11695-11381 CONTINUES TO BE IMMEDIATE RANGE

11695-11381 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

Nasdaq tumbled 1.1% while S & P 500 and Dow fell 0.5% and 0.3% respectively on Friday after reports that the White House is considering limits on U.S. investment into China.

Shares of Alibaba plunged 5.1% on the news. Other Chinese stocks like Baidu and JD.com also traded lower.

Data showed U.S. consumer spending slowed more than expected in August.

WTI crude futures fell 0.9% to $55.91 and brent crude futures dropped 1.4% to $61.89 after Iranian President Hassan Rouhani claimed that the U.S. offered to remove all sanctions on Iran in exchange for negotiations.

European markets gained 0.3%-1%. Eurozone economic sentiment came in at its weakest since February 2015, sinking from 103.1 in August to 101.7 in September. Consumer confidence in September improved slightly to -6.5 from -7.1 in August, while business climate measures declined to -0.22 in September from +0.12 in August.

For the week, US indices fell 0.4%-2.1% with Nasdaq leading the losses.

AT HOME

Sensex and Nifty fell 0.4% and 0.5% respectively, extending the consolidation within the highs and lows made earlier during the week. Sensex lost 167 points to settle at 38822 while Nifty finished at 11512, down 59 points. BSE mid-cap and small-cap indices fell 0.6% and 0.8% respectively. Except 1.1% and 0.1% higher Telecom and Energy indices respectively, all the BSE sectoral  indices ended in red with  Metal and Realty indices leading the losses down 2.8% and 2.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 214 cr, 260 cr and 1055 cr respectively. DIIs were net buyers to the tune of Rs 459 cr.

Rupee appreciated 32 paise to end at 70.56/$.

For the week, Sensex and Nifty climbed 2.1% each, extending the winning streak to third consecutive week.

OUTLOOK

Today morning, Asian markets are trading with cuts of upto 0.6% and SGX Nifty is suggesting a flattish start for our market.

For past couple of sessions we have been mentioning that 11695, the top made last Monday, is the immediate hurdle, a crossover of which is required for a fresh upmove while 11381, the lower end of the gap created by gap-up opening on Monday, is the immediate support.

Nifty has been consolidating within these levels for past four sessions and is set to open around Friday's close, 11512.

11695-11381 continues to be immediate range, a crossover of which, on either side, is required for a fresh move. Once 11695 is taken out, 11981, the top made in July, would be the next target to eye.

Meanwhile, trading longs can be held on to with the stop-loss of 11381.

11695-11381 CONTINUES TO BE IMMEDIATE RANGE

11695-11381 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices fell 0.2%-0.6% as markets monitored the latest trade developments and assessed a whistleblower complaint against President Donald Trump that was released.

Media reports suggested that the U.S. is unlikely to extend a temporary waiver that allows U.S. companies to sell supplies to Huawei, a Chinese telecommunications giant. On the flip side, China’s foreign Minister Wang Yi said the U.S. has shown good will by waiving tariffs and China is willing to buy more American products.

The U.S. House Intelligence Committee released a declassified version of a whistleblower report alleging Trump used his office to solicit interference in the 2020 presidential election from a foreign country.

Brent crude futures rose 40 cents, or 0.6%, to $62.79 a barrel while WTI crude settled down 8 cents, or 0.1%, to $56.41 a barrel.

European markets gained 0.4%-0.8%. German Gfk consumer confidence survey rose for the first time in 2019 to come in at 9.9 for October following a reading of 9.7 for September.

AT HOME

Sensex and Nifty soared 1% and 1.2% respectively, nearly recouping losses suffered in yesterday's session. Sensex settled at 38989, up 396 points while Nifty added 133 points to finish at 11573. BSE mid-cap and small-cap indices rose 0.9% and 0.4% respectively. Except 0.6% and 0.3% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green with Metal index leading the tally, up 4.2%, followed by 2.7% higher Realty index.

FIIs net bought stocks, index futures and stock futures worth Rs 737 cr, 1080 cr and 264 cr respectively. DIIs were net buyers to the tune of Rs 339 cr.

Rupee appreciated 15 paise to end at 70.88/$.

For the September derivative series, Nifty surged 5.7%.

OUTLOOK

Today morning, Nikkei and Hang Seng are down 0.9% and 0.2% respectively while Shanghai is little changed. SGX Nifty is suggesting about 30 points lower start for our market.

In yesterday's report we had reiterated the view that 11381, the lower end of the gap created by Monday's gap-up opening, continued to be immediate support while 11695, the top made on Monday, continued to be immediate hurdle.

Nifty surged to touch a high of 11610 before closing at 11573 and is set to open around 11550 today.

11695, the top made Monday, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 11981, the top made in July, would be the next upside target.

11381, the lower end of the gap created by Monday's gap-up opening, continues to be immediate support.

NIFTY NEARS 11380 SUPPORT; 11695 CONTINUES TO BE IMMEDIATE HURDLE

NIFTY NEARS 11380 SUPPORT; 11695 CONTINUES TO BE IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.6%-1% after President Trump said a U.S.-China trade deal could arrive sooner than expected. Stronger-than-expected new U.S. home sales data also helped.

Trump told reporters at the United Nations in New York that a U.S.-China deal could come sooner “than you think.” He later said Japan and the U.S. had reached an initial trade agreement.

A rough transcript of Trump’s call with Ukrainian President Volodymyr Zelensky was released by the White House. It showed Trump asked Zelensky if he could “look into” former Vice President Joe Biden and his son, Hunter.

Brent futures fell 1.03% to $62.45 a barrel, while WTI crude fell 1.4% to $56.49 a barrel after U.S. crude inventories unexpectedly rose.

European markets fell upto 0.8%

AT HOME

Benchmark indices tumbled 1.3% each on the back of profit booking and negative global cues. Sensex settled at 38593, down 503 points while Nifty lost 148 points to finish at 11440. BSE mid-cap and small-cap indices fell 1.8% and 1.5% respectively. BSE Auto and Realty indices slipped 3.8% and 3.1% respectively, becoming top losers among the sectoral indices while Power and Utilities indices were the top gainers, up 1% and 0.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 342 cr, 166 cr and 608 cr respectively. DIIs were net sellers to the tune of Rs 762 cr.

Rupee depreciated 3 paise to end at 71.03/$.

OUTLOOK

Today morning, Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 30 points higher start for our market.

In yesterday's report we had said that 11695, the top made on Monday, was the immediate hurdle, a crossover of which is required for a fresh upmove. We had also said that "11381, the lower end of the gap created by Monday's gap up opening, continues to be immediate support".

Nifty plunged to touch a low of 11416 before closing at 11440 and is set to open higher today.

11381, as mentioned above, is the lower end of the gap created by Monday's gap-up opening, while 11355 is the 33% retracement level of the recent 10670-11695 umpove, making 11380-11355 immediate support zone. If 11355 breaks, next support will come at 11180, which is the 50% retracement level of the aforementioned upmove.

11695, the top made on Monday, continues to be immediate hurdle, a crossover of which is required for a fresh upmove.

11695 CONTINUES TO BE IMMEDIATE HURDLE; 11381 IMMEDIATE SUPPORT

11695 CONTINUES TO BE IMMEDIATE HURDLE; 11381 IMMEDIATE SUPPORT

WORLD MARKETS

US indices fell 0.5%-1.5% on worries about President Donald Trump’s political future.

House Speaker Nancy Pelosi announced a formal impeachment inquiry into President Donald Trump. Trump, in a call earlier this year with Ukraine’s leader, Volodymyr Zelensky, allegedly pressured him to investigate Democratic presidential hopeful Joe Biden’s family.

Trump said he would release the full transcript of the controversial call.

Separately, in a speech at the United Nations General Assembly, Trump sharply criticized what he called China’s unfair trade practices , saying he would not accept a “bad deal” between the United States and China.

Brent crude futures fell $1.35, or 2%, to $63.42 a barrel and WTI futures fell $1.12, or 1.9%, to $57.52 a barrel.

In Europe, FTSE and DAX fell 0.5% and 0.3% respectively while CAC ended little changed. In a landmark case, the U.K.’s highest court ruled that Prime Minister Boris Johnson’s suspension of parliament for five weeks until October 14 was unlawful.

AT HOME

Bulls took a breather after two-day sprint as benchmark indices ended little changed after a range-bound but choppy session. Sensex settled at 39097, up 7 points while Nifty lost 12 points to finish at 11588. BSE mid-cap index fell half a percent while small-cap index rose 0.2%. BSE IT and Teck indices climbed 2.3% and 2% respectively, becoming top gainers among the sectoral indices while Capital Goods and Metal indices were the top losers, down 1.8% and 1.7% respectively.

FIIs net sold stocks and stock futures worth Rs 828 cr and 818 cr respectively but net bought index futures worth Rs 886 cr. DIIs were net buyers to the tune of Rs 473 cr.

Rupee depreciated 7 paise to end at 71/$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.3%-0.6% and SGX Nifty is suggesting about 20 points lower start for our market.

11695, the top made on Monday, also coincides with a downward sloping trendline adjoining tops made in June and July 2019 and hence is immediate resistance, a crossover of which is required for a fresh upmove. If that happens, 11981, the top made in July, would be the next target.

Meanwhile, 11381, the lower end of the gap created by Monday's gap up opening, continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

11980 ABOVE 11695; TRAIL STOP-LOSS TO 11381

11980 ABOVE 11695; TRAIL STOP-LOSS TO 11381

WORLD MARKETS

US indices ended little changed as weak economic data out of Europe stoked worries over the state of the global economy.

Manufacturing activity in Germany fell to its lowest level since the financial crisis this month, data from IHS Markit showed. Germany’s services sector also grew at its slowest pace in nine months. Overall, manufacturing in the euro zone fell to a more than six-year low while services grew at is slowest pace in eight months, IHS Markit said.

The U.S. manufacturing sector hit a five-month high in September, while the services sector grew at its fastest pace in two months, according to data from IHS Markit.

Brent futures rose 40 cents to $64.68 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.95% to settle at $58.64.

European markets fell 0.3%-1.1% on weak German data and collapse of Thomas Cook.

AT HOME

Bull rampage continued as benchmark indices soared just under 3% to close at the highest level since 17th September, marking a two-month-high. Sensex added 1075 points to settle at 39090 while Nifty finished at 11600, up 326 points. BSE mid-cap and small-cap indices climbed 3.1% and 2.7% respectively. BSE Capital Goods index and Bankex galloped 6.6% and 5.7% respectively, becoming top gainers among the sectoral indices while IT and Teck indices were the top losers, down 3.3% and 3.1% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 2684 cr, 1693 cr and 805 cr respectively. DIIs were net buyers to the tune of Rs 292 cr.

Rupee appreciated 1 paise to end at 70.93/$.

ZEE Entertainment plunged following reports that a lender had sold a part of the company’s pledged shares in the open market.

OUTLOOK

Today morning, Asian markets are trading with modest gains and SGX Nifty is suggesting about 60 points higher start for our market.

In yesterday's report we had said that 11360-11400 was the immediate  resistance zone, upon crossover of which, 11620, the 67% retracement level of the entire fall, would be the next upside target.

Nifty, opened above the 11400 mark and surged all the way to 11694 before closing at 11600.

Once 11694, the top made yesterday, is taken out, 11981, the top made in July 2019, would be the next upside target.

Meanwhile 11381, the lower end of the gap created by yesterday's gap up opening, would now act as immediate support, with the stop-loss of which, trading longs can be held on to.

11620 ABOVE 11400; 11180-11080 IS THE SUPPORT ZONE

11620 ABOVE 11400; 11180-11080 IS THE SUPPORT ZONE

WORLD MARKETS

US indices fell 0.5%-0.8% on Friday on news that Chinese officials were cutting short their visit to the U.S., dampening hope around trade negotiations between the two countries.

Earlier, deputy trade negotiators from the U.S. and China resumed face-to-face talks for the first time in almost two months.

St. Louis Fed President James Bullard explained in a note why he thought the Fed should have made a deeper cut this week.

Earlier, China cut a key lending rate for the second consecutive month , following in the footsteps of the European Central Bank and the U.S. Federal Reserve.

WTI crude fell 4 cents, or 0.1% to $58.09 per barrel while Brent futures fell 12 cents to settle at $64.28.

In Europe, FTSE fell 0.2% while DAX and CAC rose 0.1% and 0.6% respectively.

For the week, US indices fell 0.5%-1.1%, breaking three-week winning streak. In Europe, FTSE fell 0.3%, DAX was flat while CAC rose 0.6%. In Asia, Nikkei rose 1.5% but Hang Seng nosedived 3.4% and Shanghai fell 0.8%. For the week, Brent rose 6.7%, its biggest gain since January while WTI rose 5.9%, notching its biggest weekly gain since a 9% surge in June.

AT HOME

Thanks to big bang announcement from FM, Sensex and Nifty soared 5.3%, registering biggest percentage gain in a decade. Sensex settled at 38014, up 1921 points while Nifty added 569 points to finish at 11274. BSE mid-cap and small-cap indices jumped 6.3% and 3.9% respectively. Except 1.1% and 0.4% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green with Auto index and Bankex leading the tally, up 9.8% and 8.2% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 36 cr, 5079 cr and 1682 cr respectively. DIIs were net buyers to the tune of Rs 3001 cr.

Rupee appreciated 37 paise to end at 70.94/$.

In a surprise and big move, government, on Friday, cut corporate tax rate for companies that do not avail of any tax incentive to 22% from 30%. Companies, incorporated after 1st October, 2019 will have to pay an even lower corporate tax rate of 15%. Minimum Alternate Tax (MAT) was cut to 15% from 18.5% for companies that continues to avail exemptions and incentives. These measures will cost the exchequer Rs 1.45 lakh cr.

FM Sitharaman also announced that the government will not levy enhanced surcharge introduced in Budget on capital gain arising from the sale of equity shares and units of mutual funds where STT has been paid. The super-rich tax will also not apply on capital gains arising from the sale of any security including derivatives in hands of foreign portfolio investors (FPIs). She added that listed companies which had announced share buybacks before 5 July, the day the Union Budget brought share buybacks under the tax net, will be exempt from buyback tax.

GST Council scrapped tax on hotel rooms with tariff below Rs 1000 and cut rate on hotel rooms with tariff over Rs 7500 to 18%. The council rejected the proposal of rate reduction on biscuit while proposal on rte reduction on auto was not considered. Rate on Caffeinated drinks was hiked to 28% from 18%.

OUTLOOK

China’s Ministry of Commerce said over the weekend that economic and trade teams from the two economic powerhouses held “constructive” discussions in Washington late last week. They added that both the U.S. and China agreed to maintain in contact.

Today morning, Nikkei is shut while Hang Seng is flat and Shanghai is off 0.9%. SGX Nifty is trading around 11450, suggesting nearly 150 points higher start for our market when compared to close of Nifty future on Friday.

After the mammoth upmove on Friday, Nifty is very close to important resistance levels. 20 and 34-week moving averages are placed at 11362 and 11401 respectively while 11370 is where 50% retracement level of the entire 12103-10637 fall is placed. This makes 11360-11400 important resistance zone, a crossover of which is required for a fresh upmove. If that happens, 11620, the 67% retracement level of the entire fall, would be the next upside target.

On the way down, 11180-11080, where erstwhile tops made on daily chart are placed, would now act as the support zone.

NIFTY NEARS 10637 TARGET AFTER ACHIEVING 10746

NIFTY NEARS 10637 TARGET AFTER ACHIEVING 10746

WORLD MARKETS

Dow fell 0.2%, S & P 500 finished flat while Nasdaq ended marginally higher after some media reports dented hopes of US-China trade deal.

A state-backed Chinese media report said that known China hawk and Trump advisor Michael Pillsbury warned the U.S. is ready to escalate the trade war if a deal isn’t struck soon. Also, a tabloid editor at the official newspaper of the Communist Party of China tweeted that China was in no rush to make a trade deal with the U.S.

Brent futures gained 72 cents to $64.33 a barrel, while U.S. West Texas Intermediate crude settled up 2 cents at $58.13.

European markets gained 0.6%-1.2%. The Bank of England held interest rates steady at 0.75% amidst continued uncertainty over Brexit.

AT HOME

After yesterday's pause, bulls were back to work as benchmark indices plunged nearly a percent and third to close at the lowest level since 1st March and 19th February respectively, marking a near seven month low. Sensex settled at 36093, down 470 points while Nifty lost 136 points to finish at 10704. BSE mid-cap and small-cap indices fell 1.2% and 1.5% respectively.  Except 0.2% lower Telecom index, all the BSE sectoral indices ended in red with Energy and Oil & Gas indices leading the losses, down 2% and 1.9% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 893 cr, 1700 cr and 408 cr respectively. DIIs were net buyers to the tune of Rs 646 cr.

Rupee depreciated 8 paise to end at 71.31/$.

Yes Bank plunged after CARE downgraded NCDs of the bank's promoter, MCPL. After market hour filing revealed that Morgan Crdit sold 2.3% shareholding in the bank. ZEEL fell after media reports suggested that Zee promoters met MF lenders for an extension of the September 30 deadline for the repayment of debt.

Finance Minister Nirmala Sitharaman, in a bid to push credit, said banks will orgainse loan gatherings across 200 districts. Also, MSME stressed loans will not be declared NPAs till March 2020.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.2%-0.5% and SGX Nifty is suggesting a marginally higher start for our market.

In yesterday's report we had reiterated the view that "10746, the low made on 4th September, continues to be next downside support, upon breach of which, 10637, the low made in August, would be the crucial support".

Nifty, after achieving 10746 target, went further to touch a low of 10670 before closing at 10704, vindicating our negative bias.

10637, the bottom made in August, continues to be crucial support to eye. If that breaks, next meaningful support will come around 10450, where 34-month moving average is placed.

Immediate hurdle on the hourly chart has moved lower to 10900, with the stop-loss of which, trading shorts can be held on to.

10746 CONTINUES TO BE NEXT SUPPORT; 10990 IMMEDIATE HURDLE

10746 CONTINUES TO BE NEXT SUPPORT; 10990 IMMEDIATE HURDLE

WORLD MARKETS

Dow rose 0.1%, S & P 500 ended flat while Nasdaq fell 0.1% after the U.S. Federal Reserve cut interest rates overnight but appeared divided on its next course of action for the year.

The Fed, as expected, cut its benchmark overnight rate by 25 basis points to a range of 1.75% to 2%. It was, however, divided in its decision to lower rates, with three officials dissenting. Central bank officials are also split on further action this year. Five Fed members wanted to keep rates unchanged while five others supported lowering them to the current range and keeping them there. Seven others wanted at least one more rate cut.

Chairman Jerome Powell told reported the Fed could initiate a “sequence” of rate cuts if the economy slows down, but noted he does not see that right now.

Treasury yields pared their losses from earlier in the day.

Brent crude fell 36 cents, or 0.6%, to $64.21 a barrel while WTI  futures settled 2.1% or $1.23 lower at $58.11 a barrel after Trump said he ordered the Treasury Department to “substantially increase” sanctions on Iran. This was a softer stance compared to threat of military action given by him on Sunday.

European markets, except 0.1% lower FTSE, gained 0.1%-0.7%. Retail inflation in Britain rose at an annual rate of 1.7% last month, after a 2.1% increase in July, marking the slowest rate of expansion since December 2016.

AT HOME

Benchmark indices managed to end higher by a fifth of a percent after a rangebound but choppy session. Sensex settled at 36563, up 82 points while Nifty added 23 points to finish at 10840. BSE mid-cap and small-cap indices gained 0.4% and 0.3% respectively. Except 0.4% and 0.1% lower Telecom and Auto indices respectively, all the BSE sectoral indices ended in green with Realty and Metal indices leading the tally, up 1.5% and 1.3% respectively.

FIIs net sold stocks worth Rs 959 cr but net bought index futures and stock futures worth Rs 542 cr and 601 cr respectively. DIIs were net buyers to the tune of Rs 780 cr.

Rupee appreciated 55 paise to end at 71.23/$.

OUTLOOK

Today morning, Nikkei is up more than a percent while Hang Seng and Shanghai are up about a fourth of a percent each. SGX Nifty is suggesting  a modestly lower start for our market.

In yesterday's report we had said that "10746, the low made on 4th September, is the next downside support to eye" while "Immediate hurdle on the hourly chart is placed around 10990, with the stop-loss of which, trading shorts can be held on to".

Nifty, after touching a high of 10885 in the initial trade, slipped to end at 10840 and is set to open modestly lower today.

10746, the low made on 4th September, continues to be next downside support, upon breach of which, 10637, the low made in August, would be the crucial support.

10990 continues to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

10746 IS NEXT SUPPORT; 10990 IMMEDIATE HURDLE

10746 IS NEXT SUPPORT; 10990 IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.1%-0.4%, waiting to hear from Federal Reserve, which kicked off a two-day monetary policy meeting.

Stocks briefly jumped after President Donald Trump said a U.S.-China trade deal could come soon.

Brent dropped 6.6% or $4.5, to $64.46 per barrel and WTI fell 5.7% or $3.56 to $59.3 after the Saudi energy minister said the country’s oil supply will be back online by the end of the month.

In Europe, CAC rose 0.2% while FTSE and DAX ended marginally in the red.

AT HOME

Sensex and Nifty nosedived 1.7% each to close at the lowest level since 22nd August and 3rd September respectively. Sensex settled at 36481, down 642 points while Nifty lost 185 points to finish at 10817. BSE mid-cap and small-cap indices tumbled 1.8% each. All the BSE sectoral indices ended in red with Auto and Realty indices leading the losses, down 3.8% and 3.7% respectively.

FIIs net sold stocks worth Rs 808 cr but net bought index futures and stock futures worth Rs 592 cr and 365 cr respectively. DIIs were net buyers to the tune of Rs 86 cr.

Rupee depreciated 19 paise to end at 71.78/$.

OUTLOOK

Today morning, Nikkei is little changed while Hang Seng and Shanghai are up about a fifth of a percent. SGX Nifty is suggesting about 50 points higher start for our market.

In yesterday's report we had said that "10945, the low made on Friday, continues to be the immediate support, upon breach of which, 10870, where a trendline adjoining recent bottoms on the daily chart is placed, would be the next support to eye".

Nifty broke 10945 support and plunged all the way to 10796 before closing at 10817.

10746, the low made on 4th September, is the next downside support to eye upon breach of which, 10637, the low made in August, would be the crucial support.

Immediate hurdle on the hourly chart is placed around 10990, with the stop-loss of which, trading shorts can be held on to.

10945 CONTINUES TO BE IMMEDIATE SUPPORT

10945 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS

US indices fell 0.3%-0.5%, with the Dow breaking eight day winning streak, amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.

Brent crude futures surged 19.5% to $71.95 per barrel at the open, the biggest jump on record before closing 14.6% up at $69.02. U.S. crude futures climbed as much as 15.5% to $63.34, the biggest climb since December 2008 and settled at $62.9, up $8.05 or 14.8%.

The attack was claimed by Yemen’s Houthi rebels and the Trump administration has blamed Iran. A Saudi-led military coalition said Monday the attack was carried out by “Iranian weapons” and did not originate from Yemen.

Earlier, data showed China’s industrial production fell to a new 17½-year low. Production rose 4.4% in August as against expectation of a gain of 5.2%.

European markets fell 0.6%-1%.

AT HOME

Benchmark indices tumbled seven tenth of a percent as crude oil shot up nearly 10% following weekend attacks on Saudi oil facilities. Sensex lost 261 points to settle at 37123 while Nifty finished at 11003, down 72 points. Broader indices however outperformed as BSE mid-cap index fell 0.2% while Small-cap index rose 0.6%. BSE Oil & Gas and Energy indices fell 1.6% and 1.3% respectively, becoming top losers among the sectoral indices while Consumer Durable and FMCG indices were the top gainers, up 1.2% and 0.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 751 cr, 1634 cr and 397 cr respectively. DIIs were net buyers to the tune of Rs 309 cr.

Rupee depreciated 67 paise to close at 71.59/$.

India's August WPI remained unchanged month-on-month at 1.08%.

OUTLOOK

Today morning, Nikkei is little changed while Hang Seng and Shanghai are off 0.7% and 0.2% respectively. SGX Nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had said that 10945, the low made on Friday, was the immediate support.

Nifty, after touching a low of 10968, recovered to end at 11003 and is se to open lower today.

10945, the low made on Friday, continues to be the immediate support, upon breach of which, 10870, where a trendline adjoining recent bottoms on the daily chart is placed, would be the next support to eye.

11140-11120 continues to be resistance zone.