Live: Sensex ends 121 pts lower, refiners fall on subsidy setback

3.30 p.m: Markets closed near the day’s low with Sensex closing at 15,881 down 121 points while Nifty closed 37 points lower at 4763.

Retailer Pantaloon was the biggest loser, falling by over 8 percent at Rs 144.55 touching a new 52 week low.

Tata Steel closed 4.4 percent lower at Rs 375.10, while M&M traded 4 percent lower.

Oil refiner BPCL closed 4 percent lower at Rs 520 after Finance Minister refused to fund additional subsidies.

Banking counters were subdued after a run up in the first session which was in anticipation of lower inflation numbers. November inflation number of 9.11, higher than anticipated, put to hold all hopes of a interest rate reduction.

Retailers touch new low, rupee at 53.64

2.00 p.m: Markets have moved lower with Sensex trading 54 points lower at 15,954 while Nifty is down by 16 points at 4784.

Retail counters Pantaloon and Provogue have touched new 52 week lows, below their price from where they moved when the retail FDI clearance was announced. Pantaloon trades 7.5 percent lower at Rs 146.25 while is down 5 percent at Rs 20.65.

Tata Steel trades 3.3 percent lower at Rs 379.6 after Moody’s said that the steel company is the most vulnerable among the Tata group of companies as rupee depreciates.

Rupee meanwhile is closing in on its all time low level and currently trades at 53.64 compared to a low of 53.74.

Refiners take a hit as FM refuses additional subsidies

1.00 p.m: Markets have recovered from their lows, which were hit after announcement of inflation data. Sensex currently trades 73 points higher at 16076, while Nifty is up by 20 points at 4819.

Oil counters have fallen sharply after a finance minister comment.Finance minister rejecting additional subsidy to oil companies is expected to impact the financials of oil companies very severely. Oil companies have been prevented from increasing prices of subsidised diesel, kerosene and LPG thus adding to their losses. Companies had earlier said that they will not be able to produce beyond December, if they are not funded for their losses on account of selling subsidised products.

BPCL trades 4 percent lower at Rs 519.50, HPCL is down by 3 percent at Rs 281.50 while IOC is down by 1.25 percent at Rs 273.25.

Banking counters have eased off after announcement of inflation numbers, with SBI trading at Rs 1807 up only 1 percent, while Axis Bank trades at Rs 967 up 0.7 percent.

Inflation rises to 9.11, Sensex down 25 pts

12.00 p.m: Higher than expected inflation numbers has spooked the market as these numbers reduces chances of an easing policy by the central bank.

Sensex which was trading 125 points higher just before the announcement slipped to a negative of 25 points within minutes of the announcement. It currently trades at 16,026 up 25 points over previous day’s close, while Nifty trades 6 points higher at 4807.

Banking counters have come off their high with SBI trading at Rs 1807, up 1.11 percent, while Axis Bank is up 0.6 percent at Rs 965. ICICI Bank infact trades in the negative zone, down 0.24 percent at Rs 704.

Rupee slide pulls down refining stocks

11.00 a.m: Markets continue to trade near the high of the day with Sensex at 16067, up 66 points while Nifty is at 4818 up 18 points.

Banking counters continue trading higher as markets awaits inflation data. SBI is trading 2.3 percent higher at Rs 1827, Axis Bank is at Rs 976, up 1.7 percent and ICICI Bank is up 0.52 percent at Rs 710.

Refining counters are trading lower as depreciation of rupee will adversely impact the companies. BPCL is down 1.7 percent at Rs 531.75, HPCL is down 2.16 at Rs 283.60 while IOC is down 0.7 percent at Rs 274.70.

Rupee meanwhile has touched 53.57

Banking stocks pull market higher, Sensex up 50 points

10.00 a.m: After opening marginally lower, Indian markets are trading near the day’s high with BSE Sensex trading at 16,053 up 51 points while NSE Nifty at 4816 up 16 points over previous day’s close.

Banking counters are moving higher with SBI trading 1.55 percent higher at Rs 1818 and Axis Bank is up 1.17 percent at Rs 971.30. ICICI Bank trades at Rs 708.80 after touching a two year low on Tuesday.

Among the other counters that are witnessing higher volatility are L&T which is up 1.4 percent at Rs 1187 and JP Associate is up 1.6 percent at Rs 61.35.

IT counters are trading flat, not reacting to the sharp fall in the rupee which is currently trading at 53.59.

Areva T&D trades 20 percent lower on account of a scheme of arrangement where the shareholders of the company will be receiving shares of Smartgrid Automation Distribution and Switchgear Ltd.

Sensex opens flat, rupee touches new low at 53.74

9.15 a.m: After a smart run during the day, US markets ended marginally lower as the Federal Bank refused to tinker with interest rates as well as declined to announce any quantitative easing measures. Dow Jones closed the day 0.55 percent lower.

Reflecting the mood, Asian market too are trading lower.

[caption id=“attachment_155611” align=“alignleft” width=“380” caption=“Inflation data eyed, 21 components in red AFP”] [/caption]

Indian markets, after a late second-half rally on Tuesday, opened flat and can see some volatility on announcement of inflation data as well as trends set by the European markets.

Banking counters, which led the recovery on Tuesday, can see some pressure as SBI has been reported to have increased its non-performing assets (NPA) in the farm loan segment by four-fold to Rs 13,545 crore in the first six month.

The rupee meanwhile has touched a new low of 53.74 against the dollar, which can further add pressure on banks as well as oil companies.

Cairn will continue to benefit from the rupee depreciation, along with some of the bigger software companies.

Cement counters can witness some buying after cement prices were increased by Rs 9 per bag once again. Cement counters are among the strongest in the markets and have been the first sector to have touched a new 52-week high.