Choppy day of trade on D-Street as Sensex falls over 200 points; Nifty below 10,250

Benchmark indices are trading higher in the late afternoon trade with Nifty above 10,350 level.

The Sensex is up 183.63 points at 34,560.62, while Nifty is up 61 points at 10, 377.50. About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged. 

Energy, banks, auto and pharma space were up 1-3 percent, while midcap, smallcap stocks are underperforming the major indices.

After a gap down opening the rupee recovered a bit but currently it is trading near the day's low at around 73.91 per dollar.

Rupee touched a record low of 74.22 per dollar on Friday after central bank kept the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.

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Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-choppy-day-of-trade-on-d-street-as-sensex-falls-over-200-points-nifty-below-10250-3021511.html

Opening Bell (8 Oct 2018)

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Know how to deal with Market Correction

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Buckle up! Stay light as Nifty50 could retest 9,800-10,000 levels in medium term

The momentum-based oscillators are in ‘sell’ on near and on medium-term basis. Given the sharp fall over the past few weeks, the market is expected to remain weak on a medium-term basis, Arun Kumar, Market Strategist, Reliance Securities, said in an interview to

Moneycontrol’s Kshitij Anand.

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Closing Bell: Sensex plunges 792 pts, rupee hits 74/$ as RBI holds rates; Infosys, TCS up

The MPC’s decision to stand pat is a clear signal that inflation remains the anchor of monetary policy. Interest rates will not be used to manage the currency, but the MPC will respond to the inflationary consequences of depreciation.

Currently, although higher oil prices and a weaker currency add to near-term cost pressures, the RBI acknowledged the expected inflation undershoot on lower food inflation and tighter financial conditions. The pause also gives it a chance to wait and observe the impact of the hikes already delivered. Lastly, the change in its stance indicates the MPC remains ready to hike, if inflation pressures become more adverse.

Overall, given our view of an impending growth slowdown due to a significant tightening of financial conditions, 50bp in cumulative hikes already in place and the need for RBI to allow lagged effects of policy transmission to become apparent, we expect rates to remain unchanged over our forecast horizon.

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MCX SUPPORT & RESISTANCE LEVEL

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INTERNATIONAL MARKET UPDATE (05 Oct 2018)

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