Last Updated : Oct 13, 2016 10:05 AM IST | Source:

Sensex slumps over 200 pts, Nifty below 8650: TCS falls 1%

Cipla, Asian Paints, Bajaj Auto, ONGC and Dr Reddy's Labs are top gainers while TCS, Tata Motors, M&M, Bharti and Reliance are losers in the Sensex.

Moneycontrol Bureau

9:55 am Fund raising:
Tata Motors plans to raise Rs 500 crore through issuance of non-convertible debentures (NCDs) and a committee of the board is due to meet next week in this regard.

"The company is desirous of offering the fifth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted committee of the board on October 18," Tata Motors said in a regulatory filing.

9:45 am Market outlook: Sanjay Kadam of Nomura said, "The market has consolidated at current levels for around three months, and now trade at 16.5x 12-month forward earnings, compared to the 5-year average of 16.7x."

"Do note that the strong 50 bps rally in Indian bonds during the same period has made equities relatively more attractive. Our comfort in market valuations is therefore higher," he said.

9:30 am Market tanks: The Sensex is down 241.65 points or 0.9 percent at 27840.69, and the Nifty is down 70.20 points or 0.8 percent at 8638.60.
About 586 shares have advanced, 1158 shares declined, and 68 shares are unchanged.

Don't miss: Buy, sell or hold: 9 stocks that analysts are bullish on

The market has opened lower after two days of holiday. The Sensex is down 107.86 points or 0.4 percent at 27974.48, and the Nifty is down 37.85 points or 0.4 percent at 8670.95. About 259 shares have advanced, 245 shares declined, and 54 shares are unchanged.

Cipla, Asian Paints, Bajaj Auto, ONGC and Dr Reddy's Labs are top gainers while TCS, Tata Motors, M&M, Bharti and Reliance are losers in the Sensex.

The Indian rupee slipped in the early trade. It has opened lower by 30 paise at 66.83 per dollar versus 66.53 Monday.

The US dollar held near a seven-month high against a basket of major rivals after Federal Reserve meeting minutes reinforced expectations that the Central Bank would hike rates in December.

Meanwhile, pound rallied after UK Prime Minister Theresa May said she would offer provide lawmakers some scrutiny over the Brexit proceedings and that the country would seek "maximum possible access" to EU's single market.

Asian stocks held near three-week lows and the greenback consolidated recent gains on Thursday after minutes of the last US Federal Reserve policy meeting indicated a December rate increase was still on the cards.

Risk appetite waned, with MSCI's broadest index of Asia-Pacific shares outside Japan easing 0.2 percent, its lowest since September 21. Early stock markets were mixed with Australia down 0.5 percent while New Zealand stocks up 0.4 percent.

Wall Street struggled to find fresh momentum after breaking conclusively below a 100-day moving average this week.

The Dow Jones industrial average closed up 0.09 percent, to 18,144.2. The S&P 500 gained 0.11 percent, to 2,139.17 and the Nasdaq Composite .IXIC slipped 0.15 percent, to 5,239.02 with corporate earnings firmly in focus. Volumes were light.

First Published on Oct 13, 2016 09:15 am
Follow us on
Available On