Markets extend losses; Tata Steel, HDFC Bank shares dip

25/10/2016 10:21

The key domestic benchmark indices were trading in a negative terrain in the morning trading session as investors resorted to a cautious approach ahead of a flurry of earning reports from major bluechips and amidst a mixed trend across markets in Asia as speculation that the US Federal Reserve may raise interest rates this year heightened, curbing risk taking appetite.

Volatility may remain high at the domestic bourses as traders roll over their positions ahead of Thursday’s October Futures & Options (F&O) expiry.

Shares of Adani Ports & Special Economic Zone, Axis Bank, Bharti Airtel, Dr Reddy’s Laboratories, HDFC Bank, IDFC Bank, IDBI Bank and Kotak Mahindra Bank will be in focus today as the companies unveil their September quarter earnings.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28045.43 down by 133.65 points or by 0.47 per cent, while the NSE Nifty was at 8674.45 points, trading lower by 34.5 points or by 0.4 per cent.

The BSE Sensex touched an intraday high of 28211.41 and an intraday low of 28028.59 while the NSE Nifty touched an intraday high of 8722.65 and an intraday low of 8665.75

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 287.90,+1.18 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 754.50,+0.98 per cent), Axis Bank Ltd. (Rs. 525.75,+0.85 per cent), Cipla Ltd. (Rs. 589.05,+0.68 per cent), Maruti Suzuki India Ltd. (Rs. 5748.00,+0.63 per cent), among others.

Meanwhile, Tata Steel Ltd. (Rs. 415.35,-2.55 per cent), HDFC Bank Ltd. (Rs. 1246.10,-1.53 per cent), Housing Development Finance Corporation Ltd. (Rs. 1331.20,-1.51 per cent), GAIL (India) Ltd. (Rs. 437.50,-1.43 per cent), Bharti Airtel Ltd. (Rs. 302.65,-1.26 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2266 shares traded, 902 shares advanced, 1232 shares declined while 132 were unchanged.

On the global front, Asian stocks were trading mixed today as latest US manufacturing data bolstered the case for monetary tightening in the near-term. US stocks closed higher in the previous trading session boosted by a flurry of deal making activity and encouraging earning reports.

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