MARKETS LIVE: Nifty extends losses, breaches 9,900; metal stocks melt

Catch all live market action here

SI Reporter  |  New Delhi 

Fiscal road map, dollar to dictate market direction

The benchmark indices extended losses on Monday with the Nifty50 breaching its crucial 9,900 mark as investors turned jittery as they expect government to tinker with its fiscal deficit target for FY18 by announcing an economic stimulus to revive the economy.   

Prime Minister Narendra Modi might announce a package later today for power, housing and social welfare programmes to generate jobs and perk up demand. The package is being pegged at Rs 40,000-50,000 crore. 

Sentiment turned cautious also on account of the derivatives expiry due on Thursday and the recent spike in tensions on the Korean peninsula.

Overseas, Asian markets were trading mixed, while the euro slipped after German Chancellor Angela Merkel won a fourth term in a weekend election, but faced leading a much less stable coalition in a fractured parliament as support for the far-right party surged. 

CATCH ALL THE LIVE UPDATES

10:01 AM

Buzzing stock
 
Oberoi Realty rallied over 7% to Rs 437 after GlaxoSmithKline Pharmaceuticals said its board has approved the sale of around 60 acres of company land in Thane to Oberoi RealtyBSE 6.38 % for Rs 555 crore. 

Oberoi


 

9:43 AM Top five losers on Nifty

losers
Source: NSE



9:36 AM Nifty breaks below 9,900

Nifty1
Source: NSE



9:23 AM Top Sensex losers and gainers 

heatmap
Source: BSE

9:22 AM Broader markets underperform

The BSE Midcap and the BSE Smallcap indices shed 0.6% each in early trade. 

9:20 AM Markets at open 

At 9:20 am, the Sensex was trading at 31,775, down 144 points, while the broader Nifty50 was ruling at 9,922, down 43 points. 

9:13 AM

FIIs on selling spree
 
Foreign investors remained in exit mode as they have pulled out nearly Rs 5,500 crore from stock markets so far this month due to geopolitical concerns and a tendency to take profit.
 
According to the latest depository data, the FPIs withdrew a net Rs 5,492 crore ($855 million) during September 1-22. However, they pumped in Rs 4,430 crore in debt markets during this period. READ MORE


9:08 AM

Pre-open trade
 
At 9:05 am, the Sensex was trading at 31,986, up 64 points, while the broader Nifty50 was trading at 9,961, down 3 points. 

9:06 AM Nifty outlook by Angel Broking

 
While there could be higher volatility, any pullback moves in the index in this week is likely to restrict the upmove around the resistances of 10,050 and 10,150. On Friday, the index has closed a tad above the support of 9,950, which if breached, could drag the index towards the daily ’89 EMA’ support in near-term which is placed around 9,770.

9:03 AM

Commodity picks
 
Cotton oilcake
 
Prices are expected to decline further towards Rs 1,455 per quintal in the coming days. CLICK HERE FOR MORE

9:02 AM

Trading ideas by Devang Shah
 
Buy Sun Pharma, Maruti Suzuki and Tata Motors. CLICK HERE FOR DETAILS

9:01 AM

Technical picks

BUY Tech Mahindra    
 
CMP: Rs 458.40       
TARGET: Rs 500     
STOP LOSS: Rs 430
 
CLICK HERE FOR MORE TECHNICAL CALLS 

8:59 AM

Fiscal road map, dollar to dictate market direction 
 
Indian markets, which posted their biggest fall in 10 months on Friday, are likely to remain under pressure in the coming days, as investors await more clarity on the country’s fiscal road map from the government. Meanwhile, strengthening of the dollar, escalating tensions between North Korea and the US, a fall in commodity prices are also expected to make global investors wary of risky assets like emerging markets, including India. READ FULL REPORT

8:57 AM

Wall Street on Friday
 
The S&P 500 closed slightly higher on Friday even though Apple was a drag, as worries about Washington’s latest healthcare legislation proposal eased and investors shrugged off concerns about North Korea.
 
The Dow Jones Industrial Average fell 9.64 points, or 0.04% to 22,349.59, the S&P 500 gained 1.62 points, or 0.06% to 2,502.22 and the Nasdaq Composite added 4.23 points, or 0.07% to 6,426.92.

8:56 AM Asian markets

Asian markets were trading mixed. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2% higher. Japan's Nikkei rose 0.6%, Australian shares climbed 0.4% and South Korea's KOSPI was flat. China's Shanghai Composite and Hong Kong's Hang Seng bucked the trend to lose 0.5% and 1%, respectively. 

8:50 AM Singapore Nifty

At 8:45 am, the SGX Nifty was trading at 9,967, down 16 points or 0.17%.

8:49 AM Good Morning!

Welcome to Business Standard's market liveblog. 
First Published: Mon, September 25 2017. 10:06 IST

MARKETS LIVE: Nifty extends losses, breaches 9,900; metal stocks melt

Catch all live market action here

Catch all live market action here
The benchmark indices extended losses on Monday with the Nifty50 breaching its crucial 9,900 mark as investors turned jittery as they expect government to tinker with its fiscal deficit target for FY18 by announcing an economic stimulus to revive the economy.   

Prime Minister Narendra Modi might announce a package later today for power, housing and social welfare programmes to generate jobs and perk up demand. The package is being pegged at Rs 40,000-50,000 crore. 

Sentiment turned cautious also on account of the derivatives expiry due on Thursday and the recent spike in tensions on the Korean peninsula.

Overseas, Asian markets were trading mixed, while the euro slipped after German Chancellor Angela Merkel won a fourth term in a weekend election, but faced leading a much less stable coalition in a fractured parliament as support for the far-right party surged. 
 image
Business Standard
177 22