Vinod Nair, Head of Research, Geojit Financial Services said: Disappointed by yesterday's decision of the central bank, interest rate sensitive stocks were under pressure today. If RBI has shifted its stance from neutral to accommodative the extent of the impact could have been minimal.
Additionally, market is exposed to profit-booking measure given lofty valuation and start of subdued performance for Q1FY18 from tier-2 companies which are impacted by the double whammy of Demo and GST.
3:47 PM Nifty chart for the day
3:44 PM Global Check
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%, with South Korea's tech-heavy Kospi index slumping 1.7% to its lowest level in over three weeks. Seoul shares took an additional hit from President Moon Jae-in's new tax plan.
Japan's blue-chip Nikkei stock index closed down 0.3%.
European stock markets opened broadly lower, Germany's DAX slipping 0.6% and France's CAC 0.4% lower. Britain's FTSE was down 0.2%.
3:42 PM Nifty PSU Bank index
3:40 PM Other indices that slipped in trade included Nifty Metal (down 1.9%), Nifty Fin Services (down 1.3%) and Nifty Pharma (down 1.2%)
3:39 PM All indices ended in red dragged mainly by the banking sector. Nifty PSU Bank index fell 2.9% while Nifty Bank and Nofty Pvt Bank indices lost 1.5% and 1.6% respectively
3:38 PM In broader markets, BSE Midcao and BSE Smallcap indices end 0.5% and 0.9% lower respectively
3:37 PM Lupin, Coal India, SBI, CIpla and ICICI Bank were the top losers on BSE Sensex while Bharti Airtel, Reliance, Bajaj Auto and TCS contributed to the index
3:35 PM Benchmark indices ended the day lower with Nifty only a little above the 10,000-mark and Sensex over 200 points down on poor Services PMI. Investors were also unhappy with only 25 bps rate cut by thr Reserve Bank of India.
The S&P BSE Sensex settled the day at 32,238, down 239 points while the broader Nifty50 index ended 10,013, down 67 points
Indian Oil Corp gained over 4% after it reported a better than estimate Q1. The company's net profit fell 45% in its fiscal first quarter of 2017 as higher inventory losses and lower refining margins weighed on profitability.
Net profit was Rs 4,549 crore in the quarter ended on June 30, compared with Rs 8,269 crore a year earlier, the country's top refiner said. .
3:16 PM Top Sensex gainers and losers
Colgate-Palmolive (India) surged 6% to Rs 1,099 on BSE after the company reported a better-than-expected 8% growth in net profit at Rs 136 crore in June quarter (Q1FY18). Analysts on an average had expected profit of Rs 128 crore for the quarter.
The company engaged in personal care business had a profit of Rs 126 crore in the same quarter year ago.
At 2:37 pm, the Sensex was trading at 32,264, down 212 points, while the broader Nifty50 was ruling at 10,022, down 59 points.
In broader markets, BSE Midcap and BSE Smallcap indices fell 0.5% and 0.8% respectively.
Godrej Consumer Products (GCPL) gained 4% to Rs 963, bouncing back 10% from its intra-day low on BSE, on back of heavy volumes.
The stock of personal products company dipped 5% to Rs 876, its lowest level since May 24, 2017, in early morning trade. It fell 19% in past five trading sessions from its record high level of Rs 1,084 touched on July 27.
1:46 PM Global Check
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6%, with South Korea's tech-heavy Kospi index on course to drop 1.6%. Japan's Nikkei dropped 0.3%.
1:23 PM Only Nifty FMCG and Nifty Realty gained among sectoral indices. Nifty PSU Bank index fell the most followed by Nifty Metal, Nifty Pvt Bank and Nifty Bank indices
Rupee at 2-year high of 63.60
Abhishek Goenka, CEO, IFA Global explains why it surged and what's next. CLICK HERE
12:53 PM Reliance Industries (RIL), Hindustan Petroleum Corporation (HPCL), Edelweiss Financial Services, Motherson Sumi Systems, Magma Fincorp and Caplin Point Laboratories are among nine stocks from the S&P BSE 500 index that hit their respective new highs on BSE in intra-day trade on Thursday. CLICK HERE FOR MORE
Auto stocks rally up to 16% in July
Auto and auto ancillary stocks have caught investor's attention offlate, with the Nifty Auto index ruling at its all-time high levels. The optimism is partly on account of healthy sales in July, allaying concerns over a likely fall in demand due to transition to the GST regime. CLICK HERE FOR FULL REPORT
12:38 PM Markets check
At 12:30 pm, the Sensex was trading at 32,346, down 129 points, while the broader Nifty50 was ruling at 10,047, down 34 points.
Indian Oil, HPCL, BPCL gain on report of kerosene subsidy removal
Shares of state-owned oil refiners rallied up to 5% on BSE in intra-day trade on report that the government will end subsidy on kerosene. READ MORE HERE
Services PMI at lowest since Sept 2013
India July Nikkei Services PMI comes in at 45.9 versus 53.1 in June. A reading below 50 indicates contraction. CLCIK HERE FOR FULL STORY
At 10:20 am, the Sensex was trading at 32,311, down 165 points, while the broader Nifty50 was ruling at 10,034, down 47 points.
10:12 AM Earnings impact
Bata India hit its 52-week high of Rs 611, up 5% on BSE in early morning trade, after the company reported a 20% year-on-year growth in net profit at Rs 60.4 crore in June quarter (Q1FY18). CLICK HERE FOR MORE
RBI's 25 bps rate cut has little to cheer the market
Most experts say a 25 bps cut was already priced-in as the overall fundamentals looked in favour of low interest rate regime. Therefore for equities, a 50 bps repo rate cut may have been more substantive to take home. CLICK HERE FOR FULL REPORT
9:28 AM Banking stocks were the top laggards. All constituents on Nifty Bank were trading in red.
9:25 AM Sectoral trend
9:22 AM Top sensex gainers and losers
9:20 AM In the broader market, the BSE Midcap and the BSE Smallcap indices were trading flat.
9:19 AM Markets at open
At 9:18 am, the Sensex was trading at 32,434, down 42 points, while the broader Nifty50 was ruling at 10,068, down 13 points.
9:10 AM Stocks in focus
Larsen & Toubro, Reliance Communications, Emami, KEC International, Wipro, Mahindra Holidays, Titan etc
9:08 AM Earnings today
Bajaj Electricals, Indian Oil Corporation, Titan. Jindal SAW, Cummins India, JK Lakshmi Cements, Ramco Cements, Ujjivan Financials, Ceat and Bombay Burmah Trading Corp
9:06 AM Pre-open trade
At 9:05 am, the Sensex was trading at 32,492, up 15 points, while the broader Nifty50 was up 7 points at 10.088.
Devansgshu Datta on Bank Nifty
Bank Nifty could go till 24,750, 25,400. Correction likely to continue and may test support at 24,850. READ MORE HERE
Nifty outlook by Vaishali Parekh of Prabhudas Lilladher
Nifty is showing some resistance at the peak levels as the market witnessed some selling pressure post RBI announcement. However, near-term support lies at 10,020, while a decisive break can drag it to 9,960 level. The support for the day lies at 10,030, while resistance is seen at 10,125.
8:58 AM Technical picks
Buy Ambuja Cements with a target of Rs 290, says Prabhudas Lilladher. CLICK HERE FOR MORE TRADING CALLS
8:56 AM Technical picks
Buy CEAT, sell Sun Pharma, says Sacchitanand Uttekar. CLICK HERE FOR MORE
In New York overnight, the Dow Jones Industrial Average topped the 22,000 mark for the first time on strength in Apple shares following its earnings. The S&P 500 gained 0.05% hovering just below its record high touched last week, supported by upbeat earnings and rising expectations that the Federal Reserve's policy tightening will move ahead only slowly.
8:54 AM Asian markets
Asian shares dipped. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5% with South Korea's Kospi index falling 1.5% in early trade. Japan's Nikkei dipped 0.1%, while the broader Topix was flat.
8:47 AM Singapore Nifty
At 8:45 am, the SGX Nifty was trading at 10,069, down 18 points or 0.18%.
8:46 AM Welcome to Business Standard's market live blog. Catch all live market updates here.
First Published: Thu, August 03 2017. 15:31 IST