9:35pm
Market Expert
With three consecutive days of
selling by FIIs, most experts as well as traders are wondering whether it will
be a rough ride in the October series. Deven Choksey of KR Choksey Shares &
Securities does not think so. He says fundamentals – market as well as on the
macro front – continue to remain strong and chances are it will only improve
further.
"Whenever the market runs ahead
of time, it gets into a consolidation mood, I think that is what the market is
doing right now," he told CNBC-TV18.
Choksey advises investors to use
every dip as a buying opportunity. He believes investors should look at all
those companies where the fall is maximum.
Despite the recent coal mining
verdict and the fallout of the same, he says it is perhaps time to look into
the fundamentals of the companies that this verdict will affect the most, it
can also be a buying opportunity.
09:15am Market Check
Equity benchmarks started of October
series on a weak note with the Sensex falling 73.61 points to 26394.75 and the
Nifty declining 17 points to 7894.85 following weakness in global peers.
About 308 shares have advanced, 506 shares
declined, and 24 shares are unchanged.
Coal India, Sesa Sterlite, Tata Motors, Axis
Bank, Hero Motocorp, Jindal Steel, Asian Paints and PNB dropped 1-3 percent
while Cipla, Infosys, Wipro, ONGC, Bajaj Auto, Lupin, Tech Mahindra, DLF and
IndusInd Bank gained 0.3-1 percent.
Asian markets were trading lower
with the Nikkei falling 1 percent. In the US, stocks declined, with the
benchmark indexes recording their worst session since July 31, as Apple tumbled
on glitches tied to its new smartphone and as investors considered a proposal
in Russia that would let its courts seize foreign assets.
And on the US economic data front,
orders for long-lasting goods fell 18.2 percent in August, while applications
for unemployment benefits rose by 12,000 to a seasonally adjusted 293,000 last
week, less than the 300,000 estimate.
Moreover, in Europe, shares closed sharply
lower, as the head of the Bank of England warned that the time for raising
interest rates from record lows was nearing.
In the currency space, the euro hit
a 22-month low against the dollar on Thursday on the prospect of diverging
monetary policy between the Federal Reserve and the European Central Bank as
rate differentials swing decisively in the greenback's favour. The dollar index
hit a new four-year high.
In commodities, Brent crude prices
was hovering around 97 dollars per barrel as abundant supply and a strong USD
largely outweighed worries conflict in the west Asia disrupting output. More
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