3:30 pm Market closing:
After a choppy trading session, the market has ended lower. The Nifty has ended below 7850, down 58.90 points or 0.7 percent while the Sensex slipped 207.27 points or 0.8 percent at 25229.70.
Coal India, BHEL, Lupin, ICICI Bank and TCS were losers in the Sensex while Bharti, HDFC, Tata Steel, Tata Motors and L&T are gainers in the Sensex.
3:00 pm Gold check: Gold prices recovered by Rs 50 to Rs 30,250 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh buying by jewellers.
However, silver remained under pressure and shed another Rs 100 to Rs 41,600 per kg.
Traders said a firm trend globally where gold rose on speculation that the US central bank will be slow to tighten policy further, bolstered the metal’s appeal, which also hit dollar. Pick up in buying by jewellers to meet retailers’ demand for the ongoing wedding season, also supported the upside, traders added.
2:55 pm Market outlook: Reacting to today’s sharp fall in the Indian indices, market expert, Ashwani Gujral said that this is a correction followed by the sharp 1100 points rally in the Nifty.
He said that if no global market is rallying then our markets won’t respond to any good news as well.
In the same interview, Deven Choksey said that the drop in the market index will open lot of opportunities to buy and this is fall is nothing but an overdue correction.
Jai Bala of cashthechaos.com said that there are two short term possibilities from this point, either the market will end this correction at 7690 or there will be a deeper correction till the 7400 mark.
2:45 pm Market outlook: There are some green shoots visible in urban demand but India’s GDP is heavily dependent on semi-urban and rural demand, where uptick is still awaited, says Sachin Shah, Fund Manager at Emkay Investment Managers.
“Probably in second half of FY17 we will see demand come back from semi-urban and rural segments,” he says
Shah sees a pick-up in the pace of execution of infrastructure projects, particularly roads, which in turn will boost demand for cement. Earlier on Tuesday, CNBC-TV18 reported quoting sources, that cement prices in Andhra Pradesh and Telangana have been hiked by Rs 40-50 per bag.
2:30 pm Tata Steel: Metals group Liberty House will submit a letter of intent to buy the British assets of Tata Steel, a spokeswoman said, in the first concrete bid since the Indian conglomerate put the business up for sale, threatening thousands of jobs.
India’s Tata group announced plans to sell its entire UK steel operation in March, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.
Keen to avoid the loss of 10,000 jobs, the government has offered hundreds of millions of pounds in support to potential buyers, including the option of it taking a 25 percent stake in the firm alongside other buyers.
Don’t miss: HDFC’s growth sweet spot is outside metros, not in them
The market continues to slip further. The Sensex is down 137.96 points or 0.5 percent at 25299.01 and the Nifty slips 43 points or 0.5 percent at 7762.90. About 1196 shares have advanced, 1242 shares declined, and 167 shares are unchanged.
Bharti Airtel, Tata Motors, Adani Ports, L&T and Tata Steel are top gainers in the Sensex while Coal India, Lupin, Infosys, HUL and TCS are losers.
The Indian IT infrastructure market will increase marginally to USD 1.93 billion this year whereas by 2020, it is likely to grow to USD 2.13 billion, Gartner said today.
The IT infrastructure market includes server, storage and enterprise networking equipment. In 2015, the market stood at USD 1.90 billion.
“The Indian IT infrastructure market will total USD 1.9 billion in 2016, a 1 percent increase from 2015,” Gartner said. Indian enterprises will continue to focus on optimising their infrastructure and operations budgets in 2016, it added.