MARKET LIVE: Indices at day's low, Sensex plunges 300 pts; India VIX up 4%

 The Indian markets added to their morning losses to trade nearly one per cent lower in Thursday's noon deals.

The S&P BSE Sensex dipped 300 points points to 38,988 levels and the Nifty50 index fell below the 11,550-mark. Tata Steel and Bajaj Finserv (both down 2%) were the top Sensex laggards, followed by ICICI Bank, Bajaj Finance, and Powergrid (all down 1%) each.

The trend among Nifty sectoral indices was largely negative, with Nifty Metal index, down 1.8 per cent, leading the list of losers.

In the broader market, the S&P BSE MidCap and SmallCap indexes were trading flat.

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01:15 PM 

INTERVIEW:: Alex Tedder, CIO, Head of Global & Thematic Equities, Schroders Investment Management

"There are three distinct pockets of investment opportunities arising from the crisis. First, and perhaps most surprisingly, the crisis has served to re-enforce the growth in a number of industries for companies that were already benefiting from structural tailwinds. Most visibly perhaps, our reliance on technology has been amplified by the crisis, with strong growth in demand for enterprise software and cloud-based applications."

Alex Tedder

01:09 PM 

NEWS ALERT :: China continues to be in illegal occupation of approx 38,000 sq km in the UT of Ladakh, says Defence Minister Rajnath Singh

>> The situation this year is very different both in terms of scale of troops involved & no. of friction points

>> We do remain committed to peaceful resolution of the current situation

>>  At the same time, we remain prepared to deal with all contingencies

01:01 PM 

NEWS ALERT :: IRCON International bags order worth Rs 1,900 cr

>>  lrcon International Limited has secured Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 Crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India.

>> The tenure for execution of the projects varies from 15 to 20 months from the date of signing of Agreement with the Zonal Railways

 

12:49 PM 

SpiceJet: Seasonally weak Q2 could add to company's accumulated losses

The reduction in aviation turbine fuel (ATF) prices, for the second time in September, came as a breather. Yet, InterGlobe Aviation (IndiGo) and SpiceJet closed 0.3-1.6 per cent down in trade on Wednesday. Given that the cut in ATF prices followed price hikes in June, July, and August, gains remained limited. READ MORE

12:40 PM 

INTERVIEW:: Naveen Kulkarni, chief investment officer (CIO) at Axis Securities

"The market is at an interesting juncture where it is building a healthy recovery. However, it has been quite sceptical about the recovery in the banking sector as the challenges of collections continue to persist. Q2FY21 will provide a better picture of the state of corporate earnings and recovery. Q1FY21 indicated that the Indian corporates have managed to cope with Covid-19 challenges better than expectations." READ MORE

NAVEEN KULKARNI, CIO at Axis Securities

12:27 PM 

NEWS ALERT | SC dismisses plea by SBI seeking vacation of stay on personal Insolvency and Bankruptcy Proceedings against Anil Ambani: CNBC TV18

-- SC directs for HC to consider the issue on October 6, says SBI at liberty to seek modification of stay order.

12:23 PM 

Laurus Labs hits fresh record high on expectation of strong earnings

Shares of Laurus Labs hit a fresh record high of Rs 1,387.50, up 3 per cent on the BSE on Thursday on expectation of strong earnings in July-September quarter (Q2FY21). The stock of the pharmaceutical company was trading higher for the ninth straight day, ralling 17 per cent during the period. In the past three months, it has surged 171 per cent, as against 16.6 per cent gain in the S&P BSE Sensex. READ MORE

Labs, Science, Laurus

12:15 PM 

Dr Reddy's, Biocon, Torrent Pharma: What charts indicate for these stocks

Most pharma stocks have witnessed a huge upside so far in the calendar year 2020 (CY20). On a year-to-date (YTD) basis, the Nifty Pharma index has rallied over 45 per cent (as of Wednesday's close) as against nearly 5 per cent drop in the benchmark Nifty50 index, ACE Equity data show. READ MORE  

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12:05 PM 

Dow Jones Futures tank 450 pts

11:54 AM 

Market at day's low