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Nifty, Sensex looking weak – Wednesday closing report
A close above 8,150 can recharge the bulls
 
We had mentioned in Tuesday’s closing report that Nifty and Sensex were precariously poised and that Nifty will be headed lower if it closes below 8,080. The major indices in the Indian stock markets were range-bound in Wednesday’s trading and closed with marginal losses. There is a sideways trend in the market and the bulls are unable push the market higher.
 
 
 
India's annual wholesale inflation for September firmed up slightly at (-) 4.54% from (-) 4.95% for the previous month, official data released on Wednesday showed. The annual inflation rate, based on the official wholesale price index (WPI), was ruling at 2.38% in September, last year. The slight firmness was attributed to rising prices of onions, pulses, milk, egg, meat and fish, which have continued to hit household budgets. On a month-on-month basis, the annual rate of inflation has been in the negative territory since November last year.
 
Chinese shares dipped on Wednesday after the release of inflation data showed prolonged weakness in demand. Overall, concerns about the macroeconomic trends in India and abroad, and the domestic quarterly corporate earnings were the main factors contributing to a sideways movement in the Indian stock markets for almost all of Wednesday. 
 
Global software major Infosys was the first bluechip to come out with its results on Monday. It dampened the markets with a weak guidance on revenue growth. On Tuesday, Tata Consultancy Services (TCS) reported that its net profit increased by 14.5% year-on-year and 6.1% sequentially to Rs.6,055 crore under the Indian accounting standard. However, investors were not impressed and the stock fell.
 
The domestic institutional investors (DIIs) were net sellers in the day's trade. According to data with stock exchanges, the DIIs sold stocks worth Rs.207.63 crore and the foreign institutional investors (FIIs) bought stock worth Rs.121.75 crore in the day's trade.
 
Notwithstanding the downward trend, the Indian rupee strengthened in the day's trade. It closed the day's trade up 15 paise at 65.04 (65.035) to a US dollar from its previous close at 64.19 to a greenback. 
 
Sector-wise, S&P BSE IT index plunged by 147.08 points, automobile index receded by 129.53 points and technology, entertainment and media (Teck) fell by 70.87 points.
 
The S&P BSE consumer durables index increased by 163.88, healthcare index gained 64.22 points and oil and gas index inched up by 6.38 points.
 
Major Sensex gainers during Wednesday's trade were: Hindalco Industries, up 3.14% at Rs.88.70; Lupin, up 1.91% at Rs.2,062; Tata Steel, up 1.14% at Rs.248; HDFC, up 1.08% at Rs.1,291.10; and Reliance Industries, up 1.06% at Rs.902.
 
The major Sensex losers were: TCS down 4.39% at Rs.2,483.40; Tata Motors, down 2.40% at Rs.352.30; Hindustan Unilever, down 1.85% at Rs.797.40; Coal India, down 1.72% at Rs.334.65; and ICICI Bank, down 1.58% at Rs.282.85.
 
The top gainers and the top losers of the indices in the Indian stock market are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
The European indices were trading lower while US premarket futures were flat.

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Facebook soon to roll down dedicated place to watch videos
 In a move to take on video sharing site YouTube, Facebook is testing a new feature that will allow people to go and exclusively discover, watch and share videos that are relevant to them.
 
According to Will Cathcart, vice president (product management) at Facebook, they will be testing a dedicated place on Facebook for people to go to when they exclusively want to watch videos - whether those are videos they have saved for later or videos from friends.
 
It can be accessed by tapping a “Videos” icon at the bottom of the Facebook app on iPhone or in the “Favourites” section on the left-hand side of News Feed on the web.
 
“We will be testing this with a small number of people now, so this isn’t something most people will see on Facebook right away. We look forward to seeing how people use it to discover, watch and share videos with their friends,” Cathcart wrote in a blog post on Tuesday.
 
The company will allow people to watch clips on a floating screen while continuing to scroll through Facebook like people can do on YouTube.
 
In August, Facebook announced that public figures can share live video with their fans via its feature titled Mentions.
 
In addition to helping people find more videos they may be interested in, Facebook knows people sometimes want to multitask while they watch videos.
 
“To make this possible, we are testing a way for people to watch a video in a floating screen while simultaneously multitasking on Facebook,” Cathcart added.
 
Suggested videos is one of the features Facebook has been testing on iPhone.
 
“We are pleased with initial results which show that people who have suggested videos are discovering and watching more new videos,” he wrote.
 
Facebook is also starting suggested videos on the web and plans to test on Android phones in the coming months.
 
“To make it easy to return to the videos you’re interested in, we’ve been testing a button that allows you to save a video to watch later, which can be accessed in your 'Saved' bookmark,” the company posted.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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