IT Heavweights Under Pressure : Sensex Off Day’s High

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Information about IT Heavweights Under Pressure : Sensex Off Day’s High

Published on October 10, 2016

Author: ShaileshSaraf

Source: slideshare.net

1. IT Heavweights Under Pressure: Sensex Off Day's High Real estate stocks were seeing selling pressure in early morning trade. The Bombay stock Exchange - BSE Realty index was seen down 0.7%. Prestige Estates, DLF, NBCC, Oberoi Realty, Godrej Properties and Phenix Mills belong to the losers’ group from this space. In the early morning trade on the stock exchanges, stock markets came off the intraday high levels due to selling pressure in heavyweight IT stocks. Sensex, which soared over 150 points was up 55 points at ‘28,116’ and Nifty was at 8,720, up ‘22’ points. At, 9:26 a.m, Sensex surged over 150 points and Nifty edged closer to its crucial psychological level of ‘8,750’ due to buying in auto, metal and FMCG shares. The Sensex further surged as much as 151 points to ‘28,216.64’ while Nifty advanced 48 points to 8,745.80. In the opening deals today, buying interest was witnessed in metal, auto and FMCG shares. The metal stocks were seen to be among the top gainers on the bourses. The BSE Metals Index advanced over 1%. Meanwhile, FMCG, auto and power indices were also trading higher over 0.5% each. At the same time, select IT stocks were seeing selling pressure. From the Nifty lot of shares, 42 were moving forward while 9 were plummeting. Tata Motors was seen to be among the top Nifty gainers, up nearly 2% after the company reported more-than-expected Jaguar Land Rover Sales for the September month. Hindalco, Cipla, Tata Steel, ITC, Asian Paints, Tata Power, Ambuja Cements and Yes Bank were also among the gainers. On the other hand, BPCL, Zee Entertainment, Bharti Airtel, HCL Technologies, TCS, Infosys and Tech Mahindra were among the laggards. The broader markets were seen to be in-line with the benchmark indices. The Bombay Stock Exchange - BSE mid-cap and small-cap indices soared 0.45% each. At the time of market opening and just before: Rupee opened higher at ‘66.58’ per dollar against Friday's close of ‘66.68’. At, 8:30 a.m., Sensex and Nifty were expected to open higher in trades today tracking gains on the Nifty futures traded on the Singapore Exchange amid subdued Asian cues. The Nifty Futures had traded on Singapore Exchange - SGX Nifty traded 0.36% or 31 points at 8,745. Meanwhile, other Asian markets were seen to be trading on a subdued note as the traders signalled a slightly higher chance of Fed raising its key interest rate by end of this year after Friday's jobs report. On

2. the other hand, Japan's Nikkei was down 0.23%, Hong Kong's Hang Seng dipped 0.42% while South Korea's KOSPI slumped 0.02%. On Friday, US stocks slumped after ‘weaker-than-expected’ September jobs report had little impact on the prospects of the interest rate hike by year end. Dow Jones closed 0.15% lower, Nasdaq slipped 0.27% and S&P 500 declined 0.33%. On the same day, foreign institutional investors bought cash shares worth Rs.56 cr and domestic institutional investors bought shares worth Rs.727 cr. Tata Steel and ONGC in focus today: Meanwhile, ONGC shall be in focus today on the back of reports that it has signed a preliminary agreement to take an operating stake in GSPC's KG basin gas block. Tata Steel shall also be on the radar investors as it is believed to be edging closer to striking a novel deal over the 15-billion-pound pension pot, according to a media report on Sunday that stands in the way of an agreement over of its UK steelworks. Scenario of the market at 10:26 am: The broader markets traded strongly higher. The BSE mid-cap and Small-Cap Indices were seen to be up over 0.4%. NALCO stands as the top gainer from this space, up 6% to Rs.51.85. Tata Communications, Tata Chemicals, Rajesh Exports, Tata Chemicals, Bharat Forge, Blue Dart, SAIL, Tata Global Beverages, L&T Housing Finance and Ajanta Pharma were also among the gainers.

3. Disclaimer The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making investment decision. Dynamic Equities Pvt. Ltd - SEBI Investment Advisory Reg. No.: INA300002022 Disclosure Dynamic Equities Pvt. Ltd. is a member of NSE, BSE, MCX SX and a DP with NSDL & CDSL. It is also engaged in Investment Advisory Services and Portfolio Management Services. Dynamic Commodities Pvt. Ltd., associate company, is a member of MCX & NCDEX. We declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered. SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on for certain operational deviations. Answers to the Best of our knowledge and belief of Dynamic/ its Associates/ Research Analyst: DYNAMIC/its Associates/ Research Analyst/ his Relative:  Do not have any financial interest / any actual/beneficial ownership in the subject company.  Do not have any other material conflict of interest at the time of publication of the research report  Have not received any compensation from the subject company in the past twelve months  Have not managed or co-managed public offering of securities for the subject company.  Have not received any compensation for brokerage services or any products / services or any compensation or other benefits from the subject company, nor engaged in market making activity for the subject company  Have not served as an officer, director or employee of the subject company Article Written by Salman Hashmi

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