INDIAN EQUITY MARKET OUTLOOK- 27 Oct 2016

Sensex, Nifty, Midcap under pressure; Maruti at record high

Equity benchmarks as well as broader markets continued to trade lower with the Nifty struggling below 8600 ahead of expiry of October derivative contracts.

ITC and HDFC rebounded after falling yesterday due to earnings. HDFC Bank, Asian Paints, Tata Motors, SBI and HUL were down 1-2 percent.

The market has opened in red dragged by September Futures and Options (F&O) expiry jitters and Tata group stocks weakness. The Sensex is down 70.51 points or 0.2 percent at 27766.00, and the Nifty is down 27.50 points or 0.3 percent at 8587.75.

ITC, Asian Paints, Dr Reddy's Labs, Sun Pharma and Hero MotoCorp are gainers while Tata Motors, Tata Steel, ICICI Bank, TCS and Bharti are losers in the Sensex.

The Indian rupee opened lower by 9 paise at 66.92 per dollar versus previous close 66.83.

The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election.

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