Nifty ends at 8706, Sensex falls 70 pts; TCS up, Bharti down

Moneycontrol Bureau3:30 pm Market close: The market has ended lower on weak global cues. The Sensex was down 70.58 points or 0.2 percent at 28223.70, and the Nifty was down 16.65 points or 0.2 percent at 8706.40. About 1264 shares have advanced, 1416 shares declined, and 216 shares are unchanged. TCS, Lupin, Wipro, Asian Paints and Sun Pharma were top gainers in the Sensex. Among losers are Bharti Airtel, Adani Ports, L&T, GAIL and BHEL.2:50 pm Global cues weak: European stocks also turned lower with the Britain's FTSE, France's CAC and Germany's DAX falling 0.2-0.8 percent.2:45 pm Market in red: Equity benchmarks erased gains in last hour of trade with the Nifty breaching 8700 level, dragged by banks, infra and FMCG stocks.The Sensex fell 96.67 points to 28197.61 and the Nifty declined 27.10 points to 8695.95. The market breadth also turned negative as about 1361 shares declined against 1214 advancing shares on the BSE. 2:39 pm Tata Motors enters into Bolivia: Tata Motors has forayed into the Bolivian commercial vehicle (CV) market with the launch of three products in the South American country.

The Mumbai-based auto major has entered Bolivia through a distribution agreement with local partner Bolivian Auto Motors, which is part of Salvatierra, a business conglomerate engaged in distribution of motor vehicles and motor cycles in the Latin American country.

Through this partnership, Tata Motors has launched three commercial vehicles in the Bolivian market Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck - all of which will be currently available in Santa Cruz and will soon be available in La Paz and Cochabamba.

2:20 pm Buyback offer: The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

The offer would be for buyback of equity shares not exceeding 10,89,55,223 of face value of Rs 10 each at a price of Rs 335 per equity share for cash aggregating up to Rs 3,650 crore on a proportionate basis, from the eligible shareholders by way of a tender offer through the stock exchange mechanism, the filing said.

Also read - ADB sticks to Asia growth forecasts on China, India strength2:00 pm Market Check

Volatility continued in afternoon trade with the Nifty hovering around 8750 level. Technology stocks continued to support the market while banks stocks remained under pressure.

The BSE Sensex was up 38.25 points at 28332.53 and the NSE Nifty gained 12.90 points at 8735.95 while outperformance of Midcap and Smallcap continued, up 0.4 percent each.

The market breadth was also positive as about 1407 shares advanced against 1130 declining shares on the BSE.

Asian Paints, Lupin, TCS, Wipro, Coal India, Aurobindo Pharma, Zee Entertainment and Ambuja Cements were top gainers while Bharti Airtel, L&T, ONGC, GAIL, Adani Ports, Tata Power, BPCL and Bharti Infratel were under pressure.

Crude futures slipped more than 1 percent in Asian trade as investors took profits after prices climbed more than 3 percent in the previous session.

The dollar was also weighing on oil prices after rising against a basket of currencies.