Market Closed: Nifty above 8000, Midcap risex

The Indian benchmark index continued with their losing move for the 6th straight session on Monday, overloaded by sharp auction crosswise over more extensive markets, following quieted signals from kindred Asian companions. Bears fixed grasp at Dalal-Street as waiting stresses over the effect of demonetization of higher esteem money notes and insights of rate climb in December by US Federal Reserve seat Janet Yellen kept on souring hazard taking appetite.

The top losses of the Sensex pack were State Bank of India, Power Grid Corporation of India Ltd. , Tata Steel Ltd., Maruti Suzuki India Ltd. , Mahindra and Mahindra Ltd. , among others.

Wipro Ltd. , Tata Consultancy Services Ltd. , Sun Pharmaceutical Industries Ltd., Reliance Industries Ltd. , Oil And Natural Gas Corporation Ltd., were among top Pickers.

On the flip side, Wipro Ltd. (Rs. 441.65,+1.04%), Tata Consultancy Services Ltd. (Rs. 2132.55,+0.44%), Sun Pharmaceutical Industries Ltd. (Rs. 690.75,+0.36%), Reliance Industries Ltd. (Rs. 990.90,+0.34%), Oil And Natural Gas Corporation Ltd. (Rs. 275.70,+0.15%), were among top gainers on BSE.

Short covering and optimistic worldwide signs helped the BSE Sensex snap 6-day losing run and the Nifty end over 8000 range on Tuesday after unpredictability. The more extensive markets beat benchmarks with the BSE Midcap and Smallcap records improving more than 1.1%.

The 30-script BSE Sensex was gain 195.64 points at 25960.78 and the 50-unit NSE Nifty rose 73.20 points to 8002.30. The market width additionally turned optimistic as around 1475 stocks later against 1083 falling stocks on the BSE.

Traders kept on continued from pumping in new cash into business sectors because of demonetisation concerns and strengthening dollar on any desires for liable Fed rate climb in December. They kept up careful position in front of Federal Reserve's policy meeting in one month from now.

IRB Infrastructure Developers has plunged 6 Percent to Rs 178, likewise its 52-week low on the BSE in day exchange, after the organization reported a lower-than-anticipated combined net benefit of Rs 142 crore for the quarter closed Sept. 30, 2016 (Q2FY17), because of upper fund cost. The organization had benefit of Rs 149 crore in a similar quarter last monetary. Entire income from operations expanded 12 Percent to Rs 1,291 crore against Rs 1,149 crore in the relating quarter of past monetary. Fund costs increased 42 Percent to Rs 340 crore from Rs 240 crore in a year back quarter. experts on a average anticipated benefit of Rs 166 crore on pay of Rs 1,401 crore for the quarter.

The share fall 16 Pecent in past seven trading sessions after the pharmaceutical organization noted a baffling set of numbers for the quarter closed Sept. 30, 2016 (Q2FY17). On correlation, the S&P BSE Sensex and S&P BSE Healthcare index were fall 6 Pecent and 3.9 Pecent, separately. Wockhardt had noted a sharp 82 Percent year on year (YoY) fall in marged net benefit at Rs 17.02 crore in Q2FY17 when contrasted with Rs 92.45 crore in the year prior quarter.Total pay from operations droped 13 Percent at Rs 1,065 crore in YoY premise.

"EBITDA (profit before intrigue, charges, devaluation and amortization) margin remained at 9.4 Percent in Q2FY17 from 16.2 Percent in Q2FY16," Wockhardt said in an announcement.

Shares News: SBI, ICICI Bank cut lending rates

Top 2 loan specialists in the country, State Bank of India (SBI) and ICICI Bank, today declared a reduce of 0.15% and 0.10% in their loaning rates separately under another system of calculation, flagging a further plunge in borrowing costs in front of the bustling season.

Private division loan specialist ICICI Bank was the first to release a reduce of 0.10% in its marginal cost of funds based lending rate (MCLR) crosswise over tenors, which was trailed by a comparable move by the nation's biggest moneylender SBI, however of a bigger measure of 0.15%. Under the reconsidered rates, the 1-year MCLR which decided a huge number of products including home loans for SBI remains at 8.90%, while the same for ICICI Bank are at 8.95%.
The revised rates are effective from Nov. 1 in case of both the banks.SBI has kept the overnight MCLR, which is the most forceful offering, at 8.65%, while the 1 month is at 8.75%. The declarations come after rehashed disappointment appeared by the regulator for not passing on the advantages of reduces to borrowers and give a support to the drooping monetary development.
They additionally come in front of the essential " busy season" in the 2th half of the monetary which sees a spurt in loan demand.

Under the reconsidered rate structure, the 1 year MCLR which is utilized for figuring the rate of interest on home loans - would boil fall to 8.95%. The overnight and 1-month MCLR would be 8.75%, while the 3-month MCLR has been altered at 8.85% and 6 months at 8.90%. The MCLR was presented from April this year as a straightforward and successful option by the RBI, after banks declined to pass on the advantages of its rate reduces to the borrowers.
Indeed, even after the introduction of the MCLR, the central bank keeps on being worried on the issue of transmission which was flagged by Governor Urjit Patel at his opening policy audit present month. Banks are given a set equation to figure the MCLR in light of cost of funds and are required to survey it on a month to month premise, when the calls the new rate structures are taken.
"I concur that the transmission through bank loaning has been short of what anybody of us will have gotten a kick out of the chance to," Patel had told reporters.
"We are hoping that throughout the following quarter or 2, keeping the government has likewise decreased the little savings rates, the MCLR itself would now hurl more transmission." Since January 2015, the Reserve Bank has lessened repo rate by 175 premise points, including the late reduce, yet banks have diminished their base rates just by 60 premise points.

Markets make a strong opening; Sensex soars 200 points

Business standard has published by Markets make a strong opening; Sensex soars 200 points The S&P BSE Sensex has gained 217 points to trade at 26,958 and the Nifty50 climbed 59 points to quote at 8,263 Markets opened the session on a steady note mirroring strength in the global equities as near term worries over Brexit eased. Meanwhile, volatility is likely to be witnessed going ahead as today is the expiry of June F&O series.

At 9:15 am, the S&P BSE Sensex has gained 217 points to trade at 26,958 and the Nifty50 climbed 59 points to quote at 8,263.

"The ongoing rally relief rally have continued to add on to previous day’s gains all through this week. Oscillators remain unconvincing, and 8,330 shall continue to pose medium term challenge, and but the ability to float above 8,200 could lend a positive bias," said Geojit BNP Paribas in a technical note.

Also, sentiment improved after the Cabinet approved the recommendations of the 7th Pay Commission yesterday.

KEY POINTS

The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved the recommendations of the Seventh Pay Commission, a move which will boost consumption by putting extra disposable income in the hands of the central government’s 4.7 million employees.

The Cabinet has also approved the National Mineral Exploration Policy (NMEP) on Wednesday, which will pave the way for auction of 100 prospective mineral blocks, boosting India’s mining potential.

The Cabinet cleared the model Shops and Establishment Act that would allow cinema halls, restaurants, shops, banks and other such workplaces to be open 24X7.

Further, participants are waiting for the auto sales volume data for June and India Manufacturing PMI for June due on Friday, respectively.

Meanwhile, the government on Wednesday asserted it has "enough" support for passage of the GST bill in the Monsoon session of Parliament that will commence from July 18 till August 12.

GLOBAL MARKETS

Asian markets were trading higher tracking overnight gains on Wall Street with Singapore and Hong Kong stocks gaining the most with over 1.5% gains while Nikkei was up nearly 1% amid a softening yen while trading in Chinese shares remained lacklustre with the benchmark Shanghai Composite trading flat with positive bias.

US stocks extended gains on Wednesday to end over 1.5% higher and recover all the losses of 2016 after near term worries over Brexit started easing. The Dow Jones industrial average ended up 1.6% at 17,695, the S&P 500 ended up 1.7% at 2,071 and the Nasdaq ended up 1.9% at 4,779.

BUZZING STOCKS

Larsen & Toubro gained nearly 1% after the company's IT subsidiary L&T Infotech is set to hit the capital market with an IPO in July.

Sugar stocks such as Dalmia Sugar, Dwarikesh Sugar, Dhampur Sugar, DCM Shriram, Shree Renuka Sugars and Bajaj Hindusthan Sugar gained between 2%-6% after global sugar prices rose further.

Consumer driven stocks are likely to extend gains after the Cabinet's approval to the recommendations of the Seventh Pay Commission will boost spending across various sectors. In the auto pack, Tata Motors, Bajaj Auto, Hero Motocorp and Maruti Suzuki have climbed between 0.5%-1.5%.

Titan, PVR, Asian Paints, Future Retail and Trent have gained up to 1.5%.

Minda Industries surged 3% after the board approved stock split of equity shares of Rs 10 each into five shares of Rs 2 each.

Coal India and Solar Energy Corporation has signed two agreements for solar power project in Madhya Pradesh. Coal India is up 1%.

LT Foods jumped over 5% after the company said it has incorporated a subsidiary named as "LT Foods International Limited" in United Kingdom for strengthening its presence in Europe.

A government overhaul of the British Steel Pension Scheme - crucial to convincing anyone to buy Tata's British assets - is in jeopardy after Britons' vote to leave the European Union deepened the fund's debts and depleted its assets. Tata Steel is up nearly 1%.

The State Bank of India pleaded before the Debt Recovery Tribunal here for granting recovery certificate to start the proceedings against liquor baron Vijay Mallya to recover debts from him in the alleged bank loan default case. SBI climbed over 1%.

JSW Steel has gained 0.5% as it plans to raise Rs 27,600 crore in a mix of Indian and foreign currencies through issues of bonds and debentures during this financial year.

Sensex climbs 100 points as global equities gain ground

Business standard has Posted By Sensex climbs 100 points as global equities gain ground

Markets have opened the session on a strong note mirroring strength in the global equities after the near term impact of Brexit eased.

Meanwhile, the revision in US Gross domestic product (GDP) further lifted the mood at D-Street as it indicated an improvement in the health of the global economy. GDP increased at a 1.1% annual rate, rather than the 0.8% pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate.

At 9:15 am, the S&P BSE Sensex gained 129 points to trade at 26,654 and the Nifty50 climbed 37 points to quote at 8,165

Angel Broking in a technical note said “Our markets are clearly showing their out performance over the global peers since last three sessions. However, if we meticulously observe the hourly chart, we can clear see a cluster of resistances around it. Technical evidences such as, the '89 EMA' and the 61.8% Fibonacci retracement level of the recent fall converges at 8,150. Thus, at least for a day or two, it would be a daunting task for the bulls to overcome it. Although, we maintain our positive stance on the market directionally, we expect a minor a pull back towards 8,070 – 8,050 levels. On the flipside, 8,150 – 8,180 would be seen as immediate resistances for the index.”

Participants are keenly watching the rollovers to the next series ahead of the expiry of June F&O series due on Thursday, auto sales volume data for June and India Manufacturing PMI for June due on Friday, respectively.

GLOBAL MARKETS

Asian markets rallied on Wednesday tracking robust gains in overnight trades on Wall Street as investors turned to equities after the near term impact of Brexit began to subside. Shares in Japan gained the most with the benchmark Nikkei up 1.4% and Singapore's Straits Times was up nearly 0.9%. China's Shanghai Composite was trading with marginal gains up 0.5% while Hang Seng was up 0.6%.

US stocks surged in overnight trades to end higher on bargain hunting at lower levels after sharp losses in the previous two sessions post the shocking outcome of the referendum in which Britain voted to exit the European Union. The Dow Jones industrial average ended up 1.6% at 17,410 and the S&P 500 ended up 1.8% at 2,036 while the Nasdaq surged 2.1% to settle at 4,692.

STOCKS

US-based fund house Janus Capital has sold its entire stake in DLF. The stock is up 6%.

India’s third largest private sector bank Axis Bank has forayed into urban microfinance programme by providing TAB based solution to low-income women groups in urban cities. The stock has gained 0.5%.

Drug major Dr Reddy's Laboratories said it has bought back nearly 51 lakh shares for Rs 1,569.41 crore as part of a 'share buyback' offer launched earlier this year. The stock climbed over 1%.

Bosch's Board of Directors will meet on July 01, 2016, to consider a proposal for Buyback of the Company's equity shares. The stock is trading 3% higher.

Banking major SBI plans to divest its sell non-core investments of around Rs 3,000 crore to shore up its capital, according to media reports. The stock is up 0.5%. 

Shareholders of Strides Shasun have approved divestment of Shasun Pharma Solutions Ltd, UK via postal ballot. The stock has gained over 1%.

Realty company Sobha is set to launch Sobha City - its First Luxury Apartment Project in Delhi-NCR. Sobha has surged 4%.

GE Shipping said that it has bought back and extinguished 100 Secured and 550 Unsecured Debentures of Rs. 10,00,000 each, aggregating to Rs. 65 crore. The stock has surged 1%.

The board of directors of Kesar Terminals & Infrastructure will meet on July 01, 2016, inter alia, to consider Sub-Division of Equity Shares of the Company. The stock is up 2.5%.

Thomas Cook will be in focus after its subsidiary Quess Corp IPO opens for subscription today.

Market firms up led by financials; Nifty above 8,100

Business standard has posted by Market firms up led by financials; Nifty above 8,100 Financial shares witnessed buying interest while IT majors remained subdued in early trades Markets firmed up with financial shares leading the gains even as losses in IT exporters amid demand concerns post the Brexit capped further upsides.

Meanwhile, volatility is seen ahead of the June derviative contracts due for expiry on Thursday.

At 9:30am, the S&P BSE Sensex was up 31 points at 26,433 and the Nifty50 was up 13 points at 8,108. In the broader markets, the BSE Midcap index was up 0.4% while the Smallcap index was up 0.6%.

"Asian markets are in red with Nikkei and Shanghai both down as investors continue to weigh on Brexit. US markets fell and ended lower. Two-day European council meeting to commence today. Indian markets are braced for expiry if June contract on June 30," Geojit BNP Paribas said in a note.

ALSO READ: Chart Check: ACC, Bharti Airtel, Dr Reddy's Labs, Emami

Financial shares witnessed short covering with HDFC Bank and HDFC leading the gains along with SBI and Axis Bank.

FMCG majors ITC and Hindustan Unilever continued to trade firm on expectation that rural volume growth would pick up pace after the MET department said that monsoon rains are likely to retreat later than normal.

Reliance Industries was up 0.5%. The owner of the world's biggest refining complex, imported 13.2% less oil in May compared with a year earlier.

Larsen & Toubro extended gains and was trading higher after the company said its construction division has won orders worth Rs 2,416 crore.

IT exporters extended losses on concerns over demand uncertainty from Europe and volatility in the British pound post the Brexit. Wipro eased 1% while Infosys was down 0.7% and TCS which has a substantial exposure to UK was down 0.3%.

ALSO READ: Buy BPCL; sell Infosys, Hindalco: Motilal Oswal

GLOBAL MARKETS

Asia markets are trading mixed with Japan’s Nikkei down 0.3% and Hong Kong’s Hang Seng slipping 1% after Britain shocked the world in a historic referendum vote where it decided to exit the European Union.

Meanwhile, China’s Shanghai Composite has lost 0.5%. China's official June manufacturing purchasing managers' index will be announced on Friday, 1 July 2016. On the same day, Markit Economics will announce Caixin China General Manufacturing PMI for June 2016.

Overnight, US stocks closed about 1.5% lower extending Friday’s fall after Britain shocked the world by voting to exit the European Union in a historic referendum last week. The Dow Jones and S&P 500 ended at their lowest since mid-March.

Market ends flat amid volatility; IT shares weigh

Market ends flat amid volatility; IT shares weigh Benchmark share indices ended flat, amid a volatile trading session, after weakness in IT exporters post Brexit capped further upsides.

The S&P BSE Sensex ended up 5 points at 26,403 and the Nifty50 edged up 6 points to settle  at 8,095. However, the broader markets outperformed with the BSE Midcap and Smallcap indices ended up 0.8%-1.5% each. Market breadth ended positive with 1812 gainers and 797 losers on the BSE.

Business standard has posted by


"Markets are likely to remain volatile within a range with support seen at 8,000 for the Nifty and strong resistance seen at 8,300. Companies that have exposure to the UK will have to rework their models either to increase productivity or gain market share to offset headwinds from the falling British currency," said Ajay Bodke, CEO & Chief Portfolio Manager-PMS, Prabhudas Lilladher.

National Stock Exchange of India Ltd (NSE), the country's biggest bourse, will file for a domestic initial public offering (IPO) by January 2017 and also look to file for overseas listing.

The rupee pared intra-day gains against the US dollar. The Indian currency was up 2 paise at Rs 67.94 to the US dollar compared to the previous close. Meanwhile, the Reserve Bank of India on Monday fixed the reference rate of the rupee at Rs 67.9000 against the US dollar and Rs 74.8801 for the euro.

Global crude oil prices extended losses amid selling pressure post Britain's exit from the EU and weakness in the British pound. Both the Brent and Nymex were trading just above $48 a barrel.

European stocks extended losses on Monday in the aftermath of Brexit. London's FTSE was down 1.2% followed by DAX and CAC down over 1.3% each.

STOCKS

IT exporters were among the top Sensex losers on concerns over demand uncertainty from Europe and volatility in the British pound post the Brexit. TCS which has a substantial exposure to UK was the top loser down over 3% followed by Infosys, Wipro and HCL Technologies.

FMCG shares gained on hopes of higher rural volume growth after the IMD said that the monsoon rains will retreat later than normal. ITC gained 1.7% while HUL ended flat.

Engineering major L&T ended up 2.2% after the company announced that L&T Construction has won orders worth Rs 2,416 crore.

Bank shares also staged a recovery after losses in the previous session with SBI up over 2.6% followed by ICICI Bank and Axis Bank.

Maruti Suzuki ended down over 1% on concerns that increase in import costs and royalty payments amid an appreciating yen would hurt profitability.

Among other shares, Bajaj Finserv rallied 5.6% on reports that the company is likely to buy out its German partner Allianz SE’s stakes in two insurance units—Bajaj Allianz Life Insurance Co. Ltd and Bajaj Allianz General Insurance.

JB Chemicals & Pharmaceuticals ended nearly 6% higher after the company said its Panoli tablet manufacturing facility received approval from United States Food and Drug Administration (USFDA).

Aviation and state-owned oil marketing companies gained amid slide in global crude oil prices. InterGlobe Aviation, Jet Airways and SpiceJet ended up 1% each. IOC, BPCL and HPCL ended up 0.7%-4% each.

Tata Sponge ended nearly 4% higher after the company said it has received a letter-of-intent from Coal India's subsidiary Eastern Coalfields stating that the company has emerged as a successful bidder for award of 24,000 tonnes per annum of coal at a notified price.

Hester Biosciences rallied over 7% after the pharmaceutical company said that it is planning to raise funds by issuing shares via qualified institutional placement (QIP).

Aban Offshore ended up 3.7% after the company announced that its arm has received order from Oil Natural Gas Corporation (ONGC) for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

Nifty holds 8,050 amid lacklustre trades; IT shares weigh

Business standard has posted by Nifty holds 8,050 amid lacklustre trades; IT shares weigh FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend on the bourses Markets continue to trade in a narrow range with Nifty holding on to the 8,050 mark. Weakness in technology shares amid an appreciating rupee is offsetting gains in the FMCG stocks.

At 10:10 am, the S&P BSE Sensex lost 53 points to quote at 26,345 and the Nifty50 shed 16 points to trade at 8,073.

The rupee shook off some of its earlier weakness and recovered 12 paise to 67.84 against the dollar today on increased selling of the US currency by banks and exporters.

Top 5 losers in the 30-share Sensex pack include TCS, Infosys, Tata Steel, Maruti Suzuki and Wipro down between 1%-2.5%. On the flip side, Dr Reddy’s Lab, HUL, SBI, NTPC and Axis Bank are up between 0.7%-2%.

Among other shares, Tata Sponge is up nearly 4% after the company said it has received a letter-of-intent from Coal India's subsidiary Eastern Coalfields stating that the company has emerged as a successful bidder for award of 24,000 tonnes per annum of coal at a notified price.

Hester Biosciences has rallied 9% to Rs 777 on the BSE after the pharmaceutical company said that it is planning to raise funds by issuing shares via qualified institutional placement (QIP).

Aban Offshore is trading higher by 4% after the company announced that its arm has received order from Oil Natural Gas Corporation (ONGC) for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

________________
(updated at 9:15 am

Markets have opened the session on a cautious note amid global turmoil after Britain decided to exit the European Union in a historic referendum on June 24.

At 9:15 am, the S&P BSE Sensex lost 45 points to quote at 26,352 and the Nifty50 shed 15 points to trade at 8,073.

“Nifty50 has to hold above 7,960-7,980 zones to witness a range bound move while on upside holding above 8,150 may open a scope for testing next hurdle of 8,242 zones. But now till it doesn’t reclaim 8,150 zone, street may remain shaky with the fear of retesting recent lows of 7,980-7,960 then 7,927 levels,” according to Anad Rathi morning note.

FII stance, progress of monsoon, crude oil and rupee movement are likely to dictate the trend on the bourses.

The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month June 2016 series to July 2016 series. The near month June 2016 derivatives contracts expire on Thursday, 30 June 2016.

Concerns further mounted as commentators said Britain's exit, commonly referred to as Brexit, and would mean that the EU could slip into recession. Britain has been a member of the trading bloc since 1973. Voting in the referendum was concluded in a single day yesterday

On Friday, the S&P BSE Sensex lost 2.2% or 605 points to end at 26,398, while the Nifty50 index plunged 2.2% or 182 points to close at 8,089. 

GLOBAL MARKET

Asian equities have slipped and the British pound tumbled more than 2% as indices struggled to digest the uncertainty triggered by Britain's decision to exit the European Union. Japan’s Nikkei and China’s Shanghai Composite gained 0.7%-2%. On the flip side, Singapore’s Straits Times, Hong Kong’s Hang Seng slipped between 0.3%-1%.

Meanwhile, following the Britain exit from the European Union, US market tumbled over 3% with the Dow losing over 600 points on Friday.

STOCKS

Bharti Airtel and Malaysian firm Axiata have deferred the agreement for merger of their Bangladesh operations till September 26, 2016. Bharti Airtel is trading flat with positive bias. 

Brexit impacted stocks include Tata Motors, Tata Steel, Bharat Forge, Kitex Garments, KPR Mill, Wockhardt and Torrent Pharma. 

Tata Motors which dropped over 8% on Friday has rebounded in today’s trade and is trading 0.2% higher. The company earns 25% of its total revenue from its UK-based subsidiary Jaguar Land Rover in Europe.

Tata Steel lost 0.5% as the Brexit development last week could result in delay in sale of its loss-making UK steel business.

Among auto component manufacturers Motherson Sumi which earns nearly 70% of its revenues from exports to the Europe could still some selling pressure. The stock is trading nearly 1% lower.

Max Ventures may see some uptick after large investors and mutual funds bought stake in the company from the open market post its listing. The stock has jumped 5%.

Aban Offshore gained 3% after the company said that its subsidiary has received a Firm Letter of Award from ONGC for the deployment of the Drillship Aban Abraham for a firm period of 2 years.

Parag Milk Foods is up 2% after the company reported revenue of Rs 414 crore for the quarter ended March 2016 compared with Rs 387.5 crore in the same quarter last fiscal.

Tata Sponge soared 5% after the company said that it has emerged as a successful bidder for award of 24,000 Tonnes per annum of coal from Eastern Coalfields Ltd, a subsidiary of Coal India, at a notified price.

ARSS Infrastructure surged 4% after the company announced that it has won a work order amounting to Rs. 44.04 Crores.

Wind turbine maker Suzlon Group announced the completion and commissioning of its 4.20 MW maiden wind project for Ahmedabad Municipal Corporation, said a media report.  The stock climbed 1%

Sensex slumps 1,000 points as Brexit fears emerge; Nifty below 7,950

Business standard has Posted by Sensex slumps 1,000 points as Brexit fears emerge; Nifty below 7,950 At 10:30 am, the S&P BSE Sensex lost 1034 points to quote at 25,968 and the Nifty50 shed 328 points to trade at 7,942. In the broader market, BSE Midcap and Smallcap indices are trading lower by over 3 % each in line with the larger counterparts.

"Market has breached 8,000 levels and once the event is out of the way so any recovery one should reduce position as 7,500 could be on cards," said AK Prabhakar, head-research, IDBI Capital.

ALSO READ: Investors lose over Rs 3 lakh crore as Sensex tanks nearly 1,000 points

The Indian rupee lost 1% in opening trade on early trends that Britain would leave the European Union following a nationwide referendum.

The rupee opened at 67.88 a dollar, from its previous close of 67.25 a dollar, but fell to 68 a dollar within a few minutes of opening trade,  not very far from its lifetime low of 68.85 a dollar reached on 28 August 2013. At 9.17, rupee was trading at 68.18 a dollar.

ALSO READ: India ready to deal with EU referendum

"As good deal of negativity may have been priced in at open, potential for value buying or a bounce back, is higher than the potential for extended downside. With only a few stocks have significant exposure to EU/UK, the impact on Indian stocks may not be en masse, with strong domestic cues in the backdrop. However, companies that have exposure to yen could see significant volatility. Rupee is likely to weaken against US Dollar, as the greenback is expected to see demand as a safe haven currency in the Brexit backdrop. But with forex reserves near record peaks, and with recent instances of RBI stepping in to arrest volatility, rupee is less expected to weaken much beyond 68," says Anand James, Chief Investment Strategist, Geojit BNP Paribas.

Meanwhile, as gold at the highest level since July 14, 2015 as official results so far from a British referendum pointed to a victory for a campaign to exit the European Union.

ALSO READ: Rupee crosses 68, loses more than 1% on Brexit trends

GLOBAL MARKETS

Asian markets pared early gains and turned negative after investors turned sellers after initial results of the EU referendum indicated probability of Britain leaving the European Union compared to the earlier opinion poll predictions of 'remain'. Shares in Japan were the top losers with the Nikkei down over 3% while the Shanghai Composite was down 0.6%. Shares in Hong Kong were also sharply lower with the Hang Seng down nearly 3% while the Straits Times eased nearly 1%.

US stocks ended over 1% higher on Thursday after opinion polls indicated that the Britain is most likely to remain a member of the European Union. The Down Jones industrial average ended up 1.3% at 18,011, the S&P 500 ended up 1.3% at 2,113 and Nasdaq Composite ended up 1.6% at 4,910.

ALSO READ: Brexit: Britain votes to 'leave' EU in historic divorce, reports BBC

US stock futures plunged, as results of the UK referendum on European Union membership pointed toward a vote to leave the bloc after more than four decades of membership, fanning speculation that a divided Europe would put another brake on already fragile global growth. S&P 500 Index contracts slumped 4.9%, joining losses in equity futures in the UK.

ALSO READ: Pound collapses to lowest since 1985 on Brexit shock

BREXIT LINKED STOCKS

Metal companies like Tata Steel and Hindalco, auto majors such as Tata Motors, Motherson Sumi, IT companies like TCS, Tech Mahindra, HCL Tech and Pharma companies like Lupin, Dr Reddy’s Laboratories are likely to get impacted the most in case Britain decides to leave European Union (EU). Tata Motors cracked 8%, Tata Steel slumped 61%, Hindalco lost 4%, Motherson Sumi lost 9%, Lupin and Dr Reddy’s Lab lost 2% and 1.3% respectively.

ALSO READ: Commodity brokers worry as clients' bets go wrong in opening

Other stocks in news include Sun Pharma whose board approved announced a Rs 675-crore buyback offer, to purchase up to 7.5 million equity shares. The board fixed a price of Rs 900 a share, a premium of 19.7% over Thursday's closing Rs 751.70. The stock is trading with marginal losses.

State Bank of India  plans to raise $1.5 billion from foreign markets via bonds to fund its expansion and pay off securities maturing in the year. The stock lost over 3%.

India on Thursday launched a pilot project aimed at introducing compressed natural gas (CNG) as fuel for two-wheelers. The project, nick-named "Hawa Badlo", is being implemented by Delhi's city gas distributor Indraprastha Gas Ltd (IGL) and its parent firm, GAIL (India). GAIL is down 2%.

ONGC, IOC, HPCL, BPCL: Indian state oil firms may buy a stake in Russian oil major Rosneft, oil minister Dharmendra Pradhan said, signaling a move that would hoist the country's overseas energy portfolio to a new high as the company pumps more oil than ExxonMobil. ONGC, HPCL, BPCL,IOC have declined up to 3.5%.

Car major Maruti Suzuki India has lost 3% as the Japanese yen strengthened against the dollar. The Japanese yen surged against the dollar on global risk aversion generated by Brexit fears.

The Japanese currency is perceived as a haven in times of global financial and global economic worries.

Tata Motors and Tata Steel have plummeted between 9%-12% ahead of the Brexit referendum outcome. Both Tata Steel and Tata Motors have large operations in UK and Europe.

Tata Motors derives majority of its revenue from its British luxury car unit Jaguar Land Rover (JLR). JLR is the largest automotive manufacturer in Britain. It is one of the UK's largest exporters and generates over 80% of its revenue from exports.

Shares of ten IT companies have fallen between 2%-5% as early voting returns on the Brexit referendum suggested Britain was on the brink of leaving the European Union

TCS (down 2.41%), MphasiS (down 4.01%), HCL Technologies (down 4.61%), Tech Mahindra (down 3.85%), Oracle Financial Services Software (down 2.42%), Wipro (down 2.09%), Infosys (down 2.23%), Persistent Systems (down 4.6%), MindTree (down 3.01%) and Hexaware Technologies (down 2.34%) edged lower. The UK is the second biggest IT outsourcing market after the United States for the IT companies.

Stocks of four companies involved in oil exploration & production activities are down upto 4% as global crude oil prices dropped post referendum results suggesting a vote for Brexit.

Cairn India (down 4.05%), ONGC (down 3.9%), Oil India (down 2.22%) and Reliance Industries (RIL) (down 3.33%) dropped.

Lower crude oil prices will result in lower realization from crude oil sales for oil exploration & production (E&P) firm.

With Reuters & Capital Market input

Sensex soars 237 points ahead of Brexit poll outcome; European cues lend support

Business standard has Posted By Sensex soars 237 points ahead of Brexit poll outcome; European cues lend support After consolidating in the previous two sessions markets gained momentum in late trades after voting commenced in the UK in a historic referendum whether it should remain as a member of the 28-nation European Union or not. The rally was led by strong cues from Europe while gains in the Indian rupee also aided sentiment.

Meanwhile, investors will watch out for the Brexit poll outcome before markets open for trade tomorrow.

The S&P BSE Sensex gained 237 points to close at 27,002 and the Nifty50 surged 67 points to finish at 8,270.

“Markets witnessed range bound trades in the past two days, however it shot up in the late trades today on the back of decrease in the selling pressure amid uncertainty regarding the mega Brexit referendum. Meanwhile, lower volumes are exchanged across the exchanges. If Britain decides to stay in the EU then Nifty can see 8,250 levels otherwise it may drop up to 7,700 levels. Post the event, markets will keenly wait for the announcement of the beginning of the Monsoon session of Parliament as passage of the crucial GST bill remains pending,” says A K Prabhakar, head of research, IDBI Capital.

European shares soared on as firmer copper prices boosted mining stocks, while hopes among investors that Britain would vote to stay in the European Union also supported markets. FTSE 100, DAX and CAC 40 gained between 1.5%-2% each.

Asian equities closed mixed as investors remain edgy ahead of the UK vote outcome on whether to leave the European Union (EU). Japan’s Nikkei ended up 1%, China’s Shanghai Composite closed 0.5% lower while Straits Times and Hang Seng gained 0.3% each.

Among some of the notable gainers are Tata Motors, SBI, ITC, Axis Bank and HDFC Bank gaining between 1.5%-3.5%.

Lupin surged 1.7% after it received final approval from the USFDA for Amabelz tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5mg/0.1mg and 1mg/0.5mg) to market a generic version of Amneal Pharmaceuticals' Activella tablets.

Sun Pharma gained 2% after the company said its board will hold a meeting on later today for evaluating a proposal of Buy Back of Equity Shares of the Company. Among others, Dr Reddy's Labs was up 1.5%.

GAIL India ended with marginal gains after it was awarded Rs 550 crore worth of contracts for laying part of 'Urga Ganga' gas pipeline from Phulpur in Uttar Pradesh (UP) to Haldia in West Bengal (WB).

Metal companies like Tata Steel and Hindalco, auto majors such as Tata Motors, Motherson Sumi, IT companies like TCS, Tech Mahindra, HCL Tech and Pharma companies like Lupin, Dr Reddy’s Laboratories are likely to get impacted in case Britain decides to leave European Union (EU). Tata Motors was up 3.5%, Tata Steel was up nearly 1%, Hindalco gained 1.5%, Motherson Sumi lost 0.7%, Lupin and Dr Reddy’s Lab gained 1.7% and 2% respectively.

The government will sell 2.06 crore shares in NTPC to eligible employees at a price of Rs 115.90, a 5% discount to the price of Rs 122 at which the government sold 5 per cent stake in the power generator in February. The stock lost over 2%.

Drug Controller General of India (DCGI) has given nod to Biocon and its partner Quark Pharmaceuticals to proceed with clinical trials on human subjects for a new drug candidate, ‘QPI-1007’ aimed for ocular neuroprotection. Biocon jumped 0.4%.

MTNL surged 5% after the state-run telecom firm said it will submit its revival plan to the Department of Telecommunications (DoT) by August this year which aims to bring the loss making public sector undertaking (PSU) out of the red.

Reliance Power received a show-cause notice from Union ministry of coal (MoC) for the delay in developing coal blocks associated with its 4,000-Mw Ultra Mega Power Project (UMPP) at Tilaiya in Jharkhand. Reliance Power lost 0.4%.

Auto stocks continue the run-up on the back of progress in monsoon rains. Hero Motocorp, Bajaj Auto and Maruti Suzuki gained between 0.3%-1.5%.

Sebi eases trading requirement in currency derivatives

Business standard has posted by Sebi eases trading requirement in currency derivatives To ease trading requirements in the currency derivatives segment, the Securities and Exchange Board of India (Sebi) on Wednesday said position limit linked to open interest will be applicable at the time of opening a position.

Such positions will not be required to be unwound in the event of a drop of total open interest in a currency pair at the stock exchange, the Securities and Exchange Board of India (Sebi) said in a circular.

However, in such scenario, the eligible market participants will not be allowed to increase their existing positions or create new positions in the currency pair till they comply with the applicable position limits.

In view of risk management or surveillance concerns with regard to such positions of the market participants, Sebi said stock exchanges may direct the market participants to bring down their positions to comply with the applicable position limits within the time period prescribed by the bourse.

Currency derivatives are Future and Options contracts which an investor can buy or sell specific quantity of a particular currency pair at a future date. It is similar to the Stock Futures and Options but the underlying happens to be currency pair instead of stocks.

It allow allow investors to hedge against foreign exchange risk.

The regulator has directed stock exchanges and clearing corporations to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations.

Pharma shares firm up amid rangebound trade; Lupin up 2%

Business standard has posted by Pharma shares firm up amid rangebound trade; Lupin up 2% At 10:40am, the S&P BSE Sensex was up 4 points at 26,769 and the Nifty50 was down 5 points at 8,199. In the broader market, the BSE Midcap and Smallcap were trading with marginal losses. Market breadth was negative with 1197 losers and 719 gainers on the BSE.

Pharma shares firmed up in an otherwise rangebound market as investors remained cautious ahead of Brexit poll outcome later today which will decide whether Britian would remain in the European Union or not.

Lupin was up nearly 2% after it received final approval from the USFDA for Amabelz tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5mg/0.1mg and 1mg/0.5mg) to market a generic version of Amneal Pharmaceuticals' Activella tablets.

Sun Pharma was also up around 2% after the company said its board will hold a meeting on later today for evaluating a proposal of Buy Back of Equity Shares of the Company. Among others, Dr Reddy's Labs was up 1.5%.

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(Updated at 9:40am)

Markets continued to trade flat as investors remained cautious ahead of the outcome of the Brexit poll outcome later today which will decide whether Britian would remain in the European Union or not.

At 9:40am. the S&P BSE Sensex was up 25 points at 26,791 and the Nifty50 was down 1 point at 8,203. In the broader market, the BSE Midcap and Smallcap indices were trading flat with negative bias.

Foreign institutional investors were net sellers in equities worth Rs 41 crore on Wednesday, as per provisional stock exchange data.

GLOBAL MARKETS

Asian equities are trading in a mixed manner following downslide in the US stocks, as investors remain edgy ahead of the UK vote on whether to leave the European Union (EU).  Japan’s Nikkei, Singapore’s Straits Times and Hong Kong’s Hang Seng gained between 0.3%-0.5%. Meanwhile, China’s Shanghai Composite has slipped 0.2%.

US stocks ended with marginal losses on Wednesday. The Dow Jones industrial average ended down 0.3% at 17,781, the S&P 500 ended down 0.2% at 2,085 and the Nasdaq ended down 0.2% at 4,833.

STOCKS

Tata Motors was up over 1% on short covering after losses in the previous session on concerns that profitability of its UK-based JLR would be sharply impacted in case of Brexit.

ITC which had corrected in the previous session was trading with marginal gains. The FMCG major's longest serving chairman, YC Deveshwar decided to step down from executive role from February 2017, after which he will stay on as Non-Executive Chairman.

Lupin was up nearly 2% after it received final approval from the USFDA for Amabelz tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5mg/0.1mg and 1mg/0.5mg) to market a generic version of Amneal Pharmaceuticals' Activella tablets.

Sun Pharma was up 1% as its board will hold a meeting on June 23, 2016 for evaluating a proposal of Buy Back of Equity Shares of the Company.

GAIL India was marginally up after it was awarded Rs 550 crore worth of contracts for laying part of 'Urga Ganga' gas pipeline from Phulpur in Uttar Pradesh (UP) to Haldia in West Bengal (WB).

Among others, subscribers of Reliance Communications' CDMA devices, who have a 4G SIM, will now be able to access the service as the company had received the legal intercept and monitoring (LIM) approval from the department of telecom in 12 out of 22 circles. The stock was up 1.5%.

Pune-based Force Motors on Wednesday inaugurated its Rs 100 crore greenfield plant for supplying engines and axle to Mercedes-Benz, India's biggest luxury carmaker. The stock was up 0.5%.

The government will sell 2.06 crore shares in NTPC to eligible employees at a price of Rs 115.90, a 5 per cent discount to the price of Rs 122 at which the government sold 5 per cent stake in the power generator in February. NTPC was down over 3%.

KEC International was up 5% after it announced that the company has won orders worth Rs. 1,036 crore.

Markets open on a cautious note ahead of Brexit vote

Business-standard has posted by Markets open on a cautious note ahead of Brexit vote 

Markets have started the day on a cautious note as participants remain edgy ahead of the Brexit referendum due tomorrow that will decide whether UK will stay in European Union or leave.

At 9:15 am, the S&P BSE Sensex is trading 12 points higher at 26,825 and the Nifty50 is up 6 points to quote at 8,225

Geojit BNP Paribas in a technical note says “Inability to add to Monday’s gains, hints at the indecisiveness, and stiffness of the 8,330 resistance, that is in the vicinity. To this end, prices may have to dig deeper to attract enough buying interest. A slippage past 8,000 could set downside moves in motion, but favoured view expects 8,043 to limit the day’s weaknesses.”

Textile and telecom companies have gained in early trades ahead of the Cabinet meet later today which is likely to announce new measures for both the sectors.

In the textile space, Aarvee Denims, Lakshmi Machine Works, Arvind and Bombay Dying have gained between 1%-12%. In the telecom space, Reliance Communication, Bharti Airtel and Idea Cellular are trading with marginal gains.

On the flip side, ITC is trading 0.5% lower as Yogesh Chander Deveshwar is set to step down from executive role from February 2017, after which he will stay on as Non-Executive Chairman.

The Indian rupee depreciated for the third day in a row. It has opened lower by 10 paise at 67.59 per dollar against previous close of 67.49.

GLOBAL MARKETS

Asian markets were trading mixed with Japanese shares losing the most on profit taking after recent gains while the uncertainty ahead of the referendum on Thursday as Britain decides to vote whether to stay in the EU or not also weighed on investor sentiment. Japanese benchmark Nikkei was down over 1% while Hang Seng, China’s Shanghai Composite, Hong Kong’s Hang Seng and Singapore’s Straits Times have climbed between 0.4%-1%. 

US stocks ended with marginal gains after comments on the economy from the US Federal Reserve Chair Janet Yellen with technology shares leading the gains. The Dow Jones industrial average ended up 25 points at 17,830, the S&P 500 ended up 6 points at 2,089 and the Nasdaq gained 7 points to settle at 4,844.

Meanwhile, oil prices climbed in early Asian trading on Wednesday, with US crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

US crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The US government's Energy Information Administration will issue official stockpile data on Wednesday.

KEY STOCKS

Tech Mahindra is up 0.6% after the committee of Board of Directors of the Company on June 21, 2016 approved the proposal to acquire Bio Agency Limited, a UK based entity.

Tata Power climbed 0.6% after its 100% subsidiary Tata Power Renewable Energy (TPRE) has won 30 MW solar gird connected PV project in Maharashtra under the National Solar Mission.

Muthoot Finance has gained 1% after the company said it has completed acquisition of Muthoot Insurance Brokers Pvt Ltd (MIBPL) by transfer of equity shares from its existing shareholders for a consideration of Rs 20 crore.

Kwality has surged 2% after the company said its board will meet on June 24, 2016, inter alia, to raise funds upto Rs. 300 crore by way of term loan and issue of non-convertible debentures.

Pune based Bajaj Finance- non-banking arm of Bajaj Finserve tied up with Future Group, to provide easy EMI to customers on groceries to household essentials of up to Rs 3 lakhs. The stock surged over 1%.

Country's largest carmaker Maruti Suzuki said it is ramping up production of premium hatchback Baleno to meet the current demand and reduce waiting period. The stock is trading flat.

Auto stocks continue to gain on the back of advancement of monsoons. M&M, Hero Motocorp and Bajaj Auto have climbed between 0.2%-0.5%.

Technology stocks continue the upward march on the back of a depreciating rupee. Wipro and Infosys have gained 0.4% each.

Also, energy majors are witnessing fresh buying as crude oil prices soared in the morning trades. ONGC, GAIL are up 0.5% each while RIl is trading with mild losses

Markets consolidate ahead of Brexit vote

Business standard has Posted Markets consolidate ahead of Brexit vote Investors engaged in profit booking in the recent gainers at attractive and higher valuations Markets closed lower amid consolidation after rising for two days in a row as investors engaged in profit booking in the recent gainers at attractive and higher valuations. Meanwhile, caution continued to envelop the D-Street ahead of the UK referendum on whether to stay in the European Union due on Thursday.

However, latest Foreign Direct Investment (FDI) regime for a host of important sectors including defence, civil aviation and pharmaceuticals along with advancement of monsoon rains capped the downside.

The S&P BSE Sensex shed 54 points to close at 26,813 and the Nifty50 dropped 19 points to finish at 8,220.

Nikhil Kamath, Co-Founder & Director, Zerodha says "Markets held a tight range in trade today, oscillating in a small 30 point range. Weakness in the currency continued on the back of Rajan s exit with the Rupee depreciating to 67.6 levels. Market action remains tepid ahead of the Brexit vote which is now only two days away, an exit from the EU for the United Kingdom could garner extreme volatility in international markets.”

He adds” Technically the markets remain isolated in a small 200 point range with 8,300 as the top of the range, we remain neutral on the indices at this point and would advocate staying in cash at the current juncture."

GLOBAL MARKET

Asian shares closed mixed as investors take a breather after a rally triggered by growing expectations that British voters will choose to remain in the European Union in the referendum due on Thursday.

Japan’s Nikkei, Hong Kong’s Hang Seng gained between 0.8%-1.5% while Singapore’s Straits Times and China’s Shanghai Composite lost between 0.2%-0.4%.

European shares were trading flat after profit booking post sharp gains in the previous session capped further upside. In the previous session, European shares surged after fears of Britain exiting the European Union receded. The CAC-40, DAX and FTSE-100 were trading 0.1% higher.

STOCKS

Auto stocks rose in a weak market on hopes that above normal monsoon would drive demand for two-wheelers and tractors among others.

Auto stocks closed higher with Bajaj Auto up 1% on reports that the company plans to increase its market share by launching new motorcycle models over the next few months.

Mahindra & Mahindra was also up 1% on hopes of good tractor sales on the back of above normal monsoon. The company had sold 22,148 tractors in May 2016 compared with 18,245 units in May 2015.

Among other auto stocks, Hero MotoCorp, Maruti Suzuki and Tata Motors ended up between 0.2%-0.7%.

IT shares which gained in the previous session amid a weakening rupee were down on profit taking. Infosys and TCS lost between 0.3%-0.6% each.

The government on Monday announced a slew of reforms relating to foreign direct investment and easier terms for investors in sectors ranging from civil aviation to pharmaceuticals. In the aviation segment, Jet Airways, SpiceJet and IndiGo which shot up in the trade yesterday shed between 0.3%-1% on account of profit booking.

Hindalco gained 2% extending its past one month rally, after the company reported better-than-expected results for the quarter ended March 2016 (Q4FY16).

The initial public offer from Mahanagar Gas (MGL) for 2.46 crore shares opens today. The issue will close on Thursday, 23 June 2016. The price band for the issue has been fixed at Rs 380 to Rs 421. The IPO includes offer for sale of upto 1.23 crore shares by GAIL (India) and upto 1.23 crore shares by BG Asia Pacific Holdings PTE Ltd (BGAPH). Meanwhile, the company on Monday raised Rs 309 crore from nearly two dozen anchor investors.

Most of the telecom operators have shown improvement in network performance although Airtel, Vodafone, Reliance, Aircel and Idea need to better their call drop rate performance in Delhi-NCR, Trai said on Monday. Reliance Communications was up 1% while Bharti Airtel and Idea Cellular closed marginally lower.

Bank stocks ended mixed after the finance ministry in its quarterly revision on interest rates on small savings schemes kept the rates unchanged for Q2 September 2016. ICICI Bank was up 0.3% while SBI, Axis Bank and HDFC Bank closed lower up to 1%.

Markets remain marginally weak; broader markets outperform

Business standard has posted by Markets remain marginally weak; broader markets outperform

Markets have turned weak after making a flat opening tracking mixed trend among global peers.

However, as the likelihood of Brexit fades and the progress of monsoon is witnessed, some fresh buying can be experienced across the board later during the session.

By 9:45 am, the S&P BSE Sensex was lower by 50 points at 26,817 and the Nifty50 dipped 18 points at 8,221.  Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.25-0.3%.

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"The horizontal resistance of 8333 is expected discourage upside attempts. This suggests that, the challenge for the day, atleast in the initial hours would be to play the turn lower from the 8252 region. It would require a direct rise above 8333 to usher in more strength in which case 8440 would be achieved swiftly," says Geojit BNP Paribas in a morning note.

In overseas markets, most Asian shares rose today on growing expectations that British voters will opt to remain in the European Union in this week's referendum. But investors remain wary ahead of Thursday's vote, as well as Federal Reserve chief Janet Yellen's two-day testimony before Congress which starts later today in which she might offer clues on the timing of the central bank's next interest rate increase.

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US stocks ended higher yesterday but off their session highs, following the lead of European markets as polls showed support swinging back toward the UK remaining a member of the European Union ahead of a referendum.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 537.46 crore yesterday as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 724.06 crore yesterday as per provisional data.

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Mahanagar Gas (MGL) opens its initial public offer (IPO) of 2.46 crore shares today. The issue will close on Thursday, 23 June 2016. The price band for the issue has been fixed at Rs 380 to Rs 421. The IPO includes offer for sale of upto 1.23 crore shares by GAIL (India) and upto 1.23 crore shares by BG Asia Pacific Holdings PTE Ltd (BGAPH).

The company is promoted by GAIL India and BGAPH, each of who holds 45% of the company's equity shares. MGL is one of the largest city gas distribution (CGD) companies in India.

Shares of GAIL have gained by over 1%. Other notable gainers are Adani Ports, M&M, ONGC, Coal India and Bajaj Auto.

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Mahindra First Choice Services (MFCS), a wholly-owned subsidiary of Mahindra and Mahindra, said on Monday it plans to take the numebr of its service outlets to 400 this financial year at an investment of about Rs 350 crore.

On the losing side, Bharti Airtel, Axis Bank, L&T, HDFC Bank and Asian Paints are down 0.7%-1.2%.

Most of the telecom operators have shown improvement in network performance although Airtel, Vodafone, Reliance, Aircel and Idea need to better their call drop rate performance in Delhi-NCR, Trai said on Monday.

Bank stocks are in focus after the finance ministry in its quarterly revision on interest rates on small savings schemes kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision.