RBI fails to enthuse market, Sensex at lowest level since 2009

3.30 p.m: Markets closed at the lowest levels since November 2009, a low of 25 months.

Market took its time to react to the credit policy, but a stalemate by the central government was viewed negatively resulting in Sensex falling by 345 points at 15,491 and Nifty at 4,651, down 95 points.

Capital goods, realty and banking stocks are among the top losers in the market.

L&T is the biggest loser falling by 6.2 percent at Rs 1062 followed by JSW Steel down 5.28 at Rs 509, while Axis Bank was down 5.17 percent at Rs 900.

Essar Oil has fallen by 17 percent to Rs 46.95, Sintex is down 10 percent at Rs 61.60.

Despite the gloom in the market, Hindustan Unilever has touched an all time high level of Rs 405. The stock however, closed lower at Rs 390.55.

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Sensex down 300 pts, banks fall by over 3%

2.30 p.m: Sensex has fallen by almost 400 points from the day’s high as banking stocks have taken a beating. Sensex currently trades 239 points below Thursday’s close at 15,597. Nifty trades 76 points lower at 4669.

Axis Bank has fallen by nearly 5 percent at Rs 903, SBI is down by 1.9 percent at Rs 1705, while ICICI Bank trades 1 percent lower at Rs 691.75 and HDFC Bank is down by 2.25 percent at Rs 421.

Reliance is down by 2.4 percent at Rs 731, while L&T is down by 3.25 percent at Rs 1096.

Sensex gains 100 pts, Apollo Hospital up 12%

1.30 p.m: Markets trade at the day’s high with Sensex trading at 16050 up 213 points while Nifty is up by 65 points at 4811.

Banking stocks have rebounded from the day’s low with SBI trading at Rs 1748, up 0.65 percent, ICICI Bank up 1.6 percent at Rs 709.5 and HDFC Bank up 1 percent at Rs 436.

Axis Bank however, trades near the day’s low, down 2.9 percent at Rs 922.

European markets meanwhile have opened 0.5 percent higher despite some of the bigger banks being downgraded, a good sign for the day.

Apollo Hospital meanwhile trades 12.5 percent higher after the management clarified the on the warrant conversion issue.

Bond yield falls to 8.40% post policy, Sensex up 200 pts

12.45 p.m: Markets have fallen further after the credit policy with Sensex trading at 15985 up 150 points and Nifty at 4794 up 48 points.

Banking stocks continue to trade near the day’s low with SBI down 0.4 percent.

Bank yields however, have fallen further to 8.40 as market interpret the policy as saying there will not be any further hikes.

Metal counters have started falling with Tata Steel trading at Rs 372.90 down 0.65 percent.

Essar Oil has touched a new low of Rs 52.75 after the company’s management have been booked under the 2G scam.

Head of TVS Motors has said that two wheeler growth will slow down to single digit signifying slowdown reaching the rural markets.

CRR and repo rates left unchanged, banks fall

12.00 p.m: RBI has left both the CRR and repo rates unchanged. The central bank says they are concerned over inflation and growth rates. They have also said there is no stress in the money market.

As a positive the central bank has clearly said that they are at the peak of the interest rate cycle and inflation will keep on the falling.

Bond markets have eased and trade at 8.45 percent, as compared to 8.5 percent.

Sensex currently trades at 15,898 up 60 points while Nifty trades 30 points higher at 34.

Banking stocks have fallen from the days high with SBI falling to Rs 1733 down 0.2 percent, ICICI Bank is at Rs 701 up marginally by 0.3 percent while Axis Bank is down 1 percent at Rs 938.

Sensex up 200 pts, Apollo Hospital rises 9%

11.00 a.m: Markets have moved higher with Sensex trading 172 points higher at 16008 and Nifty up 50 points at 4796.

Banking stocks continue to trade higher by around 1.5 percent in anticipation of a favourable credit policy.

Apollo Hospital trades 9 percent higher after a sharp fall of nearly 30 percent over last week.

Hindustan Unilever had touched it life time high of Rs405 and currently trades at 401.30, up 1.6 per cent over previous day’s close.

Markets trade higher, await credit policy

A recovery in the global markets, coupled with rupee strengthening to below 53 levels has led to a smart opening in the Indian markets.

BSE Sensex trades at 15978, up 142 points while Nifty is trading at 4793, up 47 points. With the central bank scheduled to announced its credit policy later in the day, market is expected to remain range bound.

Among the stocks that have shown signs of movement in early trades are Apollo Hospitals, which is trading 6 percent higher at Rs 510 after the company clarified that one of the promoters has been given shares at a discounted price as compared to the current market price on account of an old warrant issue.

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Banking counters are trading marginally higher, ahead of the policy meet with SBI up by 1.6 percent at Rs 1764, ICICI Bank up 1.5 percent at Rs 708.7 and HDFC Bank trades at Rs 438.70 up 1.8 percent.

Strengthening of the rupee to 52.63 against the dollar has led to a weakening of the IT counters. TCS trades 1.6 percent lower at Rs 1164 while Infosys is down 0.5 at Rs 2703.

Telecom counter Bharti Airtel trades 3.8 percent higher after the TDSAT asked the government to not force the operators to pay licence fees in accordance with the recent Supreme Court order till Januray 31, 2011. Bharti trades at Rs 349.70 while Idea is at Rs 85.95 ip 1 percent.

Tata Motors trades 2.5 percent higher at Rs 176.85 as the company has posted a robust 35 percent sales growth in its global vehicle sales.

Cement counter Ambuja and ACC trade higher trades nearly 1.5 percent higher after the companies deposited much higher advance tax.