The BEARS show!!!

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What happened yesterday?             

Indian Market

Indian indices extended losses on Wednesday, dragged by weak corporate earnings and continued foreign selling. IT stocks lifted the BSE Sensex and NSE Nifty 50 in the early part of trading but financial stocks dragged them below the flat line towards the end of the session.

At close, the Sensex slid 138.74, or 0.2%, to 80,081.98, while the Nifty 50 slipped 36.60 points, or also 0.2%, to 24,435.50.

• Mahindra & Mahindra (NSE:M&M, M_M) topped the losers on Wednesday, with shares sliding 3%, followed by Sun Pharmaceutical Industries SUNPHARMA and Eicher Motors EICHERMOT.

• Conversely, Bajaj Finance BAJFINANCE, Tech Mahindra TECHM and Tata Consumer Products TATACONSUM were the top gainers.

• In corporate news, ITCONS E-Solutions Ltd ITCONS has secured a work order worth 2.4 million Indian rupees from HCL Technologies HCLTECH, according to a BSE filing on Wednesday.

• Meanwhile, KPIT Technologies KPITTECH has completed the acquisition of an additional 13% stake in cloud-based game aggregation platform company N-Dream, according to a filing to the stock exchanges on Wednesday.

FII net sold for -5,684.63  crores

DII net bought for +6,039.9  crores

US Market

US benchmark equity indexes closed lower Wednesday as traders assessed the latest corporate earnings and economic data.

The Nasdaq Composite fell 1.6% to 18,276.7, while the Dow Jones Industrial Average dropped 1% to 42,515. The S&P 500 lost 0.9% to 5,797.4. Consumer discretionary and technology saw the steepest declines among sectors. Only real estate and utilities closed higher.

• In company news, Enphase Energy ENPH shares slumped nearly 15%, the worst performer on the S&P 500. The company's third-quarter financial results fell short of Wall Street's expectations late Tuesday, prompting rating downgrades by multiple analysts.

• CoStar Group CSGP shares decreased 5.3%, among the worst performers on the S&P 500 and the Nasdaq. Late Tuesday, the company logged third-quarter revenue that missed the Street's views.

• McDonald's MCD saw the steepest decline on the Dow and among the steepest on the S&P 500 Wednesday, down 5.1%. US health authorities said they are investigating an E. coli outbreak in several states linked to the fast-food giant's Quarter Pounder burgers.

• Teledyne Technologies TDY was the second-best performer on the S&P 500, up 6%, following a third-quarter beat.

• AT&T T posted an unexpected decline in third-quarter revenue amid challenges in business wireline that led to a multi-billion dollar write-down, though it remains on track to meet its full-year targets. The company's shares rose 4.6%, among the top gainers on the S&P 500.

• The US 10-year yield increased 3.8 basis points to 4.24%, while the two-year rate added 4.3 basis points to 4.08%.

• US existing home sales unexpectedly dropped in September, though signs usually tied to higher sales are emerging, according to data released by the National Association of Realtors.

• Mortgage application volume in the US declined to its lowest point since July amid lower purchase and refinancing activities, the Mortgage Bankers Association said.

• West Texas Intermediate crude oil dropped 1% to $71 a barrel Wednesday.

• Gold fell 1.1% to $2,729 per troy ounce, while silver dropped 3.3% to $33.87 per ounce.

What to expect today?   

• Asian market trading mixed where Japan in  +0.01% and Hong Kong -0.73%
  US Futures trading  at +0.06%

• GIFT NIFTY trading  at +0.22%, up by 55 points

• All the factors indicating a flat to gap up opening in the market.

NIFTY Technicals

In NIFTY high amount of call OI at 25,000 and put OI at 24,000, PCR at 0.61. NIFTY FUT indicating SHORT BUILDP week. And in case of BANKNIFTY, PCR stays at 0.86 and FUT with LONG  UNWINDING.

If NIFTY shows reversal signs it should make a 4HR candle close above 24,722.65 (NF FUTURE) & chances for slight reversal are from 24,235 to 24,325.

INDIA VIX rose to 14.6225

 All the best for the day.