Sensex closes at day's high; Suzlon bleeds, Pantaloon gains

3.30 p.m: Indian markets closed at the day’s high as European markets recovered after a weak opening. Sensex closed at 16,371 down 90 points over previous day’s close. Nifty closed at 4905 down 29 points.

Pantaloon closed nearly 8.7 percent higher as government contemplates introduction of FDIs in multibrand retail sector.

JSW Steel traded 6.4 percent lower at Rs 607.20 after MERC refused it to pass on higher raw material prices.

Kingfisher Airlines which fell sharply in opening trade after falling 18 percent recovered sharply and closed the day 4.8 percent lower at Rs 23.80. The airline was reported to have been able to secure a line of funding.

Suzlon continued its fall after the promoters sold 1.86 percent of their shares on Thursday. The stock was down 7 percent at Rs 23.85.

ONGC moved higher after news appeared that the companies FPO will not take place this fiscal. The stock closed the day at Rs 263, up 2 percent.

Pantaloon jumps 10% as market recovers

2.45 p.m: Reports in media say that ONGC FPO issue is unlikely to go through this year. The stock has reacted positively to the news and currently trades at Rs 256.80 down by 0.5 percent.

Sensex meanwhile trades at 16,267 down 194 points, while Nifty is down 60 points at 4876.

Sensex down 250 pts, Pantaloon jumps 7%

2.00 p.m: European markets have extended their loses, falling further by 0.5 percent. Sensex remains range bound near the lower band of the range at 16,260 down 200 points. Nifty is down by 63 points at 4871.

In a subdued market, Pantaloon has moved up by 7 percent as the government contemplates easing FDI norms on retail FDI. The stock trades at Rs 194.75.

Hero MotoCorp is the other major gainer among top traded stocks. The stock trades at Rs 2188 up by 3.28 percent.

Punj Lloyd has been given a breather in its ONGC order case, the stock reacted marginally and currently trades at Rs 47.75, down 1.15 percent.

Hindustan Petroleum as moved up by 4.46 percent at Rs 292.75.

Sensex down 280 pts, Suzlon down 11%

12.15 p.m: Markets continue to trade lower with the Sensex trading 280 points lower at 16,179 and Nifty trading 95 points down at 4839.

Suzlon trades 11.5 percent lower at Rs 22.70, BHEL trades 5.8 percent lower at Rs 268 while JP Associates trades 4.5 percent lower at Rs 59.85.

Hero MotoCorp trades 2.5 percent higher at Rs 2168.

Rupee meanwhile has touched a new low of 51.36.

Refinery stocks move higher on bailout hopes

10.45 a.m: Markets have touched a new low with Sensex down 234 points at 16,227 and Nifty donw 78 points at 4856. Rupee has breezed past the 51 level and has touched 51.23 against the dollar.

Suzlon is the top loser falling 9 percent at Rs 23.35 after the company’s promoters sold stocks to infuse money into the company.

Bhel trades 5.5 percent lower at Rs 269.30 a two year low level.

HPCL crossed 4.4 percent even as rupee weakens to 51.3. Refinery stocks are moving higher on hopes of

Kingfisher bailout fails to impress, stock down 17%

9.30 a.m: Markets opened lower and continued to slide in the opening minutes of trade. BSE Sensex is down 120 points at 16,347 while NSE Nifty trades at 4892, down 42 points.

Pipavav Defence has hit the lower circuit and trades 20 percent lower at Rs 55.65.

Reliance has moved below the Rs 800 mark and trades 2.6 percent lower at Rs 788.80.

ICICI Bank is the biggest loser among the top traded stocks, falling 2.7 percent at Rs 757.75

Pantaloon Retail moved higher in the opening minute but there has been not follow up buying. The stock trades in a narrow range at Rs 188.45 up 3.5 per cent.

Kingfisher Airlines trades 10 percent lower at Rs 22.40 even as reports say that the company is close to raising $370 million.

Euro crisis to result in lower opening, watch out for metal stocks

9.00 am: Looks like another weak opening for the Indian markets as Europe and fears of its debt crisis spilling over to other nations outside the eurozone have led to selling across asset classes throughout the globe. US markets closed over 1 percent lower after a near 2 percent fall in Europe as Spain raised bonds at nearly 7 percent. Asian markets today are down by 1.5 percent.

Crude oil fell sharply by over 3 percent, followed by other metals and commodities, which were down 2 percent. Selling can be witnessed in metal stocks like Hindalco, which have gained recently on the back of moderate gains in international commodities market. Refinery stocks can gain due to a fall in oil but it can be limited as the rupee touches the 51 mark against the dollar.

Refinery counters can also receive a boost on news of finance ministry considering Rs 30,000 crore in fuel subsidies which will be tabled in Winter Session of the parliament.

[caption id=“attachment_133961” align=“alignleft” width=“380” caption=“Another weak opening for the markets. Reuters.”] [/caption]

A Rs 14,000 crore bank recapitalisation fund is also being considered during this session.

Post markets on Thursday, reports said that the cabinet has proposed 100 percent FDI in single brand retail. In case of multi brand retail, FDI can be considered beyond 51 percent if 30 percent sourcing is done from SMEs. Minimum amount to be brought in would be $100 million. Retailers like Pantaloon and Shoppers Stop have seen a smart move in anticipation of the approval. These counters can open higher but one can expect profit booking.

Everonn is likely to see action as the company expects to close the largest PE deal in the education sector.

Kingfisher can see some buying interest as media reports said that the company is close to signing a $370 million deal to save the company.