Monday, 2 May 2016

Nifty slips below 7800; Sensex down; ICICI Bank, BHEL weak

ICICI Bank, M&M, Dr Reddy's Laboratories, BHEL and Wipro are the top loser, while Axis Bank, HDFC, Lupin, Hero Motocorp, BPCL and YES Bank are the top gainers.

9.35 am Auto sales update: Bajaj Auto's April total auto sales is down 2 percent at 3.3 lakh units versus 3.36 lakh units, Y-o-Y.

The company's motorcycle sales up 2 percent at 2.92 lakh units versus 2.86 lakh units. The exports down 36 percent at 1.04 lakh units versus 1.62 lakh units.

Its 3-wheeler sales is down 24 percent at 38,211 units versus 50,483 units.

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The market has opened lower on the back of weak global cues. The Sensex is down 176.29 points at 25430.33, and the Nifty is down 51.10 points at 7798.70. About 390 shares have advanced, 511 shares declined, and 56 shares are unchanged.

ICICI Bank, M&M, Dr Reddy's Laboratories, BHEL and Wipro are the top loser, while Axis Bank, HDFC, Lupin, Hero Motocorp, BPCL and YES Bank are the top gainers.

US stocks had posted their largest weekly drop in more than two months on Friday as earnings reports continued to weigh, but the S&P 500 and Dow managed to close up for April after strong showings mid-month.

Asia markets took "sell in May" sentiment to heart on Monday, with the Japanese benchmark index tumbling as much as 4 percent and Australian shares taking a hit from a bank sell-off.

Viktor Shvets of Macquarie said, "We continue to remain overweight China and India. While we share the market's concern that revised official estimates lack credibility, India's productivity growth rates remain some of EMs best, despite limited structural reforms."

"Also, although banking remains clogged and the public sector has limited fiscal flexibility, overall leveraging remains low. Finally, India has some of EMs best managed and outwardlooking corporates. Unlike China, the challenge is India's inflated EPS estimates, but like China it has emerged with lower than average macro vulnerability," he added.

The Indian rupee opened lower by 8 paise at 66.41 per dollar on Monday against 66.33 Friday.

Bansi Madhvani of India Ratings said, "The rupee is likely to extend consolidation over the coming week, with softness in dollar strength aiding the currency."

"US Jobs data will be eyed, as the Fed, in its last week's policy, remained non committal on path of future rate trajectory."

"We expect the USD-INR to be ranged between 66.05-66.85/dollar this week," he said.

The yen traded close to its strongest level in more than 18 months on concern over the global economy. Yen holds below 107 per dollar after touching its strongest level since October 2014.
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3 comments:

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