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Oct 29, 2020 03:38 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends Oct series below 11,700, Sensex falls 172 pts on weak global cues

Except IT and energy, all other sectoral indices ended lower led by FMCG, pharma, metal and auto. BSE Samllcap index shed 0.5 percent.

  • October 29, 2020 04:32 PM IST

    InterGlobe Aviation Q2:

    Airline company InterGlobe Aviation (IndiGo) on October 29 said its loss widened to Rs 1,194.8 crore in Q2 FY21, higher than the loss of Rs 1,062 crore posted in the corresponding quarter of the previous financial year.

    However, the number was better-than-expected as a CNBC-TV18 poll had estimated the loss to the tune of Rs 1,897 crore.

    The company's revenue for the said quarter came at Rs 2,741 crore against Rs 8,105.2 crore. This, too, was above the CNBC-TV18 poll of Rs 2,678 crore

  • October 29, 2020 04:24 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Market inched further lower and lost nearly half a percent amid muted global cues. After the gap down start, the benchmark oscillated in a range till the end and settled closer to the lower band. Volatility remained on the higher side, thanks to unwinding and rollover of October month derivatives contracts. Finally, the Nifty index settled at 11,671 levels; down by 0.5%. On sector front, Auto, FMCG and Capital goods dragged the indices lower.
     
    We reiterate cautious stance as there is high uncertainty in global markets due to recent surge in COVID cases. A decline below 11,600 in Nifty would pave way for further slide. In case of a rebound, 11,750 would act as a hurdle. Traders should limit their leveraged positions and maintain a balanced approach.

  • October 29, 2020 04:16 PM IST

    Vinod Nair, Head of Research at Geojit Financial services:

    As expected the Indian stock market has turned its focus from Q2 result driven rally to international developments as global market is worsening. Markets across the world are volatile because of rising corona cases impacting the recovery of economy and ambiguities over the US election and stimulus package. 

    Additionally, today Indian indices ended weak following October monthly F&O expiry. This weakness can stay for the short-term, a reversal can happen as strong fiscal and monetary stimulus is expected from governments and central banks in the world to overcome the crisis.

  • October 29, 2020 04:05 PM IST

    Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:

    Jitters on the street ahead of the US elections and dimming hopes of a stimulus plan from the US administration in near term have led to the recent rise in Dollar Index from a multi-week low. Adding to that, uncertainty due to the second wave of COVID-19 cases hitting the US and Europe has also dented investor sentiments, leading to sell off in global as well as domestic equities. 

    All of these factors have played their part in pushing the rupee lower after a long period of consolidation around the 73-72.80 zone, wherein it witnessed a depreciation of around 0.60%  in today’s trade. 

    Going ahead, eyes would be on the ECB policy meeting as well the US Q3 GDP data. Amid a shaky landscape, rupee still looks to find some breather around 74.50 mark. However if that is also taken out, 75 mark also looks likely on the cards.

  • October 29, 2020 04:03 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    As we approach the Presidential Elections in the US, markets today anxiously awaits earnings of the BIG-4 in the US. While the Nifty arrested its fall today with select stocks in Cement & Banking pulling their weight, the broader markets saw buying across select names in Pharma & Sugar.

  • October 29, 2020 03:49 PM IST

    Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
     
    The continuation of pandemic in absence of a vaccine is creating a havoc and is playing out in fx market. The fear that economic conditions are going to get worse before they get better, is keeping the dollar strong against EM currencies. Adding to this mood is uncertainty of the US presidential election outcome. So, next week the chances of USDINR trading above 74 are higher and expect the spot pair to trade within 73.50-74.50.

  • October 29, 2020 03:41 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets have kept above the 11650 level upon closing. We need to see if we break that tomorrow. Should that happen, we would be commencing the November series on a negative note as the Nifty can then go down to 11400-11450 levels. On the upside, we have a stiff resistance at 11900-11950.

  • October 29, 2020 03:36 PM IST

    Market Close: Benchmark indices continued the sell-off on the second day on October 29 with Nifty ends October F&O series below 11700 on the back of weak global cues.

    At close, the Sensex was down 172.61 points or 0.43% at 39,749.85, and the Nifty was down 58.80 points or 0.50% at 11,670.80. About 1019 shares have advanced, 1542 shares declined, and 170 shares are unchanged.

    Asian Paints, UltraTech Cement, Shree Cements, HCL Tech and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were L&T, Titan Company, ONGC, Adani Ports and Tata Motors.

    Except IT and energy, all other sectoral indices ended lower led by FMCG, pharma, metal and auto. BSE Samllcap index shed 0.5 percent.

  • October 29, 2020 03:29 PM IST

    Zydus Cadila receives tentative approval:

    Zydus Cadila has received tentative approval from the USFDA to market Dapagliflozin Tablets, 5 mg and 10 mg (US RLD: Farxiga Tablets). Dapagliflozin is a sodium-glucose cotransporter 2 (SGLT2) inhibitor indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus and to reduce the risk of hospitalization for heart failure in adults with type 2 diabetes mellitus and established cardiovascular disease or multiple cardiovascular risk factors.

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