IT Heavweights Under Pressure: Sensex Off

Day's High
Real estate stocks were seeing selling pressure in early morning trade. The Bombay stock Exchange BSE Realty index was seen down 0.7%. Prestige Estates, DLF, NBCC, Oberoi Realty, Godrej
Properties and Phenix Mills belong to the losers group from this
space.
In the early morning trade on the stock exchanges, stock
markets came off the intraday high levels due to selling pressure in
heavyweight IT stocks. Sensex, which soared over 150 points was up
55 points at 28,116 and Nifty was at 8,720, up 22 points. At, 9:26
a.m, Sensex surged over 150 points and Nifty edged closer to its
crucial psychological level of 8,750 due to buying in auto, metal and
FMCG shares. The Sensex further surged as much as 151 points to
28,216.64 while Nifty advanced 48 points to 8,745.80.
In the opening deals today, buying interest was witnessed in metal, auto and FMCG shares. The metal
stocks were seen to be among the top gainers on the bourses. The BSE Metals Index advanced over 1%.
Meanwhile, FMCG, auto and power indices were also trading higher over 0.5% each. At the same time,
select IT stocks were seeing selling pressure.
From the Nifty lot of shares, 42 were moving forward while 9 were plummeting. Tata Motors was seen
to be among the top Nifty gainers, up nearly 2% after the company reported more-than-expected Jaguar
Land Rover Sales for the September month.
Hindalco, Cipla, Tata Steel, ITC, Asian Paints, Tata Power, Ambuja Cements and Yes Bank were also
among the gainers.
On the other hand, BPCL, Zee Entertainment, Bharti Airtel, HCL Technologies, TCS, Infosys and Tech
Mahindra were among the laggards.
The broader markets were seen to be in-line with the benchmark indices. The Bombay Stock Exchange
- BSE mid-cap and small-cap indices soared 0.45% each.

At the time of market opening and just before:

Rupee opened higher at 66.58 per dollar against Friday's close of 66.68. At, 8:30 a.m., Sensex and
Nifty were expected to open higher in trades today tracking gains on the Nifty futures traded on the
Singapore Exchange amid subdued Asian cues. The Nifty Futures had traded on Singapore Exchange SGX Nifty traded 0.36% or 31 points at 8,745.
Meanwhile, other Asian markets were seen to be trading on a subdued note as the traders signalled a
slightly higher chance of Fed raising its key interest rate by end of this year after Friday's jobs report. On

the other hand, Japan's Nikkei was down 0.23%, Hong Kong's Hang Seng dipped 0.42% while South
Korea's KOSPI slumped 0.02%.
On Friday, US stocks slumped after weaker-than-expected September jobs report had little impact on
the prospects of the interest rate hike by year end. Dow Jones closed 0.15% lower, Nasdaq slipped
0.27% and S&P 500 declined 0.33%.
On the same day, foreign institutional investors bought cash shares worth Rs.56 cr and domestic
institutional investors bought shares worth Rs.727 cr.

Tata Steel and ONGC in focus today:

Meanwhile, ONGC shall be in focus today on the back of reports that it has signed a preliminary
agreement to take an operating stake in GSPC's KG basin gas block. Tata Steel shall also be on the radar
investors as it is believed to be edging closer to striking a novel deal over the 15-billion-pound pension
pot, according to a media report on Sunday that stands in the way of an agreement over of its UK
steelworks.

Scenario of the market at 10:26 am:

The broader markets traded strongly higher. The BSE mid-cap and Small-Cap Indices were seen to be
up over 0.4%. NALCO stands as the top gainer from this space, up 6% to Rs.51.85. Tata
Communications, Tata Chemicals, Rajesh Exports, Tata Chemicals, Bharat Forge, Blue Dart, SAIL,
Tata Global Beverages, L&T Housing Finance and Ajanta Pharma were also among the gainers.

Disclaimer
The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of
the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while
making investment decision.
Dynamic Equities Pvt. Ltd - SEBI Investment Advisory Reg. No.: INA300002022

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Article Written by
Salman Hashmi