Stocks
Nifty, Sensex turning weak – Monday closing report
Nifty will be in a downward stretch if it closes below 8,115
 
We had mentioned in Friday’s closing report that Nifty, Sensex are looking overbought and that as long as Nifty stays above 8,000, bulls will be in control. Although the market was bullish at the beginning of the day, it could not be sustained. Overall, the major indices in the Indian stock markets ended the day with small losses of around 0.50%. The trends of the indices in the day’s trading are given in the table below:
 
 
Investor-anxiety over the ongoing quarterly results kept the Indian equity markets subdued on Monday. Initially, both the Sensex and Nifty opened in the green on the back of positive overseas markets. However, both indices soon ceded their gains, as investors were spooked regarding the uncertainty over the second quarter results. Notwithstanding the downward trend, hopes of healthy macro data points on industry output and inflation later in the day somewhat arrested the fall.
 
Analysts pointed out that the markets closed in the red due to the uncertainty over the second quarter results, which they fear might turn out to be below expectations due to currency fluctuations and slowing demand.
 
Asian markets closed on a positive note on Monday supported by a rally in the Chinese indices which were up 3%. The Chinese central bank had announced a stimulus package over the weekend. The Chinese government has also indicated its intentions to initiate reforms in the telecommunication sector.
 
Infosys was the first bluechip to come out with its results on Monday. The global software major reported a net profit of Rs.3,398 crore for second quarter registering a 9.8% growth year-on-year (YoY) and 12% on a sequential basis.
 
The factory output data for August and inflation figures for September will be released on Monday evening. Both the key data points will give future guidance to the Reserve Bank of India's next move on lending rates.
 
Sector-wise, information technology (IT), healthcare, technology, entertainment and media (Teck) and fast moving consumer goods (FMCG) stocks came under selling pressure. However, metals, capital goods and automobile scrip managed to stay afloat.
 
The S&P BSE metals index increased by 102.92 points, capital goods index gained by 52.02 points and automobile index was higher by 40.66 points. On the other hand, the S&P BSE IT index plunged by 239.73 points, healthcare index went down by 175.22 points, Teck index declined by 117.39 points and FMCG index was lower by 61.11 points.
 
Major Sensex gainers during Monday's trade were: Vedanta, up 7% at Rs.110.85; Hindalco Industries, up 5.98% at Rs.88.65; Gail, up 2.49% at Rs.319; Tata Motors, up 1.83% at Rs.362.40; and BHEL, up 1.76% at Rs.205.60.
 
The major Sensex losers were: Infosys down 3.88% at Rs.1,122.50; Lupin, down 2.16% at Rs.2,011.65; Cipla, down 1.71% at Rs.676.35; Sun Pharma, down 1.58% at Rs.892; and HDFC, down 1.44% at Rs.1,272.10.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Infosys net up 9.8 percent in second quarter
Global software major Infosys Ltd on Monday reported net profit of Rs.3,398 crore for second quarter (July-September) of this fiscal (2015-16), registering 9.8 percent growth year-on-year (YoY) and 12 percent sequentially.
 
In a regulatory filing to the Bombay Stock Exchange (BSE), the IT major said consolidated revenue for quarter (Q2) review grew 17.2 percent YoY and 8.9 percent sequentially to Rs.15,635 crore under the Indian accounting standard.
 
Under the International Financial Reporting Standard (IFRS), net income increased 1.6 percent YoY and 9 percent to $519 million and gross revenue 8.9 Apercent YoY and 6 percent sequentially to $2,392 million ($2.4 billion).
 
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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Nifty, Sensex looking overbought – Weekly closing report
As long as Nifty stays above 8,000, bulls will be in control
 
We had mentioned in last week’s closing report that Nifty, Sensex may rally and that Nifty must stay above 7,700 to go higher. As expected, there has been a rally but in fits and starts and driven entirely by the mood in the overseas market. The weekly trend in the major indices of the Indian stock market has been summarised in the table below:
 
 
Factors that pushed equity prices higher on Monday included stable Asian markets, continuation of the positive bias imbibed by last week's monetary easing, and optimism surrounding the earnings season due to lower commodities’ prices.
Market observers cited that lower chances of a US rate hike in October due to a slowdown in the US jobs market had relieved investors and increased their risk taking appetite.
 
Last month, the US economy added just 142,000 jobs from 173,000 jobs created in August 2015. The August figures are being revised downwards. The jobs data is expected to deter the US Fed from raising rates. The rates were last raised in 2006. The US Fed will decide whether to raise interest rates during its Federal Open Market Committee meet scheduled for October 27-28. With higher interest rates in the US, the Foreign Portfolio Investors are expected to be led away from emerging markets such as India.
 
On Tuesday, profit booking coupled with caution over the upcoming quarterly results subdued investor sentiments and led both Sensex and Nifty to give up gains. Furthermore, both indices receded after key data showed a fall in services output for the month of September 2015. The Nikkei purchasing managers’ index (PMI) services data for September fell to 51.3 from 51.8 level in August 2015.
 
On Tuesday, rupee too gave up its early gains and depreciated by 13 paise to close at 65.41 to a US dollar from its previous close of 65.28 against the greenback. It touched a day's high of 65.11. 
 
Market observers cited value buying and continuation of positive momentum due to last week's monetary easing for the gains in the stock market on Tuesday.
 
The indices were choppy throughout Wednesday's trade driven by investors’ anxiety over the upcoming quarterly results and rising crude prices. The indices were depressed after the International Monetary Fund (IMF) report downgraded India's growth to 7.3% for the current fiscal. Another major dampener that was the sharp rise in international crude oil prices in the past few days and the prices were hovering around the $50-mark, after rallying nearly five dollars on Tuesday. The jump in the oil prices comes after the US Energy Information Administration cited lower inventory build-up and Russia's decision to hold talks with other major producers to discuss the market situation. Profit booking was witnessed in information technology (IT) and banking stocks on Wednesday.
 
The Indian equity markets, which had rallied for six consecutive sessions till Wednesday, fell on Thursday following uncertainty over Bank of England's rate hike decision expected on Thursday and investors' anxiety before the release of second-quarter results. Sector-wise, healthcare, banking, capital goods, automobile and fast moving consumer goods (FMCG) stocks came under selling pressure on Thursday.
 
On Friday, the market indices were range-bound and closed with small gains of less than 1% each. Lower chances of a US rate hike this month cheered investor sentiments and were a positive for the market, supported by continued rally in the US. 

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