Closing Bell: Nifty ends at 7-month low, Sensex down 470 pts; Yes Bank, Zee Ent fall

Sep 19, 4:42 PM (IST)
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

Sep 19, 4:42 PM (IST)
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

Since the last eight weeks, even though the broader trend was negative, we saw positive closing on day following weekly expiry. Chances of the same are bright tomorrow as well. Nifty is in the process of reaching its previous low, which is at 10,637, however, as per option data it is turning oversold. On the street the feeler about the market is very low, which could be an excellent opportunity to buy in select large cap companies with a medium term view.

Sep 19, 04:20 PM (IST)
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

The selling pressure got aggravated as the index breached the swing low of 10,796. The Nifty has also reached its daily lower Bollinger Band, which is now in expansion mode. This means that the band can permit the price action to extend on the downside.

Going ahead, the August low of 10,637 can now provide some support to the index; however it is likely to break eventually. Thus traders can continue to hold the short positions & add more once the low breaks. The short term target on the downside is at 10,455 i.e. the 78.6% retracement of the Oct-June rally.

Sep 19, 04:07 PM (IST)
Amit Shah, Technical Research Analyst with Indiabulls Ventures:

Nifty continues on its near term weakness and is threatening to break the large range it has been in for a while. Index has been in a range between 10,650-11,150 and is close to breaking it on the downside. If index manages to decisively breach below the lower end of the range expect further downside pressure for the Nifty. Fresh breakdowns are happening on individual leading stocks which is not a good sign. 10,650 zone is the last hope for the bulls in the near term.

Sep 19, 03:57 PM (IST)
Bharat Forge acquires 50% stake in German company, Refu Drive GmbH for Euro 11.35 million.

Sep 19, 03:40 PM (IST)
Saudi asks Iraq for upto 20 million barrels of crude for its domestic refineries, Source Reuters.

Sep 19, 03:35 PM (IST)
Market Close: The benchmark indices witnessed a huge selling on September 19 but minor recovery in the final hour helped the Nifty to close above 10,700 level.

At close, the Sensex was down 470.41 points at 36,093.47, while Nifty was down 135.90 points at 10,704.80. About 720 shares have advanced, 1763 shares declined, and 118 shares are unchanged.

Yes Bank, Zee Entertainment, Tata Steel, IndusInd Bank and ICICI Bank were among major losers on the Nifty, while gainers include Tata Motors, UPL, Bharti Airtel, Coal India and HDFC Bank.

All the sectoral indices ended in the red led by the metal, pharma, bank, auto, energy, IT and infra, while smallcap and midcap index trading with over 1 percent cut.

Sep 19, 03:30 PM (IST)
The Finance Committee of the Board of Directors of Grasim Industries considered and approved issue of non-convertible debentures (NCDs) on private placement basis, for an amount not exceeding Rs 750 crore, in one or more tranches.

Sep 19, 03:29 PM (IST)
Speedcast International and Nelco have been awarded a new contract to deliver satellite communications onboard a leading Indian Cruise line catering to the Indian domestic and international cruise markets.

Sep 19, 03:26 PM (IST)
Kolte-Patll Developers has delivered strong returns to Motilal Oswal Real Estate (MORE) from its City Avenue project in Wakad, pune.

Sep 19, 03:21 PM (IST)
Bharat Iyer of JPMorgan said many corporates are grappling with a slowdown and many corporates were surprised by the extent of the slowdown. He expects slowdown to trough out over the next quarter. There could be a gradual pick-up, but not a V-shaped recovery, he said in an interview to CNBC-TV18.

Policymakers are cognizant of the slowdown and have the willingness to fix it. Investors are still concerned about oil prices moving higher, he added.

Source : http://tiny.cc/v8i0cz

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