Nifty ends at 8706, Sensex falls 70 points; TCS up, Bharti down

3:30 pm Market close: The market has ended lower on weak global cues. The Sensex was down 70.58 points or 0.2 percent at 28223.70, and the Nifty was down 16.65 points or 0.2 percent at 8706.40. About 1264 shares have advanced, 1416 shares declined, and 216 shares are unchanged.

TCS, Lupin, Wipro, Asian Paints and Sun Pharma were top gainers in the Sensex. Among losers are Bharti Airtel, Adani Ports, L&T, GAIL and BHEL.

2:50 pm Global cues weak: European stocks also turned lower with the Britain's FTSE, France's CAC and Germany's DAX falling 0.2-0.8 percent.

2:45 pm Market in red: Equity benchmarks erased gains in last hour of trade with the Nifty breaching 8700 level, dragged by banks, infra and FMCG stocks.

The Sensex fell 96.67 points to 28197.61 and the Nifty declined 27.10 points to 8695.95. The market breadth also turned negative as about 1361 shares declined against 1214 advancing shares on the BSE.

2:39 pm Tata Motors enters into Bolivia: Tata Motors has forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country.

The Mumbai-based auto major has entered Bolivia through a distribution agreement with local partner Bolivian Auto Motors, which is part of Salvatierra, a business conglomerate engaged in distribution of motor vehicles and motor cycles in the Latin American country.

Through this partnership, Tata Motors has launched three commercial vehicles in the Bolivian market Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck - all of which will be currently available in Santa Cruz and will soon be available in La Paz and Cochabamba.

2:20 pm Buyback offer: The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

The offer would be for buyback of equity shares not exceeding 10,89,55,223 of face value of Rs 10 each at a price of Rs 335 per equity share for cash aggregating up to Rs 3,650 crore on a proportionate basis, from the eligible shareholders by way of a tender offer through the stock exchange mechanism, the filing said.

2:00 pm Market Check
Volatility continued in afternoon trade with the Nifty hovering around 8750 level. Technology stocks continued to support the market while banks stocks remained under pressure.

The BSE Sensex was up 38.25 points at 28332.53 and the NSE Nifty gained 12.90 points at 8735.95 while outperformance of Midcap and Smallcap continued, up 0.4 percent each.

The market breadth was also positive as about 1407 shares advanced against 1130 declining shares on the BSE.

Asian Paints, Lupin, TCS, Wipro, Coal India, Aurobindo Pharma, Zee Entertainment and Ambuja Cements were top gainers while Bharti Airtel, L&T, ONGC, GAIL, Adani Ports, Tata Power, BPCL and Bharti Infratel were under pressure.

Crude futures slipped more than 1 percent in Asian trade as investors took profits after prices climbed more than 3 percent in the previous session.

The dollar was also weighing on oil prices after rising against a basket of currencies.

1:55 pm Buyback: The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

The offer would be for buyback of equity shares not exceeding 10,89,55,223 of face value of Rs 10 each at a price of Rs 335 per equity share for cash aggregating up to Rs 3,650 crore on a proportionate basis, from the eligible shareholders by way of a tender offer through the stock exchange mechanism, the filing said.

1:30 pm Impact of US election on India: In the first televised debate between the two US presidential nominees Hillary Clinton and Donald Trump, Clinton appeared to have edged out her Republican opponent according to some market analysts.

Discussing the impact of the meeting on market, Jan Lambregts, Head of Research - Asia, Rabobank said markets think Clinton has won the debate but Trump managed to get more memorable lines.

However, he said markets are not positioned for a Trump victory. ''The market, like with Brexit, is having trouble trying to discount the odds of Trump victory into price correctly, so the relief rally is more limited,'' said Lambregts.

If Trump were to win the US presidential election then it would surely be bad for emerging markets and induce volatility in currency market.

The market is still on consolidation mode with the Nifty below 8750. The 50-share index is up 7.70 points at 8730.75 and the Sensex is up 32.16 points or 0.1 percent at 28326.44. About 1419 shares have advanced, 1050 shares declined, and 206 shares are unchanged.

Asian Paints, TCS, Infosys, Lupin and Wipro are top gainers while Bharti Airtel, ONGC, L&T, Adani Ports and BHEL are losers in the Sensex.

European stocks opened higher on Tuesday as global investors reacted to the first US presidential candidate debate and oil market news.

Global markets will be reacting to the first televised debate between US presidential nominees Hillary Clinton and Donald Trump on Monday night. Clinton appeared to have edged out her Republican opponent based on analysts' take on the initial market reaction.

Key market issues such as drug pricing and breaking up the banks were not discussed at this debate. But both candidates agreed on the need to strengthen cybersecurity. Clinton focused more on combating terrorism in cyberspace, while Trump said hacking and cyberwarfare were a "huge problem."

12:59 pm Market Update: Equity benchmarks remained marginally higher amid volatility. The BSE Sensex was up 53.59 points at 28347.87 and the NSE Nifty up 17.85 points at 8740.90.

About 1433 shares advanced against 1025 declining shares on the BSE.

12:50 pm Buzzing: Mukta Arts shares are locked at 20 percent upper circuit after the company said a meeting of the board of directors would be held on September 29 to consider and approve the transfer of entire business of cinema division as a going concern to its newly formed wholly owned subsidiary i.e., Mukta A2 Cinemas Limited in terms of a slump sale.

12:40 pm Europe opens: European stocks opened higher as global investors reacted to the first US presidential candidate debate and oil market news.

Global markets will be reacting to the first televised debate between US presidential nominees Hillary Clinton and Donald Trump on Monday night. Clinton appeared to have edged out her Republican opponent based on analysts' take on the initial market reaction.

12:20 pm Shareholders approval: The minority shareholders of Max Life Insurance have given a green nod for payment non-compete fee to its promoters.

Analjit Singh and family will get Rs 850 crore as the non-compete fee over four years.

In the company's Annual General Meet (AGM) on Monday, 65 percent of minority shareholders approved it. The shareholders include names like KKR, Goldman Sachs and Kotak.

While the numerical numbers have won, corporate governance has failed, says Anil Singhvi, Chairman of ICan Investment Advisors. Private equity players usually prefer the promoters.

12:00 pm Market Check
The market continued to consolidate with a positive bias in noon trade ahead of Thursday's expiry of September futures & options contracts.

The 30-share BSE Sensex was up 78.50 points at 28372.78 and the 50-share NSE Nifty gained 26.05 points at 8749.10.

The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.5-0.8 percent on positive breadth. About 1413 shares advanced against 950 declining shares on the exchange.

MCX is the most active stock on exchanges, followed by Narayana Hrudayalaya, REC, Alphageo, HDFC Bank, Reliance Industries, Axis Bank, ICICI Bank and Yes Bank.

Asia markets were mixed amid increased volatility in financial markets. Traders kept an eye on an informal OPEC meeting in Algeria and looked ahead to the first US presidential debate.

11:55 am Reliance Capital AGM: Introducing son Anmol as a new director on Reliance Capital's board, Chairman Anil Ambani today said he has brought "tremendous luck" with a 40 percent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further.

Thanking the shareholders at the company's Annual General Meeting for their "vote of confidence" in 24-year-old Anmol's appointment as an Executive Director, Ambani said his son is "part of this younger demography and will relate to the future customers, shareholders, employees as well as the other stakeholders of Reliance Capital".

"Anmol has brought tremendous luck as the stock price rose by 40 percent since his induction in the board and has added to the value creation for our shareholders. I hope and I am confident that the 'Anmol Effect' will continue, based on the improved performance, growth and teamwork," the Chairman said.

11:45 am Done deal? The minority shareholders of Max Life Insurance have given a green nod for payment non-compete fee to its promoters.

Analjit Singh and family will get Rs 850 crore as the non-compete fee over four years.

In the company's Annual General Meet (AGM) on Monday, 65 percent of minority shareholders approved it. The shareholders include names like KKR, Goldman Sachs and Kotak.

While the numerical numbers have won, corporate governance has failed, says Anil Singhvi, Chairman of ICan Investment Advisors. Private equity players usually prefer the promoters.

11:30 am Market outlook: Speaking to CNBC-TV18 Mahesh Patil of Birla Sun Life AMC said that in NBFCs valuations are on the higher side. ''We don't don't just look at near-term PE multiples. We take a longer view. This is a good sector to be in.'' Return on equity in this sector has moved up, he said, adding that he is not expecting any further rerating. Auto will play out well in this festival season, he said. ''There should be a strong pickup. If it doesn't pan out, then there could be a problem. For the next two-three years, we should see decent pick-up in the auto sector.'' He expects the four-wheeler industry to see a revival, though it won't see any margin improvement.

The Sensex is up 44.18 points or 0.2 percent at 28338.46. The Nifty is up 16.90 points or 0.2 percent at 8739.95. About 1297 shares have advanced, 881 shares declined, and 164 shares are unchanged.

L&T, ICICI Bank, Bharti Airtel, ONGC and Adani Ports are laggards in the Sensex. Among gainers are TCS, Asian Paints, Sun Pharma, Infosts and Coal India are top gainers.

Amid a weakening global trend, gold futures today traded lower by Rs 148 at Rs 31,180 per 10 gram as speculators trimmed their positions. The fall in gold futures was mostly in step with a weak trend overseas after its biggest weekly advance in two months, as the dollar erased losses, dimming the metals appeal as an
alternative investment, analysts said.

Daniel Hynes, Senior Commodity Strategist, ANZ Research expects crude oil market to come to a balanced position in the near-future.

World's largest oil producers are gathered at the Energy Summit in Algeria to discuss ways to support prices and to tackle a crude glut that has impacted prices for two years.

According to Hynes markets are discounting an agreement being reached at the above meet. However, if something positive comes out of the meet then oil prices will see strong move upwards.

If no deal is reached at the meeting then oil prices are sure do see weakness but believes the downside for oil is limited because of the balanced positioning. The risk is skewed towards upside for now.

10:50 pm HCL's project: Hindustan Copper said it has finalised the location for its Rs 2,200 crore copper concentrate project in Chattisgarh and will seek the Centre's approval for the same.

"We have approved the hydrometallurgy plant in Chattisgarh, which is near Malanjkhand. The project cost will be Rs 2,000-2,200 crore and we will have to take the Cabinet's approval for the project," HCL Chairman and MD K D Dewan said here.

Two companies, from Israel and Finland, have been shortlisted for the new greener technology, which would be used for the first time to extract metal through chemical process, instead of heat.

HCL has lined up Rs 6,000 crore total capex for the next five years and it would be mobilised in combination of debt and equity. This year, its investment was at Rs 400 crore.

10:40 pm Stake sale: Kotak Private Equity group today offloaded 5.73 percent stake in auto component maker Minda Corporation for an estimated Rs 120 crore through open market transactions.

The fund is the arm of the private sector lender Kotak Mahindra Bank.

Kotak Private Equity Fund and Kotak India Growth Fund II together sold a total of 1,20,03,615 shares, representing 5.73 percent stake of Minda Corp, according to bulk deal data available with stock exchanges.

The shares were sold at an average price of Rs 100.26, valuing the transaction at Rs 120.36 crore.

The company's promoter Ashok Minda purchased 19.66 lakh lakh shares of Minda Corp, Minda Capital (53 lakh) and Minda S M Technocast (29.5 lakh).

10:20 am FII View: Ian Hui, Global Market Strategist, JPMorgan Asset Management talking about the impact of US Presidential pre-elections debate on the global market, said if Hillary Clinton comes into power then markets may take it more favourably than if Donald Trump comes into power because she is expected to carry forward US President Barack Obama's policies.

The statements per se are unlikely to impact global markets majorly. The debate took place at Hofstra University, New York.

When asked if he thinks emerging markets are likely to see protracted corrections going forward, he said it all depends on the different data points coming out of China – whether China will stabilise, the outlook on commodity prices, and outcome of the OPEC meeting to decide on production freeze, plus the lack of unconventional surprise by the Bank of Japan – all this could drag the markets a little lower.

However, amongst the EMs, the house has a positive outlook on India.

10:00 am Market Check
Equity benchmarks were marginally higher amid consolidation in morning trade, led by short covering in technology, pharma, auto and select banks stocks.

The BSE Sensex was up 54.16 points at 28348.44 and the NSE Nifty up 19.20 points at 8742.25 while the broader markets outperformed benchmarks on positive breadth.

About two shares advanced for every share declining on the Bombay Stock Exchange.

TCS, Infosys and Coal India were top gainers on the Sensex, up 1-1.5 percent whereas ICICI Bank and Bharti Airtel fell further.

9:55 am Market outlook: Speaking to CNBC-TV18 Mahesh Patil of Birla Sun Life AMC said that in NBFCs valuations are on the higher side. ''We don't don't just look at near-term PE multiples. We take a longer view. This is a good sector to be in.''

Return on equity in this sector has moved up, he said, adding that he is not expecting any further rerating.

Auto will play out well in this festival season, he said. ''There should be a strong pickup. If it doesn't pan out, then there could be a problem. For the next two-three years, we should see decent pick-up in the auto sector.''

He expects the four-wheeler industry to see a revival, though it won't see any margin improvement.

9:45 am US election impact on IT stocks: With the US elections around the corner, worries over post-election scenarios are also creeping in. The Indian IT sector, which is a major contributor to the US economy, will also see some changes. IT experts are of the opinion that statements made by the presidential nominees - Hillary Clinton and Donald Trump - are generic and rhetoric. It is not a reason to worry, says R Chandrashekhar, President of Nasscom. However, he adds that the US needs Indian IT as the relation is on a give and take basis where India helps the country create jobs not only in IT, but in other sectors like energy and defence, too. Vineet Nayyar, Vice Chairman of Tech Mahindra too believes that IT creates jobs, which is beneficial for the US only. IT is a tiny part of the US and its deficit, he says, adding that the focus should be more on change in technology and digitisation right now.

9:30 am FII view: Mahesh Nandurkar of CLSA says India continues to be an overweight market for international investors but to a lesser extent compared to 12 months ago.

"An improving reforms momentum, expectations of a pick-up in earnings growth from H2FY17 and falling inflation are pulling investors back into India. This should help to reverse its underperformance," he reasons.

Top ideas include HDFC, Maruti Suzuki, Power Grid, ACC, Ambuja Cements, IOC and ITC, he says, adding the brokerage house still finds Reliance Industries interesting and remains overweight on the stock.

CLSA witnessed reducing investor interest in Axis Bank and Tata Motors within large caps, Nandurkar says.

After severe cuts yesterday, the market has opened in green Tuseday. The Sensex is up 121.28 points or 0.4 percent at 28415.56 and the Nifty is up 40.10 points or 0. 5 percent at 8763.15. About 659 shares have advanced, 143 shares declined, and 33 shares are unchanged.

Asian Paints, Coal India, Hero MotoCorp, TCS and Bajaj Auto are top gainers.

The Indian rupee rose in the early trade on Tuesday. It has opened higher by 7 paise at 66.53 per dollar, which is a 3-week high, against previous close of 66.60.

Ashutosh Raina of HDFC Bank said, "The USD-INR pair continues to rally on the back of strong FII and FDI flows and some spectrum auction related inflows, with overall dollar weakness also helping."

Uncertainty gripped Asian markets on Tuesday, MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3 percent in early trade, while South Korea fell 0.6 percent. Japan's Nikkei dropped 1 percent as a higher yen threatened exporter sales and profits.

Experts see debate between Democrat Hillary Clinton and Republican Donald Trump to have a big impact with the race seemingly so close. Markets have tended to see Clinton as the candidate of the status quo, while few are sure what a Trump presidency might mean for US foreign policy, trade and the domestic economy.

Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between US presidential candidates Hillary Clinton and Donald Trump.

The S&P financial index fell 1.5 percent, with JPMorgan's 2.19 percent decline and Bank of America Corp's 2.77 percent slide weighing most. The S&P 500 bank index dropped 2.24 percent, its steepest drop since July 5 in the wake of the Brexit vote.