Nifty off Highs; Auto stocks in focus, Maruti down

After beginning the day with great confidence amid a firming trend in other Asian markets following overnight gains on the Wall Street, benchmark indices fell victim to profit booking. At 11 am, the Sensex stocks came off sharply from their morning highs. The index was trading only 0.08 percent higher at 26176.80 while the Nifty lost its initial proximity to the 8000 level and precariously clung to 7939.50. HCL tech remained biggest drag on the Nifty.

Auto stocks remained in focus as companies prepare to announce their September sales report card. Maruti Suzuki, which had run up the previous few sessions was among the top Sensex losers as it reported slight dent in its annual exports and grew only in single digits. The company's total sales Y-o-Y was higher by 3.7 percent at 1.13 lakh units.

Tata Motors, Eicher Motors and Bajaj Auto were other prominent losers in the auto sector while Ashok Leyland, Hero MotoCorp and M&M were gainers.

Auto stocks remained in focus as companies prepare to announce their September sales report card. At 11 am, the market was looking weak. The Sensex came off sharply from its morning highs and was trading only 0.08 percent higher at 26176.80. The Nifty lost its initial proximity to the 8000 level and precariously clung to 7939.50.

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Nifty struggles to hit 7850 ahead of expiry; Infosys up

The market is in red on September expiry day with midcaps eeking out a marginal outperformance. The Sensex is down 85.50 points or 0.3 percent at 25737.49 and the Nifty slips 16.55 points or 0.2 percent at 7829.40. About 1279 shares have advanced, 779 shares declined, and 81 shares are unchanged.

Lupin, Infosys, Maruti, Cipla and Bajaj Auto are top gainers while ONGC, Coal India, Tata Steel, L&T and Vedanta are major losers in the Sensex.

Manoj Murlidharan of Religare Securities expects the Nifty to hover near 7886 level at the expiry. He has the stop loss for Nifty at 7764 level. For Bank Nifty, Murlidharan’s call option is 17300 with a sell call at 17500 level.

Asian shares traded mixed, with Japan's Nikkei 225 index lagging behind its regional peers after returning from a three-day national holiday earlier in the week.

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Sensex, Nifty, Midcap climb 1%; Ambuja Cements top gainer

Ambuja Cements topped the buying list on Nifty, up over 4 percent after Nomura upgraded the stock to buy with target price of Rs 253 per share. It believes cement demand growth in non-south regions is likely to be strong.Equity benchmarks continued to see short covering and little bit of value buying as well. The 30-share BSE Sensex gained 263.71 points or 1.04 percent at 25717.27 and the 50-share NSE Nifty climbed 89.60 points or 1.16 percent to 7806.60, led by banking & financials, capital goods, auto and metal stocks.

The BSE Midcap and Smallcap indices rallied too, up over 1.2 percent in noon trade. The market breadth remained positive as about 1600 shares have advanced against 660 shares declined on the Bombay Stock Exchange.

There has been calm across Asia, as China and Hong Kong markets shut today. Japan's Nikkei gained 0.5 percent while Straits Times and Taiwan Weighted rose 0.8 percent each. European markets are likely to open higher ahead of the ECB policy decision due later today.

Investor, Marc Faber said data suggests economic growth in China is worse than 4 percent. He expects volatility in global markets to continue for next 6 months. On India, he said an economic slowdown in China will definitely impact India.

Ambuja Cements topped the buying list on Nifty, up over 4 percent after Nomura upgraded the stock to buy with target price of Rs 253 per share. It believes cement demand growth in non-south regions is likely to be strong.

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Friday Morning Stocks News For Traders

IFII view on market crash : With volatility appearing to ebb a bit following the Black Monday that hit global markets this week, leading market experts are now saying a major part of it was driven more by technicals than fundamentals. "There was forced selling on the part of momentum traders. And selling begets more selling," Bob Doll of Nuveen Asset Management told CNBC-TV18. While admitting that there have been growth concerns in emerging markets, Doll said the intensity of the crash -- which wiped off as much as USD 5 trillion off investor wealth globally -- meant there was more to it than fundamentals. However, Doll said he was underweight most emerging markets -- barring exceptions such as India -- and said strong economic data out of the US could mean the Federal Reserve could hike rates in September

RBI on stressed loans : Reserve Bank Governor Raghuram Rajan came down heavily on promoters of some large distressed companies taking advantage of banks' fear of an asset turning dud and making unjustified demands. "Some large promoters take advantage of bankers fear about assets turning non-performing to extract unwarranted concessions, without any sacrifice in the value of their stake," Rajan wrote in his Overview on the 2014-15 Annual Report of the central bank release on Thursday. The Reserve Bank follows a July-July financial year. 

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LIVE: Sensex, Nifty trim losses; banks rebound

Movers & Shakers : NTPC bounced back very rapidly, up more than 4 percent after seeing more than 6 percent fall in morning session. ICICI Bank, Reliance Industries, Axis Bank, SBI, Tata Motors, M&M, Coal India, Vedanta, Tata Steel and GAIL gained 1-3 percent. However, Infosys, ITC, L&T, HDFC, Maruti Suzuki, Lupin, Sun Pharma, BHEL, Bharti Airtel, Hero Motocorp and Bajaj Auto dropped 1-3 percent.

Market trims losses : Equity benchmarks cut down losses in noon trade with the Sensex falling 155.93 points to 25585.63. The Nifty clawed back above the 7700 level, down 47.95 points to 7761.05. The market breadth remained weak as about 438 shares have advanced against 2032 shares declined on the Bombay Stock Exchange.


Rupee Outlook : It is sentiment that is driving the current market and not the fundamentals, says Divya Devesh, ASIA FX strategist at Standard Chartered Bank. In an interview with CNBC-TV18, Devesh says: “the fundamental problem still has not been solved, which means that the INR could still remain under pressure in the near-term.” He says this will continue till some fiscal or monetary measures are announced by the Chinese government. Devesh believes that “India is more insulated than the other Asian markets” and will bounce back in the long run. “66-67 per dollar looks like a reasonable range at least for this week,” says Devesh. He added that “if this equity turmoil continues, we could see a break of 67 per dollar.” With low commodity prices and reduced chances of US Federal Reserve rate hike, the year-end dollar INR forecast remains stable at 65, he says. 

Market Extends Losses : Equity benchmarks extended losses with the Nifty falling below 7700, down 110 points or 1.39 percent to 7698. The Sensex plunged 353.14 points or 1.37 percent to 25388.42. The broader markets, too, were under pressure as the BSE Midcap lost 1.5 percent and Smallcap tumbled 2.6 percent. About five shares declined for every share advancing on the Bombay Stock Exchange. The rupee erased all its morning gains, down 2 paise to 66.66 a dollar. 

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Sensex loses steam, Nifty below 8500;

The market lost its early momentum as banking & financials and metals & mining saw profit taking after sudden fall in Chinese market. However, technology stocks gained. The 30-share BSE Sensex fell 88.56 points to 27789.71 and the 50-share NSE Nifty declined 30.20 points to 8447.10. About 1362 shares have advanced, 1084 shares declined, and 155 shares are unchanged on the BSE. China's Shanghai Composite index tanked 6 percent, leading led losses in Asia as nerves over China's struggling economy and a deadly bomb explosion in Thailand sent investors scrambling for safety. Infosys gained 1.9 percent as BNP Paribas gave thumbs up to the company after investor meetings with the CFO. The brokerage maintained its buy rating with the target price raised to Rs 1,320 on the back of a Q1 beat and a weaker rupee. TCS, too, rallied 1.9 percent. Moody's cut India's 2015 GDP forecast to 7 percent in light of a drier than average monsoon. The agency, however, retained its 2016 GDP forecast to 7.5 percent. 

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Sensex is up 144.42 points or 0.5 percent at 27656.68

The devaluation of the yuan should not be seen as a sign of China wanting to wage a currency war, but it is more to do with China's ambitions to facilitate yuan's inclusion in Special Drawing Rights (SDR), says Dennis Tan, Fx Strategist, Barclays. He adds that it should be seen more as a liberalisation or a reform measure to improve he fixing mechanism so that it reflects the market rates. 11:40 am Market check: The Sensex is up 144.42 points or 0.5 percent at 27656.68 and the Nifty is up 44.05 points or 0.5 percent at 8393.50. About 1347 shares have advanced, 1073 shares declined, and 127 shares are unchanged. Cipla, Bharti Airtel, Lupin, Cipla, SBI and Coal India are top gainers in the Sensex. Among the losers are Vedanta, Tata Steel, Hindalco, GAIL and Wipro. 11:30 am Nestle India: Bombay High Court has set aside FSSAI order banning Maggi noodles. However, Nestle will not manufacture or sell Maggi till testing is completed. The stock is up 5 percent. Don't miss: India's rates too high; will draw hot money amid falling yuan: Fin Secy The market has bounced back after four days of losses led higher by the bank Nifty as global markets stabilised and sentiment is boosted by the CPI data for July that came in much better than estimates at 3.78 percent versus 5.4 percent in June. Rupee, however, slipped to the day's low after a decent start. The Sensex is up 129.66 points or 0.5 percent at 27641.92, and the Nifty up 38.25 points or 0.5 percent at 8387.70. About 1311 shares have advanced, 980 shares declined, and 117 shares are unchanged. Bharti Airtel, Cipla, Lupin, SBI and Hero MotoCorp are top gainers in the Sensex. Among the losers are Tata Steel, Vedanta, GAIL, Hindalco and Wipro. China's central bank said that there was no basis for further depreciation in the yuan given strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week. As the yuan fell for the third straight day, the People's Bank of China (PBOC) said the country's strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the exchange rate. China's decision to devalue the currency on Tuesday by pushing its official guidance rate down 2 percent sparked fears of a "currency war" and roiled global financial markets, dragging other Asian currencies to multi-year lows.

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Buzz on Bank Nifty & Nifty Future

“Bank Nifty & Nifty Futures” –Bank Nifty Index opened up at 18584.95 with +76.25 points from the previous day closing at 18508.70 and closed positive at 18719.80. Full day we saw hyper movement in Bank Nifty, Bank Nifty Index opened with day low of 18534.55 and moved up with continuous buying near closing of the market Bank Index traded with day high of 18767.80 and closed positive at 18719.80 with +1.14%, +211.10 points up. At the end of the market day Bank Nifty futures Gained +1.26%, +234.60 points up to close at +18801.35 from the previous day closing at 18566.75 with premium of 81.55 points and percent change in open interest of +3.84%.

                                    Nifty futures opened up at 8380.15 with +34.05 point from the previous day closing at 8346.10. Nifty opened with day low of 8326.05 and full day we saw continuous buying in Nifty Future, near closing of the market Nifty Futures traded with day high of 8402.75 and closed positive at 8385.55 with +0.47%, +39.45 points up. And the full day Nifty Index traded between 8402.75-8326.05. At the end of the day Nifty futures Gained +0.47%, +39.45 points down to close at +8385.55 from the previous day closing at 8346.10 with premium of +34.05 points and percent change in open interest of +2.46%

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Nifty index opened up at 8439.20 with -71.60 points...

India Indices - On Wednesday market day Nifty index opened up at 8439.20 with -71.60 points from the previous day closing at 8510.80 and closed negative at 8363.05. Nifty Index opened gap down with day high of 8457.50 and slipped down with continuous selling near 12.30 O’clock Nifty

traded with day low of 8341.40 and closed negative at 8363.05 with -1.74%, -147.75 points down.

And the full day Nifty Index traded between 8457.50-8341.40. At the end of the day Nifty futures Loosed -1.74%, -147.80 points down to close at -8368.80 from the previous day closing at 8516.60 with premium of +5.75 points and percent change in open interest of +5.03%.

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Nifty index opened up at 8525.50 with +3.3 5 points

India Indices - On Tuesday market day Nifty index opened up at 8525.50 with +3.35 points from the previous day closing at 8522.15 and closed negative at 8510.80. Nifty Index opened down with day high of 8561.35 and slipped down with continuous selling near closing of the market Nifty traded with day low of 8483.85 and closed negative at 8510.80 with -0.13%, -11.35 points down. And the full day Nifty Index traded between 8561.35-8483.85. At the end of the day Nifty futures Loosed -0.25%, -21.15 points down to close at -8516.60 from the previous day closing at 8537.75 with premium of +5.80 points and percent change in open interest of +4.79%.

Bank Nifty –Bank Nifty Index opened down at 18794.10 with -31.05 points from the previous day closing at 18825.15 and closed negative at 18798.50. Full day we saw normal movement in Bank Nifty, Bank Nifty Index opened with day high of 18980.65 and slipped down with continuous selling near closing of the market Bank Index traded with day low of 18713.15 and closed negative at 18798.50 with -0.14%, -26.65 points down. At the end of the market day Bank Nifty futures Loosed -0.25%, -52.90 points down to close at -18806.45 from the previous day closing at 18859.35 with premium of 7.95 points and percent change in open interest of -2.96%. 

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