Moneycontrol Bureau11:55 am FII view: Speaking to CNBC-TV18 Richard Harris, Chief Executive of Port Shelter Investment Management said if Donald Trump comes to power in the US, it will lead to a selloff resulting in a buying opportunity. Harris believes Trump is a highly unstable individual, and even if he becomes the US President, it will last for six months. He will be impeached, Harris adds. “The markets don’t look too bad and I think a Trump victory will lead to delayed reaction.” Regarding the selloffs that are taking place in India, he said the subcontinent isn’t being singled out. Emerging markets as a whole have had a difficult month on a strong dollar, he said.11:45 am Interview: Speaking to CNBC-TV18 Manish Sarda, Director, Sarda Energy, said manganese prices have been moving up these past two months, because of closure of mines in Australia. Manganese Ore (India) from which Sarda sources its ore has hiked prices for three months in a row.
“We will see some pressure on the margins, but we will be forced to increase our finished goods prices going forward,” Sarda said, adding that he is waiting for new stock of ore to come in after which the prices will start going up.
The company imports about 64 percent of its ore needs, while the rest comes from domestic suppliers. He believes since all raw materials have moved up, there is bound to be some correction.
He also spoke on the anti-dumping duty that India has imposed on steel products.
11:30 am Auto sales: Bajaj Auto had a muted sales show for October with overall sales growing just 1 percent to 3.56 lakh units (YoY). During the month, exports reduced 8 percent to 1.17 lakh units while domestic sales surged 6 percent 2.38 lakh units (YoY).
Commenting on the sales performance, S Ravikumar, President — business development — at Bajaj Auto said the company saw muted sales during Dussehra but picked up in the run-up to Diwali. He expects new launches lined up in November and December to boost volumes and the company is targeting 24 lakh in domestic volumes by FY17-end.
During October, Bajaj Auto’s motorcycle sales slipped marginally 0.3 percent to 3.07 lakh units while three-wheeler sales rose 9 percent at 48,276 units (YoY).
Don't miss: Buy, sell, hold: 5 largecap stocks analysts are watching out
Dragged by global worries, Indian market has further extended losses. Most Asian markets fell more than 1 percent after Wall Street's "fear index" spiked on jitters over the US presidential elections. Japan's Nikkei 225 dropped 1.96 percent, likely due to the stronger yen, which is seen as a safe haven currency.
The Federal Reserve will end its two-day meeting today and is unlikely to hike rates.
The Sensex is down 301.46 points or 1.1 percent at 27575.15, and the Nifty is down 100.90 points or 1.2 percent at 8525.35. About 628 shares have advanced, 1766 shares declined, and 87 shares are unchanged.
M&M, NTPC, HUL and Asian Paints are gainers while SBI and ONGC are down 3 percent. GAIL, Tata Motors and BHEL are losers in the Sensex.
Gold futures were up 0.42 percent to Rs 30,335 per ten grams as traders raised their bets amid positive cues from the global markets.
Analysts attributed the rise in gold prices to a firming trend overseas where it rose to the highest in almost one month as the dollar weakened and investors awaited the US Federal Reserve's interest-rate decision later today.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!