Live: SBI gains 3% on go-ahead for capital infusion, Sensex closes 34 pts up

3.30 p.m: A dull day in the market was helped by the finance minister clearing capital infusion in SBI through the preferential allotment route. The stock closed 3 percent higher at Rs 1830.

Sensex, meanwhile, closed the day 34 points higher at 16,189, while Nifty closed 7 points higher at 4873.90.

Bond yields fell to 8.16 percent after inflation data was announced. Inflation fell to a two year low of 7.47 percent.

Reliance closed near the day’s low at Rs 715.10, down 2.28 percent, impacted by government decision to control marketing margin.

Capital goods stock had a good rally by the end of the day with L&T rising by 3 percent at Rs 1208.50, while BHEL closed 3.64 percent at Rs 264.

FM clears capital infusion in SBI, stock up 2.4%

2.30 p.m: Markets have moved higher as European markets have stabalised after an initial fall.

Sensex trades 25 points higher at 16,180 while Nifty is up 4 points at 4870.

Capital Goods stocks have moved higher with L&T trading at Rs 1194 up 1.88 percent, while BHEL is up 2.8 percent at Rs 274.30.

Tata Motors has moved up sharply and presently trades at Rs 213.65 up 2.37 percent while Tata Steel is up 2.63 percent at Rs 426.70.

With bond yields touching 8.16 percent, banking stocks have recovered. SBI trades at Rs 1783 up 0.44 percent while ICICI Bank is up 0.4 percent at Rs 792. Both the stocks have recovered by almost 2.5 percent from the day’s low.

Hathway Cable meanwhile has clarified saying that it has not been approached by Reliance team members. The stock has corrected from the day’s high and presently trades at Rs 133.30 up 12 percent.

United Spirits gains 5% on foreign listing, Sensex down 5 pts

1.30 p.m: European markets have opened lower after the downgrades announced by S&P on Friday. Indian markets however, continue to trade in a narrow range with Sensex trading at 16,150 down 5 points while Nifty is down 8 points at 4857.

Reliance continues to be one of the top losers among front line stock falling nearly 2.25 percent at Rs 715.40. The company too will be affected by the government decision on imposing a cap on marketing margin.

IGL has fallen by 6 percent at Rs 327.85 on concerns over its margin after imposition of a cap. The stock has lost nearly 17 percent in two days.

United Spirits gained 5.73 percent to Rs 633.70 on news of the company consolidating its foreign business and listing them in the European markets.

Hathway Cable jumps 18.5% on stake sale hopes, Sensex down 50 pts

12.15 p.m: Sensex continues to trade in a narrow range after the inflation data were announced. Inflation of 7.47 percent was more or less in line with market expectation, as a result, there was virtually no reaction to the news.

Sensex presently trades at 16,095 down 59 points while Nifty is down 23 points at 4843.

IT stocks continue to trade higher with Infosys up 2 percent at Rs 2636 while TCS is up 2.37 percent at Rs 1111.

Hathway Cable trades 18.5 percent higher on a likelihood of Reliance Industries picking up a stake in the company.

Reliance however, trades 2 percent lower at Rs 716.50 while

Tata Steel has moved higher and currently trades at Rs 421 up 1.27%

TCS gains 2% ahead of results, Sensex down 50 pts

11.00 a.m: Markets trade in a narrow range with Sensex at 16,097 down 57 points while Nifty is down 23 points at 4843.

IT counters trade higher ahead of TCS results which will be announced on Tuesday. TCS trades 2 percent higher at Rs 1107 and Infosys trades at Rs 2626.85 up 1.65 percent.

Reliance continues to trades lower and presently trades 2 percent lower at Rs 717.40.

Coal India is down 0.6 percent after its workers said that the 25 percent wage hike is not enough for them. The stock trades at Rs 342.

Hathway Cable gains 12% on stake sale possibility, Sensex down 75 pts

10.00 a.m: Markets have moved lower, with Reliance falling by 1.8 percent at Rs 718.65. Sensex meanwhile is at 16,079 down 75 points while Nifty trades at 4838 down 37 points.

Anil Ambani group stock trade lower with Reliance Communication down 2 percent at Rs 85.80 while Reliance Capital is down 1 percent at Rs 296.45 and Reliance Power trades 2.96 percent lower at Rs 86.75.

Meanwhile banking stocks have stabalised with SBI down 1 percent at Rs 1758.75 and ICICI Bank trading 0.6 percent at Rs 794.45.

Hathway Cables trades 12.37 percent at Rs 133.90 on possibilities of Reliance Industries picking up a stake in the company.

Fertiliser stocks jump on possible price hike; Sensex down 50 pts

**9.15 am:**The impact of downgrades in Europe were felt in the opening hours of the Indian markets today. Asian markets are also trading at around 1 percent lower as a result of the downgrades.

Markets have opened lower with BSE Sensex trading 50 points lower at 16,102, while Nifty trades 17 points lower at 4,848.

In Indian markets, fertiliser stocks are likely to be in focus on news of the government contemplating a hike in urea prices by nearly 40 percent. Chambal Fertiliser trades 2.33 percent higher at Rs 83.45, while RCF is up 4 percent at Rs 66.50.

Despite a 25 percent hike in salaries, workers of Coal India seem to be unhappy and are likely to take up the matter further in the next meeting with the management on 27 January, 2012. Expect some volatility for the day.

Development Credit Bank has deferred its equity raising plan given the current market scenario. The bank had planned to raise Rs 120 crore between April and June 2012.

Apollo Tyres trades 2 percent lower at Rs 66.20 after the company has been penalised for indulging in cartelisation.

IT stocks are trading in positive territory after Infosys’ guidance spooked the sector. Infosys trades at Rs 2,611.70, up 1 percent, while TCS is also around 1 percent higher at Rs 1,097.

Banking stocks are trading lower with SBI down 1.3 percent at Rs 1,753; ICICI Bankis down 0.5 percent at Rs 785.

Rupee meanwhile trades at 51.71 in opening trades against the dollar.