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Markets near day's low; Sensex tanks 300 points, Nifty breaks 8,100

In broader markets, BSE Midcap was down 0.49% while BSE Small Cap was trading 0.53% lower

SI Reporter  |  Mumbai 

Battered markets eye Budget boost

Benchmark indices are trading near day's low weighed down by rate-sensitive sectors like auto, banks and realty along with weakness among global peers leading the downfall.

At 014:54 pm, the S&P was trading at 26,269, down 291 points, while was quoting 8,094, down 99 points. In broader markets, Midcap was down 0.49% while Small Cap was trading 0.53% lower.

Sacchitanand Uttekar, Technical Analyst of Motilal Oswal Securities said, "On the daily scale occurrence of contradicting patterns viz 'Island Gap' near 8,450 & 'Bullish Harami' at 7,900 indicate the ongoing movement to remain confined within a tight range.RSI also compliments the ongoing pullback move which could get arrested near the upper bound of the expected range."

He further adds, "The pullback sequence of higher tops & higher bottoms remains firm so long as 8,140 (Spot) holds, hence breach below the same could pause the up move.  As the respite could be a short term phenomena hence shall not be considered as a buying opportunity for the long term as the broader trend remains weak."

Besides, investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the at its meeting on 13-14 December.

Investors are also concerned about Italy's constitutional referendum on Sunday which could determine whether or not the country will remain in the euro zone.  

Asian were trading lower on global uncertainties as investors adopted a wait-and-see mood. Later today the US Labor Department will release its closely watched monthly employment report for November.

Back home, the all-powerful GST Council at its two-day meeting beginning tomorrow will dwell on the issue of jurisdiction over assesses and draft model laws for implementation of the new GST regime from April next year.

India's economy is projected to grow at 7.6% in 2017 as investment regains momentum and manufacturing base strengthens on the back of structural reforms in the country, a UN study said, crediting India and China for steady growth of the Asia-Pacific region.

SECTORS & STOCKS

Tata Motors, HDFC, HUL, Dr Reddy’s Labs and ITC have plunged between 2%-2.5%. On the gaining side, Coal India, ONGC, Sun Pharma, RIL and Cipla are up 0.1%-1%.

fell over 2% after the company reported flat sales in November 2016. said its passenger and commercial vehicle total sales in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015.

Bajaj Auto on Friday reported a 13 per cent decline in total sales in November at 2,69,948 units as against 3,09,673 units in the same month last year. The stock slipped over 0.5%.

Among other shares, Dilip Buildcon has dipped 13% to Rs 220 on the in intra-day trade after the company reported a sharp 83% year on year (YoY) decline in its standalone net profit at Rs 6.97 crore for the quarter ended September 30, 2016 (Q2FY17).

Balkrishna Industries hit a record high of Rs 1,286 on the National Stock Exchange (NSE) in intra-day trade, extending its past two days surge after the company reported a robust set of numbers for the quarter ended September 30, 2016 (Q2FY17).

Syngene International has dipped 5.5% to Rs 572 on the after a more than 1% stake of the pharmaceutical company changed hands via block deal.

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Markets near day's low; Sensex tanks 300 points, Nifty breaks 8,100

In broader markets, BSE Midcap was down 0.49% while BSE Small Cap was trading 0.53% lower

In broader markets, BSE Midcap was down 0.49% while BSE Small Cap was trading 0.53% lower
Benchmark indices are trading near day's low weighed down by rate-sensitive sectors like auto, banks and realty along with weakness among global peers leading the downfall.

At 014:54 pm, the S&P was trading at 26,269, down 291 points, while was quoting 8,094, down 99 points. In broader markets, Midcap was down 0.49% while Small Cap was trading 0.53% lower.

Sacchitanand Uttekar, Technical Analyst of Motilal Oswal Securities said, "On the daily scale occurrence of contradicting patterns viz 'Island Gap' near 8,450 & 'Bullish Harami' at 7,900 indicate the ongoing movement to remain confined within a tight range.RSI also compliments the ongoing pullback move which could get arrested near the upper bound of the expected range."

He further adds, "The pullback sequence of higher tops & higher bottoms remains firm so long as 8,140 (Spot) holds, hence breach below the same could pause the up move.  As the respite could be a short term phenomena hence shall not be considered as a buying opportunity for the long term as the broader trend remains weak."

Besides, investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the at its meeting on 13-14 December.

Investors are also concerned about Italy's constitutional referendum on Sunday which could determine whether or not the country will remain in the euro zone.  

Asian were trading lower on global uncertainties as investors adopted a wait-and-see mood. Later today the US Labor Department will release its closely watched monthly employment report for November.

Back home, the all-powerful GST Council at its two-day meeting beginning tomorrow will dwell on the issue of jurisdiction over assesses and draft model laws for implementation of the new GST regime from April next year.

India's economy is projected to grow at 7.6% in 2017 as investment regains momentum and manufacturing base strengthens on the back of structural reforms in the country, a UN study said, crediting India and China for steady growth of the Asia-Pacific region.

SECTORS & STOCKS

Tata Motors, HDFC, HUL, Dr Reddy’s Labs and ITC have plunged between 2%-2.5%. On the gaining side, Coal India, ONGC, Sun Pharma, RIL and Cipla are up 0.1%-1%.

fell over 2% after the company reported flat sales in November 2016. said its passenger and commercial vehicle total sales in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015.

Bajaj Auto on Friday reported a 13 per cent decline in total sales in November at 2,69,948 units as against 3,09,673 units in the same month last year. The stock slipped over 0.5%.

Among other shares, Dilip Buildcon has dipped 13% to Rs 220 on the in intra-day trade after the company reported a sharp 83% year on year (YoY) decline in its standalone net profit at Rs 6.97 crore for the quarter ended September 30, 2016 (Q2FY17).

Balkrishna Industries hit a record high of Rs 1,286 on the National Stock Exchange (NSE) in intra-day trade, extending its past two days surge after the company reported a robust set of numbers for the quarter ended September 30, 2016 (Q2FY17).

Syngene International has dipped 5.5% to Rs 572 on the after a more than 1% stake of the pharmaceutical company changed hands via block deal.
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Business Standard
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Markets near day's low; Sensex tanks 300 points, Nifty breaks 8,100

In broader markets, BSE Midcap was down 0.49% while BSE Small Cap was trading 0.53% lower

Benchmark indices are trading near day's low weighed down by rate-sensitive sectors like auto, banks and realty along with weakness among global peers leading the downfall.

At 014:54 pm, the S&P was trading at 26,269, down 291 points, while was quoting 8,094, down 99 points. In broader markets, Midcap was down 0.49% while Small Cap was trading 0.53% lower.

Sacchitanand Uttekar, Technical Analyst of Motilal Oswal Securities said, "On the daily scale occurrence of contradicting patterns viz 'Island Gap' near 8,450 & 'Bullish Harami' at 7,900 indicate the ongoing movement to remain confined within a tight range.RSI also compliments the ongoing pullback move which could get arrested near the upper bound of the expected range."

He further adds, "The pullback sequence of higher tops & higher bottoms remains firm so long as 8,140 (Spot) holds, hence breach below the same could pause the up move.  As the respite could be a short term phenomena hence shall not be considered as a buying opportunity for the long term as the broader trend remains weak."

Besides, investors are awaiting US payrolls report for confirmation the US economy continues to strengthen, with an eye on an expected hike in benchmark US interest rates by the at its meeting on 13-14 December.

Investors are also concerned about Italy's constitutional referendum on Sunday which could determine whether or not the country will remain in the euro zone.  

Asian were trading lower on global uncertainties as investors adopted a wait-and-see mood. Later today the US Labor Department will release its closely watched monthly employment report for November.

Back home, the all-powerful GST Council at its two-day meeting beginning tomorrow will dwell on the issue of jurisdiction over assesses and draft model laws for implementation of the new GST regime from April next year.

India's economy is projected to grow at 7.6% in 2017 as investment regains momentum and manufacturing base strengthens on the back of structural reforms in the country, a UN study said, crediting India and China for steady growth of the Asia-Pacific region.

SECTORS & STOCKS

Tata Motors, HDFC, HUL, Dr Reddy’s Labs and ITC have plunged between 2%-2.5%. On the gaining side, Coal India, ONGC, Sun Pharma, RIL and Cipla are up 0.1%-1%.

fell over 2% after the company reported flat sales in November 2016. said its passenger and commercial vehicle total sales in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015.

Bajaj Auto on Friday reported a 13 per cent decline in total sales in November at 2,69,948 units as against 3,09,673 units in the same month last year. The stock slipped over 0.5%.

Among other shares, Dilip Buildcon has dipped 13% to Rs 220 on the in intra-day trade after the company reported a sharp 83% year on year (YoY) decline in its standalone net profit at Rs 6.97 crore for the quarter ended September 30, 2016 (Q2FY17).

Balkrishna Industries hit a record high of Rs 1,286 on the National Stock Exchange (NSE) in intra-day trade, extending its past two days surge after the company reported a robust set of numbers for the quarter ended September 30, 2016 (Q2FY17).

Syngene International has dipped 5.5% to Rs 572 on the after a more than 1% stake of the pharmaceutical company changed hands via block deal.

image
Business Standard
177 22

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