Live: Spain bond auctions spooks markets, Sensex down 314 pts

3.30 p.m: As news of Spanish bond auction being done at 6.975 hit the markets, global markets hit the panic button. Europe fell sharply by nearly 2 percent, triggering a sell off on the Indian markets. Sensex closed near the low of the day falling by 314 points at 16,461 while Nifty traded 103 points lower at 4927.

Suzlon, one o fthe biggest losers, fell by over 12 percent as its promoters sold 2 percent of their holding. The stock closed at Rs 25.60.

Reliance and Maruti were the biggest losers of the day in front line stocks, falling nearly 4.8 percent each. Reliance closed the day at Rs 807, while Maruti was down to Rs 945.

Bhel touched a new 52 week low, falling 4.5 percent and touching Rs 284.50.

Patni was the top gainer closing 9 percent higher at Rs 424 after iGate announced that they are planning to de-list the company with a floor price of Rs 356.74.

Pantaloon gained 6.11 percent on anticipation of FDI being allowed in multi brand retail, which apparently has been announced as being forward by the Finance Ministry.

Sensex down 250 pts, Suzlon down 11%

2.00 p.m: Spain’s bond yield has shot up to 6.5 percent leading to a sell of in the European markets. This in turn has affected Indian markets which have fallen suddenly. Sensex is trading 150 points lower at 16,616 while Nifty is down 58 points at 4974. European markets are trading 1 percent lower as both Spain’s and Italy’s bond yield shot up.

Suzlon trades 8.4 percent lower at Rs 26.65 among the top losers.

Reliance trades 3.3 percent lower at Rs 819. Tata Motors is down 3.5 percent at Rs 176.

Suzlon at all time low, stock down 6%

12.45 p.m: An extremely lackluster market is witnessing action in banking stocks. Sensex trades at 16,780 up 4 points while Nifty trades at 5028 down 2 points.

Banking stocks have attracted buying after Deputy Governor of RBI said that the central bank is increasing its focus on growth, thereby hinting at an end of interest rate hikes.

SBI trades at Rs 1795 up 1.7 percent, while ICICI Bank is up 1 percent at 797.

Patni continues to trade 10 percent higher at Rs 424.40, substantially higher than the Rs 356.74.

Suzlon trades 6 percent lower at Rs 27.35, it lowest price since the company got listed. The stock has been affected after the management said that Europe sales are on cost basis. Market was building in expectation that the company will grow because of its growth in sales in Europe, through RE Power. Depreciating rupee will also impact the company’s huge debt and FCCB position.

Patni up 10% as markets turn positive

11.00 a.m: Markets have recovered most of their loss of the with the Sensex trading at 16,769 down 7 points, while Nifty trades at 5028 down by 2 points.

Renuka Sugar has bounced back after falling almost 50 percent in the last one week. The stock trades 4 percent higher at Rs 34.

Banking stocks have moved higher on a statement by the Deputy Governor of RBI saying that the the central bank will be focusing on growth, implying that interest rate hikes might be stopped or even reversed. SBI trades 1.3 percent higher at Rs 1,789, while ICICI Bank is up 1 percent at Rs 797.

Patni Computers continues to remain high and trades at Rs 420, up 8 percent despite the management saying that it will not go ahead with the buyback if the amount required is over $215 million. This works out to Rs 400 pershare.

Sintex, Suzlon continue to slide, Sensex down 50 pts

10.15 a.m: Reliance down 2.3 percent at Rs 828 leads is one of the top frontline stocks which is keeping the indices in negative territory. Sensex trades 56 points lower at 16,719, while Nifty is down 22 points at 5008.

Suzlon, Sintex and SKS Micro continue to slide, all trading around 5 percent lower than their previous close.

Sensex down 115 pts, Reliance down 2%

9.30 a.m: Markets opened flat but have moved lower with the BSE Sensex trading 85 points lower at 16,692 and the NSE Nifty trading 18 points lower at 5013.

Patni, which is expected to be delisted by an open offer from iGate is trading 10 percent higher at 426. Floor price of the open offer is Rs 356. The current price reflects the investor sentiment that they have rejected the offer and want a higher price for de-listing. iGate had acquired the shares from Patni at Rs 503 in January 2011.

Reliance is trading 2 percent lower at Rs 831, one of the biggest loser among index stocks.

Pantaloon continues its move and trades 3.6 percent higher on news of FDI relaxation to be announced next week.

Markets to open steady, Kingfisher, Patni in focus

**9.00 am:**A series of bad news continues to hit the markets. Japan, Spain and the UK announced a further slowdown in their economies. The UK reported higher-than-expected unemployment data. Moody’s downgraded credit ratings on 10 banks in Germany. But what really spooked the US market in late hours was Fitch Ratings’ warning that it may reduce its ‘stable’ outlook rating for US banks with large capital markets businesses. This led the US markets to close almost 2 percent lower.

Asian markets however, are subdued after a weak opening.

Indian markets, in turn, are likely to remain range-bound, with the Nifty flirting around the 5,000 level.

[caption id=“attachment_133074” align=“alignleft” width=“380” caption=“Indian markets are likely to remain range-bound, with the Nifty flirting around the 5,000 level. Punit Paranjpe/Reuters”] [/caption]

Among the stocks that will see volatility are Patni, which is being de-listed by iGate at a floor price of Rs 356.74 a share. However, this price is not only at a 9 percent discount to the current market price but is substantially lower to the price at which iGate acquired the shares from the promoters (Rs 503 a share).

Given these circumstances, it is unlikely the company can get a good response to de-listing. However, the share price can move higher in anticipation of a price revision.

Kingfisher can see some action as the company is being allowed to directly import its fuel rather than through canalising agencies. The biggest advantage for the company will be that it will be not have to pay sales tax and other duties which it was complaining about.

Ashok Leylandsaid that it will be consolidating its group companies, which include an LCV joint venture with Nissan and a construction equipment manufacturing venture with John Deere.