Mahurat Trading: 5 stocks to buy this Diwali

A new year means a new beginning for many. The calendar year followed by the world indicates 1 January as the start of a new year. However, in a diverse country like India people follow different traditions each year.
For most Hindus, the New Year begins in the summer.  However, in Gujarati and Marwari traditions, it starts in Diwali.
India’s stock markets are dominated by brokers belonging to these two communities.  Hence, every year, Diwali assumes a special place for those in the stock market.

Here are few things to know about Muhurat trading:
·         Stock exchanges would open for trading at 6 pm on 3 November 2013 for Muhurat trading. The session lasts for an hour and a half. Muhurat means an auspicious moment to start something new. This is a tradition for over 100 years on the Bombay Stock Exchange and the mostly Gujarati and Marwari stock broking community. The session marks the end of the traditional financial year and the beginning of the new one.
·         People look at stock markets from a point of view of wealth creation. Stockbrokers execute token trades on behalf of their clients or their own account to mark the occasion. Stock exchanges and broker offices are decorated to seek blessings of Lakshmi, the goddess of wealth.
·         Chopda or Sharda Puja is performed. ‘Chopda’ is an account book. On the New Year day, you close your previous year accounts and start writing your financial statements in a new book. However, since most stock brokers are corporatized, accounts are no longer maintained physically. They are in electronic format. Also, for most companies in the business, the financial year starts on 1 April.
·         Typically, the trading activity on Muhurat trading is thin. Over the years, statistics from the Bombay Stock Exchange data (available since 1992) shows that the Sensex has ended in positive territory 7 out of 10 times. The average gain or loss is not more than one per cent. Transactions mostly have a sentimental value than any impact on the portfolio.

Diwali is the time of the year when investors review their investments. They shuffle the stock portfolio based on their assessment for the year gone by and the road ahead. Various brokerage firms give recommendations for investors.

Here are five stocks most recommended for buying this Diwali:

1.       ICICI Bank:

Target price: Rs 1,195

The second-largest private bank is one of the top picks this Diwali. Deposits are a key method of raising funds for a bank, and are cheaper than borrowing from the RBI. So a high ratio of current and savings account deposits to total deposits (CASA ratio) means the bank is attracting money at very low cost. This increases its profitability. ICICI Bank has the highest ratio among private sector banks. Its overall balance sheet also improved in the July-September quarter despite a slowdown in the economy.

2.       Axis Bank:

Target Price: Rs 1,430

The bank has been increasing its presence in the retail banking segment by attracting more consumers to open current and savings accounts. It has also been consistently delivering better-than-industry growth due to this, according to Religare, a brokerage firm. Also, its asset quality has not worsened significantly in the first half of this fiscal. It has also turned cautious in offering loans on account of uncertain macro-economic conditions.

“Notwithstanding moderate concerns on its corporate book asset quality, we expect the retail business to drive earnings,” Angel Broking said in a report.

3.       Tech Mahindra:

Target Price: Rs 1,830

India is seeing a pickup in exports. IT services exports account for a significant chunk of total exports. With the rupee hovering at 60/$-levels, the IT sector has the most to gain as it earns in dollars and other foreign currencies. Tech Mahindra, the first largest IT company in India post its merger with Satyam, has aggressively acquired deals. This is expected to help post a strong revenue growth. Also, the stock price is currently at attractive levels. “Its growth momentum likely to continue due to the pick-up in discretionary spending and strong deal momentum in the US and some parts of Europe,” Religare said in a report.

Other favourites in the IT space are Wipro and Infosys.

4.       Colgate

Target Price: Rs 1,450

Oral care company Colgate has consistently reported strong volume growth by maintaining an aggressive strategy to reduce competition. This is expected to drive future growth too. Also, changing trends in consumption of tooth paste in rural areas and the power to increase prices without affecting demand are other positive factors for the consumer goods company. “We prefer Colgate India in the fast moving consumer goods (FMCG) space due to a better growth outlook and a better performance on the volume growth, which remains at 9-10% despite intense competition,” Sharekhan said.

Cigarette-maker ITC and Godrej Consumer Products Ltd are other favourites in the space.

5.       L&T

Target Price: Rs 1,130

Despite a slowdown in the Indian economy, analysts are bullish about the infrastructure major L&T. It is expanding its presence outside India, which is now expected to contribute 30% of its total revenues. Even in the domestic front, it has posted a strong growth in terms of winning orders. This shows its ability to withstand a slowdown. “With a healthy order book, strong balance sheet, wide ranging capabilities and international presence, the company is optimistic about its growth,” Religare reported.

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Sensex closes at record high; bank stocks gain

Mumbai, Nov 1 (IANS) A benchmark index of Indian stock markets ended Samvat 2069 Friday hitting its third straight record closing high at 21,196.81 points. The market barometer also crossed its highest level so far intra-day.

The 30-scrip S&P Sensex of the Bombay Stock Exchange (BSE) closed 32.29 points or 0.15 percent higher at 21,196.81 points, from the previous day's close at 21,164.52 points. This is the highest closing level of the benchmark index so far.

The Sensex surpassed its highest so far level of 21,206.77 points on Jan 10, 2008 in the intra-day trade when it touched 21,293.88 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made gains. It ended at 6,307.20 points, up 8.05 points or 0.13 percent.

Healthy buying was observed in bank, automobile and metal sectors. However, fast moving consumer goods (FMCG), consumer durables and oil and gas stocks.

The S&P BSE Bank index was up 189.23 points, followed by automobile index which was higher by 155.63 points and metal index, which gained 129.48 points.

However, FMCG index was 62.49 points down, consumer durables index was down 45.77 points and oil and gas sector was down 45.49 points.

Prominent Sensex gainers were: State Bank of India (SBI), up 4.67 percent at Rs.1,879.40; Mahindra and Mahindra (M&M), up 4.12 percent at Rs.924.95; Jindal Steel, 3.46 percent at Rs.248.35; Seas Sterlite, up 2.30 percent at Rs.206.55; and BHEL, up 1.77 percent at Rs.143.45.

Only ten of the 30 Sensex scrips closed in the red. ONGC, down 1.88 percent at Rs.287.70; NTPC, down 1.71 percent at Rs.146.15; ITC, down 1.66 percent at Rs.328.70; Infosys, down 0.90 percent at Rs.3,278.75; and Gail India, down 0.71 percent at Rs.350.35 were among the major Sensex losers.

The New Samvat year (New Year according to Hindu calendar) begins this weekend

Among the Asian markets, Japan's Nikkei closed 0.88 percent down, Hong Kong's Hang Seng was higher by 0.19 percent, and China's Shanghai Composite Index gained 0.37 percent.

In Europe, London's FTSE 100 was trading 0.08 percent higher, and Germany's DAX Index was down 0.19 percent. The French CAC 40 Index closed the day's trade 0.28 percent down.

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Euro falls on potential ECB rate cut, global stocks slip anew

By Herbert Lash

NEW YORK (Reuters) - Global equity markets slipped on Friday despite upbeat factory data worldwide, while the euro fell to a two-week low against the dollar on expectations that a rate cut by the European Central Bank is possible by the end of the year.

Stocks on Wall Street edged lower after data showing U.S. manufacturing expanded briskly in October raised some worries that the U.S. Federal Reserve may scale back its massive stimulus much sooner than expected.

U.S. equities have been pressured since a Fed statement on Wednesday raised concerns about when the central bank would begin to scale back its stimulus program, which has fueled the benchmark S&P 500 index's 23-percent rally this year.

The Institute for Supply Management (ISM) said its index of U.S. factory activity rose to 56.4 last month - its best showing since April 2011 - from 56.2 in September. Economists polled by Reuters had expected a reading of 55.

The S&P and Dow Jones industrial average have repeatedly hit record highs this year, including earlier in the week, but the strong gains have triggered some concerns about how much further the rally can continue, especially in light of tepid corporate revenue growth.

With almost three-fourths of S&P 500 companies reporting results so far, 68.5 percent have beaten profit expectations, above the long-term average of 63 percent, according to Thomson Reuters data. However, only 53.3 percent have topped revenue forecasts, below the 61 percent average since 2002.

"I'm not comfortable with the market at all-time highs, especially with earnings being mediocre," said Mark Grant, managing director at Southwest Securities in Fort Lauderdale, Florida.

"But the manufacturing report was better than expected, and where else can you go with the Fed putting so much liquidity into the system?" Grant said.

The Dow Jones industrial average was up 30.57 points, or 0.20 percent, at 15,576.32. The Standard & Poor's 500 Index was down 0.28 points, or 0.02 percent, at 1,756.26. The Nasdaq Composite Index was down 7.57 points, or 0.19 percent, at 3,912.13.

European stock markets eased off five-year highs amid signs of weakness in regional corporate earnings.

The pan-European FTSEurofirst 300 index of leading European companies fell 0.31 percent to close at 1,288.67.

U.S. Treasuries prices fell for a third consecutive session as the encouraging ISM report on manufacturing suggested the U.S. economy overcame a drag from the partial government shutdown in October.

The rosier data revived some worries among investors that the Fed might scale back its bond-buying earlier than expected - at its December meeting - rather than early in 2014.

"There is a feeling that they might taper in December. It has gained a little steam, but that's not the consensus," said Matt Duch, a portfolio manager at Calvert Investments in Bethesda, Maryland.

The benchmark 10-year U.S. Treasury note was down 19/32 in price to yield 2.6108 percent.

Euro zone bonds broadly edged higher, extending this week's rise, after data showed a surprisingly sharp inflation slowdown in the euro zone. Many in the market expect the ECB to signal a rate cut or new liquidity injections at its meeting next week.

German two-year yields, the most sensitive to shifts in monetary policy expectations, were 1 basis point lower at 0.11 percent,

Bund futures fell 15 ticks to settle at 141.85, having hit a two-month peak of 142.32 on Thursday.

Expectations of an ECB rate cut was seen eroding the euro's interest rate advantage over other major currencies. The single currency was poised to notch its worst weekly loss against the dollar since July 2012.

The euro fell 0.74 percent to $1.3482.

Renewed pressure on the euro saw the dollar index rise to a six-week high of 80.785, climbing further up from a nine-month trough of 78.998 plumbed a week earlier. It last traded at 80.777.

The dollar was up 0.43 percent against the yen at 98.77 yen, according to Reuters data.

Brent crude oil dropped by more than $2 to below $107 a barrel as a strong dollar outweighed previous concerns over a drop in Libyan crude exports.

Brent crude for December delivery was down by $2.14 at $106.70 after rising as high as $109.41 a barrel in early trading.

U.S. oil for December was down $1.37 at $95.01, putting it in line for a fourth straight week of declines, its longest losing streak since June 2012.

(Reporting by Herbert Lash; Editing by Bernadette Baum)

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World stocks take small hit from Fed, BOJ supportive

By Marc Jones

LONDON (Reuters) - Markets suffered a glancing blow on Thursday after the U.S. Federal Reserve's latest outlook was deemed less alarmist about the state of the economy than some had wagered, lifting both bond yields and the dollar.

The impact was mostly superficial, with European shares opening down just 0.2 percent after MSCI's index of Asia-Pacific shares outside Japan had edged back 0.6 percent.

In Asia, sentiment was helped by the Bank of Japan's decision to stick with a massive stimulus program that has shown tentative signs of breaking the grip of deflation.

And in Europe, some mildly disappointing German retail and French consumer data focused attention on the European Central Bank as one of its policymakers hinted at further injections of cheap cash.

That all helped lessen the drag from Wall Street, which had slipped after the U.S. central bank kept its $85 billion-a-month stimulus plan intact but did not sound quite as alarmed about the state of the economy as some had anticipated.

Given U.S. shares had reached record highs this week, the resulting profit-taking came as no surprise.

The MSCI world equity index, which tracks 45 countries, eased 0.3 percent from a high not seen since January 2008.

Dealers said the market had talked itself into expecting the Fed would make "dovish" changes to its statement in favour of holding off longer with any monetary tightening. So it was somehow considered "hawkish" when those did not materialise.

"We interpreted the statement as neutral and balanced and think the Fed is essentially in a holding pattern," said analysts at Australia and New Zealand Bank.

U.S.-based Citibank moved its prediction for the Fed's first trimming of bond-buying forward to January and shortened the odds on a December move. But the vast majority of analysts still pointed to it holding off until later in the new year.

The Fed funds futures barely budged on the statement and short-dated Treasury yields stayed well anchored while the longer end moved up only modestly. Yields on the 10-year note were steady at 2.53 percent.

ECB FOCUS

Britain's FTSE 100 was down 25 points by 0830 GMT, or close to 0.4 percent, Germany's DAX 0.4 percent and France's CAC 40 0.3 percent. But with those markets in general hovering near 5-year highs there were few concerns.

A survey of Japanese manufacturing out on Thursday showed activity accelerated to its fastest in more than three years in September, although Japan's Nikkei fell 1.2 percent in late trading as corporate earnings from the likes of Honda Motor Co Ltd disappointed investors.

There was some soft European data to contend with. Euro zone unemployment was steady at a record high in September, German retail and French consumer was weaker-than expected while the pace of inflation slowed to a near 4-year low.

"In Europe the story is gradually becoming one of slow inflation again and that should be an additional argument for the ECB to do more." said Jan von Gerich, chief developed markets strategist for Nordea.

Benchmark European government bonds, were a touch softer amid the focus on ECB monetary policy.

Speaking in a TV interview, Ewald Nowotny, one of its longest serving policymakers said the central bank would provide more liquidity by the time cheap long-term loans it made in late 2011 and early 2012 expire.

The dollar index was fractionally higher on the day at 79.782 despite signs momentum was fading. The euro dipped to $1.3696.

The New Zealand dollar bounced after the country's central bank said increases in interest rates were still likely to be needed next year, putting it well ahead of most other developed economies in tightening.

The currency rallied as much as half a U.S. cent in reaction, though the central bank also noted that a strong currency meant it might be able to wait longer before having to raise rates.

Spot gold faded after rising the most in a week at one stage on Wednesday. It fetched $1,336.20 an ounce on Thursday.

Brent crude eased 31 cents to $109.25 a barrel.

(Additional reporting by Wayne Cole in Sydney; editing by Patrick Graham)

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Nifty at nearly three-year high; telecom stocks surge

Reuters Market Eye - The Nifty gains 0.23 percent after earlier hitting its highest intraday level since November 2010, while the BSE Sensex is up 0.3 percent.

Shares of telecom operators gain after July-Sept results are in line with expectations.

Tata Communications Ltd gains 10 percent after it posts a consolidated net profit in the September-quarter from a net loss a year earlier.

Bharti Airtel Ltd is up 3.8 percent after its September-quarter operating margins came at 32 percent, meeting some analysts' estimates.

Dr.Reddy's Laboratories Ltd gains 2.5 percent a day ahead of its July-September earnings.

(Reporting by Abhishek Vishnoi)

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S&P leads stocks ahead of Fed meeting, dollar jumps

By Rodrigo Campos

NEW YORK (Reuters) - The S&P 500 hit a record on Tuesday to lead global equities higher ahead of a Federal Reserve meeting on the future of the U.S. stimulus program, while the euro hit a one-week low.

The U.S. dollar climbed the most in almost two months against a basket of currencies as the euro, which earlier brushed against last week's two-year high versus the greenback, reversed course.

Wall Street stocks advanced, with the S&P 500 at yet another intraday record high on continued expectations the U.S. Federal Reserve will keep its $85 billion monthly bond purchases intact for several months.

Markets were thrown for a loop in mid-September, when the expectation was high for the Fed to start trimming its monthly purchases. Although many are wary of surprises when the Fed publishes a statement after its two-day meeting concludes on Wednesday, most see the recent rally in riskier assets and a dollar selloff as largely factoring in the decision.

"The Fed surprised me by not tapering in September and the key reason they cited was the fact inflation is running very moderately, and they still have lots of room on the inflation front," said Doug Foreman, co-chief investment officer at Kayne Anderson Rudnick Investment Management in Los Angeles.

"Certainly the data today didn't give them anything different to think about that."

U.S. producer prices unexpectedly fell in September and the increase in the annual rate was the smallest in nearly four years.

The Dow Jones industrial average rose 87.64 points, or 0.56 percent, at 15,656.57. The Standard & Poor's 500 Index was up 6.72 points, or 0.38 percent, at 1,768.83. The Nasdaq Composite Index was up 3.59 points, or 0.09 percent, at 3,943.72.

MSCI's world equity index edged up 0.1 percent, trading within last week's range.

In Europe, shares edged higher as results at BP and Saipem fueled a surge in the oil sector, a laggard in this year's equity rally. The FTSEurofirst 300 index closed up 0.4 percent.

EURO DIVES

The euro hit a one week low against the dollar at $1.3735 but was still close to a two-year high hit last week. The single currency had hit $1.3813 earlier after the European Central Bank's Ewald Nowotny said he does not see any tool the ECB could use against a strong euro.

The dollar gained 0.5 percent against a basket of currencies in its largest percentage gain since early September.

U.S. Treasuries prices were flat, with yields close to three-month lows. The light trading volume suggested traders were reluctant to make big bets ahead of the Fed meeting and as the Treasury Department sought to sell $96 billion in coupon-bearing debt this week.

"The market is directionless. There is no urgency to push yields higher or lower," said Lou Brien, market strategist at DRW Trading in Chicago.

Benchmark 10-year Treasury notes were unchanged, the yield at 2.5106 percent.

Spot gold, which earlier rose more than 8 percent from a three-month low in mid-October, fell 0.5 percent to around $1,345 an ounce, pressured further by the dollar strength.

Brent crude fell 1 percent to $108.52 a barrel, though traders said this was a consolidation after a 2.5 percent gain the previous day, when reports of a sharp drop in Libyan oil exports rekindled worries over global supply. U.S. crude was off 0.6 percent at $98.05.

Libya's crude oil exports have dropped to less than 10 percent of capacity as the government has struggled to reach a deal with protesters blocking its big eastern facilities, with some demanding a greater share of the oil wealth.

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Sensex down third straight day; IT stocks fall

Mumbai, Oct 24 (IANS) A benchmark index of Indian equities markets fell for the third day Thursday by 42 points or 0.20 percent as information technology (IT) stocks faced selling pressure.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,766.05 points, closed at 20,725.43 points, down 42.45 points or 0.20 percent from the previous day's close at 20,767.88 points.

The Sensex touched a high of 21,039.42 points and a low of 20,656.70 intra-day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in negative territory. It ended at 6,164.35 points, down 14 points or 0.23 percent.

Heavy selling pressure was observed in information technology (IT), technology, entertainment and media (TECk) and metal stocks. However, healthy buying was observed in capital goods, automobile and bank sectors.

The S&P BSE IT index lost 149.78 points, while TECk index was down 73.45 points and the metal index was lower by 57.16 points.

However, capital goods index was up 102.53 points, followed by automobile index, which gained 72.93 points, and bank index which ended the day's trade 41.12 points up.

The major Sensex gainers were Mahindra and Mahindra (M&M), up 2.59 percent at Rs.889.80; Larsen and Toubro (L&T), up 1.83 percent at Rs.964.60; Gail India, up 1.49 percent at Rs.351.40; HDFC Bank, up 1.34 percent at Rs.668.90 and Tata Motors, up 1.28 percent at Rs.379.40.

The losers in the day's trade were Wipro, down 4.25 percent at Rs.471.30; Coal India, down 3.25 percent at Rs.279.65; Tata Consultancy Services (TCS), down 2.52 percent at Rs.2,008.60; Jindal Steel, down 1.85 percent at Rs.240.90 and BHEL, down 1.68 percent at Rs.140.15.

Among the Asian markets, Japan's Nikkei closed 0.42 percent up, Hong Kong's Hang Seng was down 0.71 percent, and China's Shanghai Composite Index moved lower by 0.86 percent.

In Europe, London's FTSE 100 was trading 0.50 percent higher, while Germany's DAX Index was up 0.60 percent. The French CAC 40 Index gained by 0.16 percent.

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China worries, European banks, earnings pressure world stocks; dollar, yen up

By Angela Moon

NEW YORK (Reuters) - Global equity markets fell on Wednesday on mixed corporate results and concerns that new scrutiny of euro zone banks could prove costly for its weaker members, while the U.S. dollar and the Japanese yen held small gains sparked by worries over Chinese monetary policy.

The dollar edged up from near two-year lows against the euro and an 8-1/2-month trough versus a major currency basket as investors sought the greenback's safety following a spike in China's short-term money market interest rates.

The yen was also in demand, with the dollar down 0.7 percent at 97.40 yen and the euro 0.9 percent weaker at 134.09 yen.

Wall Street opened lower following four straight days of record highs for the S&P 500. Mixed results from major U.S. companies, including equipment maker Caterpillar Inc, which sank nearly 6 percent in early trade, pulled stocks lower.

"With Caterpillar cutting its outlook for the year and concerns over China slowing against a backdrop of a market at a record, some people just decided to ring the cash register and take some profits," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

He said the selling was "orderly" and indicates more a pause than nervousness on the part of investors.

European stocks recorded their sharpest falls in two weeks as the details of a new, year-long test of euro zone lenders by the bloc's central bank amplified anxiety about China and the recent rapid run-up in world equity markets.

The ECB wants to unearth any risks hidden in the banking system before supervision comes under its roof as part of a three-pronged "banking union" plan designed to avoid a repeat of the euro zone debt crisis.

The pan-European FTSEurofirst 300 fell 0.7 as Italian, Spanish and Portuguese markets, as well as banking stocks, all dropped.

Jan von Gerich, chief developed market strategist for Nordea, said that if done properly, the review should help the euro zone, but in the short term it could revive questions about its weaker members if public money is needed for bank repairs.

"The most interesting part will be what it says about Italy. Its banks haven't gone through the same kind of scrutiny as the ones in Spain or those in Greece, Ireland or Portugal - the smaller countries, too, whether Slovenia will need a bailout for example," he added.

MSCI's world equity index, which tracks shares in 45 countries, fell 0.7 percent.

On Wall Street, the Dow Jones industrial average was down 86.51 points, or 0.56 percent, at 15,381.15. The Standard & Poor's 500 Index was down 13.43 points, or 0.77 percent, at 1,741.24. The Nasdaq Composite Index was down 39.68 points, or 1.01 percent, at 3,889.88.

CHINESE WHISPERS

Concerns about soft U.S. jobs data for September, which appeared to rule out a cut in U.S monetary stimulus before next year and caused a plunge in the dollar, took a back seat as Chinese money market rates climbed to levels not seen since July. The People's Bank of China failed for a second day to inject cash.

Rising liquidity needs for Chinese corporate tax payment deadlines and worries about bad banking debt appeared partly responsible for the jump in short-term rates, analysts said.

The rate spike was short-lived but caused a market panic nevertheless, causing a scramble for safe-haven dollars and yen.

"The weight of a weak U.S. non-farm (payroll data released on Tuesday) is surpassed by rising risk aversion on concerns over China's money market. Profit-taking takes hold," said Camilla Sutton, chief currency strategist at Scotiabank in Toronto.

U.S. Treasuries yields fell to the lowest in three months after Tuesday's weaker-than-expected jobs data reinforced expectations that the Federal Reserve is unlikely to reduce the size of its bond purchase program in the near term.

Buying overnight helped yields fall further, with no large data releases scheduled on Wednesday. Benchmark 10-year Treasuries were up 8/32, the yield at 2.4836 percent.

In commodities trading, U.S. crude fell below $97 a barrel to its lowest since July, outpacing a smaller drop in Brent futures, pressured by ample supplies and expectations of a further inventory buildup in the United States, the world's top consumer.

U.S. crude fell $1.88 to $96.42 after earlier reaching $96.32, its lowest since July 1. Brent crude fell $1.39 to $108.58 a barrel after hitting a session high of $110.06.

(Additional reporting by Rodrigo Campos, Karen Brettell and Gertrude Chavez-Dreyfuss in New York and Alex Lawler in London; Editing by Dan Grebler)

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Sensex closes 100 points down; automobile stocks fell

Mumbai, Oct 23 (IANS) A benchmark index of Indian equities markets fell for the second day Wednesday by nearly 100 points or half a percent as automobile, healthcare and oil and gas stocks faced selling pressure.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,875.31 points, closed at 20,767.88 points, down 97.09 points or 0.47 percent from the previous day's close at 20,864.97 points.

The Sensex touched a high of 20,922.32 points and a low of 20,589.72 intra-day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in negative territory. It ended at 6,178.35 points, down 24.45 points or 0.39 percent.

Heavy selling pressure was observed in automobile, healthcare and oil and gas stocks. However, healthy buying was observed in bank, capital goods and consumer durables sectors.

The S&P BSE automobile index lost 87.22 points, while healthcare index was down 77.75 points, and the oil and gas index was lower by 77.35 points.

However, bank index was up 69.39 points, followed by capital goods index, which gained 51.28 points, and consumer durables index which ended the day's trade 23.83 points up.

The major Sensex gainers were Gail India, up 3.89 percent at Rs.346.25; Cipla, up 2.74 percent at Rs.423.35; State Bank of India (SBI), up 2.35 percent at Rs.1,716.35; Larsen and Toubro (L&T), up 1.35 percent at Rs.947.30; and ICICI Bank, up 1.30 percent at Rs.1,024.50.

The losers in the day's trade were Wipro, down 4.41 percent at Rs.492.20; Sun Pharma, down 2.39 percent at Rs.622.80; NTPC, down 2.02 percent at Rs.145.40; BHEL, down 1.93 percent at Rs.142.55; and Bajaj Auto, down 1.72 percent at Rs.2,100.60.

Among the Asian markets, Japan's Nikkei closed 1.95 percent down, Hong Kong's Hang Seng was down 1.36 percent, and China's Shanghai Composite Index moved lower by 1.25 percent.

In Europe, London's FTSE 100 was trading 0.47 percent lower, while Germany's DAX Index was down 0.46 percent. The French CAC 40 Index was fell by 1.01 percent.

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Rupee slips; FIIs continue to buy stocks

Reuters Market Eye - The rupee slips, at 61.63/64 versus last close 61.59/60.

Dealers say no major trigger in the session, will wait for month-end importer dollar demand.

Foreign funds extend buying in local stocks for a 14th session, being provisional buyers of $104.7 million on Wednesday, exchange data showed.

Rally risk continues to rise with another dip to test key 50 percent fibonacci support at 61.17 gets bought on Wednesday. See

The dollar edged up against major counterparts in early Asian trade on Thursday, but was hemmed in recent ranges as investors remained cautious about liquidity conditions in China.

(Reporting by Subhadip Sircar)

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Sensex ends flat, auto stocks down

Mumbai, Oct 22 (IANS) A benchmark index of Indian equities markets ended Tuesday's trade flat as automobile, consumer durables and oil and gas stocks fell.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,863.15 points, closed at 20,864.97 points, down 28.92 points or 0.14 percent from the previous day's close at 20,893.89 points.

The Sensex touched a high of 20,948.91 points and a low of 20,810.25 intra-day.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed flat. It ended at 6,202.80 points, down 2.15 points or 0.03 percent.

Heavy buying pressure was observed in automobile, consumer durables and oil and gas stocks. However, healthy buying was observed in capital goods, information technology (IT) and public sector undertakings (PSUs) sectors.

The S&P BSE automobile index lost 67.82 points, while consumer durables index was down 51.47 points, and the oil and gas index was lower by 25.28 points.

However, capital goods index was up 96.82 points, followed by IT index, which gained 42.64 points, and PSU index which ended the day 41.45 points up.

The major Sensex gainers were Tata Power, up 2.63 percent or 2.10 points at Rs.82; Sun Pharma, up 2.10 percent or 13.25 points at Rs.643.90; Coal India, up 1.82 percent or 5.25 points at Rs.292.95; Gail India, up 1.77 percent or 5.80 points at Rs.333.30; and Wipro, up 1.67 percent or 8.45 points at Rs.514.90.

The losers in the day's trade were Hindalco Inds, down 1.56 percent or 1.85 points at Rs.116.40; Hero MotoCorp down 1.37 percent or 28.70 points at Rs.2,069.95; HDFC, down 1.29 percent or 10.55 points at Rs.809.90; Mahindra and Mahindra, down 1.23 percent or 10.90 points at Rs.876.70; and Reliance Industries, down 1.07 percent or 9.75 points at Rs.903.60.

Among the Asian markets, Japan's Nikkei closed 0.13 percent up, Hong Kong's Hang Seng was down 0.52 percent, and China's Shanghai Composite Index moved lower by 0.83 percent.

In Europe, London's FTSE 100 was trading 0.23 percent higher, while Germany's DAX Index was marginally down 0.01 percent. The French CAC 40 Index was higher by 0.06 percent.

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Sensex ends flat, IT stocks down

Mumbai, Oct 21 (IANS) A benchmark index of Indian equities markets ended Monday's trade flat, as information technology (IT) stocks fell.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,915.76 points, closed at 20,852.64 points (provisional), down 30.25 points or 0.14 percent from the previous day's close at 20,882.89 points.

The Sensex touched a high of 20,970.92 points and a low of 20,768.99 points in intra-day trade.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed flat. It closed at 6,194.65 points (provisionally), up 5.30 points or 0.09 percent.

Heavy buying pressure was observed in information technology (IT), fast moving consumer goods (FMCG) and technology, entertainment and media stocks.

However, healthy buying was observed in capital goods, metal and automobile sectors.

The S&P BSE IT index lost 98.01 points, while FMCG index was down 97.99 points and the TECk index was lower by 41.85 points.

However, capital goods index was up 340.50 points, followed by metal index which gained 144.74 points and automobile index which ended the day's trade 81.15 points up.

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