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Friday, 10 October 2014

Sensex, Nifty weak; BHEL, Infosys, DRL, Hero shine

12:35pm Europe Check
European markets opened lower with the France's CAC and Britain's FTSE falling 0.7 percent each while Germany's DAX declined 0.9 percent after disappointing German data. 

12:30pm PNB In News
State-owned Punjab National Bank (PNB) has slashed interest rates for bulk deposits over one month but raised it for deposits under one month. 

For deposits from one month to under 3 months, the new rate is 7.25 percent, down from 7.5 percent, while for bulk deposits from 91 days to under one year the new deposit rate is 8.5 percent from 8.75 percent earlier. 

However, PNB has not touched its retail or non-bulk deposits despite the fact that a few weeks back the country's largest public lender SBI cut its retail deposit rates for one year and above to 8.75 percent; in this category, PNB and other banks still offer 9 percent. 

12:00pm Market Check
Equity benchmarks continued to see selling pressure with the Sensex falling 227.78 points to 26409.50 and the Nifty slipping 65.25 points to 7895.30. But the fall in broader markets was less compared to largecap indices; the BSE Midcap and Smallcap indices declined 0.7 percent and 0.5 percent, respectively. 

About two shares advanced for every share advancing on the Bombay Stock Exchange. 

Deven Choksey of KR Choksey Shares & Securities says the much needed correction is coming which gives an opportunity for portfolio investors to invest at lower levels.

 According to him, the Nifty is in a broad range of 7800-8200 and one must buy when it comes to 7800 level that would be a good technical support for the market. 

Shares of Tata Motors, Hindalco Industries, Tata Steel, Mahindra and Mahindra, Sesa Sterlite, Jindal Steel and Cairn India kept top positions in the selling list, down 2.5-4 percent. 

However, along with Infosys (that maintained 6 percent gain from early trade on strong Q2 earnings), BHEL, Dr Reddy's Labs, Hero Motocorp, Sun Pharma, Asian Paints and HCL Technologies outperformed the market, up 1-2.5 percent. More information please visit this site

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