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Sensex Takes a Breather After Two Days of Gains, Nifty Settles Below 8,450

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Sensex Takes a Breather After Two Days of Gains, Nifty Settles Below 8,450
The Sensex ended 75 points lower at 27,946 and the Nifty slipped 8 points to settle at 8,445 as traders booked profits after two days of gains.

The Indian benchmark indices for the most part of the day traded on a flat note. The Sensex traded in a range of 200 points and the Nifty touched high of 8,479.25 and low of 8,433 as losses in blue-chip banking, IT and capital goods stocks weighed upon the gains registered by heavyweights such as Bharti Airtel, Reliance Industries and Mahindra & Mahindra.

The broader markets outperformed the benchmark indices as the BSE mid-cap and small-cap indices advanced 0.5 per cent each.

From the Nifty-50 basket of stocks, 24 stocks advanced while 26 stocks ended with losses.

Tata Motors was the top loser on the Nifty, the stock fell 1.8 per cent to close at Rs 436. Hindalco, Vedanta, HDFC Bank, ONGC, Infosys, Maruti Suzuki, TCS, HDFC, ITC and Coal India were also among the losers. These stocks slipped 0.3-1.7 per cent each.

On the other hand, Bosch, Idea Cellular, Bharti Airtel, Mahindra & Mahindra, Kotak Mahindra Bank, Bajaj Auto, HUL and Wipro were among the gainers on the NSE benchmark index.

The overall breadth was positive on the BSE as the advancing stocks outnumbered the declining stocks.

3:30 p.m.: The Indian markets took a breather after two days of gains; the Sensex provisionally closed 85 points lower at 27,936 and Nifty slipped 11 points to settle at 8,442.

3.20 p.m.: Sensex was down 91 points at Rs 27,929 and the Nifty fell 13 points to 8,440. Out of the 50 stocks in Nifty 23 stocks advanced and 27 stocks declined.

3.14 p.m.: Bosche surged 4.65 per cent to Rs 23,063.95 to be the top gainer in Nifty, while Hindalco industries was down 1.83 per cent at Rs 111.05 to be top loser in Nifty. The stock has corrected over 10 per cent in last one month.

3:00 p.m.: RBI governor Raghuram Rajan says that we are working with banks to improve asset quality.

2:55 p.m.: Aurobindo Pharma, Videocon Industries, Unitech, Pidilite Industries, Titan and J P Associates were among the top losers from the mid-cap space.

2:48 p.m.: Ruchit Jain, technical analyst with Angel Broking says that Tata Motors is in complex corrective nature. Downside in the stock is limited to Rs 410 levels and one should not create fresh short position. Rather accumulating Tata Motors around Rs 410 levels is advisable for target of Rs 475-480 in next couple of months with stop loss at Rs 385.

2:40 p.m.: Ruchit Jain, technical analyst with Angel Broking says that PSU banking stocks are forming a base at current levels and can move higher from current levels. SBI, Union Bank and Bank of Baroda are looking god from one month's time frame.

2:30 p.m.: Markets edge lower; Sensex slips 41 points to 27,980 and Nifty down 3 points at 8,449. IT, metal capital goods and pharma stocks face selling pressure.

2:05 p.m.: Markets continued to trade on a flat note. The Sensex was up 11 points at 28,031 and Nifty advanced 12 points to 8,465.

1:55 p.m.: Mahesh Patil, co-chief investment officer at Birla Sun Life AMC expects says early signs of growth are already visible in the economy. In next two quarter this growth will be reflected in the corporate earnings of companies.

1:46 p.m.: Shares of financial services firm Religare Enterprises rose sharply by over 7 per cent today amid reports of possible takeover of the company. (Read)

1:37 p.m.: Mahesh Patil, chief investment officer at Birla Sun Life AMC expects oil & gas sector to post better earnings in the first quarter of this fiscal. Especially the oil marketing companies are likely to do better because over the last one year they have repaired their balance sheet as interest costs have come down on lower under-recoveries.

1:30 p.m.: The oil & gas index was the top sectoral gainer, up 1 per cent. Oil marketing companies such as Indian Oil, HPCL and BPCL were among the top gainers, up 2-5 per cent each. All the three stocks touched their respective 52-week high prices in trades today.

1:10 p.m.: The broader markets continued to outperform the benchmark indices. The BSE mid-cap index was up 0.7 per cent and the small-cap index advanced 0.8 per cent. Indiabulls Housing Finance, HPCL, Shriram Transport Finance, Bajaj Finserv, Eicher Motors, UBL, Crompton Greaves and Oberoi Realty were among the top mid-cap gainers.

1:02 p.m.: India's direct exposure to Greece very limited; may see some indirect impact in terms of impact on foreign exchange rates, says RBI governor Raghuram Rajan.

12:56 p.m.: RBI governor, Raghuram Rajan, says Indian economy is picking up, there are some signs of capital investments.

12:45 p.m.: Irrigation related shares like Finolex Industries, Jain Irrigation Systems and Shakti Pumps jumped as much as 7 per cent on Thursday after the government approved the Prime Minister Irrigation Scheme which aims to provide irrigation facility to all agricultural lands. (Read)

12:40 p.m.: The European markets were mostly trading on a flat note; Germany's DAX was up 0.3 per cent, Britain's FTSE100 was up 0.17 per cent and French CAC40 index gained 0.2 per cent.

12:29 p.m.: Mahindra & Mahindra, Bharti Airtel, Bajaj Auto, Bosch, BPCL and Idea were among the gainers on the Nifty.

12:23 p.m.: Consumer durable stocks face selling pressure, the index was down 0.45 per cent; Videocon Industries, Titan, Symphony Ltd, Bajaj Electricals and Whirlpool were among the laggards.

12:15 p.m.: Tech Mahindra, Tata Motors, Grasim Industries, Coal India, HDFC Bank, Vedanta, BHEL and Infosys were among the top losers on the Nifty.

12:00 p.m.: Chinese markets crash again; Shanghai Composite index plunged 5.2 per cent and Shanghai Shenzen 300 index slumped 4.4 per cent.

11:52 a.m..: Nifty 8,600 call option is the most active call option in the derivatives segment on the NSE. The premium on the contract slipped 2.5 per cent to Rs 70. Open interest saw addition of over 2 lakh shares.

11:30 a.m.: Select metal stocks witness selling pressure, BSE metal index was down 0.3 per cent; Hindustan Zinc, NMDC and Vedanta were among the top gainers.

11:26 a.m.: Citi has maintained its sell call on IGL for target of Rs 422 per share. Citi says that Supreme Court order was on expected lines and there will be no earnings impact of this order going ahead. Citi adds that the recent surge in the stock price provides exit opportunity.

11:10 a.m.: Unitech, Ashok Leyland, Suzlon Energy, J P Associates, Jindal Steel, Indiabulls Real Estate, GMR Infra and Axis Bank were the most actively traded stocks on the National Stock Exchange.

11:02 a.m.: The Sensex turned flat in the late morning deals on the back of selling in IT stocks. The Sensex was up 30 points at 28,051 and the Nifty was down 12 points at 8,464.

10:49 a.m.: Motilal Oswal has initiated buy on Inox Winds for target price of Rs 543 per share. MOSL says that wind energy sector is at an inflection point and expects company to post earnings to grow at compounded annual growth rate of 65 over FY15-17. 

10:40 a.m.: The Sensex jumped 63 points to 28,083 and the Nifty was up 18 points at 8,470 on the back of broad-based buying.

Reliance Industries was among the top gainers on the Sensex. The gains RIL contributed 20 points towards the gain on the Sensex. However, the gains were capped as losses in HDFC Bank and Infosys were weighing upon the upward movement.

10:30 a.m.: Bajaj Auto shares gained as much as 2.4 per cent to an intraday high of Rs 2,586.20 on Thursday after the company reported highest ever export sales for the Month of June. (Read)

10:25 a.m.: The overall breadth on the BSE was extremely positive as 1,365 stocks were advancing while 552 were declining.

10:20 a.m.: Buying was visible across the sectors barring blue-chip technology stocks; Oil & gas stocks were in limelight led by Reliance Industries. RIL shares were up 1 per cent at Rs 1,015.

9:58 a.m.: BSE auto index jumped 0.75 per cent on the back of gains in auto stocks such as Bajaj Auto, Ashok Leyland, Hero MotoCorp, Cummins India, Mahindra & Mahindra, Apollo Tyres and Eicher Motors.

9:50 a.m.: Ashok Leyland shares jumped as much as 3 per cent to an intraday high of Rs 76.3 after the company posted strong sales numbers for the month of June 2015. (Click here for full report)

9:46 a.m.: BSE IT index was the top sectoral loser, down 0.4 per cent; blue-chip IT stocks such as Infosys, TCS, Wipro and Tech Mahindra were among the losers among the technology stocks.

9:40 a.m.: Bank Nifty slipped 0.15 per cent or 29 points to 18,552; HDFC Bank, Kotak Mahindra Bank and Bank of India were among the losers from the banking pack.

9:30 a.m.: From the Nifty-50 basket of stocks, 27 stocks were advancing while 23 were declining. BPCL, Reliance Industries, Idea Cellular, Hindalco, Ambuja Cements, Zee Entertainment, Hero MotoCorp, Tata Steel, GAIL India and Mahindra & Mahindra were among the gainers.

On the other hand, Grasim Industries, Cipla, HDFC Bank, Power Grid, Infosys, Tata Motors, Tech Mahindra, HUL, TCS, Wipro, Coal India and Larsen & Toubro were among the prominent laggards on the NSE benchmark.

9:20 a.m.: The Indian markets took a breather in the morning deals on Thursday after two days of gains. The BSE benchmark Sensex edged lower and 50-share Nifty was hovering around its crucial psychological level of 8,450.

The Sensex fell 33 points to 27,987 and the Nifty slipped 5 points to 8,448.

Meanwhile, in the opening deals, some amount of selling was visible in banking, power, technology and capital goods stocks. On the other hand, buying interest was seen in select oil & gas, realty, FMCG and pharma stocks.

The broader markets were outerperforming the benchmark indices. The BSE mid-cap and small-cap indices gained over 0.5 per cent each.

9:14 a.m.: Avinnash Gorakssakar of Precision Investment Services says that Sterlite Technologies qualifies for buy from a long term perspective. Given the focus on Digital India it has a good scope for growth.

9:00 a.m.: Rupee opens lower at 63.64/dollar against Wednesday's close of 63.60.

8:55 a.m.: Avinnash Gorakssakar of Precision Investment Services says that market momentum will continue but one has to be cautious around 8,500-8,550 levels as the FII flows have not been high.

8:30 a.m.: Deutsche Bank has maintained its buy call on JSW Energy for target price of Rs 125 per share. Deutsche Bank expects strong free cash flows in the company and says that south India power demand weakness looks cyclical. It says that the valuations stand at 1.7 times its FY17 estimated price to book value. (Click here for more brokerage calls)

8:20 a.m.: Below are the stocks which will be in focus today: 

Strides Arcolab: Reserve Bank of India has removed Strides Arcolab from the FII restricted list. Strides was in FII ban list in since mid-2013. The FII holding limit was reduced to 32.4 per cent (as of 1st July-15) compared to 49 per cent before ban. FIIs can now buy shares from the open market.

HDFC Bank, M&M Finance and Sobha: These shares will go ex-dividend today.

Nestle: Reports suggest that Nestle India is preparing blueprint for a possible relaunch of Maggi and UK agency has said that Maggi noodles are safe to eat.

Religare: Private equity companies such as Apollo Global Management and Baring Asia are in talks to buy stake in Religare. Currently due diligence is being done.

ICICI Bank: ICICI Bank has cut interest rates on bulk deposits by up to 25 basis points.

Cox and Kings: Promoters of Cox and Kings have purchased 2.5 lakh shares on the company from open markets in last two trading sessions.

7:45 a.m.: The Indian markets are likely to take a breather in today's session after two days of gains on the back of mixed Asian cues and subdued trading of Nifty on the Singapore Stock Exchange.

The Nifty which is traded on the Singapore Stock Exchange also known as the SGX Nifty was down 0.34 per cent at 8,424.

Meanwhile, other Asian markets were trading on a mixed note Nikkei was up 1.12 per cent. While, Hang Sneg, Shanghai Composite and Shenzen 300 indices were trading on a weak note.

 Asian stocks were subdued on Thursday as Greece's refusal to back down in a standoff with its creditors kept most markets on edge, while the dollar got a boost from upbeat U.S. economic indicators. (Click here for full report)

On the Greek debt crisis front, a defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with EU partners before a referendum on Sunday that may decide Greece's future in Europe.

Less than 24 hours after he wrote a conciliatory letter to creditors asking for a new bailout that would accept many of their terms, Mr Tsipras abruptly switched back into combative mode in a television address. (Click here for full report)

Back home, traders will closely watch out for Nifty testing 8,500 levels as 33.4 lakh call options have been written for the 8,500 strike price call option.

On Wednesday, the foreign institutional investors (FIIs) purchased shares in cash segment worth Rs 75.03 crore while the domestic institutional investors bought shares worth Rs 52.12 crore.

In the derivatives segment, the FIIs purchased index futures worth Rs 398 crore and stock futures worth Rs 615 crore.


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