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Sensex tanks 300 pts, Nifty below 7600; auto stocks skid


TheNewsInternational Team

3:15 pm Market Expert:

Sanjay Dutt of Quantum Securities said that investors should go ahead and buy instead of selling their stocks.

“You’re getting stocks 30-40 percent cheaper than before. You should invest in your high conviction ideas.”

3:00 pm Market Update: Equity benchmarks recovered a bit from day’s low. The Sensex fell 183.91 points or 0.73 percent to 25068.41 and the Nifty declined 62.95 points or 0.82 percent to 7620.35.

About 897 shares have advanced, 1700 shares declined, and 197 shares are unchanged on the BSE.

2:50 pm JLR’s new plant: Luxury carmaker Jaguar Land Rover (JLR) confirmed on Friday it will build a car plant in Slovakia, beginning a 1 billion pound (USD 1.5 billion) project which will be one of the biggest ever foreign direct investments in the central European nation.

The company, which is rapidly expanding its model line-up and volumes, said in August it aimed to build a plant at the western Slovak town of Nitra with an annual output of up to 300,000 cars.

On Friday, JLR, owned by India’s  Tata Motors Ltd, said it will begin constructing the site next year with around 2,800 jobs created as production ramps up.

It already has a plant in China and is nearly finished building a facility in Brazil as part of a global expansion.

2:40 pm Market Expert: “There is some amount of panic in the high-networth-individual (HNI) segment. There has also been steady FII selling even on days like yesterday [when the market rose],” said veteran stock broker Jagdish Malkani.

“It has much to do with the much-awaited Fed rate hike and some amount of frustration with our lack of reforms like [slow progress on] GST,” he said.

He, however, added that the economy had been seeing some green shoots and the market fall was overdone. “I will be nibbling away,” he said.

2:20 pm Europe Update: European markets traded lower as sentiment is damaged by yet more declines in oil prices. The pan-European STOXX 600 was down around 0.4 percent with all major indices in negative territory.

Global stock markets are on track to end the week deep in the red as the decline in oil prices continues with both Brent and WTI trading below 40 dollars a barrel.

Asian markets traded mixed, despite Wall Street’s positive finish overnight, as record low oil prices weighed on energy, material and industry sectors.

Chinese shares traded in negative territory after another top executive was reported missing by local media. Trading in shares was halted in five of the companies held by Chinese investment firm Fosun International after the disappearance of the group’s billionaire chairman.

Also read – RBI may tighten provisioning norms for SDR: Raghuram Rajan

2:00 pm Market Check

The market butchered in afternoon trade with the Sensex down 300.10 points or 1.19 percent to 24952.22 and the Nifty falling 99.95 points or 1.30 percent to 7583.35. The broader markets also declined 1 percent.

The market breadth was weak as about two shares declined for every share advancing on the Bombay Stock Exchange.

Auto stocks, especially diesel vehicle makers saw selling pressure after a media report suggested that National Green Tribunal has directed centre & state governments not to buy any diesel vehicles for department use. Tata Motors fell 2 percent and Mahindra & Mahindra lost 1.7 percent. Ashok Leyland and Eicher Motors were down 3-4 percent.

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