Live Share Market Update By Capitalheight

Sensex slides for 3rd straight session, ends 262 points down, Nifty50 settles at 7,221; banking stocks fall

The BSE Sensex and NSE Nifty fell for the third straight session on Wednesday on rising concerns over a spike in bad loans of public sector banks amid global sell-off. Sensex closed 262 points down at 23,758.90, while Nifty settled 76.80 points down at 7221.40.

Meanwhile, amid increasing global headwinds, Crisil Research in its report has said that Indian economy is expected to grow at 7.9 per cent in the fiscal year 2016-17, lower than earlier forecast of 8.1 per cent and higher from 7.6 per cent expected in the current fiscal, if supported by a normal monsoon. According to the report, growth in the next fiscal will find mild support from improved transmission of the RBI’s policy rate cuts and the implementation of the salary and pension revisions recommended by the One Rank One Pension Scheme and the Seventh Pay Commission.

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Live Nifty Future Market Trend

Nifty breaches 7250, Sensex weak; banks drag, Tata Motors falls Tata Motors, ICICI Bank, Dr Reddy's Labs, Lupin and ONGC are major losers while Infosys, Hindalco, HDFC Bank, HUL and Maruti are top gainers.

INDIAN MARKET OVERVIEW

Last-hour Global jitters and low interest from institutional investors push further pressure on Indian market. Flows were muted and there was a lack of buying interest from institutional investors throughout the day. Nifty future down 68 points at 7325.

The 30-share BSE Sensex plunged 266 points at 24020. The market breadth was weak as about 779 shares advanced against 1831 declining shares on the BSE.

Punjab National Bank has posted disappointing December quarter with higher provisions and asset quality further worsening. Its net profit has fallen 93.4 percent to Rs 51 crore in October-December quarter from Rs 775 crore in corresponding quarter last fiscal.

Dr Reddy's consolidated net profit was up marginally at Rs 579 crore in December quarter compared to Rs 574.5 crore in year-ago period. The company had to bear a forex loss of Rs 29.8 crore. During the period, total income was up 3.2 percent at Rs 3968 crore against Rs 3843 crore year-on-year

Nifty Technical Overview:
Nifty futures opened with negative note and witnessed consolidated movement for the entire and sustained below the level of 7350 for the entire day. Tomorrow if it manages to sustain below this level then downside movement is expected below the level of 7290 and can test 7250-7200.

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Nifty Trend & Spot Levels for 12-Jan-2016

NIFTY TREND: BEARISH

NIFTY SPOT LEVELS

SUPP 1: 7480

SUPP 2: 7365

RES 1: 7635

RES 2: 7710

F&O cues: Nifty 7400 Put adds 12.7 lakh shares in Open Interest

F&O Cues:

Nifty 7800, 7900 and 8000 Calls added 20 lakh shares in Open Interest on January 8

Option Premiums down in Nifty 7800, 7900 and 8000 Calls

Nifty 7400 Put added 12.7 lakh shares in Open Interest

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Market Update

Sensex, Nifty open in green; L&T, Hindalco, Tata Motors gainers L&T, Hindalco, Tata Steel, Tata Motors and Maruti are top gainers in the Sensex. Among losers are Hero, Dr Reddy's, ONGC, ITC and Adani Ports.

TCS slipped 1 percent as its third quarter earnings are expected to be muted with profit falling 0.8 percent and dollar revenue growth at 0.7 percent on sequential basis, impacted by Chennai floods. Infosys and Wipro also declined over 0.5 percent.

The Nifty50 was trading above its crucial support level of 7,550, supported by gains in power, consumer durable, capital goods, and consumer durable stocks.

The S&P BSE Midcap Index was up 0.44 per cent and BSE S&P Smallcap Index was trading 0.48 per cent higher.

Indian Rupee Update

The Indian rupee has opened marginally lower at 66.83 per dollar on Tuesday against previous close of 66.81 a dollar.The USD-INR pair is expected to take cues from the movement in stock market today and is expected to trade in range of 66.70-66.90/dollar