Market Live: Profit booking drag Sensex, Nifty in opening; Amtek Group stocks zoom

10.11 am Market Check: Equity benchmarks continued to reel under selling pressure, with the Nifty struggling below 9650 level on correction in banking & financials, auto and metal stocks.

The 30-share BSE Sensex was down 57.71 points at 31,239.82 and the 50-share NSE Nifty fell 30.15 points to 9,623.35.

L&T gained over a percent after sources told CNBC-TV18 that the government sold its stake in the company for Rs 4,000 crore.

Reliance Industries continued to support the market, up 0.64 percent while HDFC, Tata Motors, ONGC, Lupin, TCS, HDFC Bank and ICICI Bank were under pressure.

9:54 am IPO: The initial public offer of Eris Lifesciences was oversubscribed 3.29 times on the last day.

The IPO, looking to raise Rs 1,741 crore, received bids for 5,25,02,424 shares against the total issue size of 1,59,48,750 shares, data available with the NSE till 1930 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 4.68 times, non institutional investors 45 per cent and retail investors 3.50 times, sources said.

Eris Lifesciences is into manufacturing of branded pharmaceutical products in select therapeutic areas.

9:45 am Technical outlook: Way2Wealth Research reiterated its views that traders should stick to stock specific trading opportunity.

For the day, 9676 will continue to act as an immediate hurdle above which the next resistance comes near 9709. Lower side, 9637 / 9615 are the intraday support, it feels.

Overall markets are stuck in broad range of 9580-9700 levels and breakout from this range will further set the direction for broader indices in short to medium term. Below 9580 selling pressure is expected that may drag Nifty towards 9520-9480 levels whereas move above 9720 can take Nifty towards 9800 levels.

9:30 am Housing credit growth: Total housing credit growth moderated to 16 percent in the financial year 2016-17 due to lack of new project launches as investors deferred their home purchase decisions, according to rating agency ICRA.

In the financial year ending March 2016, the housing credit had grown by 19 percent.

Overall housing credit stood at Rs 14.4 trillion as on March 31, 2017 as against Rs 12.4 trillion in the previous year.

“The growth in the sector (in FY17) was impacted by a slowdown in new project launches with buyers and investors deferring their home purchase decisions in expectation of a decline in real estate prices,” Icra said in a report here today.

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9:15 am Market Check: Equity benchmarks opened moderately lower on Wednesday, with the Nifty breaking 9650 level on weak Asian cues.

The 30-share BSE Sensex was down 45.77 points at 31,251.76 and the 50-share NSE Nifty fell 22.05 points to 9,631.45.

HDFC, Tata Motors, Infosys, ICICI Bank, HDFC Bank and ONGC were under pressure while L&T, Reliance Industries, Asian Paints and HUL were gainers.

Amtek Auto and Castex Technologies and Metalyst Forgings rallied 6-13 percent after a media report indicated that 21 investors are in fray for Amtek Auto sale.

Berger Paints, Jet Airways, Monnet Ispat, Bhushan Steel, Jaypee Infra, Jaiprakash Associates and VST Tiller gained 1-4 percent.

The Indian rupee also declined in early trade. It has opened lower by 13 paise at 64.63 per dollar versus 64.50 Tuesday.
Asian bourses traded mostly lower following MSCI’s decision to add mainland Chinese stocks to its emerging markets index gradually and as oil prices slipped around 2 percent overnight. The Nikkei 225 declined 0.44 percent and the Kospi fell 0.6 percent.