Sensex sheds 844pts in late sell-off, Nifty breaks 17,000; IT index down 2%

CLOSING BELL: Sectorally, apart from the BSE IT index, which declined 2 per cent, the Consumer Durables, Metal and Realty indices were the other major losers

4:06 PM

MARKET COMMENT :: Nifty now eyeing 16,800

>> After the flat start, the Nifty index gradually drifted lower as the session progressed and slipped below the support of 17,100 levels to finally settle around the day’s low at 16,983.55 levels.  Pressure in the IT pack combined with a slide in index majors across sectors was weighing on the sentiment. In line with the move, the broader indices too witnessed a decline and lost nearly 2% each.

 

As we’re not seeing any respite on the global front, any disappointment on earnings or the macroeconomic front may put further pressure. On the index front, we are now eyeing 16,800 in Nifty and its decisive break would reverse the recovery trend. Traders should align their positions accordingly. 

Views by: Ajit Mishra, VP - Research, Religare Broking Ltd

4:05 PM

MARKET COMMENT :: India's outperformance makes a case for profit booking

>> India's outperformance till date made a case for profit booking for the FIIs today as geopolitical  and currency risks came to the forefront. Practically all sectoral indices ended in the red with the Nifty closing below 17k on a day when nothing was spared. The broader markets too saw a steep correction in several stocks which have been defying gravity and moving up since the past several weeks.

Views by: S Ranganathan, Head of Research at LKP Securities

4:04 PM

MARKET COMMENT :: Investors becoming risk-averse due to rising geopolitical turmoil

>> Investors are becoming risk-averse due to rising geopolitical turmoil as well as worries about the global economic slump. Investors' caution ahead of the announcement of inflation data prevented a better-than-expected start to IT earnings from improving market mood. However, as compared to global counterparts, domestic selling is not as aggressive since FII selling is primarily absorbed by DIIs.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:02 PM

Commodity Check :: Brent crude falls over 2% on demand worries

4:01 PM

Bond Market :: Yields on 10-year Indian G-Sec slip on Tuesday

4:00 PM

Global markets :: Bank of England warns of ‘material risk’ to UK financial stability

>> The Bank of England on Tuesday announced an expansion of its emergency bond-buying operation as it looks to restore order to the country’s chaotic bond market.

>> The central bank said it will widen its purchases of U.K. government bonds — known as gilts — to include index-linked gilts from Oct. 11 until Oct. 14. 

 

>> The move marks the second expansion of the Bank’s extraordinary rescue package in as many days, after it increased the limit for its daily gilt purchases on Monday ahead of the planned end of the purchase scheme on Friday.

>> “The beginning of this week has seen a further significant repricing of UK government debt, particularly index-linked gilts. Dysfunction in this market, and the prospect of self-reinforcing ‘fire sale’ dynamics pose a material risk to UK financial stability,” the bank said in a statement Tuesday.

Source: CNBC

3:59 PM

Global markets : US stock futures in red; Nasdaq, S&P500 futures fall 1%

3:57 PM

Global markets :: European markets slide

>> European markets retreated on Tuesday as concerns persisted over the global growth outlook and the prospect of more monetary policy tightening from central banks.

Source: CNBC

3:56 PM

CURRENCY CHECK :: Rupee ends unchanged at 82.32/$ vs Monday's close

Source: Bloomberg

3:54 PM

BSE Stats :: Sellers outweigh buyers in the ratio of 2:1

3:52 PM

Buzzing stock :: Marksans Pharma rises over 1% in weak market

>> Marksans Pharma to acquire bulk formulation operations from Tevapharm India

3:50 PM

Buzzing stocks :: India Cements falls over 11% as company decides to sell MP unit to JSW Cement

>> The stock was also in F&O ban today

3:48 PM

Buzzing stock :: Investors book profit in Infy stock post buyback annoucement

>> Co will consider buyback propoal, along with Q2 results on October 13

3:45 PM

Buzzing stock :: TCS Q2 results failed to trigger rally; investors fret over demand slowdown ahead

>> Considering the high inflation and recession fear, analysts remain cautious on the revenue growth outlook

3:44 PM

Sectoral trends :: Auto stocks put brakes on rally; Motherson Sumi, Eicher Motors fall over 3.5%

3:43 PM

Sectoral trends :: IT index reverses initial gains; Infy declines 2.6%, TCS 2%

3:41 PM

Sectoral trends :: Nifty Realty sinks 3%; Oberoi Realty, Sobha tank over 4% each

3:40 PM

BSE SmallCap index dips 1.5%; Panacea Biotec, Everest Industries outshine

3:38 PM

BSE MidCap index ends 1.6% down; JSW Energy, Aurobindo Pharma top laggards

3:37 PM

Broader Market Check :: Mid-, Small-Cap indices fall in tandem with benchmarks

3:36 PM

Sectoral trends at Close :: All indices bleed; Realty index tumbles 3%, IT 2%

3:35 PM

Sensex Heatmap :: Axis Bank, Asian Paints sole gainers on the index

3:33 PM

CLOSING BELL :: Nifty ends below 17,000

3:31 PM

CLOSING BELL :: Fag-end selling drags Sensex, falls nearly 900 pts

3:26 PM

CURRENCY CHECK :: Rupee trades marginally weaker

3:20 PM

MARKET CHECK :: Nifty breaks below 17,000

3:19 PM

MARKET CHECK :: Bears take over D-Street; Sensex drops 1.5%

3:12 PM

Wipro Q2 preview: Revenue may jump 17% YoY; profit seen dropping up to 6%

IT services major Wipro is set to release its July-September quarter (Q2FY23) earnings on Wednesday, October 12. Brokerages estimate the company to post a revenue growth of 15-17 per cent on a year-on-year (YoY) basis to around Rs 444 crore on the back of large deal wins during the quarter such as the acquisitions of consulting firms Rizing and Convergence. READ MORE

3:04 PM

BSE 500:: Gillette, Nestle India among volume shockers

Gillette India has witnessed unusually high volume of around 25,429 shares on the BSE so far as against its five-day average volume of around 193-odd shares. Similarly, Chola Financial, Sheela Foam, Team Lease Services and Nestle India also witnessed a significant spike in volume on Tuesday.

2:53 PM

Subscription of Rs 1,200 cr rights to aid Rs 584 cr debt repayment: Suzlon

Suzlon Energy would be able to pare its debt by Rs 583.5 crore with full subscription of its Rs 1,200 crore rights issue which opened on Tuesday, the company said. READ MORE