Gains in financial shares capped further downslide.
Benchmark share indices ended at record closing highs, amid a volatile trading session on Monday, with IT majors leading the gains.
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
HDFC, TCS, RIL, ITC and ICICI Bank dragged the Sensex by over 100 points.
HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
High net worth individuals (HNIs) are considered more investment-savvy than retail investors.
The 30-share BSE Sensex closed down 162 points at 28,338 and the 50-share Nifty was down 67 points at 8,463.
Indrani Mazumdar ' Mumbai April 23, 2015 Last Updated at 15:57 IST Stock Tips for Tomorrow Subscribe, Know which stocks to buy Tomorrow only Profitable Stock tips www.live-market-tips.com/Tomorrow Ads by Google Add to My Page Tiny URL RELATED NEWS Markets end flat after paring gains; HDFC Bank down 1.6% Sensex, Nifty extend losses; TCS, L&T down 2% Sensex gains over 100 points; Wipro surges nearly 6% Sensex, Nifty up 1%; bank shares zoom Nifty slips below 8,400 mark; HDFC down over 1% Hiranandani Properties Prices Starting at Just 15 Lacs. An Excellent Opportunity. Visit Nowhouseofhiranandani.com Aviva Term Plan Get 1 Cr Life Cover @Rs 16*/day. High Protection at Minimal Cost!avivaindia.com/Term-Insurance Ads by Google Markets ended lower on Thursday despite the clarification on minimum alternate tax by the government while a weak monsoon forecast raised concerns about an uptick in inflation. Further, investors turned cautious ahead of fourth quarter earnings from Infosys while worries about Greece also dampened sentiment. Meanwhile, rating agency Moody's today said emerging economies in Asia Pacific region, including India, have a high degree of immunity to external shocks, but will face challenges when the US Federal Reserve begins raising interest rates. The 30-share Sensex dropped 155 points to end at 27,735 and the 50-share Nifty shed 31 points to close at 8,398. MARKET VIEW "The last 6 out of 7 days, we have witnessed an extreme bout of selling in the key indices and stocks. Every rise getting sold and Bulls coerced to give in recently, with key supports breached. Today, was no different day, where volatility was extreme. We believe that the approach to the market remains cautious. If the indices break the previous low and close below that (i.e. 8270), then it could trigger a short term correction. Else, this could very well be termed as a bounce off the support levels. However, for a new trend to begin, Banknifty has to break 19000 levels. " said Kunal Bothra, Head -Advisory, LKP. ECONOMY The clarification from the Indian government that it would honor tax treaties while making a demand of Minimum Alternate Tax (MAT) at the effective rate of 20 per cent came as a relief for favorable treaty nations. But, dilemma still hangs over funds from other nations whose treaties do not grant an exemption from capital gains. The first monsoon forecast by the Indian Metrological Department (IMD) has predicted below normal rainfall during the season for the second straight year in 2015 primarily due to the build-up of El Nino conditions in the Pacific Ocean. Disruptions in the normal rainfall is likely to put further pressure on the agriculture sector which is already reeling under the impact of unseasonal rains that have damaged crops in parts of country and may lead to higher food inflation making further rate-cuts by Reserve Bank of India less likely. KEY STOCKS On the sectoral front, BSE Healthcare, Auto, Capital Gods, Oil & Gas, Realty and Power indices are trading lower up to 1%. However, BSE Consumer Durables and Metal indices are trading higher by 1% each. Metal stocks ended firm in today's trade after Bank of America-Merrill Lynch said the sector's return on equity will double by FY17 end. The research house reinstated coverage on Indian steel makers, with "buy" ratings on Tata Steel, SAIL, JSW and Jindal Steel and Power. Tata Steel gained 5%. Vedanta (earlier known as Sesa Sterlite) climbed nearly 0.5% and Hindalco was up 0.2%. Coal India advanced 1.3% after Brokerage firm CLSA maintained its 'buy' rating on the stock. YES Bank ended higher by 7% on the National Stock Exchange (NSE) on back of heavy volumes after the private sector lender said that its board approved a proposal to increase foreign institutional investor (FII)/foreign portfolio investors (FPI) limit to 74% from the existing limit of 49% of the paid-up share capital. According to media reports, Maruti Suzuki has plans of launching a series of new cars for the Indian market in 2015. Unveiled at the 2015 Geneva Motor Show, the Maruti Suzuki YRA model will be named as 'Fronx' for the Indian market. The stock was up 1%. TCS ended the session with marginal gains after the company teams up with Solace Systems team to deliver digital Reimagination solutions and services. Select IT shares remained under pressure for the seventh straight session over concerns about quarterly earnings. Infosys shed over 0.7% ahead of the quarterly earnings due tomorrow and Wipro lost nearly 2%. According to reports, M&M is planning to invest Rs 2,500 crore in expaniding its existing auto manufacturing facility in Telangana., which will increase its capacity to 1.5 lakh vehicles per year. The stock slipped over 1%. On the concern of poor monsoons ahead of the June-to-September monsoon season, auto, financials and FMCG stocks ended lower. ITC was down 0.3%, Tata Motors lost over 2%, Hero motocorp shed 1%, HUL slipped 0.6%, SBI dropped 2.4%, Axis Bank and ICICI Bank dipped 0.3% each. HDFC Bank lost 0.4%. HDFC Bank posted a 20.6% rise in net profit in the fourth quarter ended March 31, 2015 due to a higher loan growth. The bank had a net profit to Rs 2806.91 crore for Q4 compared to Rs 2,326.52 crore in same quarter previous fiscal. The number of new launches in residential real estate has come down by 55 per cent in the first quarter this year owing to subdued sales, according to a report. From the realty pack, Unitech, IB Realty, Godrej, Anantraj, HDIL and NBCC were down up to 2%. In the broader market, BSE Midcap index outperformed the peers and was up 0.6%. However, BSE Smallcap index lost 0.2%. Market breadth ended lower with 1,434 declines versus 1,377 advances. Read more on: Nifty ' Sensex ' Nse ' Bse ' Maruti ' Tcs ' Infosys ' Yes Bank ' Hdfc Bank ' Tata Steel Read More Sensex drops 189 points to end below 28,000 Provisionally, the 30-share Sensex ended down 189 points at 27,701 and the 50-share Nifty shed 39 points to close at 8,391 Add to My Page Tiny URL Recommended for you Monthly SIP Investments Invest as low as Rs 1000pm in Top SIPs in just 2mins. Start a ZipSip. www.myuniverse.co.in/ZipSip Luxury 2 & 3 BHK Mumbai Pay 10 lacs now, Rest on Possession 63 Storey Twin Towers in Kandivali lovealpine.com/Special-Offer Ads by Google Advertisements Prof. Mikkel Draebye explains the importance of corporate entrepreneurship. 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"Prof. Massimo Magni" Unveil the marvellous hill stations of Maharashtra Back to Top Quick Links Go LATEST NEWSAll NewsIn This Section Nifty ends shy of 8,400; YES Bank top gainer PDP-BJP coalition govt a change for the worse: Omar Abdullah Arms case: Salman Khan fails to appear in court for recording statement MRF Q2 net surges 95% to Rs 333 crore Banking sector fraud has gone up by more than 10%: Deloitte Building leadership, capabilities in big data labs critical for analytics: Nasscom YES Bank extends intra-day gain on board nod to hike FII/FPI limit to 74% Gammon India to issue Rs 100-crore debentures to promoters Smart maps an $8 bn opportunity for India: Study Exercise financial prudence: Parrikar to Armed Forces News you can use Rss icon Don't reduce PF contribution What is Gratuity? What are NEFT and RTGS? Check your Income Tax Credit credit status form-26AS online Saving capital gain tax on sale of property Calculate tax on your house property income How to Check your EPF Balance & status online Featured Videos Why some of Japan's elderly want to go to jail video The 1341hp electric car beats a Bugatti video The maps that tell you when it's safe to breathe video How to add Michael Jordan's shoes to your portfolio video MOST POPULARReadSharedCommented BK Birla group plans mega recast Samsung to set up $100-mn plant in Hyderabad Rains seen below normal for 2nd straight year Jet Airways puts its wide-body fleet on sale to reduce debt FIIs with tax pact shield may be exempt from MAT Market News Signs of steel prices bottoming out a ray of hope for steel players CNX Metal index that fell to one-year lows of close to 2,293 in mid-March now trading at 2,460 levels Markets under pressure; Sensex slips below 27,800 The auto and capital goods space are exerting pressure on the indices in noon trades. Ashoka Buildcon dips after pricing QIP issue at discount The board has approved issue of 2.84 crore shares to Qualified Institutional Buyers at Rs 175.80 per share Cardamom rises by 0.4% as demand picks up Speculators created fresh positions at prevailing levels, taking positive cues from spot market on pick up in demand Crude palm oil falls by 0.1% on sluggish demand speculators indulged in reducing positions due to subdued demand in spot market The 30-share Sensex dropped 155 points to end at 27,735 and the 50-share Nifty shed 31 points to close at 8,398.
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
The breadth was neutral with 1,329 advances and 1,320 declines.
RBI is expected to slash rates by 150 basis points till end-December 2016.
Hero MotoCorp's promoter Pawan Munjal emerged as the highest paid director.
RIL, ICICI Bank, Tata Motors and ONGC alone contributed to a 100 point cut seen on Sensex.
Strong month-end demand for the US currency mainly from oil importers along with currency futures expiry related purchases predominantly weighed heavily on the forex market and haunted investor sentiment.
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Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng and Shanghai Composite were trading marginally lower.
Sensex in green in afternoon trade.
The yellow metal is a safe bet in the long run.
Markets end in the red, midcaps in focus
Brokerages expect revenue growth at a 7-quarter high but profitability may disappoint.
Sensex plunges 322.39 points to over 1-month closing low of 27,797.01; Nifty tumbles 97.55 points to 8,340.70.
Dream rally: Investors' wealth doubled in 5 years in India's equity market on Friday.
Sensex closed the day 416 points higher.
There are a few factors that can spoil the party
'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
With cash -- the primary medium of exchange -- all but disappearing, it is now unlikely that the expected fillip to demand on account of a good monsoon and proceeds from the Seventh Pay Commission payout will materialise.
A good monsoon could rein in food inflation. Largely good corporate results mean better days are ahead. Nifty may reach record levels, points out Devangshu Datta.
Economic growth depends a lot on what FM announces in the upcoming Union Budget.
The government will release the Index of Industrial Production for July 2015 on Friday, September 11, 2015.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
Most analysts expect growth in the sales of Nifty-50 companies to decelerate, albeit marginally, in the quarter ended December compared to the corresponding period of 2013-14, with metals and real estate companies pulling down earnings.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
The broader markets are trading inline with the larger peers with BSE Midcap and Smallcap indices up 1.5% each.
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A mixed global trend and weakness in rupee influenced the sentiments during the day.
"We are seeing the feel-good factor is back. It's only a matter of time before the entire economic engine starts working seamlessly," says Motilal Oswal.
Tata Group shares were among the top losers while Adani Ports emerged as the top gainer
Investors turned cautious ahead of the US Fed meet outcome later today and July F&O expiry.
