Markets Live: Sensex tumbles 175 points, Tata Motors stock skids 13%

After opening higher, the rupee erased its gains to hit a new record low of 74.35 against the US dollar today as Brent crude breached the $84 a barrel-mark again. At 4.05 pm, the domestic currency was quoted at 74.29, down by 23 points from yesterday's close of 74.06.

Strengthening of dollar against other currencies overseas also pulled the rupee down. Moreover, unabated foreign fund outflows weighed on the rupee.

The domestic unit opened strong at 73.93 and further rose to 73.88 on fresh dollar selling by exporters. However, it slipped to a fresh lifetime low of 74.35 intraday.

(Source: Reuters)

Closing Bell

Benchmark indices were choppy on Tuesday as investors turned cautious amid mixed global cues. The benchmark BSE Sensex opened 150 points higher on buying by domestic institutional investors (DIIs) and rupee recovery. It, however, pared gains and lost 174.90 points to close at 34,299.47.

Similarly, NSE Nifty too turned choppy and ended 47 points lower at 10,301.05.

Auto, banking, oil & gas and FMCG stocks met with heavy selling pressure. Auto stocks such as Tata Motors, Maruti and Eicher Motors fell sharply today. In the Oil & Gas pack, HPCL, GAIL, Reliance, IOC and BPCL bore the brunt and were down between 1.90 per cent to 4 per cent due to heavy selling amid muted buying from traders.

On the NSE, Tata Motors had the maximum hit and was down 13 per cent at Rs 184.55, while Eicher Motor declined 4 per cent at RS  21,200.

Pharma stocks bucked the negative bias today and have scored impressive gains in today's trade. Dr Reddy's, Indoco Remedies, Aurobindo pharma rose between 4.50 per cent and 9 per cent today.

Fresh bouts of selling in late session by financial institutions and investors, drove the markets sharply down today. The Sensex declined 194 points at 34,280. The Nifty too was down by 50 points at 10,297. Auto, banking, oil & gas and FMCG stocks met with heavy selling pressure. Auto stocks such as Tata Motors, Maruti and Eicher Motors fell sharply today.

In the Oil & Gas pack, HPCL, GAIL and BPCL bore the brunt due to heavy selling amid muted buying from traders.

However, metal and infra stocks bucked the weak trend and posted gains. Stocks such as Tata Steel scored 2 per cent gain at Rs 571.25, Vedanta was up 2.60% at Rs 212.20 and Adani Ports posted impressive 4.20% gain at Rs 317 and Coal India was up 1.80% at Rs 272.70.

Pharma stocks gave good support to the weak markets. Notable pharma gainers were Dr Reddy's, Aurobindo Pharma, Merck

TOP NIFTY LOSERS

However, metal and infra stocks bucked the weak trend and posted gains. Stocks such as Tata Steel scored 2 per cent gain at Rs 571.25, Vedanta was up 2.60% at Rs 212.20 and Adani Ports posted impressive 4.85% gain at Rs 319 and Coal India was up 2.25% at Rs 274 today

TOP NIFTY GAINERS

Sensex managed to hold on to its gains and was trading at 34,558, up 84 points over its previous close. On the NSE, the Nifty was up by 34 points at 10,382. Indices were mainly supported by Bajaj Finance, Dr Reddy's, Vedanta, Tata Steel, YES Bank and HDFC while other stocks such as Tata Motors, Eicher Motor, Maruti and Hindustan UniLever dragged the markets lower today.

Nifty Gainers

Nifty Losers

Nifty Next 50 stock Gainers

Nifty Next 50 Losers

Markets were mainly dragged lower by auto, oil & gas and Consumer durables sector stocks. The BSE Auto index was the worst hit today losing 2.55% at 19,605.  The BSE Consumer Durables index too lost 479 points or 2.60% at 18,152.93, while the Oil & Gas index declined 146 points or 1.17 per cent at 12,398 in the late afternoon trading session.

Notable loser among the automobile stocks was Tata Motors which lost over 16% during the day after it reported that iJLR September sales fell 12 per cent.

Maruti was seen trading weak at Rs 6,723, down by Rs 166 or 2.40% and Eicher Motor too declined by Rs 886 or 4.95% at 21,248.

In the Oil & Gas pack, HPCL, GAIL and BPCL bore the brunt due to heavy selling by traders.

HPCL was down by 2.77% at RS 173.55, GAIL lost 2.60% at Rs 334.75 and BPCL, down by 2.40% at Rs 259.50 in late trading session.

Shares of Tata Motors fell over 16 per cent Tuesday after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September.

The scrip, after a weak opening, further tumbled to a low of Rs 170.30 as trade progressed on BSE. At 1.50 pm, the stock was trading lower by 16% at Rs 178.65

On NSE, shares of the company cracked 20 per cent to hit its one-year low of Rs 170.30 before being quoted at Rs 177.95, down by 16.95%

The stock was the worst hit among blue chips on both the key indices. Read more

Markets still trading slightly weaker with the Sensex losing 147 points at 34, 326 and the Nifty declining by 52 points at 10, 295. Top laggards during the day were Tata Motors, Hind Petro, Titan, Eicher Motor, Grasim and Asian Paints.

Yuan finds traction after sharp declines

Losses in most Asian currencies were limited by a strengthening in the yuan on Tuesday, as the Chinese currency recovered after the previous session's losses, which came after a week-long holiday. For more

Nifty call:  Go short on fall below 10,300 levels

Following a positive start, the Sensex and the Nifty index slipped into negative territory in early trading. Subsequent up-moves have failed to take the benchmark indices above the key resistance levels. The market breadth of the Nifty is biased towards declines. Both the mid- and small-cap indices have tumbled about 1.4 per cent. The strong decline of 3 per cent in the Nifty Auto and 2.2 per cent fall in the Nifty FMCG index are dragging the broader markets. Read more

Campus hiring: Job offers by IT majors hit a high

After a year of lull IT service companies, it appears, are back on a recruitment spree. This is evident from the campus recruitment at Tamil Nadu’s top engineering college campuses this year. Tata Consultancy Services, Cognizant Technology Solutions and Infosys have all made large number of Day 1 offers. Read more

Gold edges up

Gold prices edged higher on Tuesday drawing some safe-haven bids from risk-averse investors as Asian stocks fell amid worries over a potential slowdown in China's economic growth and as the dollar eased against the yen. Read more

Sensex down 117 points

The benchmark indices Sensex and Nifty were stuck in negative territory in afternoon trade. Sensex was quoting at 34,357.30, down 117 points or 0.34 per cent and Nifty at 10,304, down 43 points or 0.42 per cent lower.  

Investors avoided making big deals ahead of the results season that begins later this week, and amid weakening global cues. Trading sentiment remained subdued globally, with Asian shares at a 17-month low as the Chinese currency slipped past a psychological level. Factors such as rising bond yields, oil prices and a weakening rupee are also reported to be weighing on investment sentiment.

The top gainers on the Sensex were YES Bank, HDFC, VEDL, Adani Ports and CIL. The laggards were Tata Motors, HUL, Asian Paints, Maruti and Bharti Airtel.

All the sectoral indices with the exception of the metal index were trading in negative territory. The major losers were consumer durables, auto, realty and FMCG.

New orders fail to enthuse NBCC stock

The stock of NBCC (India) reacted lower on Tuesday. The report that the state-owned company had bagged a contract to develop river fronts in Dehradun for ₹750 crore, did not help to push the stock higher. At 11 am, the NBCC stock was down 1.30 per cent at Rs 53.60 on the NSE. Read more

Spurt in volumes was seen in Inox, Goa Carbon and Tata Motors. (table)

IL&FS group shares hit lower circuit limit

Shares of IL&FS Transportation Networks Ltd and IL&FS Engineering and Construction Company Ltd were locked in lower circuit after falling as much as 9.9 per cent as Infrastructure Leasing & Financial Services had said on Monday it was unable to service obligations for inter corporate deposit due October 8. Read more

Heavyweight stocks trade mixed

In the mid-session, stock markets remained flat as heavyweighted stocks were showing mixed trend. While heavyweights such as Tata Motors, Eicher Motor, Grasim and HPCL fell between 3 per cent and 4 per cent, others such as YES Bank, HDFC, Adani Ports, Hindallco and Dr Reddy's gained between 1.5% and 4 per cent today.

Top Losers on the NSE

Top Gainers in today's trade on the NSE

The Sensex and Nifty continued to trade in the red in mid-morning trade on Tuesday. The Sensex was trading at 34,401, down 73 points or 0.21 per cent lower, while the Nifty 50 was at 10,315, down 32 points or 0.31 per cent lower. Markets fell mainly due to weakness in Auto, IT and Consumer Goods stocks.

While the BSE Auto index lost 312 points or 1.55 per cent 19,802, the BSE IT index was down 125 points or 0.85 per cent at 14,974 and the Consumer Goods declined 93 points or 0.82 per cent at 10,692.13 in the afternoon trading session.

 Investors have turned cautious amid mixed global cues. DIIs remained buyers on the domestic bourses and bought shares worth a net of Rs 1,974 crore on Monday, while foreign institutional investors (FIIs) sold shares to the tune of Rs 1,805 crore, as per provisional data

Now the rupee was trading flat at 74.08 against the dollar

Tata Motors down nearly 5% 

Tata Motors shares fell as much as 5.6 per cent to a low of Rs 200.55 in the morning trades after the company reported 12.3 per cent lower sales at its Jaguar Land Rover (JLR) unit in September. The company’s sales in China, too, has plunged by 46.2 per cent. Read more

YES Bank hits 2-week high

YES Bank stock climbed to a 2-week high on Tuesday. The stock was trading at Rs 229.75, up 4.05 per cent on the BSE in the morning session. The stock has breached and moved above the resistance level at Rs 221.4, the 23.6 per cent Fibonacci retracement level of the downtrend from August 20 high to a September 28 low. Read more

YES Bank had reported a gross NPA of 1.31 per cent and net NPA of 0.59 per cent for the first quarter ended June 30

Indices slip into the red

The benchmark indices slipped into the red in early trade. The Sensex was quoting at 34,418, down 55 points or 0.16 per cent. The Nifty 50 was down 10 points or 0.10 per cent at 10,337.

The top gainers on the Sensex were YES Bank, Adani Ports, HDFC, L&T and VEDL. The laggards were Tata Motors, Asian Paints, Bajaj Auto, Wipro and Bharti Airtel.

Asian markets at 17-month low

Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive. Read more

Centre amends IBC norms

The Centre has amended the Insolvency and Bankruptcy Code to accord priority in payment for unsecured operational creditors ahead of financial creditors. Read more

Oil prices steady

Oil prices held little changed on Tuesday, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of US sanctions, while a hurricane moved across the Gulf of Mexico. Read more

IMF projects India’s growth at 7.3% in 2018 & 7.4% in 2019

The International Monetary Fund (IMF) on Tuesday forecasted a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019. In 2017, India had clocked a 6.7 per cent growth rate. Read more

Rupee opens higher

The rupee opened higher by 13 paise at 73.93 against the US dollar on Tuesday.

Yesterday, the domestic currency finished at a fresh lifetime low close of 74.06 against the US dollar

Sensex rallies

Domestic shares opened higher on Tuesday continuing its yesterday's strong close. Sensex quoted at 34622, up by 148 points. On the NSE, the Nifty gained 43 points at 10,391.55 in the first 10 minutes of today's trading.

Today's Pick Avanti Feeds (Rs 377.1) Buy

Investors with a short-term perspective and with a contrarian view on the markets can buy the stock of Avanti Feeds at current levels. Both the medium as well as the short-term trends are down for the stock. However, the stock recorded a 52-week low at ₹350 on September 28 and started to move sideways. The stock has a key support in the band between ₹350 and ₹355, which acts as a cushion. There has been an increase in daily volume over the past five trading sessions. Read more

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1945 • HDFC Bank

₹714 • Infosys

₹273 • ITC

₹149 • ONGC

₹1107 • Reliance Ind.

₹266 • SBI

₹2080 • TCS

10379 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Read the full report here

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