While Nifty is oversold on an intraday basis and due for a short bounce, the trend is down
We had mentioned in Monday’s closing report that Nifty, Sensex will make a laboured rise and that Nifty is headed higher subject to small dips. The market was bearish on Tuesday and all major indices in the Indian stock markets suffered sharp losses of around 1.5%. Trading volumes were also not too high due to the festival season.
The trends of the major indices during the day’s trading are given in the table below:
Both the bellwether indices opened Tuesday in the negative territory on the back of bearish sentiments following the BJP's rout in the Bihar election, heightened chances of a US rate hike and disappointing quarterly results.
In the automobile sector, low interest and fuel costs supported by a pent up demand and new launches during the festive season gave a boost to the domestic passenger car sales last month. The domestic passenger car sales grew by 21.80%, industry data showed on Tuesday. According to data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during October stood at 194,158 units against 159,408 units in the like month of the previous year. The data revealed that the total passenger vehicle sales, which include cars, utility vehicles and vans, went up by 21.46% to 268,629 units from 221,163 units sold in October 2014. Furthermore, sales of utility vehicles rose by 20.82% to 58,120 units. The off-take of vans increased by 19.79% to 16,351 units. The industry data for last month showed a 12.73% growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. The commercial vehicles segment off-take for October stood at 58,596 units from 51,978 units sold during the corresponding month of 2014. Overall exports across categories for the month under review was lower by 5.56% at 289,309 units sold abroad from 306,357 units shipped out during October, 2014. The S & P BSE Auto index rose by 0.1% in Tuesday’s trading.
Thanks to a dip in the prices of gold this year, brisk buying of the precious metal was seen as people opened their purse strings for Dhanteras. The newly minted "Made in India" gold coin also saw good sales. The gold coin launched by the government last week, with the images of Ashok Chakra and Mahatma Gandhi, also saw some good buying. "Till 4 p.m. we expect at least 5,000 coins to have been sold across our 18 outlets in India," an official of the Metals and Minerals Trading Corporation (MMTC) told IANS, declining to be named. MMTC, a state-run unit, is the official manufacturer of this coin. About 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 gold bullions were made available through MMTC outlets initially, the government said on the day of launch.
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: