Closing Bell: Sensex falls 167 pts, Nifty ends below 11,000; RIL, IT, auto stocks drag

Sep 12, 04:00 PM (IST)
Market Outlook

“Market had done well in the last one-week and bounced back from the oversold region which was heavily impacted last month by poor economic data. Today it is waiting for the next set of updated data to understand whether the worst for the economy is over or if this slowdown will continue in the short-term. The outlook on these upcoming data is weak which is likely to be supported by more rate cut by RBI in the next month’s policy meet,” Vinod Nair, Head of Research, Geojit Financial Services said.

Sep 12, 03:52 PM (IST)
Technical View

“The index has formed a probable inverse Head & Shoulder pattern and has its neckline at 11,150 levels. There will be support around the 10,850-10,800 levels which is likely to act as a cushion on the lower side in case of a decline,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures said.

“Nifty has been witnessing consolidation since past few sessions but market breadth continues to remain on the positive side. Undertone is positive and the index should head up going forward. We expect the index to test 11,300-11,500 zone on the upside and we continue to remain bullish on the indices,” he added.

Sep 12, 03:44 PM (IST)
Gold View

“Gold prices after making six-year high in international market shows some correction from the high levels. Even in domestic market after touching life time high around Rs 40,000 per 10 gm are corrected around Rs 2,000. Withdrawal of extradition bill from Hong Kong by China, hopes of resumption of US-China trade talk and strength in rupee puts pressure on prices,” Manoj Jain, Director & Head of Commodities, IndiaNivesh Securities said.

He expects gold future at Comex division to test crucial support of $1,480 an ounce before any further upside move. In domestic market gold is expected to test Rs 37,500, he said, adding however, long term trend of gold is still bullish due to Brexit worry, global economic slowdown and currency war.

Today’s ECB meeting outcome will give further direction to the prices, he said.

Sep 12, 03:37 PM (IST)
Nifty Ends Below 11,000:

Benchmark indices ended lower after five-day gains. The BSE Sensex was down 166.54 points at 37,104.28 and the Nifty fell 52.90 points to 10,982.80, but the market breadth was positive.

About 1,346 shares advanced against 1,112 declining shares on the BSE.

Sep 12, 03:28 PM (IST)
Vyapar Industries said Board has approved sale of entire investment of the company in equity shares of Hindupur Vyapar Apparel Park Ltd to GKR Ventures Pvt. Ltd , Bangalore.

Sep 12, 03:06 PM (IST)
Khadim India gains over 30% in two days

Shares of Khadim India have seen huge buying interest for the second consecutive session on September 12 after the company announced opening up of an arm in Bangladesh. This incidentally coincides with the resignation of independent director.

Khadim has incorporated a wholly owned subsidiary in Bangladesh in the name of “Khadim Shoe Bangladesh Limited”, to expand existing line of business activities in Bangladesh.

Sep 12, 02:44 PM (IST)
Granules India jumped 6 percent on receiving Establishment Inspection Report from USFDA for Bonthapally unit.

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