10:40am
Maruti Suzuki slips nearly 2%
Maruti Suzuki sold 1.09 lakh units
in September, down nearly a percent compared 1.10 lakh units in previous month
but up 4.6 percent compared to same month last year. Sales were lower than
analysts' expectations of 1.2 lakh units.
Domestic sales grew 9.8 percent
year-on-year to 99,290 units and passenger vehicle sales rose by 3.1 percent to
81,447 units but exports declined 28.2 percent to 10,452 units during the same
period.
10:20am
FII View
Indian equities are done away with the Modi
premium over the past three months and are back to focusing on high quality
stocks with high earnings visibility, says Ridham Desai, Managing Director,
Morgan Stanley. However, this skepticism is good for the bulls, he tells
CNBC-TV18 in an interview.
Second quarter earnings season,
which kicks off from October 10, will be watched out and sectors like
healthcare, technology and consumer staples are likely to post strong growth,
he adds.
Once earnings are out of the way, the state
elections will be market's focus in the start of Q3. “The BJP is taking risks
by going alone in Maharashtra state elections and the market is trying to price
in this event. But any adverse election result for BJP in Maharashtra could be
a negative cue for the market,” cautions Desai.
On the macro front, Inflation remains a major
concern for India at this point of time, but Desai expects the inflation
situation to improve in the next six-eight months.
10:00am Market Check
Equity benchmarks remained rangebound as
investors stayed sideways ahead of long weekend. The Sensex fell 8.41 points to
26622.10 and the Nifty declined 6.20 points to 7958.60.
The broader markets maintained
marginal gains with the BSE Midcap and Smallcap indices rising 0.2 percent
each. Advancing shares beat declining ones by a ratio of 1076 to 897 on the
BSE.
Technology stocks saw huge buying interest on
depreciation in rupee. TCS, Infosys and Wipro rallied 1-3 percent.
Shares of Axis Bank, Tata Motors, Dr
Reddy's Labs, Hero Motocorp, NTPC, Bharti Airtel and Coal India were up 0.4-1
percent while Tata Steel, Hindalco Industries and Gail India topped the selling
list, down 2-2.5 percent.
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