Sensex, Nifty still in red; Coal India, ONGC, Reliance gainers

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.
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Home » News » Markets » Local Markets

Dec 02, 2016, 12.08 PM | Source: Moneycontrol.com

Sensex, Nifty still in red; Coal India, ONGC, Reliance gainers

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.

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Sensex, Nifty still in red; Coal India, ONGC, Reliance gainers

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.

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11:00
Moneycontrol Bureau

11:55 am Auto sales:
Country's largest two-wheeler maker Hero MotoCorp reported a 12.86 percent fall in sales at 4,79,856 units in November.

The company sold 5,50,731 units in November 2015, Hero MotoCorp said in a BSE filing.

The company said it saw a drop in retail sales after the demonetisation initiative when the entire industry witnessed decline in sales.

"With a slew of measures being implemented by the government and several initiatives immediately undertaken by Hero MotoCorp to support its dealers and consumers, the company expects the situation to steadily improve," it added.

11:45 am Cash crunch: Finance Minister Arun Jaitley said on Friday that a cash crunch following the scrapping of high-value banknotes would ease by December 30 with the release of a significant part of new replacement currency.

Jaitley said, however, that the amount of cash to be issued in the form of new 500 and 2,000 rupee notes would not be the same as the amount circulating before November 8, when Prime Minister Narendra Modi announced the so-called demonetisation.

11:30 am Oil outlook: Post the OPEC output cut deal, crude prices surged as Brent hit a 16-month high. Mark Keenan, Head of Commodities Research Asia, Societe Generale said OPEC is now back in the driving seat and will regulate oil prices. They already have a time-table for future meetings ready. He said the deal struck by OPEC is credible and the market has embraced it. With this deal in place, crude will shift from USD 40 to USD 50 per barrel range this year to USD 50 to USD 60 per barrel range for the next year. In Q1 the price of Brent would average USD 52.50/bbl around the current prices and upto USD 60/bbl in Q4. So the average for the rest of the year would be around USD 56/bbl. “It is going to be a steady increase in oil prices throughout 2017,” said Keenan.

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The market has slipped further with the Sensex is down 214.06 points or 0.8 percent at 26345.86. The Nifty is down 70.70 points or 0.9 percent at 8122.20. About 668 shares have advanced, 1477 shares declined, and 91 shares are unchanged.

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.

Christopher Wood of CLSA says the issue for financial markets is whether such a further bond riot would start to prove negative for equities.

Greed & Fear's guess is that, at some point between 2.5 percent and 3 percent on the US 10-year Treasury, equity investors would start to view the scale of the bond sell-offs as negative, he says.

According to him, this in turn could pose trouble for the widely followed "risk parity' strategies which would not do well in an environment where bonds and stocks went down together -- a double whammy that has not happened in America on a quarterly basis since Q1-2009.

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.

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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.

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