Sensex falls 100 points, Nifty below 8,000; Tata Steel dips ahead of Q2 nos

The broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are down 0.7%

Benchmark indices are trading lower tracking weak global cues along with selling pressure among financials and pharma shares leading the fall.

Further, US Federal Reserve chief Janet Yellen rekindled hopes of an interest rate hike in December stating growth in the US economy.

Meanwhile as Bihar slips into the fifth and final phase of polling, investors become edgy ahead of the outcome of exit poll results of Bihar election.

At 11:20 am, the Sensex was down 140 points at 26,413 and the Nifty lost 47 points lower at 7,993.

The broader markets are however underperforming the benchmark indices- BSE Midcap and Smallcap indices are down 0.7% each. Market breadth is negative with 1,336 losers and 769 gainers on the BSE.

In the currency front, the rupee fell by 16 paise to 65.65 against the dollar due to fresh demand for the American currency from importers.

MOTILAL OSWAL's MARKET OUTLOOK

Doji' on the daily scale re-confirmed the immediate support for Nifty is at 8,000, below which 7,700-7,800 could be an immediate movement. Pullback if any will make the reward to risk lucrative for selling with a stop above 8,450. Immediate congestion, 8,000 Put is still holding on to the OI but additional shorts are coming in at 7,800. Futures OI activity still remains discouraging along with pressure being created by Call writers.

Q2 EARNINGS

Cipla, Novartis India, Tata Global Beverages and Tata Steel will unveil their second quarter earnings today.

GLOBAL MARKETS

Asian stocks snapped a two-day rising streak and fell on Thursday after the US central bank hinted at a December interest rate hike, sending short-term US bond yields to 4-1/2-year highs and pushing the dollar broadly up.

A December US interest rate increase, ordinarily a sign of a healthy global economy, would now come at the worst possible time for export-oriented Asian countries which are grappling with the twin effects of a slowing China and shrinking global trade.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4%, led by a 1% fall in Australian shares. While it has risen 12% since end-September, it is still down 10% so far this year.

SECTORS & STOCKS

Sectors like Healthcare, Banks and Realty have plunged over 1% each. Apart from FMCG, all the sectoral indices are trading in negative zone.

The top losers from the Sensex pack are Bharti Airtel, Vedanta, Tata Steel, Sun Pharma, Axis Bank and TCS.

Vedanta Resources on Tuesday reported widening of its net loss to $324.5 million in the first half of the current financial year as the mining conglomerate faced challenging commodities market.

On the gaining side, Hero Moto, NTPC, Coal India, Maruti Suzuki and HUL are up 0.4-1%.

Stocks such as Maruti Suzuki, Bank of Baroda, Ashok Leyland, Yes Bank, Indian Oil Corporation Ltd (IOCL) are likely to make an entry into in the MSCI India index as per Emkay, a research analyst firm.

SMART MOVERS

Pratibha Industries has rallied 10% to Rs 43 on the BSE in otherwise weak market after the company announced that it has secured order worth of Rs 1,024 crore from Government of Telangana for water supply.

Bata India has dipped 4% to Rs 465, also its 52-week low on the BSE, after the company reported a net profit of Rs 54 crore for the second quarter ended September 30, 2015 (Q2), due to one-time gain from sale of trademark, Sparx.

Chennai Petroleum Corporation (CPCL) has dipped 16% to Rs 181 on the BSE in the early morning trade after the company's net loss widens in September 2015 quarter at Rs 452 crore as compared to loss of Rs 233 crore in the same quarter year ago.