Markets are very chooppy and sideways, need to trade cautiously, long term investment prospective is better.
Intraday trading is too much risky, avoid intraday trade.
Recent market turmoil and delay in earnings & economy recovery led brokerages to slash target price. Ambit Capital reduced its FY16 Sensex target from 32000 to 28000 on expected sharp correction in real estate prices and slowdown in reform momentum while Barclays chopped its Nifty target by roughly 6 percent to 9642 on weak demand recovery.
Auto stocks closed lower ahead of August sales data. Nomura expects medium & heavy commercial vehicle and passenger vehicles space may continue to report strong numbers while two-wheeler data may remain weak. Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto declined 0.6-1 percent while Tata Motors and Hero Motocorp were flat.
Pharma stocks were in the limelight with the CNX Pharma index up more than 2 percent. Lupin, Dr Reddy's Labs and Cipla surged over 3 percent while Sun Pharma gained 1.4 percent. Among others, ICICI Bank, Infosys, Reliance Industries, Bharti Airtel, ONGC, Tata Steel and Hindalco Industries slipped 1-2 percent while Wipro, Coal India, GAIL and Vedanta gained 1.5-2.5 percent.
The rupee plunged 34 paise to close at 66.48 a dollar against Friday's value of 66.14 a dollar due to sustained month-end demand for the American currency overseas.
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