Sensex by 382 points, Nifty around 10,450; midcaps crack

CNBC

Market at Close: A huge reversal in trend played on the market today as weakness in financials weighed big on Sensex and the Nifty. The 50-share index, which rose above 10,700 in the opening tick, ended the day just above 10,450.

Non-banking financial companies (NBFCs), particularly housing finance companies, saw a big fall, which spilled over to other financial names as well. As a result, sectoral indices such as PSU banks as well as Bank Nifty ended 1.5-3 percent lower. A sell-off in the midcaps segment also added to the weak sentiment. 
Automobiles, metals, pharmaceuticals and energy sectors were the other big losers. 
At the close of market hours, the Sensex is down 382.90 points or 1.09% at 34779.58, while the Nifty ended lower by 131.80 points or 1.25% at 10453.00. The market breadth was negative as 705 shares advanced, against a decline of 1,884 shares, while 942 shares were unchanged.  
Market Update: A sharp sell-off in the past few minutes has dragged the market to low points. The Sensex has fallen over 400 points, while the Nifty is below 10,450.
The Sensex is down 400.40 points or 1.14% at 34762.08, while the Nifty is lower by 138.30 points or 1.31% at 10446.50. The market breadth is negative as 629 shares advanced, against a decline of 1,872 shares, while 1,025 shares are unchanged.
Infosys, ITC, and HCL Tech are the top gainers, while Yes Bank, Adani Ports, and Indiabulls Housing have lost the most.  
Financials are weighing big on the market. The Bank Nifty is lower by 2 percent, while the Nifty PSU bank index is down 4 percent.  
MARUTI SUZUKI FALLS 3% 
Maruti Suzuki India stock declined over 3 percent intraday Wednesday after global brokerage firm HSBC slashed target price by 10 percent on likely margin pressure risk.
The research house reduced target price to Rs 9,000 (implying potential upside of 26 percent), from Rs 10,000 earlier while retaining 'buy' call on the stock.
NIIT Tech Q2 Profit Jumps 30%
Software company NIIT Technologies has reported a healthy sequential growth of 30.3 percent in its consolidated profit to Rs 111.8 crore, driven by strong operational performance.
Consolidated revenue during the quarter grew by 10 percent to Rs 907.4 crore QoQ with fresh order inflow expanding to $160 million.
Digital business, which grew by 11.6 percent sequentially, contributed 28 percent to total revenue, NIIT Technologies said.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) increased 25.1 percent quarter-on-quarter to Rs 164 crore and margin expanded by 230 basis points to 18.1 percent in Q2FY19. 
Europe Update
European stocks were higher, after upbeat earnings on Wall Street helped to restore an appetite for riskier assets.
The pan-European Stoxx 600 was up around 0.5 percent shortly after the opening bell, with most sectors and major bourses in positive territory.  
Sensex, Nifty Rangebound
Benchmark indices turned volatile after morning gains, with the Sensex rising 4.65 points to 35,167.13. The Nifty fell 16.50 points to 10,568.30.
The broader markets underperformed frontline indices on weak breadth. The Nifty Midcap index declined a percent.
About two shares declined for every share rising on the BSE.
All sectoral indices were under pressure barring FMCG and IT which gained a percent each. 
KRBL SHARES FALL AS AUDITOR RESIGNS
Shares of KRBL have fallen over 10 percent after one of its joint statutory auditors resigned. 
“One of our joint statutory auditors SSAY & Associates, Chartered Accountants have resigned from the position of joint statutory auditors of the company with immediate effect due to some unavoidable circumstances,” the firm informed exchanges on Wednesday. 
Market Update: Equity benchmarks have given up a huge chunk of their gains on the back of intense selling in the NBFC space. Along with it, investors have sold stocks in automobiles, metals and pharmaceuticals as well. The Nifty Midcap index reversed all gains and traded around low points. The index is down around a percent. 
The Sensex is up 61.95 points or 0.18% at 35224.43, while the Nifty is higher by 1.10 points or 0.01% at 10585.90. The market breadth is negative as 825 shares advanced against a decline of 1,422 shares, while 1,270 shares were unchanged.
Coal India, ITC, and HCL Technologies are the top gainers, while Yes Bank, Maruti Suzuki, and Indiabulls Housing have lost the most. 
Gold trades lower: Gold prices edged lower early Wednesday as equities gained and the dollar firmed amid waning risk-averse sentiment, with the market awaiting minutes from the US Federal Reserve's latest policy meeting for fresh clues on the pace of interest rate hikes, reported Reuters.
Market Update: Equities are off their high points on the back of some selling in the non banking financial companies and some names in the pharmaceutical space. 
The Sensex is up 255.10 points or 0.73% at 35417.58, while the Nifty is higher by 69.30 points or 0.65% at 10654.10. The market breadth is positive as 1,152 shares advanced, against a decline of 400 shares, while 1,965 shares were unchanged.
Automobile stocks have lost some sheen, while banks, consumption and IT space continue to rise higher. Midcaps have witnessed some selling as well. 
Market opens: It is a strong start to the market on Wednesday morning on the back of strong global cues. The Nifty has opened above 10,700-mark, while the Sensex is trading higher by over 400 points. 
There’s buying across all sectors, with maximum gains visible among banks, IT, and automobiles, among others. In the broader markets, the Nifty Midcap index is trading higher by over a percent as well. 
Infosys’ shares have risen 3 percent on the back of good results and an order book as well. 
Other top gainers include Yes Bank and Eicher Motors. Among top losers are ONGC and BPCL.  
Market at pre-opening: There is strong start on the Dalal Street in the pre-opening trade with Nifty trading above 10,650 mark.
At 09:01 hrs IST, the Sensex is up 256.27 points or 0.73% at 35418.75, and the Nifty up 71.70 points or 0.68% at 10656.50.
Infosys is down 2 percent, while Hero Motocorp and South Indian Bank is trading firm.
Asian markets trade positive: Asian equities got some much needed relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies.
Japan's Nikkei leaped out of the gates with an early rise of 1.3 percent, but still has a long way to go to recoup the past week's losses, reported Reuters.
Havells to declare Q2 results: Company is scheduled to report its results for the quarter ended September on October 17, may see a marginal fall in net profit but revenues are expected to grow in double digits, according to Motilal Oswal estimates.
The domestic brokerage firm expect the net profit of Havells India to fall by 1 percent on a year-on-year basis to Rs 169.3 crore for the September quarter. But, sequentially, the net profit could see a dip of 22.7 percent, said the report.
Wall Street ends with 2% gain: US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off, reported Reuters.