Sensex, Nifty trade lower after opening flat; IT, pharma indices up 1-2%

Equity benchmarks are trading lower, with the Nifty giving up 10,450-mark. The Sensex is down around one-fifth of a percent.  

 IT and pharmaceuticals are holding the fort for the market, while there is weakness in automobiles, banks, and the metals space.

The Sensex is down 71.57 points or 0.21% at 34662.01, while the Nifty is lower by 33.10 points or 0.32% at 10439.40. The market breadth is narrow as 1,024 shares advanced, against a decline of 688 shares, while 1,744 shares were unchanged.

Among sectors, IT and pharmaceuticals are holding the fort for the market, while there is weakness in automobiles, banks, and the metals space. The midcap index is marginally higher. 

Shares of ITC, Sun Pharma, Dr Reddy’s and Indiabulls Housing are the top gainers, while Hindustan Unilever, ICICI Bank, HPCL and GAIL have lost the most.

OMCs fall Shares of oil marketing companies (OMCs) are trading lower by 1-4 percent amid rising crude oil prices. Here is a look at the intraday chart of IOC, BPCL and HPC

Crude Update:

Crude oil futures rose sharply as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices.

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OPENING BELL : Sensex surges 400 points in opening, Nifty above 10,350; banks lead the way

Market opens After the drubbing yesterday, equities have begun the session on a strong note. The Nifty has soared past 10,350, while the Sensex is higher by 400 points. 

All sectoral indices are trading in the green, with maximum gains visible among banks, auto, metals and pharmaceutical sectors. The Nifty Midcap index is higher by 2 percent. 

The Sensex is up 419.39 points or 1.23% at 34420.54, while the Nifty is higher by 135.10 points or 1.32% at 10369.80. The market breadth is positive as 624 shares advanced, against a decline of 168 shares, while 2635 shares were unchanged.

  

Rupee Update: The Indian rupee gained in the early trade on Friday. It has opened higher by 29 paise at 73.83 per dollar versus 74.12 yesterday.

Yesterday the rupee ended higher by 8 paise after it plunged to all-time low of 74.48 per dollar during the intraday trade.

Closing Bell: Nifty ‘banks’ on lenders to soar past 10,450, Sensex ends 461 pts higher; midcaps soar

At the close of market hours, the Sensex closed up 461.42 points or 1.35% at 34760.89, while the Nifty rose 159.10 points or 1.54% at 10460.10 . It was all guns blazing by the bulls today. Financials propelled a big rally on benchmark indices, while a big surge in the midcaps space also boosted sentiment on D-Street on Wednesday. 

Bank Nifty closed over 3 percent higher, while the Nifty Midcap index soared over 4 percent. Even PSU banks were one of the biggest movers; the Nifty PSU bank index rose over 5 percent. Other gainers include automobiles, which rose around 3 percent. 

The big loser, though, was the Nifty IT which fell over 1.5 percent. 

At the close of market hours, the Sensex closed up 461.42 points or 1.35% at 34760.89, while the Nifty rose 159.10 points or 1.54% at 10460.10. The market breadth was positive as 2,031 shares advanced, against a decline of 610 shares, while 759 shares were unchanged.

Axis Bank, State Bank of India, Bajaj Finance and Bajaj Finserv were the top gainers, while Infosys, TCS, and Bharti Infratel lost the most.

Gold Update: Gold prices spurted by Rs 200 to Rs 31,850 per 10 grams on increased buying by jewellers and retailers at the bullion market Wednesday following beginning of auspicious week of 'Navratri'.

Silver remained weak and traded RS 50 lower at Rs 39,200 per kg due to slackened demand from industrial units and coin makers, reported PTI.

MFs pump over Rs 11,600-cr in equities in Sept: Mutual fund houses have made investments of over Rs 11,600 crore in domestic equities in September despite volatility in stock markets, even as foreign investors pulled out a massive Rs 10,825 crore, reported PTI.

Market Live: Sensex extends gains to over 200 points, Nifty above 10,350; auto, pharma indices surge

Among sectors, auto stocks have gathered steam along with banks, infrastructure, metals, and pharmaceuticals,

Market Opens D-Street has begun the day on a positive note, with the Sensex gaining 100 points, while the Nifty is above 10,300-mark. 

Among sectors, automobiles, infra, banks and consumer names are gaining, while Nifty IT index is trading in the red.

The Sensex is up 116.98 points or 0.34% at 34416.45, while the Nifty is higher by 26 points or 0.25% at 10327.00. The market breadth is positive as 335 shares advanced, against a decline of 151 shares, while 2,878 shares were unchanged.

Garden Reach Listing Pre-open: Market debutant Garden Reach Shipbuilders’ shares have settled around Rs 102,.50 apiece in the pre-opening market. The stock will list at 10 am.

  

Market Update Equities have extended their gains from opening levels. The Nifty is trading above 10,350-mark, while the Sensex has risen over 200 points. 

Among sectors, auto stocks have gathered steam along with banks, infrastructure, metals, and pharmaceuticals. The Nifty Midcap index is higher by 2 percent. 

The Sensex is up 229.49 points or 0.67% at 34528.96, while the Nifty is higher by 79.80 points or 0.77% at 10380.80. The market breadth is positive as 1,236 shares advanced, against a decline of 420 shares, while 1,708 shares were unchanged.

Hero MotoCorp, Maruti Suzuki, Bajaj Finance and Bajaj Finserv are the top gainers, while Yes Bank and Infosys have lost the most.   

BUZZ ALERT | Shares of Bandhan Bank have risen over 4 percent ahead of September quarter results announcement later in the day. 

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Stocks in the news: Garden Reach Shipbuilders, SBI, DHFL, PNB Housing and Indiabulls Ventures

Nifty futures on the Singapore Exchange were trading 31.50 points, or 0.31 per cent, higher at 10,343.50, indicating a positive start for the Nifty50. Here's a look at the top stocks that may hog the limelight in today's session: 

Dewan Housing Finance (DHFL): The company is said to have sold about Rs 5,000-7,000 crore of its loans to the State Bank of IndiaNSE 0.34 %, a transaction that should help restore investor confidence in NBFCs which are currently battling tight liquidity conditions. 

PNB Housing, PNB: US private equity investor The Carlyle Group and staterun Punjab National BankNSE 0.72 % have scrapped their planned stake sale in housing finance unit PNB Housing Finance Ltd as bidders appear to be going back on their proposal following halving of valuation of the mortgage lender in recent months, said people familiar with the developments. 

Zee Entertainment: After two months of tough negotiations, Subhash Chandra-promoted Zee Entertainment EnterprisesNSE 2.50 % (ZEE) and Mukesh Ambani’s Reliance Jio have smoked the peace pipe and signed agreement on the commercial terms where ZEE will start sharing its content library as well as 37 live TV channels with immediate effect. The company will be out with its quarterly numbers on Wednesday. 

Garden Reach Shipbuilders & Engineers: The company is slated to get listed on the BSE and the NSE on Wednesday. Earlier, the initial public offer (IPO) of the company was subscribed 1.02 times The Rs 345-crore IPO received bids for 2,97,58,920 shares against the total issue size of 2,92,10,760, data available with the NSE showed. 

State Bank of India (SBI): The lender will increase its portfolio purchase of loans from non-banking finance companies (NBFCs) this year, as it looks to provide much-needed liquidity to the funds-starved sector, and simultaneously fulfil its priority-sector obligations. 

Bandhan Bank, Indiabulls Ventures: Uttam Galva Steels, Zee Entertainment, Bandhan Bank and Indiabulls Ventures are four BSE-listed firms which will announce their quarterly results on Wednesday. 

Bank of Baroda: Bank of Baroda’s (BoB) loans to debt laden infrastructure firm IL&FS are performing as of now, said PS Jayakumar, managing director and chief executive officer of the bank without divulging details of the extent of exposure to IL&FS. 

Tata, Adani PowerNSE 1.25 %: Relief is in sight for Rs 50,000 crore mega imported coalbased projects of Tata Power, Adani Power and Essar Power with an expert committee recommending that fuel cost should be passed on to consumers prospectively and that the companies should have the option to extend power purchase contracts by 10 years. 

NLC India: The company board approved the proposal to buyback of 14,19,31,818 equity shares at a price Rs 88, for an aggregate consideration not exceeding Rs 1,248 crore. 

Dr Reddy's Labs: The company has launched Colesevelam HCI Tablets, USP, a therapeutic equivalent generic version of WELCHOL (colesevelam HCI) tablets in the US . The brand and generic had US sales of approximately $471 million MAT for the most recent twelve months. 

ILF S Group stocks: The Serious Fraud Investigation Office (SFIO) has zeroed in on five group firms of Infrastructure Leasing & Financial Services (IL&FS) for culpable fund diversion and mismanagement. These are IL&FS Transportation Networks Ltd, IL&FS Financial Services, IL&FS Energy Development, IL&FS Tamil Nadu Power and IL&FS Engineering and Construction.

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F&O: Vix slips; options show a tight bear grip on the market

The Nifty50 index had a volatile session on Tuesday as the bulls and the bears both fought a tug of war to defend the 10,400 and 10,300 levels, respectively. The index managed to recover towards the 10,385-10,400 zone, but absence of followup buying took it back to 10,300 level. It failed to surpass Monday’s high of 10,398 and formed a Bearish Belt Hold candle by nullifying the previous day’s formation of Bullish Hammer on the daily scale. 

Recently, it had taken support at its rising trend line formed by connecting its major swing lows of 6,825, 7,893 and 10,200 levels, but absence of followup confirmation suggests the bears are holding a tight grip on the market. Now, it has to hold above 10,300 to extend its bounce towards 10,400 and then 10,500 levels, while on the downside, the 10,200 level could act as an immediate support, below which Nifty may see fresh decline due to distress selling. On the options front, maximum Put open interest was at 10,000 followed by 10,500 while maximum Call OI was at 11,000 followed by 10,800. There was Put writing at 10,500 and 10,300 while Call writing was seen at 10,400 and 10,600 levels. The options band signified a hold of support while upside hurdles may remain at higher levels. 

India VIX fell 1.96 per cent to 19.75 level. Overall higher volatility suggested a bear grip, but a cool off in VIX with a topping out formation could form a short-term bottom for the market. 

Bank Nifty formed a small candle, as it tried to hold above the previous day’s opening level, but was unable to hold above immediate hurdle at 24,750 zone. However, it has been forming lower top and lower bottom on the weekly scale and needs to negate the same for a durable bottom. 

On an immediate basis, the index has to cross and hold above 24,750 to extend its bounce towards 25,000 and then 25,250 levels, while on the downside, major support is seen at 24,250. 

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Stock market update: Over 330 stocks touch 52-week lows on NSE

Over 330 stocks, including Arvind, Bank of Baroda, Bharti Airtel, Bombay Dyeing and CARE Ratings, hit 52-week lows on NSE in Tuesday's session. 
Central Bank of India, Century Textiles & Industries, Concor, Dilip Buildcon, DHFL, Emami, Godrej Properties, Godrej Industries, Godrej Agrovet, Grasim Industries, InterGlobe Aviation, Maruti Suzuki India, United Spirits, Tata Chemicals, Tata Motors, Tata Power Company and Voltamp Transformers, too, featured among stocks that touched 52-weeks low on NSE.

Equity benchmarks Sensex and Nifty turned choppy after registering a positive start on Tuesday. While rupee's rise and easing crude prices gave some hope, mixed global cues kept investors cautious.The NSE Nifty index was trading 35 points down at 10,313, while the BSE Sensex was down 83 points at 34,391 around 12:15 pm. Among the 50 stocks in the Nifty index, 21 were in the green and 29 in the red. Barring metal, media and financial service, all sectoral indices were in the red on NSE. Tata Motors, YES Bank, DHFL, Reliance Communications, JP Associates, PNB, GMR Infra, Vedanta, Ashok Leyland and Bank of Baroda were the most traded stocks on NSE. 

HDFC, YES Bank, Vedanta, Adani Ports and Zee Entertainment were among the top gainers in the Nifty index. 

Tata Motors, Titan Company, HPCL, Eicher Motors and Grasim Industries were trading among the top losers in the Nifty pack of stock.

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