Sensex sheds over 180 points, Nifty ends below 10,250; midcaps crack

CNBC

Market at Close: Weakness in the last hour of trade dragged equity benchmarks to low points. The Nifty ended the session below 10,250-mark, while the Sensex shed over 180 points. Against this, the market had a strong start, with the Sensex and Nifty having risen a percent each. 

Financials gave up all of their gains and were a lag on the benchmarks. Along with them, energy, IT, and metals were the big losers. Sell-off in midcaps, too, added to the weakness, with the Nifty Midcap index falling over a percent lower. 
At the close of market hours, the Sensex closed down 181.25 points or 0.53% at 34134.38, while the Nifty fell 58.20 points or 0.56% at 10245.30. The market breadth was negative as 832 shares advanced, against a decline of 1,758 shares, while 980 shares were unchanged.
ICICI Bank, NTPC, Indiabulls Housing and Eicher Motors are the top gainers, while IndusInd Bank, Reliance Industries, and BPCL lost the most.   
MARKET OUTLOOK: MORGAN STANLEY ON BANKS
The higher interest rate trajectory, based on the position of Indian economy, amid NBFC turmoil is likely to improve large banks' positioning even more, Morgan Stanley said in a note.
In the large banks space, the global investment bank prefers ICICI Bank, HDFC Bank, State Bank of India and Axis Bank which could give 30-40 percent return in the next 12 months. Morgan Stanley turns underweight on Yes Bank and RBL Bank, and 'equal weight' on AU Small Finance Bank. 
Market Update: Equity benchmarks are trading higher, with the Sensex rising over 100 points. The Nifty is trading around 10,350.
Selling is visible among energy and IT names, along with broader markets. The Nifty Midcap is down one-third of a percent. 
The Sensex is up 126.56 points or 0.37% at 34442.19, while the Nifty is higher by 32.80 points or 0.32% at 10336.30. The market breadth is negative as 940 shares advanced, against a decline of 1,331 shares, while 1,291 shares were unchanged.
ICICI Bank, NTPC, and Indiabulls Housing are the top gainers, while Yes Bank, IndusInd Bank, and BPCL have lost the most. 
Morgan Stanley on Mphasis: The foreign research house maintained overweight rating on the stock with a target of Rs 1,185. It sees potential upside of 11 percent.
According to firm, the macro environment for spending remains robust, while FY19 margin band remains unchanged even with currency tailwinds.
Management indicated that sustaining direct core business growth in mid-teens is possible, it added.
Buzzing: Shares of Biocon gained nearly 4 percent intraday Monday after European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri.
Biocon and Mylan N.V. announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri 41, a biosimilar to Roche's Herceptin (trastuzumab), company said in release.
Market Update: The market has given up half of its gains and is trading off the high points. The Sensex is higher by around 150 points, while the Nifty is around 10,350.
Selling is visible in the information technology segment, with the Nifty IT index falling around a percent. Banks, automobiles, consumption and pharma have lost some of their sheen at this point. The midcap index, meanwhile, has given up almost all of its gains. 
The Sensex is up 179.94 points or 0.52% at 34495.57, while the Nifty is higher by 50.20 points or 0.49% at 10353.70. The market breadth is positive as 855 shares advanced, against a decline of 423 shares, while 2281 shares were unchanged.
HDFC Bank, Adani Ports, Indiabulls Housing and Bajaj Finance are the top gainers, while Yes Bank, TCS, and Tech Mahindra have lost the most. 
Market opens: The market is off to a good start to the week, with the Nifty trading around 10,400 mark. Possible fall in crude prices is likely to have impacted the indices. 
The Sensex is up 342.98 points or 1% at 34658.61, while the Nifty is higher by 96.10 points or 0.93% at 10399.60. The market breadth is positive as 415 shares advanced, against a decline of 99 shares, while 3,044 shares are unchanged.
Among sectors, banks are trading strong, while automobiles, energy, FMCG, and metals are trading in the green. Midcaps, too, are in the green, with Nifty Midcap rising over half a percent. 
Shares of HDFC Bank are higher by 2.5 percent higher as investors react to its September quarter results. Indiabulls Housing is the other big gainer. 
Market at pre-open: It is likely to be a good start to the market on Monday morning as trends from pre-opening are hinting at these levels.  
At 09:04 hrs, the Sensex is up 298.06 points or 0.87% at 34613.69, while the Nifty is up 77.70 points or 0.75% at 10381.20. The rupee opened flat at 73.32 per US dollar, quite close to Friday’s close of 73.30 per US dollar. 
Global currency Update: The euro and the British pound edged down against the dollar on Monday as investors awaited developments around Brexit as well as Italy’s budget plan which drew heavy criticism from the European Union, reported Reuters.
US markets end mixed on Friday: The US benchmark S&P 500 stock index edged lower on Friday as strong earnings from Procter & Gamble Co were offset by ongoing concerns about rising interest rates and tensions over trade policy denting economic growth.
The Dow Jones Industrial Average rose 64.89 points, or 0.26 percent, to 25,444.34, the S&P 500 lost 1 point, or 0.04 percent, to 2,767.78 and the Nasdaq Composite dropped 36.11 points, or 0.48 percent, to 7,449.03, reported Reuters.