Markets come off day's low; Nifty reclaims 8,300

Markets came off their early lows as gains in Tata Motors and Lupin helped offset some of the losses

Markets came off their day's low after gains in Tata Motors and Lupin helped offset some of the losses.

At 10:35am, the the S&P BSE Sensex was down 79 points at 27,123 and the Nifty50 was down 22 points at 8,316. In the broader market, the BSE Midcap and Smallcap indices were trading mixed. Market breadth was weak with 1237 losers and 841 gainers on the BSE.

Tata Motors extended gains and was up over 2% amid robust JLR retail sales in June 2016 which rose 17% to 46,456 vehicles compared to June 2015.

Among other auto stocks, Hero MotoCorp, Maruti Suzuki and Bajaj Auto were up 0.3%-1.6% each.

Lupin extended gains and was up 1% after the company in a release said that it has received an Establishment Inspection Report from the USFDA which had inspected its Goa facility in July 2015.

Financials continued to remain as the top losers with HDFC, HDFC Bank and ICICI Bank down 0.6%-1.6% each.

Among other shares, Zee Learn has surged over 10% after its net profit for the first quarter ended June 2016 (Q1FY17) more than doubled to Rs 8.02 crore. Essel Group Company engaged in education business had profit of Rs 3.96 crore in June 2015 quarter.
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(Updated at 9:35am)
Markets extended losses, amid weak Asian cues, with Tata Steel emerging as the top loser on worries that Brexit may pose a hurdle in sale of its loss-making UK assets

At 9:35am, the S&P BSE Sensex was down 165 points at 27,036 and the Nifty50 was down 50 points at 8,288.

"Nifty has been struggling to maintain the momentum seen from the low of 7927 in last three sessions. It witnessed a choppy movement in Thursday’s trade, as action continued in broader markets. Formation of doji candlestick pattern in yesterday’s session, indicates indecisiveness among market participants. So, we advise traders to be stock specific. Risk reward ratio is not ideal around current levels as breadth indicator across multiple time frames indicate sign of exhaustion," Amar Ambani, Head of Research, IIFL Private Wealth
 
Foreign institutional investors were net sellers in equities worth Rs 300 crore, as per provisional stock exchange data.

Lupin was the top Sensex gainer up over 2% after the company in a release said that it has received an Establishment Inspection Report from the USFDA which had inspected its Goa facility in July 2015. Among other pharma shares, Cipla and Sun Pharma were up 0.8% each while Dr Reddy's Labs was trading flat with positive bias.

Other Sensex gainers include, Tata Motors, HDFC and Infosys among others.

Private lenders such as ICICI Bank and HDFC Bank which had gained in the previous session witnessed profit taking and were down 0.5% each.

Telecom stocks were among the top losers with Bharti Airtel, Idea Cellular and Reliance Communications down 1%-2% each.

L&T was trading flat with negative bias ahead of the IPO of it IT arm L&T Infotech.

GLOBAL MARKETS

Asian markets were trading weak as Brexit fears resurfaced while traders turned cautious ahead of the US jobs data later today. The Nikkei was down 0.5% while Shanghai Composite eased 0.8% and Hang Seng fell over 1%. Singapore's Straits Times was down 0.7%.

US stocks ended mixed tracking weakness in crude oil prices while rising worries over Britain decision to exit the European Union also dampened sentiment. The Dow Jones industrial average ended down 0.1% at 17,896 and the S&P 500 settled 0.1% lower at 2,098 while the Nasdaq closed 0.4% lower at 4,877.