Sensex falls further, Nifty holds 8100; Eicher Motors rises 3%

Equity benchmarks extended losses in noon trade, falling nearly a percent on further selling in banking & financials, technology and FMCG stocks. The broader markets also fell further, down nearly 0.9 percent.
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Dec 02, 2016, 01.04 PM | Source: Moneycontrol.com

Sensex falls further, Nifty holds 8100; Eicher Motors rises 3%

Equity benchmarks extended losses in noon trade, falling nearly a percent on further selling in banking & financials, technology and FMCG stocks. The broader markets also fell further, down nearly 0.9 percent.

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Sensex falls further, Nifty holds 8100; Eicher Motors rises 3%

Equity benchmarks extended losses in noon trade, falling nearly a percent on further selling in banking & financials, technology and FMCG stocks. The broader markets also fell further, down nearly 0.9 percent.

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12:00
Moneycontrol Bureau

12:59 pm Market Update:
Equity benchmarks remained under pressure with the Sensex down 254.39 points or 0.96 percent at 26305.53 and the Nifty down 84.25 points or 1.03 percent at 8108.65.

More than two shares declined for every share rising on the BSE.

12:49 pm EM in 2017:
Drausio Giacomelli of Deutsche Bank says he is constructive emerging market in 2017 on improving prospects for global growth and better valuation, but both assets and economies will likely face a difficult start before the outlook brightens – especially for the more growth-sensitive assets.

A stormy end to 2016 and a challenging – yet hopeful – 2017 outlook characterize the emerging market complex, he feels.

Drausio says, "Typically, an improving G2 outlook will compel us to readily revise up our emerging market forecasts, but this time we are guarded, owing to the makings of a zero-sum de-globalized environment. He is moderately overweight on India.

12:35 pm Vitara Brezza sales:
Maruti Suzuki's Vitara Brezza has turned out to be one of the best selling cars in India this year, so much that it made it to the top 10 selling passenger vehicles in India within three months by May 2016.

Statistics suggest that Maruti have received more than 1.72 lakh bookings for the Vitara Brezza since its launch in March 2016.

However, with growing demand and Maruti facing a crunch in production, wait time for delivery of the car has significantly increased. depending upon the variant you choose, there is currently a wait time from six to 10 months.
A total of 60,000 units were sold until October 2016, which only accounts for 40% of the total bookings received by Maruti. Maruti are now bust optimising the production line so as to deliver the cars within the promised time frame. Furthermore, another manufacturing plant in Gujarat will ease out the pressure.

 
 
12:20 pm Concall: Sales of both jewellery and watches over the last one week has returned to the levels seen for the same period before demonetisation was announced, says S Subramaniam, CFO, Titan Company.

While some impact is still seen on the trade channel or multi-brand outlets’ (MBO) sales, retail sales have returned to normalcy, he noted in an interview to CNBC-TV18.

He says the government’s clarification on gold holdings indicates they are against illegal bullion trading and not so much jewellery. As bullion is not a part of Titan’s product portfolio and since it is jewellery and not gold per se that Titan deals in, their business will not be hit in any way.

In fact, he notes this move will push people who earlier bought from the unorganised market to Titan’s Tanishq brand.

Also read - Nifty will break Brexit day low; like auto: IL&FS

12:00 pm Market Check

Equity benchmarks extended losses in noon trade, falling nearly a percent on further selling in banking & financials, technology and FMCG stocks. The broader markets also fell further, down nearly 0.9 percent.

The 30-share BSE Sensex was down 242.71 points to 26317.21 and the 50-share NSE Nifty fell 78.05 points to 8114.85. About 1585 shares declined against 695 advancing shares on the BSE.

HDFC, ITC, Tata Motors and HUL plunged 2 percent each whereas Reliance Industries, ONGC, Sun Pharma and Coal India traded with moderate gains.

Eicher Motors continued to gain, up 3 percent on top of 2 percent upside in previous session after stellar performance in November sales. Analysts believe that the company will not see any material impact from demonetisation.

Oil prices slipped as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week's OPEC-Russia accord on cutting output giving way to questions on the "sticking point" of implementing the deal.

International Brent crude oil futures were trading at USD 53.43 per barrel, down 0.95 percent, from their last close. US West Texas Intermediate (WTI) futures were at USD 50.73, down 0.65 percent.

11:00
Coal India, ONGC, Reliance, GAIL and Bharti Airtel are top gainers while HDFC, Dr Reddy's Labs, ITC, HUL and TCS are losers in the Sensex.

Read More »

10:00
Benchmark indices as well as broader markets continued to reel under pressure on further profit booking and global weakness. Banks, FMCG, technology and infra stocks were under pressure while oil stocks remained on buyers' radar.

Read More »

09:15
Wipro, Coal India and ONGC are top gainers while HDFC, Dr Reddy's Labs, Bharti, GAIL and Infosys are losers in the Sensex.

Read More »

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