Live Update: BSE Sensex Slips Further; IIP Numbers Expected Today

11.10 am IST: BSE Sensex has slipped further at 11.10 am IST. Sensex was down by 0.63% at 19873 while NSE Nifty was down by 38 points. As per estimates of market experts, July IIP could be down by 0.1-0.2 percent.

Indian markets have witnessed sharp rally and a breather was needed. Many investors would prefer to book partial profits and reduce their holding burden.

Analyst Calls
Market analyst Sudarshan Sukhani has given buy call for Tata Global Beverages and Lupin. Sukhani has given sell call for CESC. The stock was trading a percent higher at 316.

Phani Shekhar has given buy call for Larsen & Toubro and Sesa Goa. L&T has been recommended by many market experts in recent days. The stock has recently touched low of Rs 677 but recovered swiftly to Rs 800 levels.

Market Movers
JP Associates, Ambuja Cements, Hero Motocorp, Bank of Baroda, HUL, Sesa Goa, Coal India and Infosys were trading lower.

IDFC, Ranbaxy Labs, GAIL, DLF, Cipla, NTPC, Jindal Steel, UltraTechCement, Reliance Infra, PNB, Lupin, Larsen and HCL Tech were among major gainers.

Forex Update

US dollar was seen rising again at 63.52, after declining to 62.92 during the first hour of trading. Brent crude was marginally higher at $111.69 yesterday.

10.30 am IST: After a positive start, Indian markets have slipped as majority of stocks were trading marginally lower. Indian currency has gained against USD with rupee touching highest level since August 19. The gain in currency will lead to lower subsidy burden on oil marketing companies.

Among top gainers were IDFC, Ranbaxy Labs, Tata Power, DLF, Cipla, GAIL, Dr Reddy’s Labs, Power Grid and NTPC. Among major losers were JP Associates, IndusInd Bank, Hero Motocorp, HDFC Bank, Grasim, Sesa Goa, Ambuja Cements, ICICI Bank, Bank of Baroda, ACC, HUL, BPCL and Mahindra & Mahindra.

Asian markets were trading mixed with Hang Seng higher by 0.24%, Nikkei 225 down by 0.5% and Straits Times higher by 0.55 percent.

9.58 am IST: Stock Markets opened flat and BSE Sensex was down by 85 points during the first hour of trade. Select public sector banks have gained in early trades. TCS, Reliance and Hero Motocorp were among major losers.

Private banking majors, ICICI Bank, HDFC Bank, Axis Bank and IndusInd bank were trading lower. Among sectors IT, Automobile and Banking sectors were trading lower. Capital Goods, Consumer Durables, Metals and PSU companies were trading marginally higher.

8.40 am IST: Indian Stock Market is expected to open higher as Asian stocks were trading strong. Indian currency gained further ground against USD. The July Industrial Output (IIP) data will be released today and market direction would depend on the outcome.

NSE Nifty closed higher in yesterday’s trade while BSE Sensex was flat after remaining negative for most part of the trading session. The stocks to watch in today’s market would be public sector banks, technology counters and real estate counters.

News reports have pointed out weak demand for Gold from India. Indian government has raised import duty on gold to reduce the consumption of gold in India. The import of gold during August and July decreased in India.

The US markets closed mixed. Dow Jones registered small gains while Nasdaq closed lower. Apple was trading under pressure after the company announced Apple iPhone 5C and three major brokerage houses downgraded the stock.

Isha Sondhi and Kunal Mishra report live markets from Mumbai, India during market trading hours.