You are here: Home » Markets » News
Business Standard

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

All that happened in Wednesday's trade

SI Reporter  |  New Delhi 

The benchmark indices pared entire gains to end lower with the Nifty slipping below its crucial 10,000 mark as focus now shifted to the September-quarter earnings season, which is expected to be subdued due to the impact of the goods and services tax. Market heavyweights Tata Consultancy Services and Reliance Industries are slated to post results tomorrow and on Thursday, respectively. TCS gained 1.6% to settle at Rs 2,500, while RIL ended marginally lower at Rs 840. Investors also await the retail inflation data due tomorow, which is likely edged up in September, ...

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
149.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Master/Visa Credit Card & ICICI VISA Debit Card
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART MONTHLY

Business Standard Digital

Business Standard Digital - 12 Months
1499.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.
Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Vinod Nair, Head of Research, Geojit Financial Services    The Market failed to hold the opening positive momentum as profit-booking emerged towards close due to caution ahead of CPI & IIP data. September CPI inflation is expected to surge to 3.52% from 3.36% while the rising crude oil price and volatility in rupee may limit RBI interference on key rate. Additionally, earnings season will kick-start tomorrow with the result of IT heavyweight and market will take direction from the expectations and the actual numbers. 

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Nifty IT sole sectoral gainer  Source: NSE

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Top Sensex gainers and losers at close Source: BSE

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Market breadth Market breadth, indicating the overall health of the market, turned negative. There were at least two losers for every gainer on the BSE. 1,806 shares declined, while 938 shares rose. 106 shares remained unchanged. 

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Broader markets   After hitting its fresh high, the BSE Smallcap index pared all its gains to end over 1% lower. The BSE Midcap index shed 0.8%.

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Markets at close The S&P BSE Sensex ended at 31,833, down 90 points, while the broader Nifty50 settled at 9,984, down 32 points.

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Outlook on auto sector   We  continue  to  believe that the stage is set for strong demand for automobiles across segments on the back of (1) An increase in the government’s  capital  spending  and  focus on the rural economy, (2) Higher  rural  income with well-spread normal monsoon, (3) Increasing per  capita  income  and  growing  urbanisation, (4) Falling interest costs and (5) Low base effect. In  our coverage universe, Maruti Suzuki, Hero Motocorp, M&M and Tata Motors are our top picks. This is owing to the fact that they have an extensive  distribution network and strong rural franchise, and would  be  major  beneficiaries  of demand revival in the next two years. We also  prefer Eicher and Force Motors, given the increasing preference for  premium,  stylish  and  differentiated  vehicles. We continue to maintain  our  positive stance on Tata Motors, as JLR’s volume growth momentum is likely to continue with its healthy new product cycle and margin trajectory. (Source: HDFC Securities)

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Edelweiss Securities downgrades Coal India to 'HOLD'    Our target price of Rs 285 has been achieved and we see limited upside hereon as even price hikes of 6% (if taken) would merely nullify the adverse impact on EBITDA due to higher than expected wage increase. We have lowered our dividend yield estimate from 8% to 4-6% now in light of constrained cash accretion. The stock trades at top end of its peers and its own historical trading range. Hence, we downgrade to ‘HOLD/SP’ with revised TP of Rs 275, implying an exit multiple of 14.5x FY19E EPS. 

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Buzzing stock Sical Logistics rose over 5% to Rs 213.45 on BSE after the company's board approved a proposal to initiate the buying of 26% stake held by MMTC in the company's subsidiary Sical Iron Ore Terminals.

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Global markets Spanish stocks and bonds rallied and the euro hit a two-week high on Wednesday as European markets took relief from Catalonia stopping short of declaring immediate independence from Madrid.   MSCI’s 47-country world stocks index briefly hit a fresh record high in opening European trading as a 1.5 percent jump in Spain’s IBEX added to a 10-year high set by Asian shares overnight.   The biggest surge came from Spanish banks which rallied as much as 4 percent, while the country’s government bond yields - which gauge political tension levels - saw their second biggest fall in a month.

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

Volatility index India VIX rose over 4% to 12 in intraday trade. Source: NSE

First Published: Wed, October 11 2017. 15:32 IST
RECOMMENDED FOR YOU

Markets pare entire gains; Sensex down 90 points, Nifty ends below 10,000

All that happened in Wednesday's trade

The benchmark indices pared entire gains to end lower with the Nifty slipping below its crucial 10,000 mark as focus now shifted to the September-quarter earnings season, which is expected to be subdued due to the impact of the goods and services tax. Market heavyweights Tata Consultancy Services and Reliance Industries are slated to post results tomorrow and on Thursday, respectively. TCS gained 1.6% to settle at Rs 2,500, while RIL ended marginally lower at Rs 840. Investors also await the retail inflation data due tomorow, which is likely edged up in September, ...

image
Business Standard
177 22