Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

News

11,661.8575.5
Stock Analysis, IPO, Mutual Funds, Bonds & More

Sensex extends losing streak, ends 98 points lower; Nifty holds 8,050; Bajaj Auto slumps 5%

Weak manufacturing data for the domestic economy and uncertainty over the Bihar election outcome hung as an albatross around investors’ neck.

ET Online|
Nov 02, 2015, 03.39 PM IST
0Comments
Sensex extends losing streak, ends 98 points lower
NEW DELHI: The domestic market witnessed significant weakness through Monday’s session but had a smart recovery towards the end to close just 98 points down as the benchmark indices extended their losing streak to the sixth consecutive session.

Weak manufacturing data for the domestic economy and uncertainty over the Bihar election outcome hung as an albatross around investors’ neck. The Nikkei manufacturing PMI for India fell to a 22-month low of 50.7 in October from 51.2 in the previous month, whereas weak factory data in China, published during the weekend, aggravated fears that the slowdown may have become acute in the world’s second largest economy.

The S&P BSE Sensex slumped 98 points, or 0.37 per cent, to close at 26,559 while the 50-stock barometer Nifty50 ended the day 15 points, or 0.19 per cent, lower at 8,050. Bajaj Auto and Hindalco were the top losers on the BSE benchmark.

“In the near future, the market may test its support level of 7,980, which is 50 per cent of retracement level of the recent rise,” said Vivek Gupta, CMT - Director Research, CapitalVia Global Research.

The broader market mirrored the losses seen in the benchmark indices with the BSE smallcap index ending 0.2 per cent down while the BSE midcap index gained marginally. Among the sectoral indices, the BSE Metal was the top laggard, down 1.3 per cent. NMDC and Tata Steel contributed most to the losses on the index.

The sentiment on the Street remained mixed with 15 of the BSE30 stocks closing the day in the red. The fear gauge, India VIX, surged over 8.93 per cent indicating high volatility in the coming 30 days.

Analysts said the benchmark index may hit its next psychologically crucial support level of 8,000 or 7,950 if weakness persists. “The volatility index has been moving upward in last three sessions and closed at the 17.88 level. A drop in the put-call ratio amid rising volatility indicates that traders are using the sell-on-bounceback strategy in the market,” said Chandan Taparia, Derivatives & Technical Analyst - Equity Research at Anand Rathi Financial Services.

Shares of Coffee Day Enterprises slumped about 14 per cent from its listing price of Rs 315 on market debut. “It can only be a long-term story, not a short-term story, because the valuation comfort is not there,” said G Chokkalingam, founder of Equinomics, a research and fund advisory firm.

The European markets traded with gains, shrugging off the muted trends seen in Asian markets. The German DAX rose 0.5 per cent while the French CAC40 was up 0.25 per cent. The pan-European Euro Stoxx 50 was up 0.14 per cent. Britain's FTSE100 index was trading 0.5 per cent lower at the time of filing of this report.

Earlier in the day, most other Asian markets traded weak following weak manufacturing data in China published over the weekend. Japan’s Nikkei slipped about 2 per cent at close while South Korea’s Kopsi ended 0.24 per cent higher. Hong Kong's Hang Seng index shed 0.5 per cent while mainland China’s Shanghai Composite index closed the day 1.7 per cent down.
BUZZING STOCKS:

Vakrangee Soft cracks 20 per cent in intraday trade.

Hindalco slumps over 4 per cent in intraday trade.

Tata Steel was down 3 per cent in intraday trade.

Jet Airways surged 10% in intraday trade.

Orient Bank was up 4% in intraday trade.

KPIT surged 4.34% in intraday trade.

M&M was up 3% in intraday trade.

Atul surged 3% in intraday trade.

IOB lost 11% in intraday trade.

Emami Ltd was down by 3% in intraday trade.

Bajaj Auto was down over 4% in intraday trade.

BEML slumped 4% in intraday trade.

KSCL slipped 5% in intraday trade.

WHAT TOP EXPERTS ARE SAYING:

Maintain High Conviction Sell on Titan, set target of Rs 285: CLSA

Maintain Buy on UBS, set target of Rs 400: UBS

Maintain Neutral on Kotak Bank, set target of Rs 682: Credit Suisse

Maintain Sell on Colgate, set target of Rs 665: BofA ML

MARKETS THROUGH THE DAY:

Markets @ 3:00

Sensex: 26523.60, down 133 points; Nifty: 8,040.75, down 25 points

Top Gainers:

M&M (2.4%), COAL INDIA (1.6%), RIL (1.1%), MARUTI SUZUKI (0.8%), ICICI BANK (0.8%)

Top Losers:

BAJAJ AUTO (4.5%), HINDALCO (3.7%), VEDANTA (3.4%), TATA STEEL (3.4%), HDFC (3.3%)
Markets @ 2:00

Sensex: 26398.06, down 260 points; Nifty: 7996.20, down 70 points

Top Gainers:

M&M (3.4%), TATA MOTORS (1.1%), ICICI BANK (0.8%), MARUTI SUZUKI (0.8%), TCS (0.2%)

Top Losers:

BAJAJ AUTO (4.4%), HINDALCO (4.2%), TATA STEEL (3.2%), GAIL (2.7%), LUPIN (2.6%)

Markets @ 1:00

Sensex: 26441.76, down 215 points; Nifty: 8010.25, down 55 points

Top Gainers:

M&M (3.4%), TATA MOTORS (1.1%), ICICI BANK (0.9%), MARUTI SUZUKI (0.8%), TCS (0.3%)

Top Losers:

BAJAJ AUTO (4.5%), HINDALCO (4.2%), TATA STEEL (3.2%), LUPIN (2.6%), GAIL (2.6%)

Markets @ 12:00

Sensex: 26445.28, down 211 points; Nifty: 8011.30, down 54 points

Top Gainers:

M&M (3.2%), TATA MOTORS (1.2%), ICICI BANK (1.1%), MARUTI SUZUKI (0.9%), AXIS BANK (0.4%)

Top Losers:

BAJAJ AUTO (4.3%), HINDALCO (3.1%), TATA STEEL (2.8%), SUN PHARMA (2.6%), LUPIN (2.5%)

Markets @ 11:10

Sensex: 26,538.46, down 118 points; Nifty: 8,032.35, down 33 points

Top Gainers:

M&M (3.6%), TATA MOTORS (1.3%), ICICI BANK (1.2%), MARUTI SUZUKI (0.9%), RELIANCE IND. (0.5%)

Top Losers:

BAJAJ AUTO (4.5%), HINDALCO (2.7%), LUPIN LTD (2.6%), L&T (2.2%), TATA STEEL (2.2%)

Markets @ 10:00

Sensex: 26517.46, down 139 points; Nifty: 8027.90, down 38 points

Top Gainers:

M&M (4.1%), TATA MOTORS (1.2%), BHEL (1.0%), MARUTI SUZUKI (0.8%), ITC (0.6%)

Top Losers:

BAJAJ AUTO (4.4%), SUN PHARMA (2.7%), HINDALCO (2.5%), TATA STEEL (2.3%), L&T (2.2%)

Markets @ 9:20

The 30-share index was trading at 26,578, down 78 points or 0.30 per cent. It touched a high of 26,824.30 and a low of 26,565.53 in morning trade.

The Nifty50 was at 8,042, down 23 points or 0.30 per cent. It touched a high of 8,060.65 and a low of 8,038.55 in the first 30 minutes of trade.
The S&P BSE Midcap Index was down 0.32 per cent and BSE S&P Smallcap Index was trading 0.04 per cent lower.

M&M (up 2.2 per cent), Tata Motors (up 1.3 per cent), Axis Bank (up 0.71 per cent), and ICICI Bank (up 1.01 per cent) were among the major Sensex gainers.

Bajaj Auto (down 2.4 per cent), Sun Pharma (down 2.3 per cent), Hero MotoCorp (down 1.6 per cent), L&T (down 1.6 per cent), and ITC (down 1.1 per cent) were among the major Sensex losers.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service