Sensex snaps 4-day winning streak; HDFC plunges 5%

Indian shares snapped four-day winning streak Friday owing to profit booking after the indices crossed 19000 (on Sensex) and 5800 (on Nifty) levels yesterday. The BSE Sensex, which rallied 479 points in previous four sessions, fell 139.64 points to close at 18,918.51, weighed down by banking & financials, telecom, technology and healthcare stocks. The index had gained 79 points in early trade following Cabinet's approval to 49% FDI in insurance and pension.

Meanwhile, the NSE Nifty, which plunged 899 points intraday due to freak trade by a brokerage house , declined 40.65 points to end at 5,746.95. The index touched a low of 4,888.20 today due to faulty order punched by a dealer of Emkay Shares and Stock Brokers while the BSE Sensex fell more than 300 points. The trading was halted by the NSE for 15 minutes between 9:50 am to 10:05 am.

"The market circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs 650 crore. These orders have been entered by a trading member Emkay Global Financial Services on behalf of an institutional client," the NSE said in a clarification note. Shares of Emkay Global Financial Services locked at 10% lower circuit.

The Exchange said the member has been disabled from trading.

In late trade, the market pared losses following upmove in European markets. France's CAC, Germany's DAX and Britain's FTSE were up 0.5-0.8 percent after European Central Bank President Mario Draghi said the bank was ready to begin its bond buying programme.

Back home, the Indian rupee, which rose as much as 37 paise in morning trade, retreated completely in second half of trade. At 15:31 hours IST, the rupee was down by 12 paise to 51.86 against the US dollar.

Housing finance company HDFC lost 4.89 percent after Carlyle sold its entire stake in the company via multiple block deals.

Country's largest private sector lenders ICICI Bank and HDFC Bank were down around 1.5 percent.

Software services exporter Infosys, which will announce its second quarter earnings next Friday, declined 1.84 percent. Its rivals TCS and Wipro went down 0.86 percent and 2.41 percent, respectively.

Commercial vehicle maker Tata Motors rallied over 2 percent while FMCG major Hindustan Unilever gained 1.6 percent.

Private oil & gas producer Reliance Industries rose 0.55 percent and engineering conglomerate Larsen & Toubro went up 0.8 percent.

Overall the week was good for the market that gained 0.8 percent on hopes of more reforms by the Government and consistent inflow of foreign money. Yesterday the Cabinet has allowed foreign investors to invest upto 49% in insurance and pension. But today the market seemed to have already priced in these reforms.

Market experts remain positive on the market. Vibhav Kapoor of IL&FS believes that the sentiment is going to remain very positive unless something adverse happens like the failure of Parliament to pass these bills.

The BSE Midcap and Smallcap indices were down 0.8-0.9 percent as declining shares outnumbered advancing by a ratio of 1792 to 1035 on the BSE.

In the second line shares, IVRCL lost 6 percent as Zee group sold part stake in the company.

Indiabulls Real rose 5.5 percent and DB Realty gained 7.7 percent.

Essar Oil and Inox Leisure rallied quite sharply in late trade, rising 15.5 percent and 12.5 percent, respectively.

Education stocks outperformed with Everonn Education and Educomp gaining 7-8- percent.

Indian equity benchmarks trimmed losses, supported by Larsen & Toubro and Reliance Industries. Metals stocks too recouped losses while State Bank of India also pared losses.

The 30-share BSE Sensex went down 97 points to 18,961.48 and the 50-share NSE Nifty fell 34 points to 5,753.45.

Commercial vehicle maker Tata Motors rallied 2 percent and FMCG major Hindustan Unilever was up 1.7 percent.

Utility vehicle maker Mahindra & Mahindra, engineering conglomerate Larsen & Toubro and state-run oil & gas producer ONGC gained 0.9-1.3 percent.

Housing finance company HDFC crashed 4.75 percent as Carlyle sold its stake in the company via multiple block deals.

Software services exporters Wipro, Infosys and HCL Tech were down 1.6-2 percent. Drug producer Sun Pharma and country's largest private sector lender ICICI Bank fell 1.5 percent.

Shares of IDFC, Reliance Infrastructure and Jaiprakash Associates tanked over 2.5 percent.

France's CAC, Germany's DAX and Britain's FTSE extended gains from 0.1-0.4 percent to 0.4-0.8 percent.

The 30-share BSE Sensex fell 147 points to trade at 18,910.71 due to weakness in banking & financials, technology, telecom and healthcare stocks. Two-wheeler, metals and power stocks too were under pressure.

Meanwhile the 50-share NSE Nifty declined 49 points to 5,738.70 led by profit booking amid high volumes. Both exchanges have been recorded total traded turnover of Rs 1.5 lakh crore so far today.

The Indian rupee, which gained as much as 37 paise at one point of time today, fell 7 paise to 51.81 against the US dollar.

Housing finance company HDFC plunged 4.5 percent on multiple block deals. Carlyle sold its stake in HDFC worth USD 850 million today.

Private sector lenders ICICI Bank and HDFC Bank were down 1.6 percent each while their rival State Bank of India went down 0.7 percent.

Top telecom operator Bharti Airtel, state-run power equipment maker BHEL and software services exporter Infosys moved down 1.6 percent each.

Commercial vehicle maker Tata Motors topped the buying list with 2 percent gains. FMCG major Hindustan Unilever, utility vehicle maker M&M and coal mining company Coal India gained 1.3 percent each.

The broader markets too slipped nearly 1 percent as about three shares declined for every share advancing on the National Stock Exchange.

European markets moved up 0.1-0.4 percent after the European Central Bank said it was ready to begin its bond buying programme.

Indian equity benchmarks pared losses in afternoon trade following positive opening of European markets. France's CAC, Germany's DAX and Britain's FTSE were up 0.3-0.5 percent after encouraging comments by ECB President Mario Draghi saying the bank is ready to buy bonds of troubled euro zone countries.

Meanwhile the 30-share BSE Sensex lost 129 points to 18,929.57 and the 50-share NSE Nifty fell 44 points to 5,744.

Today the trading for 15 minutes between 9:50 am and 10:05 am was halted at NSE due to freak trade at one of the brokerage house. While clarifying on the same subject, the National Stock Exchange of India said, " Emkay Global Financial Services has closed out the positions arising out of erroneous trades smoothly . The member has been disabled from trading."

"The market circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs 650 crore. These orders have been entered by a trading member Emkay Global Financial Services on behalf of an institutional client," the NSE said in its earlier statement. Emkay Global Financial Services plunged 10% to Rs 31.05 a share.

FMCG major Hindustan Unilever and commercial vehicle maker Tata Motors gained 1.8 percent each.

Engineering conglomerate Larsen & Toubro recouped its losses, rising 1 percent. Utility vehicle maker M&M and coal mining company Coal India were up 1-1.5 percent.

State-owned oil & gas producer ONGC too rebounded with 0.2 percent gains while cigarette major ITC was up 0.2 percent.

Shares of Infosys, HDFC Bank, ICICI Bank, TCS, Bharti Airtel, Sun Pharma and BHEL were down 1-1.7 percent.

The BSE Sensex remained down with a fall of 1%, weighed down by profit booking in technology, banking & financials, oil & gas and capital goods stocks. The Indian rupee trimmed its gains from 37 paise to 7 paise to trade at 51.67 against the US dollar.

At 11:50 hours IST: The 30-share BSE Sensex plunged 182 points to 18,876.69 and the 50-share NSE Nifty lost 60 points to 5,727.90.

In a clarification on trading halted for 15 minutes between 9:50 am to 10:05 am due to freak trade, the National Stock Exchange of India said the market circuit filter got triggered due to entry of 59 erroneous orders which resulted in multiple trades for an aggregate value of over Rs 650 crore.

"These orders have been entered by a trading member Emkay Global Financial Services on behalf of an institutional client. These non-algo market orders have been entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book thereby causing the circuit filter to be triggered. These orders have been identified to a specific dealer terminal," the NSE said.

FMCG major Hindustan Unilever, commercial vehicle maker Tata Motors and utility vehicle manufacturer M&M outperformed amid selling pressure, rising 1 percent each. Country's largest coal mining company Coal India rose 1.5 percent.

Infosys, which will declare its second quarter numbers next Friday, fell 2 percent while its rivals TCS and Wipro were down 1.4 percent and 2.5 percent, respectively.

Housing finance company HDFC tanked 4 percent after multiple block deals. Carlyle was set to sell about 5.7 crore shares worth USD 850 million of HDFC today.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank slipped 1-1.6 percent. Telecom operator Bharti Airtel tumbled 2.5 percent.

Indian shares, which shot up 1.5 percent since the beginning of October, fell 1 percent due to profit booking today. Technology, banking & financials and healthcare stocks were under pressure while auto and FMCG stocks were quite supportive.

Around 10 hours IST, the trading was halted in NSE cash segment for around 15 minutes due to technical glitch. The exchange said the trading was halted due to freak trade. Now the market stabilised and is trading just below the 5800 level. Meanwhile, the BSE informed that the market at BSE is working fine and trading members are informed that there are no issues technical or otherwise at exchange.

The 30-share BSE Sensex, which gained 79 points in initial trade on second round of reforms by the UPA government, lost 178 points to 18,880.35 at around 10:54 hours IST. Meanwhile, the 50-share NSE Nifty went down 63.15 points to 5,724.45.

Housing finance company HDFC plunged 4.5 percent as Carlyle was set to sell its stake worth USD 850 million in the company.

Technology majors TCS, Infosys and Wipro were down 1.5-2.5 percent. Infosys is set to declare its second quarter earnings on October 12.

State-run power equipment maker BHEL, which gained 2 percent in initial trade, lost 2.65 percent on profit booking. Engineering conglomerate Larsen & Toubro was down nearly 1 percent.

Country's largest private sector lender ICICI Bank slipped 1.5 percent while its rival State Bank of India fell 1.2 percent.

Commercial vehicle maker Tata Motors, utility vehicle major M&M, FMCG major Hindustan Unilever and coal mining company Coal India were up 1 percent each.

In the second line shares, Shree Renuka Sugars, Sintex Industries, Reliance Power and HDIL were down 1-4 percent.

Declining shares outnumbered advancing by a ratio of 1143 to 249 on the National Stock Exchange.

Trading at National Stock Exchange resumed after a halt of around 15 minutes on Friday that multiple traders said had prevented them from placing or executing trades in cash markets.

Trading resumes in NSE after halt
NSE futures and options markets traded as normal throughout, while trading at Sensex was also normal across its segments, dealers said.

NSE said they could not immediately comment on the reason for the trading halt.

"We are still trying to verify it," said a source at the exchange.

The BSE Sensex opened higher for the sixth consecutive session on Friday following Cabinet's clearance to FDI in insurance and pension, and encouraging comments by ECB President Mario Draghi yesterday. But the market immediately erased those early gains due to profit booking. It seemed to have priced in yesterday's news of second round of reforms by the UPA government.

The BSE benchmark fell 44.65 points to 19,013.50 and the NSE benchmark declined 15 points to 5,772.55.

The Indian rupee appreciated further on selling of more dollars by exporters and consistent inflow of foreign money. The rupee rose by 0.58 percent or 30 paise to 51.44 against the US dollar.

Housing finance company HDFC fell 3 percent after multiple block deals. CNBC-TV18 reported that Carlyle was expected to sell its stake in the company worth USD 850 million (5.7 crore shares).

Yesterday Cabinet has allowed foreign investment upto 49 percent in insurance. Reliance Capital and Max India were up 3-5 percent while Bajaj Finserv gained 0.7 percent. Aditya Birla Nuvo rose 2 percent and Aditya Birla Money was up 8 percent.

BHEL went up over 1 percent as Cabinet has approved model pact for infrastructure debt funds.

Commercial vehicle maker Tata Motors topped the buying list with 2.5 percent gains.

Shares of M&M, HUL, L&T, Bajaj Auto, Coal India, ONGC, Tata Power, Hero Motocorp, Tata Steel and Maruti gained in early trade.

Infosys, Sun Pharma, ICICI Bank, Cipla, TCS, Dr Reddy's Labs, Bharti and State Bank of India were under pressure.

In the second line shares, IVRCL lost 5.5 percent as Zee group sold part stake in the company.

ITI rallied 6.5 percent as Cabinet approved a grant of Rs 130 crore to the company for salary payments.

GIC Housing and HDIL were up 2 percent. Gayatri Projects and DB Realty surged 5 percent.

MCX shot up 4.5 percent after the Cabinet approved Forwards Contracts Act.

On the global front, Asian markets were trading marginally higher after encouraging comments by ECB President Mario Draghi.

Investors will be looking ahead to the US government's monthly jobs report. The non-farm payroll data is expected to show that employer's added 113,000 jobs last month, while the unemployment rate is seen rising to 8.2 percent from August's 8.1 percent.