NIFTY SET TO REVISIT 10200 SUPPORT

NIFTY SET TO REVISIT 10200 SUPPORT

WORLD MARKETS

US indices nosedived 3.2%-4.1% with the Dow and S & P 500 suffering their worst fall in eight months on worries over rising interest rates and sell-off in technology shares. Nasdaq fell the most since June 2016.

Amazon declined 6.2%, Netflix slid 8.4% while Facebook and Apple fell more than 4% each.

The producer price index rose 0.2% in September and was up 2.8% on a year-over-year basis.

Trump, expressing his view on rising interest rates said "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,". Commenting on the sell-off on Wall Street, Trump said: "It's a correction we've been waiting for for a long time, but I really disagree with what the Fed is doing."

US crude tumbled 2.4% to settle at $73.17 while Brent was down 2.2% at$83.10.

European markets fell 1%-2.2%. UK GDP grew 0.7% over previous quarter.

AT HOME

Sensex and Nifty soared 1.4% and 1.5% respectively, registering the largest percentage gain in nearly 6 months. Sensex added 461 points to settle at 34760 while Nifty finished at 10460, up 159 points. BSE mid-cap and small-cap indices climbed 3.7% and 3.2% respectively, registering best day since February and March 2016 respectively. Except 1.5% and 1.1% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green with Realty and Consumer Durable indices leading the gains, up 4.4% and 3.8% respectively.

FIIs net sold stocks and index futures worth Rs 1096 cr and 1487 cr respectively but net bought stock futures worth Rs 2280 cr. DIIs were net buyers to the tune of Rs 1893 cr.

Rupee appreciated 19 paise to end at 74.20/$.

ZEE Entertainment reported better than expected quarterly numbers on all counts. Net profit fell 38.2% to Rs 387 cr while revenue rose 25% to Rs 1976 cr. EBIDTA climbed 38% to Rs 676 cr and margin was up 320 bps at 34.2%. Advertising revenue rose 22.7% to Rs 1211 cr and subscription revenue was up 21.3% at Rs 608 cr. 320 34.2

OUTLOOK

Today morning, Asian markets are trading with cuts of 2.55-3.5% and SGX Nifty is suggesting more than 200 points lower start for our market.

In yesterday's report we had reiterated the view that 10200, the low made on Monday, continues to be immediate support while 10400, in the vicinity of which tops made on Monday and Tuesday were placed, was the immediate hurdle.

Nifty crossed 10400 hurdle and touched a high of 10482 before closing at 10460 but is set to open around 10250 today.

10200 continues to be immediate support, upon sustained trading below which, 9951 would be the next major support to eye.

10482, the top made yesteray, would now be the immediate hurdle.

TCS will report its quarterly earnings today.