Nifty Struggles Below 8,150, Just Dial Slumps on Q2 Earnings

BSE Sensex and Nifty struggled on Thursday amid weak Asian markets after the US Federal Reserve hinted at the possibility of hiking rates in December. The Sensex fell over 50 points while Nifty slipped below 8,150.

Here Are Top 10 Developments:

1) Cairn India rose over 1 per cent to be the biggest gainer among the Nifty stocks after global crude prices jumped sharply after a report showed oil supplies rose less than expected last week.

2) Some buying was seen in pharma stocks after their underperformance in the past few sessions. Dr Reddy’s Lab was up ahead of its Q2 earnings announcement.

3) Among mid-cap stocks, Just Dial fell over 6 per cent after its Q2 earnings came in below the Street’s estimates.

4) Select buying was seen in banking stocks after they suffered a selloff yesterday. ICICI Bank and Bank of Baroda were among the gainers. Yes Bank fell nearly 1 per cent ahead of its results announcement later in the day.

5) Axis Bank fell 0.70 per cent after slumping over 7 per cent yesterday on asset quality concerns. Ambuja Cements fell nearly 2 per cent after it reported weak results yesterday.

6) Market analyst Avinnash Gorakssakar said Nifty could possibly slip below 8,000 levels. The results season has been disappointing and traders could be also cautious ahead of the outcome of the Bihar election results.

7) Foreign institutional investors sold Indian stocks worth Rs 731.17 crore (net) in the cash market on Wednesday. Renewed selling from foreign investors after Fed’s December rate-hike signal could put Indian markets under pressure. Despite Wednesday’s selling, foreign institutional investors have bought Indian equities worth nearly Rs 4,300 crore so far this month, helping support the market despite selling from domestic institutional investors.

8) Domestic institutional investors bought Indian equities worth Rs 160 crore (net) on Wednesday but so far this month have sold shares worth nearly Rs 2,800 crore.

9) The rupee fell to 65.18/dollar after the dollar rallied against other currencies, following Fed’s rate-hike signal. The rupee ended at 64.92/dollar yesterday.

10) The US Federal Reserve kept interest rates unchanged on Wednesday but hinted at the possibility of rate hike in December. Investors had expected the Fed to remain pat on rates, but the overt reference to December came as a surprise. Asian stocks were broadly lower today.

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Source:Ndtvv

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