Closing Bell: Sensex falls 141 pts, Nifty ends below 11,150; ONGC, ITC, Tata Steel fall 2% each

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

Going ahead, the 61.8% retracement of the recent rise i.e. 11060 & the key psychological level of 11000 will be the key supports to watch out for. The bulls need to defend these supports in order to keep the larger up trend intact. On the flip side, failure of bulls to hold on to these supports will turn the sentiments significantly in favor of the bears. On the higher side, the Nifty needs to take out the near term hurdle zone of 11200-11250 so as to turn the trajectory up again.

Rupee extends losses: Indian rupee is trading lower by 18 paise at 71.06 per dollar versus Friday’s close of 70.88 per dollar.

Ajit Mishra Vice President, Research, Religare Broking:

We may see some bounce due to oversold positions in the index but the bias would remain on the negative side. We reiterate our cautious view and suggest preferring hedged trades. In the absence of any major event, earnings and global cues will dictate the market trend in days to come.

Closing update: The market ended in the red for the sixth consecutive session as the concerns over weak macroeconomic environment persisted.

Sensex closed 141 points, or 0.38 percent, down at 37,531.98, with 22 stocks in the red and 8 in the green.

The Nifty index settled 48 points, or 0.43 percent, lower at 11,126.40. Among the 50 stocks in the index, 32 suffered losses.

Yes Bank, Axis Bank, Bajaj Auto, ICICI Bank and Bharti Airtel emerged as the top gainers in the Sensex index, while Tata Steel, ONGC, ITC, Mahindra & Mahindra and IndusInd Bank closed as the top losers.

Tata Motors dips 3%: Shares of Tata Motors slipped 3 percent intraday after JLR’s UK sales dropped during September month.

Luxury carmaker Jaguar Land Rover sold 18,843 units in the United Kingdom in September 2019, lower by 5.2 percent, compared to 19,874 units sold in the same month last year.

JSW Energy gains 2%: Shares of JSW Energy gained 2 percent intraday as the company entered into exclusive talks with GMR Energy for the acquisition of its subsidiary.

The power company informed exchanges that it had entered into exclusive discussions with GMR Energy for a potential acquisition of its subsidiary, GMR Kamalanga Energy Limited.

Sobha dips 5%: Shares of Sobha fell 5 percent intraday after it reported a tepid growth in second-quarter sales volume.

The Bengaluru-based real estate company said during the quarter, it achieved new sales volume of 10,36,340 square feet valued at Rs 682 crore, with a total average realisation of Rs 6,584 per square feet.

Aurobindo Pharma plunges 19%, touches 5-year low level

Shares of Aurobindo Pharma plunged almost 19 percent to touch their 5-year low level of Rs 462.15 on BSE on October 7 after reports that the company has received USFDA’s adverse observation for its unit-7.

CNBC TV18 reported that the company’s unit-7 was inspected from September 19-27 by the USFDA and the US drug regulator has issued 7 observations, which included failure to thoroughly review any unexplained discrepancy.

Rupee near day’s low: The Indian rupee declined further and trading near day’s low level at 71.03 per dollar.

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