Sensex, Nifty under pressure; IndiGo surges 18% on debut

Equity benchmarks continued to see selling pressure. The BSE Sensex fell 157.02 points or 0.60 percent to 25964.38 and the Nifty declined 58.60 points or 0.74 percent to 7856.60. About 1078 shares have advanced, 944 shares declined, and 83 shares are unchanged on the BSE.
The Indian rupee has opened flat at 66.43 per dollar today against previous day's closing value of 66.44 a dollar. 
Interglobe Aviation (IndiGo) has listed at Rs 868 on the National Stock Exchange against issue price of Rs 765. It rallied 17.5 percent intraday to hit a high of 899.50. Infosys, ONGC, Reliance Industries, Dr Reddy's Labs, Wipro, NTPC, BHEL and Coal India were top losers on Sensex, down 1-3 percent. Hindalco Industries lost 1 percent ahead of earnings. The aluminium major is likely to post loss of Rs 97 crore for July-September quarter against net profit of Rs 79 crore in year-ago period, according to average of estimates of analysts polled by CNBC-TV18. Tata Motors, Axis Bank, ICICI Bank, Maruti Suzuki, L&T, Bajaj Auto and Hero Motocorp gained 0.4-1 percent.

Ashutosh Raina of HDFC Bank said, "The solid US October Jobs data and firm earnings growth has resulted in markets expecting a December lift-off. This has resulted in dollar gaining across the board against most of its peers."

MARKET OUTLOOK

Bhuvnesh Singh, Barclays says Q2FY16 looks likely to maintain the recent lacklustre trend with the tally of EPS 'beats' at 37 percent versus 'misses' at 45 percent. The consensus FY16 EPS growth estimate for the BSE 100 Index remains on a downward trend, standing at 12.2 percent, down 179 basis points since the start of the current quarter (October 1, 2015), he adds. With the exception of energy, all sectors have seen downgrades to FY16 consensus earnings estimates since the start of the current quarter, with the largest downgrades seen in materials and industrials, Singh says.

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