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Last Updated : Sep 11, 2015 01:24 PM IST | Source:

Sensex, Nifty erase early gains; Reliance, Tata Motors drag

Capital goods and select auto stocks were under pressure while technology, FMCG, healthcare and select banking & financials stocks gained.

Moneycontrol Bureau

13:15 pm European Update:
European markets turned lower after opening slightly higher today, as traders' focus returns once more to next week's meeting of the US Federal Reserve.

London's benchmark FTSE 100 index was down around 0.2 percent, Germany's DAX moved 0.5 percent lower, while France's CAC was off by 0.3 percent.

12:59 pm Market Update:
Equity benchmarks erased early gains following weak cues from European markets, dragged by capital goods, banks and Reliance Industries. The Sensex gained 16.73 points at 25638.90 and the Nifty rose 2 points to 7790.10. About 1490 shares have advanced, 911 shares declined, and 117 shares are unchanged on the BSE.

12:50 pm Buzzing:
Shares of Brooks Laboratories are locked at 10 percent lower circuit at Rs 58.30 today after the capital market regulator barred company and its directors from accessing securities market.

SEBI on Thursday barred Brooks Laboratories and its top executives from the securities markets for five years for siphoning off funds and concealing of material information in its IPO documents.


Apart from Brooks, prohibitory order has been passed against its chairman Atul Ranchal, Managing Director Rajesh Mahajan, chief executive Durga Shankar Maity, chief financial officer Ketan Shah and company secretary Parvinder Kaur.

In a 42-page order, Sebi said they have been "prohibited from raising any further capital from the securities market, in any manner whatsoever, for a period of five years."

12:40 pm Tata Motors global sales: Tata Motors today reported a 1.51 percent increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, to 74,639 units last month.

The company had sold 73,524 units in August last year, Tata Motors said in a statement.

In the passenger vehicles category, global sales last month stood at 44,956 units as against 42,988 units in August 2014, up 4.57 percent.

Sales of luxury brand Jaguar Land Rover rose by 4.59 percent to 33,103 units in August compared with 31,650 units in the same month last year.

The company's sales of commercial vehicles in August declined by 2.79 percent to 29,683 units from 30,536 units a year ago.

12:20 pm Market Expert:
The market has already priced in a 25 basis point-hike in interest rates by the US Fed next week, says Amit Khurana, Co- head Equities & Head of Research, Dolat Capital Market.

The best case for the Indian market would be the Fed not hiking rates and sounding dovish in its outlook, which in turn could prompt the RBI to cut interest rates by as much as 50 basis points, Khurana tells CNBC-TV18.

However, the possibility of that is slim, he says.

While the market has shown signs of recovery in the last few sessions, Khurana expects it to be volatile near term.

Also read - Mkt attractively priced; see value across sectors: I-Pru

12:00 pm Market Check

Equity benchmarks were marginally higher in noon trade. The Sensex rose 62.74 points to 25684.91 and the Nifty advanced 19.90 points to 7808. Capital goods and select auto stocks were under pressure while technology, FMCG, healthcare and select banking & financials stocks gained.

The broader markets marginally outperformed benchmarks. The BSE Midcap and Smallcap gained 0.4 percent and 0.8 percent, respectively. About 1508 shares have advanced against 779 shares declined on the Bombay Stock Exchange.

HDFC, State Bank of India, ONGC, Wipro and Hindalco Industries topped the buying list on Sensex. Infosys rose 0.9 percent; in an analyst meet, COO UB Pravin said that margins will be under pressure for sometime especially in large deals.

However, Tata Motors lost 1.4 percent on profit booking after it rising 2.7 percent in previous session. Reliance Industries, L&T, ICICI Bank, BHEL, Tata Steel and GAIL declined 0.5-1.8 percent.

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First Published on Sep 11, 2015 12:00 pm
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