Nifty below 4950; JP Associates down 6%, RIL dips 4%

Indian equities have seen a sharp downward spiral led by fall in oil & gas, private banks, technology, steel, auto (barring Hero Motocorp) and FMCG stocks. The 30-share BSE Sensex dropped 261 points to 16,515 on the back of downturn in 44 stocks while the 50-share NSE Nifty tanked 81 points to 4,949. About two shares declined for every shares rising on National Stock Exchange.

Infrastructure stocks like Jaiprakash Associates and BHEL crashed 6% and 3%, respectively.

Heavyweights block - Reliance Industries plunged 4%; ITC, HDFC, Infosys, HDFC Bank, ICICI Bank, Bharti Airtel and ONGC dived 1-2%.

Tata Motors, Maruti and Coal India too caught in bears' grip, falling 3-4%.

However, L&T, SBI, Cipla, Hero Motocorp, Hindalco and Sun Pharma were only gainers, moving up 0.6-1%.

European markets like France's CAC, Germany's DAX and Britain's FTSE showed some recovery - lost just 0.5%.

At 13:57 hours IST : Nifty below 5000 on European fall; RIL, Maruti lose 3-4%

The NSE benchmark Nifty slipped below the 5000-level on the back of 1% fall in European markets in early trade. The 50-share NSE Nifty lost 53.5 points to 4,976.95 and the 30-share BSE Sensex fell 156.60 points to 16,619.27.

Maruti Suzuki, BHEL and Jaiprakash Associates were down 3-4%.

ITC, Infosys, Tata Motors, Coal India, ONGC, JSPL, Sterlite and Wipro tumbled 1-2.5%.

HDFC Bank, HDFC, ICICI Bank and Bharti slipped 0.5-0.9%.  

However, SBI and  Cipla gained 1% each. Hindalco jumped 1.8%.

L&T, Hero Motocorp, Tata Steel, Sun Pharma and NTPC moved upi 0.4-0.7%.

Among the midcaps, Pantaloon Retail, Patni Computer, Sobha Developer, Orchid Chemical and VIP Industries surged 6-9% while S Kumars Nationwide, Kwality Dairy, Alstom Projects, Adani Enterprises, Jindal Saw, India Infoline and Sterling Tools slipped 7-10%.

In the smallcap space, Subex shot up 18.5%. Gati, Future Capital, Parabolic Drugs and Mcnally Bharat Engg rose 7-8% whereas Surana Corp, Kernex Micro, Genesys International, Henkel India and Hatsun Agro lost 6-8.5%.

At 12:45 hours IST : Nifty consolidates; SBI, ICICI Bank, Bharti lead support

The market has been rangebound since morning and was hovering around its previous closing value. In a tug of war, Reliance Industries, ITC, BHEL and ONGC have been dragging the benchmarks down while ICICI Bank, SBI, L&T and Bharti were quite supportive. The 30-share BSE Sensex slipped 2.6 points to 16,773.28 and the 50-share NSE Nifty lost 7 points to 5,023.75.

Deven Choksey, managing director, KR Choksey Shares and Securities sees some amount of support buying at lower levels and says that market may remain in a range of 4900 to 5250-5300 levels for now.

Reliance Industries fell 1.7% while Coal India and Maruti lost around 2%. ITC, Tata Motors, HDFC, Wipro, BHEL, JSPL and Jaiprakash Associates were down 0.3-1%.

However, ICICI Bank, SBI, L&T and Bharti Airtel gained 0.8-1.8%. Tata Steel and Hindalco were top gainers, rising 2% and 3%, respectively.

Sun Pharma, Hero Motocorp, Cipla and DLF moved up 1.5-2%. HDFC Bank, Infosys and TCS were marginally higher.

The market breadth was equal - about 630 shares gained as against 624 dropped on the National Stock Exchange.

At 11:31 hours IST : Sensex see-saws; Reliance, Coal India top losers

Indian equity benchmarks recouped losses amid rangebound trade, supported by upside in banks, telecom, capital goods, realty and select technology stocks. However, Reliance Industries is still caught in the bear's grip, falling 1.8%. The 50-share NSE Nifty dropped just 5 points to 5,025.45 while the 30-share BSE Sensex gained 4 points at 16,780.19 after showing recovery of more than 100 points from day's low.

From the banking space, SBI, ICICI Bank and HDFC Bank moved up 0.5-1.2%. Among others, Bharti Airtel, Tata Steel, Hindalco, Cipla, DLF and Sun Pharma gained 1.5-2.5%.

L&T, TCS, M&M, HUL, Hero Motocorp, Wipro and BHEL too were on buyers' radar, trading with moderate gains.

However, Coal India has maintained its top position in the selling list - falling 2.5%. Maruti Suzuki dropped 1.5%. ITC, Infosys, Tata Motors, ONGC, JSPL and Tata Power declined 0.3-0.9%.

The market breadth has remained in favour of declines; about 1086 shares advanced while 1303 shares declined on BSE.

SBI, Patni Computer, Reliance Industries, Tata Steel, ICICI Bank and Suzlon Energy were most active shares on exchanges.

Asian markets were mixed; Shanghai and Nikkei gained 0.2% each. Kospi rose 0.6% while Hang Seng and Straits Times declined 0.7%.

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At 10:19 hours IST : Nifty tests 5000 amid choppy trade; Patni most active

The 50-share NSE Nifty has tested the 5000 mark amid extreme volatility. The fall was led by sell-off in oil & gas, technology, capital goods and auto stocks. Even the market breadth worsened; about two shares dropped for every share rising on the National Stock Exchange. The 30-share BSE Sensex fell 99 points to 16,676.67 and the 50-share NSE Nifty lost 31 points to 4,999.20.

Reliance Industries and Coal India were biggest losers, falling 2.5% and 3%, respectively.

Infosys, HDFC, ITC, ONGC, JSPL, Wipro and Sterlite Industries were down between 0.5% and 1%. Auto stocks like Tata Motors and Maruti Suzuki slipped 1.5%.

TCS, L&T, BHEL, HDFC Bank and NTPC were marginally lower.

However, Cipla bucked the trend, rising 2%. Major largecaps like SBI, Bharti Airtel, Tata Steel and ICICI Bank gained 0.2-0.6%.

Patni Computer was the most active stock on exchanges; the stock gained 7.4% to Rs 417 on the back of delisting announcement.

Broader indices declined 0.5%. In the midcap space, Shree Global, VIP Industries, Jaypee Infra and IRB Infra jumped 4-5% while Kwality Dairy, Vaarad Ventures, Alstom Projects, India Infoline and Jindal Saw fell 6-10%.

At 9:19 hours IST : Sensex opens volatile; RIL, Coal India decline

The BSE benchmark Sensex was choppy in the opening trade following mixed Asian cues. The 30-share BSE Sensex fell 2.6 points to 16,773.29 and the 50-share NSE Nifty was down just 0.15 points at 5,030.30.

Bharat Iyer of JPMorgan feels that the markets may trade sideways in the near-term.

Among frontliners, Coal India, HCL Tech, Reliance Industries, BPCL, SAIL, Infosys, Axis Bank and SBI were top losers.

However, Tata Steel, NTPC, DLF, Cairn India, BHEL, Reliance Capital, HDFC, HUL and ONGC were supporting the market.

The market breadth was in favour of declines; about 274 shares gained as against 362 dropped. 

Patni shot up 9% on delisting news. iGATE has launched the process to delist Patni.

Pantaloon Retail, Jubilant Foodworks and Titan Industries climbed 0.8-1.5%.

EGoM will meet on November 21 to decide on sugar exports. Shree Renuka and Bajaj Hindusthan moved up 2.5-3.5%.

Educomp, Kingfisher, WWIL and Den Networks gained 1-2.5%.

However, Crompton, Suzlon Energy, Mundra Port, Adani Enterprises, Arvind, Exide and Lanco Infratech dropped 1-2.5%. Everonn lost 3%.

Global cues

Asian markets were marginally lower. Hang Seng fell 1%. Nikkei, Straits Times and Taiwan declined 0.3-0.8%. Shanghai and Kospi were flat.

The US equity markets ended lower in last hour of trade as financial dip 2.5% post report from Fitch on US bank exposure to Europe.

Fitch Ratings warned that it may reduce its "stable" rating outlook for US banks with large capital markets businesses because of contagion from problems in troubled European markets.

The Dow Jones Industrial Average ended down 191 points at 11,903. The NASDAQ Composite was down 47 points at 2,638 and the S&P 500 Index fell 21 points at 1,236.

Commodities

Crude oil gained 3.2% at USD 102.46 a barrel, best levels since June 10

Natural gas was down 1.7% at USD 3.34 per MMBtu, put in fresh 1 year+ lows at USD 3.33

Gold was up 0.4% at USD 1774.3 an ounce

Silver fell 1.8% at USD 33.82 an ounce.

F&O cues:

Total stock futures OI adds 4.1 cr shares in OI

Nifty Future sheds 13 lakhs shares in OI, prem up at 14.5 pts from 10 pts

Nifty PCR fell to 1.13 from 1.21

Total Put sheds 43.37 lakh shares, call adds 25.71 lakh shares

Highest OI outstanding at Nifty 5400 Call, 5000 Put, 5200 Call

Nifty 5000 call adds 17.62 lakh (126.1%) shares in Open Int; prem dn from 100.5 to 93

Nifty 5200 call adds 6.62 lakh (12.2%) shares in Open Int; prem dn from 31 to 18.45

Nifty 4900 call adds 2.48 lakh (82.3%) shares in Open Int; prem up from 159.7 to 166.65

Nifty 4700 put adds 1.68 lakh (5.1%) shares in Open Int; prem up from 5 to 5.05

Nifty 5000 put sheds 7.30 lakh (9.3%) shares in Open Int prem up from 54 to 55.6

Nifty 5100 put sheds 13.43 lakh (25.4%) shares in Open Int prem dn from 102 to 100.25

Nifty 4800 put sheds 9.45 lakh (16%) shares in Open Int prem up from 10 to 11.75

Nifty 5300 put sheds 7.60 lakh (33.7%) shares in Open Int prem dn from 264.4 to 258.65

Nifty 5200 put sheds 3.91 lakh (13.3%) shares in Open Int prem dn from 175 to 171.3