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    Showing posts with label Brokers. Show all posts

    Nifty below 8,000, heads for sixth day of losses

    The Nifty broke below the 8,000 level for the first time since Oct. 1, heading towards a sixth consecutive losing session after a private survey showed the manufacturing sector cooled to its slowest in nearly two years in October.

    The Nikkei Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 50.7 in October from September's 51.2. The 50-mark divides expansion from contraction.

    Falls in Asian markets also dented sentiment after soft Chinese factory surveys and U.S. consumer spending data raised concerns over the global economic outlook.

    Meanwhile, Coffee Day Enterprises, the operator of India's biggest coffee chain, fell as much as 17 percent in its market debut on Monday, as investors fretted over a generous price tag they said underestimated concerns around its complex structure.

    India's volatility index surged over 10 percent on Monday, its biggest single-day rise since Sept. 22.

    "Overall the mood is cautious because since the last five days we are seeing losses," Alex Mathews, head of research at Geojit BNP Paribas, said.
    The broader NSE index was trading 0.72 percent lower falling as much as 0.82 percent to 7,999.30 points, its lowest level since Oct 1.

    The benchmark BSE index was down 0.8 percent falling as much as 0.96 percent. The index hit its lowest intraday level since Oct 5.

    Industrial heavyweight Larsen & Toubro extended losses from the previous session and was down 2.3 percent after a slew of brokerages downgraded the stock on weak growth outlook.

    L&T, seen as a bellwether of the domestic economy, on Friday halved the growth it expects in its order book in the current financial year.

    Among other decliners, Bajaj Auto Ltd fell over 5 percent, hitting earlier its lowest level since Oct. 20, after reporting a 9 percent fall in total vehicle sales for October.

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