Tuesday, January 5, 2016
Sensex choppy after China sell-off, earnings awaited
Indian stock markets swung between small gains and small losses on Tuesday as some blue chips recovered from steep falls in the previous session, but overall market sentiment remained cautious due to continued worries about China's markets.
Indian shares fell more than 2 percent on Monday, with the broader NSE Nifty posting its biggest single-day percentage fall in over four months, after Chinese shares posted steep falls on the back of weak economic data.
The caution over global markets comes at a time when domestic investors are concerned about the weak state of India's corporate earnings.
UBS said corporate earnings consensus for FY16, FY17 and FY18 still looked optimistic, and expected about an 8 percent cut to earnings forecasts this year.
Tata Consultancy Services will kick start the earning season on Jan. 12.
"After the fall yesterday there is some amount of caution that traders are exercising," said Deven Choksey, managing director at KR Choksey Securities.
The Nifty was up 0.13 percent at 0734 GMT while the benchmark BSE index was trading 0.07 percent higher.
Gains were led by blue-chips stocks that fell on Monday. Reliance Industries rose 1.3 percent after falling 2 percent in the previous session.
Larsen & Toubro rose 0.76 percent after losing 2.6 percent on Monday.
But Mahindra and Mahindra trimmed gains to trade 0.6 percent lower after the Supreme Court upheld a December ruling that temporarily banned the sale of large diesel cars in New Delhi. The stock rose as much as 2.37 percent earlier.
Shares in Apollo Hospitals fell as much as 1.22 percent on media reports that income tax officials had conducted raids on some of its offices.
Indian shares fell more than 2 percent on Monday, with the broader NSE Nifty posting its biggest single-day percentage fall in over four months, after Chinese shares posted steep falls on the back of weak economic data.
The caution over global markets comes at a time when domestic investors are concerned about the weak state of India's corporate earnings.
UBS said corporate earnings consensus for FY16, FY17 and FY18 still looked optimistic, and expected about an 8 percent cut to earnings forecasts this year.
Tata Consultancy Services will kick start the earning season on Jan. 12.
"After the fall yesterday there is some amount of caution that traders are exercising," said Deven Choksey, managing director at KR Choksey Securities.
The Nifty was up 0.13 percent at 0734 GMT while the benchmark BSE index was trading 0.07 percent higher.
Gains were led by blue-chips stocks that fell on Monday. Reliance Industries rose 1.3 percent after falling 2 percent in the previous session.
Larsen & Toubro rose 0.76 percent after losing 2.6 percent on Monday.
But Mahindra and Mahindra trimmed gains to trade 0.6 percent lower after the Supreme Court upheld a December ruling that temporarily banned the sale of large diesel cars in New Delhi. The stock rose as much as 2.37 percent earlier.
Shares in Apollo Hospitals fell as much as 1.22 percent on media reports that income tax officials had conducted raids on some of its offices.
Monday, January 4, 2016
Sensex hits near 2-week low on China sell-off
India's stock markets fell nearly 2 percent on Monday to their lowest level in nearly two weeks after Chinese equities lost 7 percent, prompting exchanges in China to halt trading for the first time.
China's benchmark CSI300 share index tumbled 7 percent on the first session of 2016 after weak factory activity surveys soured hopes that the world's second-largest economy will enter the new year on better footing, and selling intensified throughout the day.
India's volatility gauge rose over 16 percent, its highest since Sept. 1.
"The correction in the market in China should not be a cause of worry because it has moved up without any fundamental backing (in 2015). The bigger concern is global deflationary pressures are rising," said G Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.
The broader NSE Nifty was trading 1.74 percent lower at 0712 GMT after falling as much as 1.88 percent earlier to its lowest level since Dec. 22.
The benchmark BSE Sensex was down 1.69 percent after falling as much as 1.85 percent earlier. The index touched its lowest level since Dec. 22.
All sectors were in the red with financial and bank stocks leading the fall.
China's benchmark CSI300 share index tumbled 7 percent on the first session of 2016 after weak factory activity surveys soured hopes that the world's second-largest economy will enter the new year on better footing, and selling intensified throughout the day.
India's volatility gauge rose over 16 percent, its highest since Sept. 1.
"The correction in the market in China should not be a cause of worry because it has moved up without any fundamental backing (in 2015). The bigger concern is global deflationary pressures are rising," said G Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.
The broader NSE Nifty was trading 1.74 percent lower at 0712 GMT after falling as much as 1.88 percent earlier to its lowest level since Dec. 22.
The benchmark BSE Sensex was down 1.69 percent after falling as much as 1.85 percent earlier. The index touched its lowest level since Dec. 22.
All sectors were in the red with financial and bank stocks leading the fall.
Sunday, January 3, 2016
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