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Markets ended near day lows with the BSE benchmark index trading within a tight range of 136 points. Also, today was the last trading day of the week with the markets being closed tomorrow and the day after for Mahatma Gandhi Jayanthi and Dussehra respectively.
For the day, the Sensex was down 63 points or 0.2% at 26,568 and the Nifty slipped 19 points or 0.2% at 7,945. The ones weighing on the indices were FMCG and oil & gas explorers.
The broader markets too closed in red with mid and smallcap indices down 0.2-0.4%.
Rupee
Rupee recovered after opening at 61.95 per dollar, its lowest since March 4. The Indian unit was trading at 61.74 as compared to its previous close of 61.74/75.
Traders pared their positions ahead of holidays as the currency markets will be closed from Thursday to Monday. Also, most Asian currencies were in red on concerns about Hong Kong protests.
Sectors & Stocks
Barring IT index which was up 2%, all the sectoral indices on BSE closed in the red with a cut of atleast 0.2%. The major sectoral losers were Oil & Gas, FMCG, Consumer Durables, Capital Goods and Realty indices down 0.5-1.5%.
Software exporters gained on hopes that weak currency would aid improve margins. The dollar index had climbed to a four-year high against a basket of currencies in intra-day trades.
Wipro gained 3% on reports that the government has approved the proposal of Wipro to set up SEZs in Andhra Pradesh. The stock was also teh top Sensex gainer for the day.
Infosys rose nearly 3% after the company said it is extending its relationship with Oracle to enhance support for a range of innovative solutions and services on new technology platforms.
TCS, Tech Mahindra and HCL Tech added 1.5% each.
Auto stocks Hero MotoCorp and Mahindra & Mahindra gained 1-2% on the back of strong sales in the month of September. However, Maruti Suzuki dropped 3% due to lower export sales and was also the top Sensex loser.
Coal India, Axis Bank, Sun Pharma and NTPC were the only other gainers among Sensex-30.
The financial shares were in red post the RBI’s neutral stance on key policy rates. SBI, HDFC twins and ICICI Bank were down 0.1-0.8%.
FMCG majors ITC and HUL dropped 1.5-2%.
Oil & Gas scrips corrected tracking lower crude oil prices. GAIL, RIL and ONGC slipped 1.5-2.5%.
Metal stocks were weak in today's trade with Tata Steel, Hindalco and Sesa Sterlite down 0.7-2%.
Smart Moves
MT Educare rallied 5.6% to Rs 147 after the Reserve Bank of India increased foreign institutional investors' (FIIs) investment limit in the education firm to 100% of its paid-up capital.
Jubilant FoodWorks gained 4% at Rs 1,280 after the company announced the inauguration of Domino's Pizza maiden restaurant in Gorakhpur and Udaipur.
Shemaroo Entertainment hit the lower circuit of 5% at Rs 171 after listing at premium on the BSE.
Aviation stocks rallied by up to 5% on the bourse today as state-owned oil companies reduced the price of aviation turbine fuel (ATF) or jet fuel by a steep 3% on the back of falling international oil rates. Spicejet gained 2.5% and Jet Airways was up 2% while Kingfisher Airlines was locked in upper circuit of 5% at Rs 2.15
Global Markets
Stocks worldwide began the fourth quarter on a negative note, with investors wary of lackluster economic data and keeping a cautious eye on civil unrest in Hong Kong.
The dollar held close to a four-year high against a currency basket, helped by the weak factory activity data, and pushed commodity prices lower.
The pan-European FTSEurofirst 300 equity index was down 0.1% after final September purchasing manager numbers from France and Germany underlined the fragility of the European recovery.
Manufacturing stumbled across most of Asia in September. The closely watched Chinese PMI stayed stuck at 51.1, only modestly above the 50 level that separates growth from contraction.
MSCI's main index of Asia-Pacifc shares outside Japan fell 0.3%. In Tokyo, the Nikkei stock index closed 0.6% lower. Big Japanese manufacturers were slightly more optimistic in the third quarter but service-sector sentiment worsened, a central bank survey showed.
Chinese stock markets were closed for a national holiday.
