MARKET HIGHLIGHTS:

• The market was BEARISH during the week. The Sensex was DOWN -270.61 while the Nifty was DOWN -1.07% during the week. Nifty is coming in the range of 7900-8100.
• Global growth concerns and weaker economic data from Germany spooked equity benchmarks on Friday but Infosys’ 7 percent rally on Q2 earnings helped the market cap losses. Largecap indices erased majority of gains seen in previous session.
• The 30-share BSE Sensex tumbled 339.90 points or 1.28 percent to 26297.38 and the 50-share NSE Nifty closed below the 7900 level, down 100.60 points or 1.26 percent to 7859.95. The broader markets were not spared either; the BSE Midcap and Smallcap indices declined fell over 1 percent.
• Global markets saw selling pressure after German exports dropped 5.8 percent in August, the largest decline since the financial crisis and remarks from European Central Bank (ECB) President Mario Draghi. Asian markets fell 0.6-2 percent while European markets were down 1-2 percent (at 16 hours IST).
• Brent crude slipped to its lowest level in over 4 years as it dropped below USD 90 a barrel, down 0.8 percent to USD 89.35 a barrel and NYMEX crude hit a 22-month low, falling USD 1.01 to USD 87.76 a barrel on lower global demand, excess oil supply and strong dollar.
• Metals saw major selling pressure with the BSE Metal Index falling 4 percent led by Hindalco Industries, Sesa Sterlite, Tata Steel and Coal India 2.5-5 percent. Infosys pushed IT Index 2.3 percent higher. HCL Technologies was up 2.6 percent but TCS and Wipro lost 0.6-1 percent.
• For the week, Sensex was DOWN -270.61 while the Nifty was DOWN -1.07% during the week.


Market Status:

• Indian ADRs ended lower on Friday.
• In the IT space, Infosys gained 5.74 percent at USD 62.82.
• Wipro was down 0.34 percent at USD 11.89.
• In the banking space, ICICI Bank fell 1.62 percent at USD 49.13.
• HDFC Bank was down 2.33 percent at USD 47.05.
• In the other sectors, Tata Motors slipped 3.09 percent at USD 42.71.
• Dr Reddy’s Laboratories was down 0.87 percent at USD 48.79.

Private sector lender IndusInd Bankm, which will announce its second quarter (July-September) earnings today, is expected to report a 25 percent growth in profit after tax at Rs 412 crore as against Rs 330 crore in a year-ago period.


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