Sensex ends on a subdued note, Nifty ends below 9900; midcaps outperform

3:30 pm Market at Close: Fresh selling in the last hour of trade dragged frontline indices lower and led to the market ending on a subdued note. They snapped their four-day gaining streak to close below 9900-mark.

Through the day, the Street traded in a narrow range on the flattish side, apart from some positive movements in the early part of the day. However, the market soon gave up its gains and continued to see sideways day of trade.

The Sensex was down 79.68 points at 31592.03, while the Nifty was down 26.20 points at 9888.70. The market breadth as positive as 1,493 shares advanced against a decline of 1,148 shares, while 106 shares were unchanged.

NTPC, Coal India, Aurobindo Pharma and Ambuja Cements were the top gainers, while ICICI Bank, Hero MotoCorp, Tech Mahindra and Bharti Infratel lost the most.

2:55 pm Minister Speak: Working on various areas across the railway ecosystem in India can create 10 lakh jobs within a year, Union Minister Piyush Goyal said today.

Monetising the real estate assets as well as fast tracking some of the existing investment plans would generate a lot of employment opportunities in the railways and the ecosystem around it, he said.

"My own sense is, may not be directly jobs in railways, but certainly through engaging people and working in variety of areas across the ecosystem, not less than a million jobs can be created in less than 12 months -- only railways and ecosystem around the railways," Goyal said at the India Economic Summit of the World Economic Forum (WEF).

2:30 pm EPF payout: The Employees' Provident Fund Organisation (EPFO) may soon allow part payout of the retirement fund in the form of units proportionate to the money that it invests in equities, a report in The Economic Times said.

Currently, the state-run pension fund invests 15 percent of its annual incremental corpus in the exchange-traded funds (ETFs). The rest of the fund is invested in various forms of debt as well as government securities.

According to current rules, the pensioner gets a consolidated sum at the time of the retirement. The interest rate is decided by EPFO's central board of trustees.

2:05 pm Gold update: Gold tumbled by Rs 225 to Rs 30,375 per ten gram at the bullion market today on muted demand from local jewellers even as the metal strengthened overseas.

Silver followed suit and dropped by Rs 450 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said fall in demand from local jewellers and retailers at the spot market mainly weighed on gold prices but a firm trend overseas capped the slide.

Globally, gold rose 0.06 per cent to USD 1,275.40 an ounce and silver by 0.24 per cent to USD 16.61 an ounce in Singapore.

1:40 pm Europe update: European stocks edged lower on Thursday morning as investors monitored political events and took a cautious approach ahead of key data releases.

The pan-European Stoxx 600 was 0.17 percent lower with most sectors trading in negative territory. Construction and material stocks were the worst-performing sectors in early trading following news that the CEO of Assa Abloy is considering stepping down. The Swedish stock fell nearly 5 percent as a result and hit the bottom of the European benchmark.

1:15 pm Market Check: Rangebound movements on the market continued from the morning session, with the indices trading lower. The Nifty managed to hold on to 9900-mark.

The Sensex was down 42.26 points at 31629.45, while the Nifty was down 12.95 points at 9901.95. The market breadth was positive as 1,434 shares advanced against a decline of 1,011 shares, while 105 shares were unchanged.

Mahindra and Mahindra, NTPC, Aurobindo Pharma and Yes Bank gained the most on both indices, while ICICI Bank, State Bank of India, Bharti Infratel and Tech Mahindra were the top losers.

12:55 pm Brokerage View: Macquarie maintains an outperform rating on Jubilant FoodWorks with a target price of Rs 1465. The stock which is the top pick in the consumer discretionary space has already rallied over 70 percent so far in the year 2017.

Domino's Same-Store-Sales Growth (SSSG) is seeing an uptick due to a new campaign. Macquarie sees strong demand in some outlets on the back of models & establishment act.

The global investment bank sees demand boost on enhancing quality and value for money factor. The stock price is building in 6-7 percent SSSG.

12:30 pm Buzzing Stock: Kajaria Ceramics which has already rallied over 50 percent so far in the year 2017 could see a further upside of 10 percent in the next 12-months, said a brokerage note.

HSBC maintains a buy rating on Kajaria Ceramics and raised its 12-month target price to Rs800 from Rs785 earlier, translating into gains of little over 10 percent.

The industry is facing headwinds on demand-side post GST but it slowly returning to normalcy, said the HSBC note.

12:10 pm Market Outlook: The benchmark indices are trading lower with Nifty50 slips below 9900 level in the afternoon trade.

The Sensex was down 48.53 points at 31623.18, and the Nifty was down 17.90 points at 9897. About 1321 shares have advanced, 1036 shares declined, and 97 shares are unchanged.

NTPC, M&M, Cipla, Kotak Mahindra, Coal India, Aurobindo Pharma, HCL Tech, Yes Bank and NTPC are the top gainers on the Indices.

11:50 am Prataap Snacks management: Amit Kumat, MD & CEO, Prataap Snacks expects a minimum of 20 percent revenue compound annual growth rate (CAGR) for the next five years.

The margins for the company are also expected to improve substantially going forward from the current 4.5 percent, after tweaking grammages, changing raw material procurement pricing and have also change some product configurations, said Kumat.

11:30 am Brokerage View: Shares of Motherson Sumi Systems added 1.5 percent intraday Thursday as global research firm HSBC has maintained buy rating on the stock.

The firm has maintained buy call on the stock with a revised target price of Rs 365 from earlier Rs 333 per share.

The arms have an account of 16-21 percent of the net profit, as per the HSBC's analysis.

11:20 am Market Check: Benchmark indices were trading flat with a negative bias, erasing a huge chunk of its gains from the morning session.

The Sensex was down 10.63 points at 31661.08, while the Nifty was down 8.60 points at 9906.30. The market breadth was positive as 1350 shares advanced against a decline of 888 shares, while 74 shares were unchanged.

10:55 am Services PMI: Activity in India's services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday.

The lingering impact of the government's cash ban late last year pushed growth in Asia's third-largest economy to slow unexpectedly to a three-year low of 5.7 percent in the April-June quarter from a year earlier.

Disruptions to businesses from confusion on product pricing after the implementation of a goods and services tax (GST) on July 1, which aimed to unify multiple taxes, have also cast a shadow on economic growth.

But last month, a surge in demand helped a recovery in activity among services firms after contracting for two months prior to that.

10:45 am FII View: The Indian market, which was once considered as the preferred destination for foreign portfolio investors (FIIs), might be losing its status of favoured investment country among the emerging market (EMs) pack.

''The risk appetite is on the uptrend which will be positive for EMs. But, what we have seen in the last couple of months, India is losing its favoured status (for investment) which it enjoyed over the last 12 months,'' Pramod Gubbi, Head of Equities, Ambit Capital said in an interview with CNBC-TV18.

The large part of the change in trend could be attributed to rise in commodities, especially crude oil prices. ''A large part of the shift could be because of a rally in commodity pack. A lot of other EM markets which are commodity-heavy have found favour while India's valuations have created some sort of deterrent to park their money,'' he said.

Within the EM class, India is a net loser but overall Gubbi thinks that people/investors are net overweight on India. Although the extent of overweight has reduced in the recent past. The trend is likely to continue until we get more clarity in how deep will be the unwinding from the Fed.

10:25 am Buzzing Stocks: Glenmark Pharmaceuticals gained over 4 percent intraday on Thursday. Investors could have cheered a regulatory development for the company.

According to reports on CNBC-TV18, quoting Cogencis, UK drug regulator has renewed a manufacturing certificate for Glenmark's Baddi unit.

Furthermore, Czech drug body has also renewed the manufacturing certificate for Glenmark's Fibichova Unit

10:08 am Market Check: Benchmark indices extended their gains from the morning session, with the Nifty inching towards 9950-mark.

The Sensex was up 97.95 points at 31769.66, while the Nifty was up 29.75 points at 9944.65. The market breadth was positive as 1,347 shares advanced against a decline of 537 shares, while 59 shares were unchanged.

Mahindra and Mahindra, Dr Reddy's Laboratories, Yes Bank and Aurobindo Pharma were the top gainers, while Bharti Airtel, Hero MotoCorp, Bharti Infratel and Power Grid Corporation.

9:55 am Loan default disclosure norms: The Securities and Exchange Board of India may not be coming out with a circular on loan default disclosure norms any time soon as mounting pressure from banks has made the markets regulator bury it for now, sources told Moneycontrol.

It is noteworthy that the SEBI circular, which was originally issued in August, was withdrawn only a day before it was supposed to have been implemented. The circular mandated corporates to reveal details of their loan default – either interest payment or principal repayment – within a day's time of default.

Now, the circular might not see the light of day in the near future, say sources. Banks have been petitioning the Finance Ministry and SEBI over the last couple of months against such a circular as they believe loan default disclosures will increase their provisioning burden.

9:42 am New Listing today: Prataap Snacks, whose initial share sale offer received robust investor demand last week, will list its shares on bourses on October 5.

The Rs 482-crore initial public offer (IPO) was oversubscribed 47.39 times during September 22-26. The qualified institutional buyers (QIBs) portion was oversubscribed 76.89 times, non-institutional investors 101.15 times and retail investors 8.48 times, according to NSE data.

The issue was in a price band of Rs 930-938 per share. The company, which makes products under the 'Yellow Diamond' brand, aims to use the proceeds to expand capacity, marketing and brand building activities and retire the debt on its books. Edelweiss, JM Financial and Spark Capital were managing the issue.

9:33 am Buzzing Stock: Shares of Mahindra and Mahindra gained over 2 percent as investors cheered a ratings upgrade on the stock.

Global brokerage firm, CLSA, upgraded its rating on the stock to outperform and raised the target to Rs 1,610.

CLSA observed that volume growth for the company is on an uptrend, while the tractor business is seeing strong demand.

Moreover, the SUV business is a drag, but volumes are seeing a recovery on low base. In fact, it expects the upcoming MPV launch to boost FY19 growth.

The stock, the brokerage said, looks attractive after underperforming the Nifty by 13 percent since June.

9:15 am Market Opens: Frontline indices on Thursday opened on a flat note, with the Nifty trading above 9900-mark in the opening tick.

The Sensex was up 48.81 points at 31720.52, while the Nifty was up 11.30 points at 9926.20. The market breadth was positive as 296 shares advanced against a decline of 110 shares, while 18 shares were unchanged.

In the broader markets, midcaps have outperformed the frontline indices, while on a sectoral level, Nifty Bank, IT and infra are flat with a negative bias.

Mahindra and Mahindra, HUL and Reliance were the top gainers, while NTPC, Wipro, Bharti Infratel and Tata Motors lost the most.

The Indian rupee opened lower at 65.09 per dollar on Thursday versus previous close 65.01.

Mohan Shenoi of Kotak Mahindra Bank said, "Rupee has gained from exporter participation and revival of carry trades post RBI announcing status quo on interest rates. USD-INR trading range for the day is seen between 64.90-65.20."

He further added, "Rising trajectory of CPI, status quo on RBI policy, reduction in SLR and HTM holdings by banks and worries on Fed's unwinding plans has made local bond market bearish."

"10-year yield has jumped up to 6.70 percent following lack of cues from RBI for further rate cuts. 6.79% GoI 2027 expected trading range for the day is 6.69-6.73 percent," he said.

Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the U.S. economy are likely to keep investors cautious.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat while Japan's Nikkei ticked up 0.1 percent.

In Asia on Thursday, trade is expected to remain subdued with China, Hong Kong and South Korea closed for public holidays and analysts cautioning against reading too much into index moves.

Wall Street's three major stock indexes rallied to fresh highs on Wednesday as did MSCI's all-country world stock index .

US stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings.

It was the third straight session where all three major indexes hit record closing highs, though the small-cap Russell 2000 broke its string of eight all-time high finishes, ending down 0.3 percent.

Shares of Netflix helped lift the S&P 500, rising 2.9 percent, after UBS raised its price target on the company. Shares of Amazon , up 0.9 percent, gave the index its biggest boost.