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Sensex Snaps 4-Day Winning Streak, Nifty Settles Below 8,800

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Sensex Snaps 4-Day Winning Streak, Nifty Settles Below 8,800

Sensex and Nifty fell on Tuesday after four sessions of gains as sentiment across the globe was cautious ahead of the outcomes of the Federal Reserve and the Bank of Japan's policy meetings later this week.

The consensus is that the Fed will leave interest rates unchanged, but investors are looking for commentary and guidance for the next interest rate hike.

Meanwhile, the BOJ could make negative interest rates the primary focus of its monetary policy at the conclusion of its meeting on Wednesday.

The Sensex ended 0.39 per cent or 111 points lower at 28,523 and Nifty declined 0.37 per cent or 32 points to close at 8,776.

From the Nifty basket of shares, 30 ended lower while 21 ended higher.

Hero MotoCorp was the top Nifty loser, the stock closed 2.6 per cent lower at Rs 3,472. Adani Ports, Bajaj Auto, ACC, Infosys, GAIL India, Reliance Industries, ITC, Hindustan Unilever, State Bank of India and Sun Pharma were also among the losers.

On the other hand, Yes Bank was the top Nifty gainer, the stock jumped 2.5 per cent to settle at Rs 1,207. Bharti Infratel, ONGC, Eicher Motors and Hindalco also advanced 1-2 per cent each.

The broader markets also ended lower. The BSE Mid-cap and Small-cap indices declined 0.1 and 0.25 per cent each respectively.

The overall market breadth was negative as 1,523 stocks ended higher while 1,190 closed lower on the BSE.

3:19 p.m.: The stock markets continue to trade lower. Sensex slips 113 points to 28,522 and Nifty declines 31 points, struggles below 8,800.

3:07 p.m.: Nifty 8,800 strike price put option was the most active options contract on the National Stock Exchange. The open interest rose by over 4 lakh shares to 4.5 million shares and the premium on the contract jumped 13 per cent to Rs 77.60.

2:55 p.m.: Select oil & gas stocks were witnessing buying interest. The BSE Oil & Gas index was up 0.3 per cent; Castrol India, ONGC, Oil India and IGL were among the gainers.

2:44 p.m.: Realty stocks witrness heavy selling. The BSE Realty index falls nearly 2 per cent; DLF, Indiabulls Real Estate, HDIL, Oberoi Realty, Unitech and Omaxe were among the losers from this space.

2:28 p.m.: Bharti Infratel was the top Nifty gainer, the stock advanced 2 per cent to Rs 356. ONGC, Yes Bank, Tata Steel, Hindalco, Power Grid, Cipla, Lupin, ICICI Bank and Maruti Suzuki were also among the gainers, up 0.5-1.3 per cent each.

2:19 p.m.: Market breadth turns negative as 1,556 stocks decline while 1,054 advance on the BSE.

2:00 p.m.: FMCG shares witness selling pressure. The BSE FMCG index was down 0.65 per cent; ITC, Hindustan Unilever, Godrej Consumer Products, Emami Ltd, Marico, Dabur and Colgate Palmolive were among losers.

1:33 p.m.: Den Networks shares surged as much as 9 per cent on Tuesday after the cable television distributor approved a plan to raise Rs 142 crore. 

In a release to Bombay Stock Exchange, Den Networks said that its board has approved the allotment of 1.58 crore shares on preferential basis to affiliates of the Goldman Sachs Group that form part of the persons belonging to the non-promoter category.

1:21 p.m.: Metal stocks recovered from intraday low level. The BSE Meatls index which fell as much as 0.4 per cent was up 0.7 per cent. Buying was seen in Tata Steel, Hindalco, SAIL, Hindustan Zinc, JSW Steel and NMDC.

1:11 p.m.: Oberoi Realty was the top loser from the mid-cap space, down 2.4 per cent at Rs 291.45. IDBI Bank, Emami Ltd, Glenmark, Reliance Capital, IDFC Bank, Tata Power, Page Industries and Tata Global Beverages were also among the losers.

12:56 p.m.: Stock markets continue to trade with a negative bias. Sensex falls 111 points to 28,523 and Nifty declines 34 points to 8,775.

12:48 p.m.: Shares of Mindtree were under pressure today after a news report said that two top-level executives have quit the mid-tier IT company. 

Mindtree shares fell as much as 1 per cent to a fresh 52-week low of Rs 500 today. (Read)

12:40 p.m.:
Indian shares fell on Tuesday after four sessions of gains as sentiment across the globe was cautious ahead of the outcomes of the Federal Reserve and the Bank of Japan's policy meetings later this week.

The consensus is that the Fed will leave interest rates unchanged, but investors are looking for commentary and guidance for the next interest rate hike.

Meanwhile, the BOJ could make negative interest rates the primary focus of its monetary policy at the conclusion of its meeting on Wednesday. (Read)

12:15 p.m.: ICICI Prudential Life Insurance issue subscribed 21 per cent till 11.30 a.m., issue closes tomorrow.

12:10 p.m.: Castrol India shares surged as much as 15 per cent in early trade today amid block deals in the stock. 

Reuters had earlier reported that Castrol Ltd, a unit of BP Plc and the controlling shareholder of Castrol India, was supposed to sale 8.5 per cent stake in Castrol India today. As of June 30, 2016, Castrol Ltd had 56.42 per cent stake in Castrol India and BP Mauritius held 0.11 per cent stake. 

The stock has been under pressure in this month so far. Till yesterday, Castrol India shares had fallen over 5 per cent this month, compared to 1.7 per cent gain in the broader Sensex. 

12:06 p.m.: Power stocks also came under selling pressure. The BSE Power index was down 0.5 per cent; NTPC, NHPC, Siemens, Tata Power, Thermax, Suzlon and CESC were among the laggards from this space.

11:51 a.m.: Realty stocks extend losses, the BSE Realty index falls 1.4 per cent to become top sectoral loser on the BSE.

11:40 a.m.: Sharon Bio-Medicine was the top gainer from the Small-Cap space, up 20 per cent at Rs 10.16. India Glycols, GTL Infra, Kolte Patil Developers, Tilaknagar Industries, Castex Technologies and Gujarat Ambuja Exports were also among the gainers, up 7-15 per cent each.

11:27 a.m.: U.S. Federal Reserve policymakers are set this week to again cut their forecasts for how high interest rates will need to go in an economy where output, productivity and inflation are growing at a slower pace than in past decades. (Read)

11:22 a.m.: Hero MotoCorp continues to remain the top Sensex loser, down 1.72 per cent at Rs 3,493. Bharti Airtel, Adani Ports, Infosys, Bajaj Auto, ICICI Bank, ITC, TCS and NTPC were also trading 0.7-1.6 per cent lower.

11:16 a.m.: The overall market breadth was neutral as 1,126 stocks were advancing while 1,127 were declining on the BSE.

10:58 a.m.: Shares of JSW Energy and Jaiprakash Power Ventures advanced as much as 1.7 and 3.3 per cent each respectively after the Competition Commission of India (CCI) approved Sajjan Jindal-promoted JSW Energy's purchase of the 500-MW Bina thermal power plant from Jaiprakash Power Ventures.

Under the deal, announced in July, JSW Energy will buy 100 per cent stake in the special purpose vehicle (SPV) - Bina Power Supply Ltd (BPSL) - to which 500 MW power plant is to be transferred.

10:43 a.m.: Jubilant FoodWorks shares slumped over 8 per cent to an intraday low of Rs 923 after its CEO and whole-time director Ajay Kaul resigned from his post. 

Jubilant FoodWorks operates Domino's Pizza and Dunkin' Donuts outlets in India. 

Mr Kaul will continue in his current role till March 31.

10:17 a.m.: Real estate stocks were witnessing selling pressure. The BSE Realty index was down 0.9 per cent; Indiabulls Real Estate, Oberoi Realty, DLF, Phoenix Mills, Godrej Properties, Unitech and HDIL were among the laggards.

10:07 a.m.: Banking stocks were witnessing selling pressure. The Nifty Bank index was down 0.36 per cent; Kotak Mahindra Bank was the top loser from this space, down 1.2 per cent at Rs 793. Federal Bank, IndusInd Bank, Punjab National Bank, ICICI Bank, Bank of Baroda, State Bank of India and HDFC Bank were also among the losers.

9:57 a.m.: Castrol India was the top gainer from the mid-cap space, up 6 per cent at Rs 447. Wockhardt, Biocon, MRPL, Bajaj Finserv, Adani Power, Reliance Infrastructure, BEL and MRF were also among the gainers.

9:36 a.m.: The stock markets extended losses. The Sensex fell as much as 117 points to 28,518 and Nifty fell 35 points to 8,773.

9:33 a.m.: Sensex and Nifty edged lower in morning deals today on the back of weakness in banking, metal and IT stocks tracking subdued global markets. The Sensex fell as much as 57 points to 28,578 and Nifty declined 19 points to 8,789.

Investors are likely to be cautious ahead of key decisions from US Federal Reserve and Bank of Japan in the coming days. 

In other Asian markets, Hong Kong's Hang Seng fell 0.27 per cent and China's Shanghai Composite declined 0.07 per cent.

Back home, from the Nifty basket of shares, 33 were declining while 18 were advancing.

Hero MotoCorp was the top Nifty loser, the stock fell 1.6 per cent to Rs 3,508. Bharti Airtel, Kotak Mahindra Bank, Infosys, Tata Motors, HDFC, ITC, TCS, State Bank of India, Lupin, Hindalco, ICICI Bank, HDFC Bank and Reliance Industries were also among the laggards.

On the other hand, Aurobind Pharma jumped 1 per cent to Rs 813. Dr Reddy's Labs, ONGC, Maruti Suzuki, Eicher Motors and Cipla were also among the gainers.

The broader markets were outperforming the benchmark indices. The BSE Mid-cap and Small-cap indices jumped over 0.2 per cent each.

9:17 a.m.: The stock markets opened on a weak note in trades today tracking weakness in banking, metal and IT stocks. The Sensex fell 47 points to 28,587 and Nifty moved below its crucial psychological level of 8,800.

9:14 a.m.: Nifty is likely to trade in range between 8,850 and 8,750 in next two trading sessions and any break out or break down would be seen after the US Federal Reserve meeting, says, Aditya Agarwal, head technical research at Way2wealth. More or less markets are looking positive and it does not look like the Nifty will break 8,700 on the downside, adds Mr Agarwal. (Read)

9.00 a.m.: Rupee opens lower at 66.98 per dollar against Monday's close of 66.96. 

8.30 a.m.: Indian equity markets are likely to open lower, tracking lacklustre trade across the globe. The Nifty futures trading on Singapore Exchange (SGX) were down 19 points at 8,806 as of 7.50 a.m. 

Investors are likely to be cautious ahead of key decisions from US Federal Reserve and Bank of Japan in the coming days. 

"We reiterate our view to hold positive yet cautious approach till 8,700 is intact in Nifty. However, the actual test would be on stock specific front as we may see rise in intraday volatility in days to come," said Jayant Manglik of Religare Securities. 

Foreign institutional investors (FIIs) continued to be net buyers of Indian equities. On Monday, they bought cash shares worth Rs 205 crore, while domestic investors were net sellers to the tune of Rs 252 crore. 

Among individual stocks, Jubilant FoodWorks is likely to come under selling pressure today, after the company's CEO Ajay Kaul announced his resignation with effect from March 31, 2017. Markets are likely to perceive this top level exit negatively, said Credit Suisse. 

Aurobindo Pharma will also be on the investors' radar today as the US Food and Drug Administration (USFDA) issued 2-3 observations, following inspection at the drugmaker's Andhra Pradesh plant. The management however said that the USFDA observations are unlikely to affect product approvals. 

Castrol shares are likely to be under pressure today as BP will sell 8.5 per cent stake in the company under a block deal. Price band of the block deal is set at Rs 408-422.5 compared to its Monday's closing price of Rs 422.55 on NSE. 

Asian shares edged lower as investors nervously waited on the outcomes of the Federal Reserve and Bank of Japan policy meetings that begin later in the session. Hang Seng was down 0.35 per cent, Kospi slipped 0.02 per cent, Shanghai Composite fell 0.32 per cent and Japan's Nikkei was up 0.11 per cent after a holiday on Monday. 

Overnight, US markets ended a choppy session on a flat note as gains in big banking stocks were offset by selling in Apple shares. The Dow Jones industrial average fell 3.63 points, or 0.02 per cent, to 18,120.17, the S&P 500 lost 0.04 points, to 2,139.12 and the Nasdaq Composite dropped 9.54 points, or 0.18 per cent, to 5,235.03. 

(With inputs from Reuters)



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