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Nifty above 7900, Sensex gains; Hindalco up 3%, HDFC falls

09:15

The News International Team

9:45 am Market recovers: The market has recovered as the Nifty jumped above 7900. The 50-share index is up 28.20 points at 7940.05. The Sensex is up 66.27 points o at 26534.63. About 990 shares have advanced, 912 shares declined, and 53 shares are unchanged.

Hindalco is up 3 percent, ONGC, Tata Steel, L&T and M&M are other gainers while Sun Pharma, HDFC, Hero, ITC and Dr Reddy’s Labs are laggards.

09:35pm Market Expert

With three consecutive days of selling by FIIs, most experts as well as traders are wondering whether it will be a rough ride in the October series. Deven Choksey of KR Choksey Shares & Securities does not think so. He says fundamentals – market as well as on the macro front – continue to remain strong and chances are it will only improve further.

“Whenever the market runs ahead of time, it gets into a consolidation mood, I think that is what the market is doing right now,” he told CNBC-TV18.

Choksey advises investors to use every dip as a buying opportunity. He believes investors should look at all those companies where the fall is maximum.

Despite the recent coal mining verdict and the fallout of the same, he says it is perhaps time to look into the fundamentals of the companies that this verdict will affect the most, it can also be a buying opportunity.

09:15am Market Check

Equity benchmarks started of October series on a weak note with the Sensex falling 73.61 points to 26394.75 and the Nifty declining 17 points to 7894.85 following weakness in global peers.

About 308 shares have advanced, 506 shares declined, and 24 shares are unchanged.

Coal India, Sesa Sterlite, Tata Motors, Axis Bank, Hero Motocorp, Jindal Steel, Asian Paints and PNB dropped 1-3 percent while Cipla, Infosys, Wipro, ONGC, Bajaj Auto, Lupin, Tech Mahindra, DLF and IndusInd Bank gained 0.3-1 percent.

Asian markets were trading lower with the Nikkei falling 1 percent. In the US, stocks declined, with the benchmark indexes recording their worst session since July 31, as Apple tumbled on glitches tied to its new smartphone and as investors considered a proposal in Russia that would let its courts seize foreign assets.

And on the US economic data front, orders for long-lasting goods fell 18.2 percent in August, while applications for unemployment benefits rose by 12,000 to a seasonally adjusted 293,000 last week, less than the 300,000 estimate.

Moreover, in Europe, shares closed sharply lower, as the head of the Bank of England warned that the time for raising interest rates from record lows was nearing.

In the currency space, the euro hit a 22-month low against the dollar on Thursday on the prospect of diverging monetary policy between the Federal Reserve and the European Central Bank as rate differentials swing decisively in the greenback’s favour. The dollar index hit a new four-year high.

In commodities, Brent crude prices was hovering around 97 dollars per barrel as abundant supply and a strong USD largely outweighed worries conflict in the west Asia disrupting output.

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