1:55 pm Gold check:
Gold prices rose by Rs 45 to Rs 27,363 per 10 grams in futures trading today as speculators enlarged positions amid a firming trend overseas.
Analysts said a firming trend in the global markets as investors awaited next week’s meeting of Federal Reserve policy makers for clues on the timing of a US rate increase amid speculation that a rise may be likely only in 2016, supported the upside in gold prices at futures trade here. In Singapore, gold advanced 0.3 percent to USD 1,179.35 an ounce.
1:45 pm Parliament session: The government on Wednesday deferred a decision on convening the Winter session of Parliament till next week, amid indications that it could be summoned any day after November 19.
“The Winter session of Parliament is likely to be convened any day after November 19. But a final decision will be taken by the Cabinet Committee of Parliamentary Affairs (CCPA) on October 26,” a government functionary said after a CCPA meeting on Wednesday.
The CCPA chaired by Home Minister Rajnath Singh also decided to take on board parties and presiding officers of the two Houses to celebrate the centenary of Dr BR Ambedkar.
1:30 pm Downgrade: Credit Suisse has downgraded L&T to neutral with a lowered target price of Rs 1775 per share. It has also cut earnings per share (EPS) of FY17/18 by 4 and 3 percent respectively. Shares of L&T fell almost 1 percent intraday on Wednesday. Substantial slowdown in the Middle East, real estate slowdown, delay in pick-up of metals/hydrocarbons and unsustainable power and roads FY16 ordering spike are key challenges for the company, says Credit Suisse. “Weaker-than-expected inflows in 1HFY16 are known, however challenges to absolute quantity and quality,” it adds.
Don’t miss: Bajaj Auto Q2 net jumps 58%; EBITDA margin at 22%
The Indian market is getting a Chinese rub-on effect but has recovered intraday. The Sensex is down 38.14 points at 27268.69 and the Nifty is down 21.90 points at 8239.75. About 1081 shares have advanced, 1409 shares declined, and 159 shares are unchanged.
China posted its worst one-day performance in five weeks after being hit by a sudden bout of selling in small-caps in the afternoon session.
On the other hand, the Nikkei index at the Tokyo Stock Exchange jumped nearly 2 percent to six-week highs, as weaker-than-expected trade data stoked expectations for further stimulus from the Bank of Japan (BOJ).
Bajaj Auto is up 3 percent after its July-September quarter results. Other gainers in the Sensex are Bharti Airtel, Vedanta, Tata Steel and NTPC. Among the losers are Dr Reddy’s Labs, ICICI, SBI, GAIL and Sun Pharma.