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Indian shares dropped for a second day as banks, autos and drugmakers sold off while oil and gas stocks bucked the market trend.
The S&P BSE Sensex declined 0.4 percent to 28,106 while the NSE Nifty fell 0.4 percent as well to 8,709. The market breadth was skewed in favour of the sellers at 939 declines, 552 advances and 49 stocks remaining unchanged on the NSE.
Market slipped on profit taking as investors are bit nervous due to the ECB minutes later today. They are looking to get insights on any trajectory of taper in stimulus. U.S. payroll and employment data are lined up for tomorrow, which will shape up the expectation for Fed rate hike scenario this year. Additionally, the focus will shift to quarter earnings, which start next week.Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services
Indian shares dropped for a second day as banks, autos and drugmakers sold off while oil and gas stocks bucked the market trend.
The S&P BSE Sensex declined 0.4 percent to 28,106 while the NSE Nifty fell 0.4 percent as well to 8,709. The market breadth was skewed in favour of the sellers at 939 declines, 552 advances and 49 stocks remaining unchanged on the NSE.
Market slipped on profit taking as investors are bit nervous due to the ECB minutes later today. They are looking to get insights on any trajectory of taper in stimulus. U.S. payroll and employment data are lined up for tomorrow, which will shape up the expectation for Fed rate hike scenario this year. Additionally, the focus will shift to quarter earnings, which start next week.Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services
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Indian equity benchmarks dropped to their day’s lows as a sudden bout of selling engulfed shares of rate sensitives like banks, autos and real estate.
Top Sensex Losers
The steelmaker slid as much as 5.3 percent to Rs 79 after saying it didn’t pay interest due on September 30 on non-convertible debentures, a sign that cash flows are falling short of liabilities. (More details HERE)
Shares of the tyre maker rose as much as 18 percent after Goldman Sachs bought a stake in the company via an open market purchase.
According to BSE data, on Wednesday, the Goldman Sachs India Fund bought 123,895 shares of Goodyear India in a bulk deal. The stock is among the top performers on the S&P BSE SmallCap index.
Shares of the tyre maker rose as much as 18 percent after Goldman Sachs bought a stake in the company via an open market purchase.
According to BSE data, on Wednesday, the Goldman Sachs India Fund bought 123,895 shares of Goodyear India in a bulk deal. The stock is among the top performers on the S&P BSE SmallCap index.
The stock is currently trading 14.6 percent higher at Rs 892 apiece.
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“Oil marketing companies have moved up because of healthy refining margins and things will remain good for them until oil prices move up to $60 a barrel,” Satish Mishra, analyst at HDFC Securities told Bloomberg News.
Shares of the housing finance firm rose as much as 1.7 percent to Rs 602. The stock is up four out of the last five trading sessions.
Brokerage house Jefferies has initiated coverage on the stock with a “Buy” rating. It has a target price of Rs 698 on the stock.
We believe net interest margins at LIC HF should expand as falling bond yields should reduce borrowing costs. Loan growth should be steady as structural drivers remain in place and as core home loan growth improves due to recent government measures.Jefferies Research Note
Jefferies expects FY16-18E earnings CAGR of 19 percent and ROE to exceed 20 percent.
Shares of the private sector lender dropped as much as 3.9 percent, the most since September 16, after Mint reported that market regulator SEBI's initial probe found Yes Bank violated norms in its attempt to raise $1 billion through QIP.
In a clarification to the BSE, Yes Bank said it does not comment on such speculative stories.It also denied receiving any correspondence from the market regulator.
The Bank is not privy to any such communication as being referred to in the Mint article.Yes Bank clarification to BSE
Shares of the Kolhapur-based private lender rose as much as 1.1 percent to Rs 299, making it among the few banks that are gaining today.
Foreign broking and financial services firm Citi initiated coverage on the stock with a “Buy” rating and a target price of Rs 350.
RBL is a new ‘old’ bank that has re-invented itself over the past 6 years, and while small (Rs 21,000 crore loans), is now ready for take-off.Citi Research Note.
Indian shares climbed higher after a rebound in U.S. equities. Energy producers gained while lenders continued to drag. The S&P BSE Sensex gained 0.3 percent to 28,324 while the NSE Nifty advanced 0.3 percent as well to 8,768.
The market breadth was also encouraging at 1,013 advances, 408 declines and 413 stocks remaining unchanged on the NSE.
Indian shares climbed higher after a rebound in U.S. equities. Energy producers gained while lenders continued to drag. The S&P BSE Sensex gained 0.3 percent to 28,324 while the NSE Nifty advanced 0.3 percent as well to 8,768.
The market breadth was also encouraging at 1,013 advances, 408 declines and 413 stocks remaining unchanged on the NSE.
Movers & Shakers: Jaiprakash Associates, NDMC, Indian Oil, And More
What the hell just happened to gold? https://t.co/z8z2MnSj2x @davidfickling for @Bfly pic.twitter.com/NZmu0PPaER
— BloombergQuint (@BloombergQuint) October 5, 2016
For a complete list of stocks to watch, click HERE
What's RBI going to say?@AshpreetSethi reportshttps://t.co/PivXY6v26B
— BloombergQuint (@BloombergQuint) October 5, 2016
Reliance Infrastructure announces sale of its transmission business to Adani Transmission https://t.co/sylaIGe2PN pic.twitter.com/zk6yTmjav5
— BloombergQuint (@BloombergQuint) October 5, 2016
It's one of the largest acquisitions by an Indian pharmaceutical company.https://t.co/tJsz0Ybrk1
— BloombergQuint (@BloombergQuint) October 5, 2016
* Sugar may move into surplus of 1.2m tons in 2017-18: ADMISI
India may import less sugar than predicted three months ago. https://t.co/AeImN6iQSW
— BloombergQuint (@BloombergQuint) October 5, 2016
Air Costa is at "advanced stages" of discussions with foreign carriers for a possible stake sale. https://t.co/UYiOyunnpX
— BloombergQuint (@BloombergQuint) October 5, 2016
Almost 60% spectrum unsoldhttps://t.co/55vukcXgvx
— BloombergQuint (@BloombergQuint) October 5, 2016
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty performance in India, climbed 0.1 percent to 8,785.
U.S. shared snapped a two-day losing streak courtesy an unexpected pickup in services sector activity and rising oil prices. The ISM's purchasing managers index for the service sector, the key engine of the American economy, jumped to 57.1, the highest level in nearly a year, after slumping to 51.4 in August.
US markets snap 2-day drop even as odds of Fed hike by December rise to 63%. Asia opens higher. https://t.co/a1iUawLnzs pic.twitter.com/AqywMPoJDU
— BloombergQuint (@BloombergQuint) October 6, 2016
The odds for a Fed rate hike in December rose to 62 percent, according to futures rates tracked by Bloomberg.
Crude oil declined 0.6 percent to $49.53 a barrel in New York, after advancing 2.3 percent on Wednesday to its highest close in more than three months. U.S. stockpiles fell below 500 million barrels last week for the first time since January, official data show.
This morning Asian stocks rose as the yen’s slide to a one-month low boosted Japanese exporters and energy companies rallied following a pickup in oil prices.
The MSCI Asia Pacific Index climbed to a one-week high, while the Bloomberg Dollar Spot Index held near a two-week high.
The Federal Reserve may be headed for a shakeup regardless of who wins the 2016 election. https://t.co/IqAT5N4RYQ
— BloombergQuint (@BloombergQuint) October 5, 2016
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