Nifty Posts Worst F&O Expiry In Nearly Seven Years

Indian equity benchmarks resumed decline after a day's breather as an equities rout that wiped out this year’s gains for U.S. stocks spread to Asia.

The S&P BSE Sensex fell 1 percent or 344 points to 33,691 and the NSE Nifty 50 Index dropped 0.98 percent or 100 points to 10,125.

Nifty 50 Index fell 7.8 percent in the October F&O series, which was its worst performance since November 2011 when it fell 8.6 percent.

“We haven’t corrected enough, and this trend might continue,” AK Prabhakar, head of research at IDBI Capital, told BloombergQuint by phone.

Investors should use any pullback rally or dead cat bounce only to reduce their positions, he said. Many stocks are looking attractive compared to what they were trading at five years ago, but nobody has priced in the worst-case scenario as we have a rising interest rate scenario and a credit crisis, according to him.

All sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index's 3 percent drop.

Mid- and small-cap shares also ended lower as the S&P BSE MidCap Index fell 0.6 percent and the S&P BSE SmallCap Index declined 0.6 percent.

• Bandhan Bank has 17 lakh shares change hands in a block deal. Stock down 2.5 percent at Rs 383.

Buyers and seller were not immediately known

Source: Bloomberg

Rising crude oil and fuel prices impacted sales and higher upfront insurance payment of nearly Rs 9,000 on an average also impacted cost of owing a car, RC Bhargava, chairman of Maruti Suzuki told media persons during the press conference.

Press briefing highlights:

• Rising crude oil and fuel prices have impacted sales volumes
• Higher upfront insurance payment of nearly Rs 9,000 on an average has impacted cost of owing car
• Will continue to make efforts to deliver a 10 percent volume growth YoY
• Will be a difficult task to deliver and meet 10 percent growth guidance
• Maruti Suzuki Brezza still remains on a 6-month waiting period

Shares of the country's largest carmaker recovered from intraday lows and rose as much as 1.2 percent to Rs 6,849.95 after its earnings beat Bloomberg consensus estimates in September quarter.

Key earnings highlights:

• Net profit down 10 percent at Rs 2,240 crore versus Rs 2,484 crore (YoY); Estimate of Rs 2,000 crore
• Revenue up 3 percent at Rs 22,433 crore versus Rs 21,768 crore (YoY); Estimate of Rs 22,130 crore
• Ebitda down 7 percent at Rs 3,431 crore versus Rs 3,677.5 crore (YOY)
• Margin at 15.3 percent versus 16.9 percent

Indian equity benchmarks continue to trade lower dragged by ICICI Bank, Reliance Industries and HDFC twins.

The Sensex fell 0.7 percent or 228 points to 33,810 and the NSE Nifty 50 Index declined 0.6 percent or 63 points to 10,160.

Seventeen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 2.5 percent gain. On the flipside, the S&P BSE Oil & Gas Index was top gainer, up 0.4 percent.

Shares of the Delhi-based public-sector lender rose as much as 6.81 percent to Rs 66.65 after it swung to profit in July-September quarter against loss of Rs 1,749.90 crore during the same period last year.

Key earnings highlights:

• Net profit at Rs 101.74 crore versus loss of Rs 1,749.90 crore (YoY)
• Net interest income up 2 percent at Rs 1,275 crore versus 1,252 crore (YoY)
• Gross non-performing assets as a percentage of total advances at 17.24 percent versus 17.89 percent (QoQ)
• Net non-performing assets as a percentage of total advances at 10.07 percent versus 10.63 percent (QoQ)
• Provisions for non-performing assets at Rs 832 crore versus Rs 1,222.51 crore (QoQ)

Shares of the Delhi-based movie exhibitor extended decline and fell as much as 4.9 percent to Rs 1,220 after its net profit missed Bloomberg consensus estimates in July-September quarter.

Key earnings highlights:

• Net profit up 31 percent at Rs 33 crore versus Rs 25.17 crore (YoY); Estimate of Rs 34.76 crore
• Revenue up 28 percent at Rs 714.65 crore versus Rs 559.52 crore (YoY); Estimate of Rs 626 crore

Shares of the Noida-based Domino's Pizza chain operator fell as much as 9.2 percent, the most in over a month, to Rs 1,084 on the back of heavy volumes.

Trading volume was 2.7 times its 20-day average, according to data compiled by Bloomberg.

As many as 1.6 lakh shares changed hands on the BSE compared with an average of 81,000 shares traded daily in the past two weeks.

• Karur Vysya Bank has 34.7 lakh shares change hands in a block. Stock down 1.2 percent to Rs 75.60.

Buyers and sellers were not immediately known

Source: Bloomberg

Premium on Nifty's 10,200 strike price put option contract surged 123 percent to Rs 30.75. Over 6.3 lakh shares were added to the open interest which stood at 30.33 lakh shares.

Shares of the Gujarat-based print media company swung between gains and losses after its profit declined in July-September quarter.

Key earnings highlights:

• Net profit at Rs 47.2 crore versus Rs 78.7 crore (YoY)
• Revenue at Rs 582 crore versus Rs 565.5 crore (YoY)

Shares of the Delhi-based heavy electrical equipment maker extended decline and fell as much as 3.88 percent to Rs 73 after it September quarter profit missed Bloomberg consensus estimates.

Key earnings highlights:

• Net profit at Rs 185 crore versus estimate of Rs 232 crore
• Revenue at Rs 6,780 crore versus estimate of Rs 6,930 crore
• Ebitda up 41 percent at Rs 241.6 crore versus Rs 171.2 crore (YoY)
• Margin at 3.5 percent versus 2.7 percent (YoY)

The key support for the Nifty is 10,045 and the next major retracement level is at 9,885, according to Technical Analyst Anil Manghnani of Modern Shares and Stock Brokers.

“The Nifty can bounce back from those levels and can go up to 10,800,” he told BloombergQuint by phone.

But that doesn’t mean the index is out of the woods yet. Manghnani said Nifty can test 9,200-9,300 on the downside in the next five to six months.

“But it will be surprising if it falls to these levels before bouncing towards 10,800,” he added.

Indian equity benchmarks extended decline dragged by Reliance Industries, ICICI Bank, HDFC and Larsen & Toubro.

The Sensex fell 1.4 percent or 481 points to 33,553 and the Nifty 50 Index dropped 1.4 percent or 145 points to 10,079.

Market breadth was extremely bearish as 1,457 shares were declining while a little over 500 were advancing on the BSE.

Nifty's 10,200 strike price call option contract was among the most active option contracts on the National Stock Exchange ahead of October futures and options expiry.

Premium on the contract fell 81 percent to Rs 11.45. Over 22 lakh shares were added to the open interest which stood at over 41.46 lakh shares.

Shares of the Mumbai-based non-banking finance company fell as much as 12.7 percent, the most in over a month, to Rs 110.65, its lowest intraday level in over 20 months.

L&T Finance Holdings said in an investor presentation that it has Rs 1,800 crore exposure to some projects of Infrastructure Lending and Financial Services (IL&FS).

Shares of the Mumbai-based IT company extended decline to seventh day and fell as much as 10 percent, the most in over three months, to Rs 316.55.

Hexaware reported September quarter earnings post market hours yesterday.

Key earnings highlights:

• Dollar revenue up 1.7 percent at $171.1 million.
• Revenue up 6 percent at Rs 1210 crore.
• Net profit up 21 percent at Rs 172 crore.
• Ebitda up 18 percent at Rs 187 crore.
• Margin at 15.5 percent versus 14 percent.

Shares of the Mumbai-based metal ball and bearings maker rose as much as 3.72 percent to Rs 1,776 after its board approved share buyback proposal.

SKF India said that it will buy back 19 lakh shares at Rs 2,100 each which is at 22 percent premium to its yesterday's closing price.

Shares of the country's second largest wireless telecom company fell as much as 4.76 percent to Rs 300.80 after telecom subscription data for the month of August showed it adding lowest number of subscribers.

• Reliance Jio added 1.2 crore subscribers
• Vodafone added 11.4 lakh subscribers
• Bharti Airtel added 10 lakh subscribers

Meanwhile, Bharti Airtel is expected to report September quarter earnings later in the day. Analysts polled by Bloomberg expect it to report net loss of Rs 990 crore against profit of Rs 97 crore.

• Revenue seen up 0.5 percent at Rs 20,174 crore.
• Net loss seen at Rs 990 crore versus net profit of Rs 97 crore.
• Ebitda seen down 3.4 percent at Rs 6,498 crore.
• Margin seen at 32.2 percent versus 33.5 percent.
• Average Revenue Per User down 7 percent at Rs 98.

Shares of the Tamil Nadu-based private sector lender fell as much as 8.57 percent to Rs 72.15 after its reported loss in September quarter and its asset quality deteriorated sequentially.

Key earnings highlights:

• Net interest income down 35 percent at Rs 151 crore.
• Net loss of Rs 132 crore versus Net profit of Rs 10.5 crore.
• Provisions up 27 percent at Rs 205 crore (QoQ).
• GNPA at 12.31 percent versus 10.73 percent (QoQ).
• NPA at 6.88 percent versus 5.96 percent (QoQ).

Indian equity benchmarks opened with steep losses dragged by heavyweights like Reliance Industries, Infosys, ICICI Bank and TCS amid weak global markets.

The S&P BSE Sensex fell 0.95 percent or 322 points to 33,713 and the NSE Nifty 50 Index dropped 0.97 percent or 99 points to 10,126.

An equities rout that wiped out this year’s gains for U.S. stocks spread to Asia on Thursday as concerns mounted that corporate profits and economic growth are peaking amid rising borrowing costs.

Back home, all 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Telecom Index’s 2.5 percent drop. IT, metal, capital goods and basic material gauges also fell over a percent each.

Mid- and small-cap shares fell in line with their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices fell 1 percent each.

Rupee opened lower at 73.30 per dollar against yesterday's close of 73.15 in line with Asian peers as a global stock rout is set to hurt local equities.

The local unit fell as much as 0.27 percent or 20 paise to 73.35.

The rupee may drop in line with Asian peers as a global stock rout is set to hurt local equities.

Risk sentiment soured considerably overnight with global stocks poised for their worst month in more than six years as the effects of trade tensions, geopolitics and rising Federal Reserve interest rates begin to bite.

The implied opening from forwards may see spot rupee start trading from 73.39 per dollar, having ended stronger on Wednesday at 73.1550.

Meanwhile, in the bond market, traders will await the RBI's open market bond purchases.

The RBI’s efforts to defend the rupee in recent weeks spells good news for the bond market, analysts say with the intervention coming at a time when the banking system is reeling from a cash crunch.

The steady intervention could lead to more debt purchases by the RBI to replenish liquidity. The yield on the benchmark 10-year bond fell 2 basis points to 7.87 percent with lower crude oil helping sentiment towards bonds.

F&O Cues

• Nifty October Futures closed trading at 10228, premium of 4 pen interest.
• Nifty October open interest down 30 percent; Nifty Bank October open interest down 28 percent.
• Max open interest for October series at 11,000 strike value call option (open interest at 33.2 lakh shares).
• Max open interest for October series at 10,000 strike value put option (Open interest at 42.6 lakh shares).
• Nifty Rollovers at 65 percent.
• Nifty Bank Rollovers at 53 percent.

Stocks In F&O Ban

• Adani Enterprises
• Adani Power
• DHFL

Put Call Ratio

• Nifty PCR at 1.1 from 1.04.
• Nifty Bank PCR at 0.82 from 0.79.

On Kotak Mahindra Bank

JPMorgan

• Maintained ‘Overweight’ with a price target of Rs 1,400, implying a potential upside of 19 percent from the last regular trade.
• September quarter review: Earnings beat driven by subsidiary performance.
• Deposit franchise continues to show strong traction.
• No clarity given on way forward for reducing promoter stake.

CLSA

• Upgraded to ‘Buy’ from ‘Outperform’; cut price target to Rs 1,420 from Rs 1,480, implying a potential upside of 21 percent from the last regular trade.
• Healthy growth in core profits, but investment provisions drag.
• Strong CASA and capitalisation to aid share gains.
• Expect pick-up in earnings growth; Valuations reasonable for Buy.

On Wipro

CLSA

• Maintained ‘Sell’ with a price target of Rs 300, implying a potential downside of 3 percent from the last regular trade.
• September quarter review: Sharp margin beat, in-line revenue and soft guidance.
• Digital strong and client mining volatile.
• Consistency on growth and margin missing over the past few years.

Morgan Stanley

• Maintained ‘Underweight’ with a price target of Rs 300, implying a potential downside of 3 percent from the last regular trade.
• September quarter’s performance better than expectations
• Revenue growth was broad based with four verticals growing 4 percent on a sequential basis.
• Net income was hit due to the impact from one time settlement charges.

On Bajaj Auto

Morgan Stanley

• Maintain Equal-weight with a price target of Rs 2,845, implying a potential upside of 15 percent from the last regular trade.
• Strong volumes but margin compression continues.
• Focus on market share led margins to slip.
• Gains from weaker rupee may not translate to better earnings as sector is facing some headwinds.

Deutsche Bank

• Maintained ‘Hold’; cut price target to Rs 2,700 from Rs 3,000, implying a potential upside of 9 percent from the last regular trade.
• September quarter’s operating results came in materially lower than estimates.
• Trading earnings growth for market share.
• Cut EPS estimates by 7-8 percent; Maintain Hold purely due to valuation.

Macquarie

• Maintained ‘Underperform’ with a price target of Rs 2,400, implying a potential downside of 3 percent from the last regular trade.
• Operating profit margin in September quarter fell short of expectation.
• Domestic motorcycle market share improved in September quarter.
• Export growth to continue in the near term.

On InterGlobe Aviation

JPMorgan

• Maintained ‘Neutral’ with a price target of Rs 900.
• Price war drive higher-than-expected loss; Competitive pricing may sustain for couple of quarters.
• Pricing growth may remain elusive until some consolidation takes place.
• See downside risk to earnings estimates; Near term stock may remain under pressure.

Credit Suisse

• Maintained ‘Neutral’; cut price target to Rs 940 from Rs 1,000.
• Results may disappoint market, but are better than expected.
• Remain watchful for continued yield pressure given aggressive capacity addition.
• Cut EPS estimates to factor lower yield, higher crude and weaker rupee.

Edelweiss

• Maintained ‘Buy’; cut price target to Rs 1,073 from Rs 1,153.
• Yield disappoints; Forex and fuel impact compounds pressure.
• Pricing pressure continues to persist, especially in the highly-profitable business segment.
• Robust passenger growth leading to market share gains.

Motilal Oswal

• Maintained ‘Neutral’ with a price target of Rs 785.
• Ebitdar significantly below estimate due to a lower yield, higher fuel cost and higher operating cost.
• Expect IndiGo to continue facing pricing pressure in the next few quarters.
• Cut 2018-19 estimates on dismal operating performance and likely continuance of the same.

SBICAP

• Maintained ‘Buy’ with a price target of Rs 881.
• See limited visibility on pricing improvement despite seasonally strong December quarter.
• Continued high industry supply in near term amidst rising costs to put pressure on profitability.
• Buy only on improvement in industry pricing scenario which appears remote.

On M&M Financial

JPMorgan

• Maintained ‘Underweight’ with a price target of Rs 420.
• September quarter earnings beat estimates driven by loan growth and credit cost reduction.
• Loan growth surprises positively; Asset quality improves on a sequential basis.
• Second half’s outlook may be challenging and put pressure on profit growth.

Macquarie

• Maintained ‘Neutral’; cut price target to Rs 420 from Rs 465.
• September quarter was strong – net profit ahead and GNPLs reduced.
• Management comfortable on liquidity position; 20 percent loan growth guidance maintained.
• Cut EPS estimates by 8-11 percent to factor higher cost of funds.

On Jubilant Foodworks

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 1,600, implying a potential upside of 34 percent from the last regular trade.
• September quarter’s SSSG growth higher than estimate; Remain confident on demand sustainability.
• Cost pressures related to higher competition is significant but manageable.
• Remains top pick in India consumer.

CLSA

• Maintained ‘Buy’; cut price target to Rs 1,600 from Rs 1,900, implying a potential upside of 34 percent from the last regular trade.
• September quarter’s results slightly below; SSSG at above 20 percent stays strong.
• Next few quarters could be less predictable on the back of competition.
• Staff costs rose by competitive pressure and these pressures to weigh on cost.

More Brokerage Calls

CLSA on Bharti Infratel

• Maintained ‘Outperform’ with a price target of Rs 290, implying a potential upside of 10 percent from the last regular trade.
• September quarter results were ahead of estimates.
• Vodafone-Idea drive tenancy exits.
• Cost controls support margins.

Macquarie on Hexaware

• Maintained ‘Outperform’; cut price target to Rs 500 from Rs 560, implying a potential upside of 43 percent from the last regular trade.
• September quarter’s operating performance missed marginally due to one-offs in clients.
• Believe bulk of currency gains will be used to address attrition and improving onsite talent supply.
• Deal pipeline remains strong; Expect closing 2018 deal wins at higher value.

CLSA on Zydus Wellness-Heinz India Deal

• Deal negative for Cadila Healthcare, likely EPS dilution of 3-10 percent.
• Await further clarity on the deal structure.

Specialty Restaurants:

• Deepak Bhagnani sells 13.50 lakh shares or 2.9 percent equity at Rs 69 each.
• Tasha Investment Advisors LLP buys 11.6 lakh shares or 2.5 percent equity at Rs 69 each.

Den Networks: MSD India Fund sells 29.94 lakh shares or 1.5 percent equity at Rs 66.77 each.

Wipro (Q2, QoQ)

• Revenue up 2.4 percent at Rs 14568 crore.
• Net profit down 9.9 percent at Rs 1886 crore.
• Forex gain of Rs 121.7 crore versus gain of Rs 77.1 crore QoQ
• EBIT down 13.3 percent at Rs 2097 crore.
• EBIT Margins at 14.4 percent versus 17 percent.

Also Read: Q2 Results: Wipro’s Profit Misses Estimates

InterGlobe Aviation (Q2 ,YoY)

• Revenue up 17 percent at Rs 6185 crore.
• Net loss of Rs 652 crore versus Net profit of Rs 552 crore
• Ebitdar down 93 percent at Rs 111 crore.
• Margin at 1.8 percent versus 29.4 percent.

Also Read: Q2 Results: IndiGo Reports First Quarterly Loss Since Listing

Hexaware (Q3, QoQ)

• Dollar revenue up 1.7 percent at $171.1 million.
• Revenue up 6 percent at Rs 1210 crore.
• Net profit up 21 percent at Rs 172 crore.
• Ebitda up 18 percent at Rs 187 crore.
• Margin at 15.5 percent versus 14 percent.

Bharat Financial Inclusion (Q2, YoY)

• NII up 95 percent at Rs 519 crore.
• Net profit up 73 percent at Rs 233 crore.
• Gross NPA at 0.4 percent versus 0.3 percent (QoQ)
• Net NPA unchanged at 0.1 percent.

Lakshmi Vilas Bank (Q2, YoY)

• Net Interest Income down 35 percent at Rs 151 crore.
• Net loss of Rs 132 crore versus Net profit of Rs 10.5 crore.
• Provisions up 27 percent at Rs 205 crore (QoQ).
• GNPA at 12.31 percent versus 10.73 percent (QoQ).
• NPA at 6.88 percent versus 5.96 percent (QoQ).

Everest Industries (Q2, YoY)

• Revenue up 21 percent at Rs 313 crore.
• Net profit up 100 percent at Rs 9 crore.
• Ebitda up 54 percent at Rs 18.5 crore.
• Margin at 5.9 percent versus 4.6 percent.

Indiabulls Real Estate (Q2, YoY)

• Revenue up 121 percent at Rs 1040 crore.
• Net profit up 23 percent at Rs 76 crore.
• Ebitda down 4 percent at Rs 243 crore.
• Margin at 23.4 percent versus 53.7 percent.
• Finance cost down 47 percent at Rs 104 crore.

Agro Tech Foods (Q2, YoY)

• Revenue up 7 percent at Rs 211 crore.
• Net profit up 6 percent at Rs 9.1 crore.
• Ebitda up 3 percent at Rs 17.5 crore.
• Margin at 8.3 percent versus 8.6 percent.

Bharti Infratel (Q2, QoQ)

• Revenue down 1 percent to Rs 3,648 crore.
• Net profit down 6 percent to Rs 600 crore.
• Ebitda down 1 percent to Rs 1,506 crore.
• Margin at 41.3 percent versus 41.4 percent.

Also Read: Q2 Results: Bharti Infratel’s Profit Meets Estimates

KPIT Tech (Q2, QoQ)

• Revenue up 6 percent at Rs 1079 crore.
• Net profit up 6 percent at Rs 82 crore.
• Ebitda up 19.5 percent at Rs 147 crore.
• Margin at 13.6 percent versus 12.1 percent.

IDFC Bank (Q2, YoY)

• Net Interest Income down 2 percent at Rs 451 crore.
• Net loss of Rs 370 crore versus Net profit of Rs 234 crore.
• Provisions at Rs 601 crore versus Rs 34 crore (QoQ).
• GNPA at 1.63 percent versus 3.24 percent (QoQ).
• NPA at 0.59 percent versus 1.63 percent.

L&T Finance (Q2, YoY)

• Total Income from operations up 25 percent to Rs 3,246 crore.
• Net Profit grew 62 percent to Rs 559 crore.
• Gross NPA at 7.10 percent versus 7.93 percent (QoQ).
• Net NPA at 2.79 percent versus 3.17 percent (QoQ).

Nifty Earnings Preview

Bharti Airtel (Q2, QoQ)

• Revenue seen up 0.5 percent at Rs 20,174 crore.
• Net loss seen at Rs 990 crore versus net profit of Rs 97 crore.
• Ebitda seen down 3.4 percent at Rs 6,498 crore.
• Margin seen at 32.2 percent versus 33.5 percent.
• Average Revenue Per User down 7 percent at Rs 98.

Maruti Suzuki (Q2, YoY)

• Profit seen down 19 percent at Rs 2,023 crore.
• Revenue seen up 2.2 percent at Rs 22,241 crore.
• Ebitda seen down 13 percent at Rs 3204 crore.
• Margin seen at 14.4 percent versus 16.9 percent.

Yes Bank (Q2, YoY)

• NII seen 26.8 percent higher at Rs 2,390 crore.
• Net Profit seen 27.6 percent higher at Rs 1,280 crore.
• Deferred MTM losses will continue to hit provisions.
• Slippages and credit cost are expected to moderate sequentially.

JSW Steel (Q2, YoY)

• Net sales seen up 22.6 percent at Rs 20,390 crore.
• Net profit seen up 141 percent at Rs 2,025 crore.
• Ebitda seen up 54.8 percent at Rs 4,698 crore.
• Margin seen at 23 percent versus 18.05 percent.

Other Earnings To Watch

• Quess Corp
• Varun Beverages
• Crompton Greaves Consumer
• L&T Technology Services
• Piramal Enterprises
• Tata Coffee
• V-Guard Industries
• CEAT
• Shriram Transport Finance
• BHEL
• Raymond
• Kajaria Ceramics
• Mastek
• Dish TV India
• Biocon
• PVR

• Earnings season rolls on with notable highlights including Twitter, UBS and Total.
• ECB policy makers could on Thursday confirm that asset purchases will end this year, reiterating its pledge to keep interest rates at record lows through summer 2019. President Mario Draghi will hold a press conference.
• U.S. gross domestic product growth may have slowed in the third quarter, yet remained near its best pace since mid-2015, according to forecasts ahead of Friday’s release.

• West Texas Intermediate crude dropped 0.8 percent to $66.27 a barrel.
• Brent crude traded lower for the third day, down 0.08 percent at $75.53 per barrel.
• Gold rose 0.2 percent to $1,236.47 an ounce.

Shanghai Exchange:

• Copper traded lower for the second day, down 0.4 percent.
• Zinc traded higher for the third day, up 0.4 percent.
• Steel resumed rally after a one-day decline, up 0.2 percent.
• Aluminium snapped a two-day rally, down 0.2 percent.
• Rubber traded lower for the third day, down 0.7 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 1 percent to 10.136 as of 7:50 a.m.

An equities rout that wiped out this year’s gains for U.S. stocks spread to Asia Thursday as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs.

Stock gauges in Japan and South Korea lost more than 2 percent, and futuressank in Asian markets yet to open, threatening to push the MSCI Asia Pacific Index deeper into a bear market.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell!