Sensex breaks 35K, down over 150 pts; all sectoral indices in the red

Results today: Ashok Leyland, Amara Raja Batteries, Bajaj Auto, Bajaj Holdings, Tata Chemicals, Thermax, Strides Shasun, Alkyl Amines, Alphageo, Arfin India etc…


Market Update: The market extended opening losses, continuing correction for the fourth consecutive session amid higher crude oil prices, weak rupee.

The Sensex has broken 35,000 levels, down more than 181 points at 34,968.12 and the Nifty declined 47.20 points to 10,635.50 while the Nifty Midcap was down half a percent.

HDFC Bank, ITC, Reliance Industries, ICICI Bank, L&T and Infosys are pushing the market lower while Bajaj Auto gained 2 percent ahead of March quarter earnings due later in the day.

Crude Oil Update: Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.

Brent crude futures were at $79.53 per barrel, up 0.29 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.

US West Texas Intermediate (WTI) crude futures were at USD 71.62 a barrel, up 0.18 percent from their last settlement, reports CNBC.

Market Update: Benchmark indices extended opening losses, dragged by banking & financials.

The 30-share BSE Sensex was down 127.27 points at 35,021.85 and the 50-share NSE Nifty fell 33.70 points to 10,649.

The market breadth is balanced as about 587 shares declined against 573 advancing shares on the BSE.

HDFC Bank, Infosys, ICICI Bank, L&T, HDFC, Axis Bank, IOC and ITC are top negative contributors to the Nifty50, falling up to 1 percent.

Market Opening: Benchmark indices started off Friday’s trade mildly lower despite most Asian stocks traded in the green.

The 30-share BSE Sensex was down 59.51 points at 35,089.61 and the 50-share NSE Nifty fell 17.90 points to 10,664.80.

Sun Pharma, Bajaj Finance, Bajaj Auto, Tech Mahindra, Yes Bank, Eicher Motors, ONGC, Coal India, Lupin, Vedanta and Power Grid were early gainers.

IOC, HPCL, BPCL, Wipro, Indiabulls Housing Finance, Cipla, UltraTech Cement, ICICI Bank and Asian Paints were under pressure.

Nifty Midcap index was down 70 points. Voltas, Central Bank of India, Jyothy Labs, SRF, Crompton Consumer, TVS Motor Company, Biocon and Balkrishna Industries fell up to 5 percent.

JK Tyre, Reliance Communications, Reliance Power, Future Consumer, Future Enterprises, HDIL, PC Jeweller and Edelweiss Financial rallied up to 17 percent.

Technical Recommendations: We spoke to IIFL and here’s what they have to recommend:

Bajaj Finance Ltd: Buy| Target: Rs 2,250| Stop loss: Rs 1,975| Returns 9%

Colgate Palmolive Ltd: Buy| Target: Rs 1,276| Stop loss: Rs 1,138| Returns 9%

Oil India: Buy| Target: Rs 266| Stop loss: Rs 230| Returns 10%

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

Market Pre-Opening: Benchmark indices were flat in pre-opening trade despite most Asian stocks traded higher.

The 30-share BSE Sensex was up 32.30 points at 35,181.42 while the 50-share NSE Nifty fell 32.40 points to 10,650.30.

Tata Steel, Bajaj Finance, SBI, Yes Bank, JK Tyre, Ashok Leyland, Bhushan Steel and Bajaj Auto were gainers in pre-opening while Voltas is under pressure.

Reliance Communications jumped 10 percent.

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