Nifty ends below 8600, Sensex sheds 439 points; HDFC, RIL fall 3-4%

3:30 pm Market closes: After a lot of struggle, the market has ended with severe cuts with the Nifty below 8600. The 50-share index was down 135.45 points or 1.6 percent at 8573.3 while the Sensex slipped 439.23 points or 1.6 percent at 27643.11.

Infosys, ONGC, Maruti, Cipla and Hero was gainers in the Sensex while Adani Ports, HDFC, Reliance, ICICI Bank and Tata Motors were losers in the Sensex.

Midcaps skid 1.5 percent while suto, banks, FMCG, pharma and metals fell sharply.

3:10 pm Revision of ethanol price for petrol blending: Moving towards a free market structure, the Cabinet today approved a new mechanism for revising price of sugarcane-extracted ethanol used for blending in petrol, resulting in drop in rates by Rs 3 to Rs 39 per litre. The price of ethanol will be determined on the basis of prevalent price of sugar in the open market as also demand- supply situation, Oil Minister Dharmendra Pradhan said.

"Any pricing mechanism should be market driven and we are moving towards that in case of ethanol as well," he said.

The NDA-government had in December 2014 fixed a price of Rs 48.50-49.50 per litre for procurement of ethanol for blending with petrol.

2:55 pm Fund raising: State-run NHPC has got shareholders' nod to raise up to Rs 4,500 crore through issuance of bonds on private placement basis in domestic market in the next one year. A special resolution to raise Rs 4,500 crore through issuance of secured/unsecured, redeemable, non-convertible debentures/bonds aggregating up to Rs 4,500 crore through private placement was passed by the shareholders at the 40th Annual General Meeting held on September 22, 2016, NHPC Ltd said in a BSE filing.

According to the statement, the bonds can be issued in one or more tranches within a year from the date of passing of the resolution.

2:45 pm Gold shines: Gold regained it sheen by surging Rs 250 to 30,400 per 10 gram at the bullion market today largely on a firm global trend amid increased buying by jewellers at domestic spot market, triggered by wedding season demand. Silver also recovered on mild demand from industrial units.

Analysts attributed the rebound in gold prices to a firm trend overseas and increased buying by jewellers at domestic spot market to meet the wedding season demand.

2:30 pm Result poll: TCS is likely to report tepid July-September quarter. According to CNBC-TV18 poll, the technology major's net profit may fall 0.9 percent to Rs 6260 crore in Q2FY17 from Rs 6317 crore in last quarter. Its dollar revenue may rise marginally to 1.8 percent to USD 4440 million compared to USD 4362 million while in rupee terms it may be up 1.5 percent at Rs 29738 crore versus Rs 29305 crore quarter-on-quarter. During the quarter, TCS's EBIT may stand at Rs 7530 crore from Rs 7374 crore or at 25.3 percent versus 25.2 percent (QoQ). The company has already warned the maket about its customer outlook marked by abundant caution. TCS had also said that it was experiencing holding back of discretionary spending particularly in BFSI in US resulting in sequential loss of momentum in BFSI. TCS has highest exposure to BFSI amongst large cap IT company at 40 percent.

The market continues to extend losses as global markets dragged. Investors are cautious ahead of TCS and Infosys Q2 results. The Sensex is down 485.89 points or 1.7 percent at 27596.45 and the Nifty is down 158.05 points or 1.8 percent at 8550.75. About 702 shares have advanced, 2045 shares declined, and 91 shares are unchanged.

Adani Ports is down 5 percent while Tata Motors, ICICI Bank, SBI and HDFC are major laggards. Among gainers are Infosys, ONGC, Cipla and Hero MotoCorp.

China's exports and imports for September came in well below expectations, dented by weak demand at home and abroad.

Exports in September tumbled 10 percent in dollar terms and imports fell 1.9 percent, with a trade surplus of USD 41.99 billion. In US dollar terms, exports were expected to fall 3.0 percent and imports to rise 1.0 percent on-year, according to a Reuters poll of analysts, which also forecast a trade surplus of USD 53 billion.

In yuan terms, exports fell 5.6 percent on-year and imports rose 2.2 percent. The September trade surplus came in at 278.35 billion yuan (USD 41.40 billion). The trade surplus in yuan terms can be different to the officially reported dollar-denominated figure.

1:50 pm Upcoming IPO: PNB Housing Finance has received capital markets regulator Sebi's go ahead to raise Rs 2,500 crore through an initial public offering.

The leading housing finance firm had filed IPO papers with Sebi in July. The markets regulator issued its final 'observations' on October 6 on the draft offer documents, which is necessary for any company to launch the public offer.

PNB Housing Finance, promoted by Punjab National Bank, would be using the proceeds from the share sale mainly towards augmenting its capital base.

According to the Draft Red Herring Prospectus (DRHP), the company plans to raise up to Rs 2,500 crore through the initial share sale and a portion would be reserved for the employees.

1:30 pm FM on trade: Finance Minister Arun Jaitley expressed concern that a growing populist backlash against globalisation and free trade could have an adverse impact on the world economy.

Addressing a gathering of finance officials of the BRICS group of emerging nations, Arun Jaitley singled out Britain's vote to leave the European Union, as well as an aggressive campaign against trade deals in the US presidential election.

"Part of the developed world is moving towards protectionism," Jaitley said. "If developing countries see a trend of protectionism, the spillover impact on the policies in other parts of the world would be adverse."

Britain's vote and Donald Trump's championing of "America First" are seen as a part of a growing populist backlash against globalization which critics have worsened income and social inequities.

The market is slipping away with the Sensex is down 405.09 points or 1.4 percent at 27677.25. The Nifty slipped 125.55 points or 1.4 percent at 8583.25. About 730 shares have advanced, 1926 shares declined, and 107 shares are unchanged.

ONGC, infosys, Cipla and Hero MotoCorp are top gainers while Tata Motors, Adani Ports, HDFC, ICICI Bank and SBI are losers in the Sensex. J&K Bank is down 17 percent. J&K Bank has said that it is going to post losses for next couple of quarters and FY17 as consolidation of balancesheet may take 4-6 quarters.

European stocks opened lower after minutes from the US Federal Reserve's September meeting raised expectations of a December interest rate hike.

The pan-European STOXX 600 was down 0.79 percent.,

Despite not hiking rates in September, Fed minutes on Wednesday showed that three members of the Federal Open Market Committee dissented and called for a rate hike.

Those in favour of hiking rates worried that waiting too long would push the country into recession. The market is largely anticipating the Fed to raise interest rates later this year, with fed funds futures pricing in a more than 65 percent probability for a hike in December, but just 20 percent for November, according to RBS.

12:45 pm European markets open lower: European stocks opened lower after minutes from the U.S. Federal Reserve's September meeting raised expectations of a December interest rate hike.

Despite not hiking rates in September, Fed minutes on Wednesday showed that three members of the Federal Open Market Committee dissented and called for a rate hike.

The market is largely anticipating the Fed to raise interest rates later this year, with fed funds futures pricing in a more than 65 percent probability for a hike in December, but just 20 percent for November, according to RBS.

12:35 pm Market slips: The Sensex is down 355.24 points or 1.3 percent at 27727.10 and the Nifty is down 112.05 points or 1.3 percent at 8596.75. About 833 shares have advanced, 1783 shares declined, and 104 shares are unchanged.

12:30 pm Market outlook: Global equities may be staring at a "minimum 5-10 percent correction" in the fourth quarter as risks in currency markets translate into volatility for stocks and bonds, says S Naganath, President and Chief Investment Officer, DSP BlackRock Investment Management Company. In an interview with CNBC-TV18, Naganath said that investors should buy into any correction that takes place as a strong pick-up in earnings trajectory expected for FY18 and FY19 makes them attractive from a two-three year perspective. DSP BlackRock, India's 10-largest fund company, manages assets of over Rs 50,000 crore. Naganath said he was positive on consumption as a theme as well as bank stocks. He also expressed optimism on cement as a sector but said commodity stocks remained a "tactical" play.

The Sensex is down 332.84 points or 1.2 percent at 27749.50, and the Nifty is down 103.30 points or 1.2 percent at 8605.50. About 843 shares have advanced, 1746 shares declined, and 111 shares are unchanged.

Tata Motors is down 4 percent, Adani Ports, HDFC, ICICI Bank and Reliance are losers while ONGC, Infosys, Cipla, Asian Paints and Hero MotoCorp are gainers.

Midcap index is down around 1.3 percent. Bank of India, Reliance Capital, Zee Entertainment, Canara Bank and Sun TV Network are major losers among BSE Midcap stocks.

Gold prices were up by 0.50 percent to Rs 29,889 per 10 gram in futures trade today as speculators enlarged positions amid a firm global trend.
 
Market analysts attributed rise in gold prices at futures trade to building up of fresh positions by participants, tracking positive global cues. Meanwhile, gold rose 0.36 per cent to USD 1259.40 an ounce in Singapore.

11:30 am Market outlook: The continuous rally witnessed in equity markets all over is mainly because central banks have been pumping in liquidity and if this liquidity is withdrawn then global equities are sure to fall sharply, says Michael Every, Head of Markets Research-Asia Pacific, Rabobank. According to him, global equities are fundamentally overvalued. So, even as there could be a small upside to equities even now, the tail risks are enormous, he adds. With regards to Fed rate hike, he believes that a rate hike is likely only in December because it would not like US equities to fall before the elections. However, in case the Fed hikes in December, there is unlikely to be any further hikes, says Every. According to him, India will relatively outperform other markets because the growth story there is relatively better.

Selling continues on Dalal Street as the Sensex is down 270.22 points or 0.9 percent at 27812.12. The Nifty is down 86.30 points or 0.9 percent at 8622.50. About 872 shares have advanced, 1509 shares declined, and 100 shares are unchanged.

Infosys, ONGC, Cipla, Asian Paints and M&M are gainers while Tata Motors, HDFC, Adani Ports, ICICI Bank and TCS are losers in the Sensex.

Gold prices rose as the US dollar pared early gains and equities plunged on Chinese trade data that stoked concerns about the health of the world's No.2 economy. The climb in bullion came despite signals from the US Federal Reserve minutes that the central bank could raise interest rates in December.

Asian stocks stumbled to three-week lows and US stock futures and Treasury yields fell after China's September trade data showed a sharp decline in exports.

10:45 am Interview: IL&FS Engineering has bagged a Rs 165-crore pipeline-laying contract from GAIL. The company is attempting to maintain margins of around 12-13 percent for the pipeline which goes across Patna, Gaya and Dobhi, according to IL&FS management.

The contract bring the total order book to around Rs 10,000 crore but the effective do-able order back-log is worth Rs 7,500 crore, said S Ramachandran, Chief Executive, IL&FS Engineering.

10:30 am Betting on India: ABB is betting big on the Indian market and expects its India business to grow at double digits, more than the country's GDP growth.

In an interview with CNBC-TV18, Ulrich Spiesshofer, Global CEO, ABB, assured that India is a long-term play for the company, adding that there was a substantial pickup in orders especially from the infra space.

He expects more infra projects like the North East Agra power project. ''ABB is ideally positioned to really work with India on its competitiveness, on its automation solutions,'' he said.

The market is still under selling pressure as auto, banks and metals heavyweights in red. The Sensex is down 243.27 points or 0.9 percent at 27839.07 and the Nifty is down 76.60 points or 0.9 percent at 8632.20. About 768 shares have advanced, 1305 shares declined, and 82 shares are unchanged.

Infosys, ONGC, Cipla and GAIL are top gainers while ICICI Bank, Adani Ports, Tata Motors and BHEL are losers in the Sensex.

Oil prices fell after OPEC said that its production had risen to its highest level in at least eight years and following reports of an increase in US crude stockpiles.

Traders said oil markets had come under pressure after Organization of the Petroleum Exporting Countries (OPEC) reported a rise in production, despite the producer cartel having plans, potentially with non-OPEC producer Russia, to cut output in a bid to rein in a global supply overhang.

9:55 am Fund raising: Tata Motors plans to raise Rs 500 crore through issuance of non-convertible debentures (NCDs) and a committee of the board is due to meet next week in this regard.

"The company is desirous of offering the fifth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted committee of the board on October 18," Tata Motors said in a regulatory filing.

9:45 am Market outlook: Sanjay Kadam of Nomura said, "The market has consolidated at current levels for around three months, and now trade at 16.5x 12-month forward earnings, compared to the 5-year average of 16.7x."

"Do note that the strong 50 bps rally in Indian bonds during the same period has made equities relatively more attractive. Our comfort in market valuations is therefore higher," he said.

9:30 am Market tanks: The Sensex is down 241.65 points or 0.9 percent at 27840.69, and the Nifty is down 70.20 points or 0.8 percent at 8638.60.
About 586 shares have advanced, 1158 shares declined, and 68 shares are unchanged.

The market has opened lower after two days of holiday. The Sensex is down 107.86 points or 0.4 percent at 27974.48, and the Nifty is down 37.85 points or 0.4 percent at 8670.95. About 259 shares have advanced, 245 shares declined, and 54 shares are unchanged.

Cipla, Asian Paints, Bajaj Auto, ONGC and Dr Reddy's Labs are top gainers while TCS, Tata Motors, M&M, Bharti and Reliance are losers in the Sensex.

The Indian rupee slipped in the early trade. It has opened lower by 30 paise at 66.83 per dollar versus 66.53 Monday.

The US dollar held near a seven-month high against a basket of major rivals after Federal Reserve meeting minutes reinforced expectations that the Central Bank would hike rates in December.

Meanwhile, pound rallied after UK Prime Minister Theresa May said she would offer provide lawmakers some scrutiny over the Brexit proceedings and that the country would seek "maximum possible access" to EU's single market.

Asian stocks held near three-week lows and the greenback consolidated recent gains on Thursday after minutes of the last US Federal Reserve policy meeting indicated a December rate increase was still on the cards.

Risk appetite waned, with MSCI's broadest index of Asia-Pacific shares outside Japan easing 0.2 percent, its lowest since September 21. Early stock markets were mixed with Australia down 0.5 percent while New Zealand stocks up 0.4 percent.

Wall Street struggled to find fresh momentum after breaking conclusively below a 100-day moving average this week.

The Dow Jones industrial average closed up 0.09 percent, to 18,144.2. The S&P 500 gained 0.11 percent, to 2,139.17 and the Nasdaq Composite .IXIC slipped 0.15 percent, to 5,239.02 with corporate earnings firmly in focus. Volumes were light.