treasury yields amid looming prospects of U.S. interest rate hikes.
Data showing a slow down in manufacturing activity in November weigh as well on sentiment. A report from Markit showed India's PMI declined to 52.3 in November following demonetisation move, after having come in with a reading of 54.4 in the preceding month. According to the Nikkei Markit India Manufacturing Purchasing Managers' Index, the withdrawal of 1000 and 500 rupees banknotes reportedly hampered manufacturing growth in November, as it brought in lower than expected orders and resulted in lower output and purchases.
The BSE benchmark Sensex, which declined to 26,346.45, is currently down 172.40 points or 0.65% at 26,387.52. The Nifty50 of the National Stock Exchange is down 62.20 points or 0.76% at 8130.70, after declining to a low of 8125.00.
In the forex market, the rupee is trading at 68.35 against the U.S. dollar, little changed from its previous close.
HDFC, Dr Reddy's Laboratories, ITC, Adani Ports, Asian Paints, Larsen & Toubro and HDFC Bank are down 1% - 2.3%. Infosys, Bharti Airtel, NTPC, Lupin, ICICI Bank, Tata Consultancy Services, Tata Consultancy Services, Hindustan Unilever, Maruti Suzuki and Power Grid Corporation are also trading weak.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 29561.50||Rs. 40675.00|
|Mumbai||Rs. 30331.55||Rs. 40675.00|
|Delhi||Rs. 30160.43||Rs. 40675.00|
|Kolkata||Rs. 29572.19||Rs. 40675.00|
|Kerala||Rs. 28877.01||Rs. 40675.00|