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“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the door will be opened. Matthew 7:7-8

3 Feb 2016


Sensex and Nifty fell on Wednesday, to close lower for a third consecutive session as crude oil prices resumed their slide on rising stocks and oversupply worries.
Asian shares tumbled on Wednesday as oil prices dropped for a third day, prompting investors to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.
But given the recent fall in the domestic share prices, traders view it as a buying opportunity and feel India will outperform once current bout of selling is done.
"This is pure global risk off trade. Nifty is trading at very attractive valuations and falling much lesser than other EM indices," said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.

"Once the global markets stabilize, India will see outsized gains as well. Company results have been in-line barring a few disappointments and macros continue to improve," he added.
The broader Nifty ended 94 points lower to end at 7,362 and the Sensex fell 316 points to close at 24,223.

Vedanta was the top Nifty loser, down 5 per cent. While other bluechips L&T, Reliance Industries each lost more than 2 per cent.
Crompton Greaves slumped on earnings disappointment, prompting at least two brokerages to suspend their coverage of the stock.

Among the few that gained, Hindustan Unilever rose 2.2 per cent as a defensive play.
3:40 p.m.: The Sensex fell 316 points to end at 24,223 and Nifty declined 94 points to settle at 7,362 on the back of selloff in global equity markets.
3:20 p.m.: Nifty likely to bottom around 7,100 and from those levels the index will showcase a sharp turn around, says Jay Thakkar of Sharekhan.
3:13 p.m.: From Nifty-50 basket of stocks, 44 were declining while 6 were advancing. Vedanta, BHEL, NTPC, Hindalco and ICICI Bank were among the top losers, down 2.8-5 per cent each.

3:07 p.m.: The Sensex fell over 300 points to hit intraday low of 24,230 and Nifty plunges 93 points to 7,362.
2:41 p.m.: Bajaj Finance shares surged as much as 8.3 per cent on Wednesday after it reported strong earnings in the December quarter of current financial year.
The non-banking finance company, which focuses on consumer lending and small and mid-sized corporate lending reported 58 per cent jump in net profit to Rs 408 crore from Rs 258 crore in the year-ago period.
2:08 p.m.: Dish TV reports net profit of Rs 68.4 crore against estimate of Rs 76.2 crore. Net sales came in at Rs 769 crore versus Rs 687 crore year-on-year. Stock falls 4.68 per cent to Rs 84.60.

1:57 p.m.: Nifty 7,500 strike price call option was the most active options contract on the National Stock Exchange. The premium on the contract fell 24.57 per cent to Rs 79.05.

1:37 p.m.: Tata Communications shares fell 12 per cent to hit low of Rs 356.65. The company's net profit dropped 80 per cent in the third quarter to Rs 21.89 crore compared to Rs 108.53 crore in the same quarter last financial year.
1:25 p.m.: The stock markets came off the intraday low levels on the back of buying in defensive pharma and FMCG stocks. The Sensex was down 178 points at 24,360 and Nifty was above 7,400 levels, but down 48 points.
1:20 p.m.: Suzlon Energy shares crashed 19 per cent today to hit a fresh 52-week low. Wednesday's fall is the biggest for Suzlon since February 28, 2013, when shares in the wind turbine maker ended 34 per cent lower at Rs 16.
Suzlon shares were headed for their third straight fall following the company's quarterly earnings announcement on Friday. The stock has shed 32 per cent over the three-day period. (Read)

1:14 p.m.: 
1:14 p.m.: Shriram Transport Finance, Zee Entertainment, Britannia Industries, Apollo Hospitals, Petronet LNG and ABB were among the notable gainers from the mid-cap space.
12:55 p.m.: Hindustan Uniliver, Zee Entertainment, Sun Pharma, ACC, Yes Bank and Coal India were among the notable gainers in the Nifty, up 0.6-2.8 per cent each.
12:27 p.m.: Sensex and Nifty continued to trade with a negative bias and 108 stocks hit 52-week low on the Bombay Stock Exchange.

12:13 p.m.: The market breadth was extremely sluggish as 1,944 stocks were declining on the BSE compared to only 385 stocks advancing.
12:09 p.m.: Asian shares tumbled on Wednesday as oil prices dropped for a third day, prompting investors to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.

The MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.1 per cent,led by a 2.7 per cent fall in Hong Kong shares.
Japan's Nikkei lost 3.2 per cent, wiping out almost all of its gains made after the Bank of Japan on Friday had announced it would introduce negative interest rates. Overnight, the U.S. S&P 500 index fell 1.9 per cent.
12:00 p.m.: Visagar Polytex, Suzlon Energy, HFCL, Hitatchi Home, Punjab Chemicals, Bombay Dyeing and Parsvanath Developers were among the top losers from the small-cap space, down 8-15 per cent.
11:47 a.m.: BHEL was the top loser in the Nifty. The stock fell 4 per cent to Rs 129.40. Vedanta, Cairn India, Tata Power, Tata Motors, Reliance Industries, Power Grid and Bank of Baroda were also among the losers, down 2-4 per cent each.
11:36 a.m.: Real estate companies were also witnessing selling pressure. The BSE realty index was down 1.74 per cent; Unitech was the top loser from this space, down 7 per cent at Rs 5.08. Prestige Estates, HDIL, D B Realty, Phoenix Ltd, NBCC and Mahindra Lifespace Developers were also among the losers, down 2.25-5 per cent each.

11:23 a.m.: Suzlon Energy's shares have fallen 32 per cent to Rs 13.75 in the last three trading sessions including today. The stock has been witnessing selling pressure after the company on Friday announced that its net loss in Q3 narrowed to Rs 113.76 crore from Rs 181.64 crore year-on-year. However, its net sales fell 62 per cent to Rs 1,891.30 crore.
11:10 a.m.: Due to losses in Crompton Greaves, the BSE capital goods index slumped 3.44 per cent. Suzlon Energy, Mahindra CIE, Welspun Corp, BHEL, BEML, Havells India and Sterlite Technologies were also among the losers.
10:51 a.m.: DLF shares jumped as much as 3.7 per cent to hit intraday high of Rs 96.80 after the company post the market hours on Tuesday reported a 24 percent rise in quarterly profit, helped by a surge in income from commercial rental business even as demand for residential property remained weak.

The company's net debt fell to Rs 21,411 crore at end-December from Rs 22,520 crore it reported in the preceding quarter, New Delhi-based DLF said in a statement issued late on Tuesday.
DLF's net profit in the October-December quarter was at Rs 164 croe, up from Rs 132 crore in the year-ago period. Total income in the quarter rose 43.3 per cent to Rs 2,981 crore.

10:44 a.m.: Banking stocks witness selling pressure. The banking index on the National Stock Exchange, Bank Nifty fell over 1 per cent to hit low of 14,777.75; Bank of India, Canara Bank, Bank of Baroda, State Bank of India, Federal Bank, Punjab National Bank and ICICI Bank were among the losers, down 2-4 per cent each.
10:07 a.m.: The Sensex was down 189 points at 24,350 and Nifty fell 57 points to 7,398.

10:03 a.m.: The market breadth was extremely negative as 1,426 stocks were falling while 354 stocks were advancing on the Bombay Stock Exchange.
10:01 a.m.: Crompton Greaves shares extended losses; the shares plunged nearly 30 per cent to hit low of Rs 119.55.

9:50 a.m.: Tata Communications, Alstom T&D, Oriental Bank of Commerce, GMR Infra, Reliance Communications, JSW Energy and IndiaBulls Housing Finance were among the losers from the mid-cap space, down 2.84-5 per cent each.
9:45 a.m.: Crompton Greaves shares crashed nearly 24 per cent to hit low of Rs 127.65 after company reported loss of Rs 107 crore against net profit of Rs 274 crore during the same period last year.

9:25 a.m.: The Sensex fell as much as 275 points and Nifty slumped below its crucial psychological level of 7,400 on the back of weak trading in other global markets after the crude oil futures again fell below $30 indicating a slowdown in global economic growth.

In Indian markets, selling pressure was visible across the board with power, banking, realty, oil & gas, metal and IT indices falling between 1-2.5 per cent each.
From the Nifty-50 basket of stocks, 47 stocks were falling while only 3 were gaining.
Cairn India, Vedanta, ICICI Bank, State Bank of India, Idea Cellular, Power Grid, BHEL, Bank of Baroda, ONGC, Maruti Suzuki and IndusInd Bank were among the top losers, down nearly 2-4 per cent each.

The broader markets were also facing the heat of selling pressure. The BSE mid-cap and small-cap indices slumped 1.5 per cent each.
8:20 a.m.: Sensex and Nifty are likely to open on a weak note in trades on Wednesday tracking weak global cues.
The Nifty futures traded on the Singapore Stock Exchange also indicated a weak start for the Indian markets. The SGX Nifty was down 0.9 per cent or 67 points at 7,399.
Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs.

Japan's Nikkei slumped 3.14 per cent, Hog Kong's Hang Seng plunged 2.97 per cent and Shanghai Composite was down 1.23 per cent.
Overnight, US stocks dropped on Tuesday after another steep fall in oil prices and a disappointing spending forecast from Exxon Mobil.

The Dow Jones industrial average closed down 295.64 points, or 1.8 per cent, to 16,153.54, the S&P 500 lost 36.35 points, or 1.87 per cent, to 1,903.03 and the Nasdaq Composite dropped 103.42 points, or 2.24 per cent, to 4,516.95.
Back home, foreign institutional investors sold shares worth Rs 113.98 crore while the domestic institutional investors sold shares worth Rs 323.23 crore on Tuesday.
(With inputs from Reuters)

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