Live: Sensex closes 207 pts down, Rupee touches 50

3.30 p.m: A late sell-off in Indian market was triggered by a sharp drop in European markets, which opened 1 percent higher but immediately dropped and currently trade nearly 1.5 percent lower, a drop of 2.5 percent since opening.

Sensex closed the day, down 226 points at 17,340, while Nifty was down 75 points at 5214.

SBI was the main loser falling by 7.12 percent to Rs 1,855 after the bank announced higher provisioning and highlighted the deterioration of its asset quality. What spooked the market was the Tier I capital of the bank which has fallen to 7.47 percent, lower than the RBI prescribed norm of 8 percent.

Ranbaxy also announced weak results posting a loss of Rs 463 crore against expectation of Rs 140 crore. The company posted a forex loss of Rs 400 crore and provided for Rs 251 crore as foreign exchange losses on debts. Adjusted for these the company could have maintained market expectations. The stock closed the day at Rs 480.50, down 3.5 percent.

IOC posted a loss of Rs 7,485 crore, thanks to a Rs 23010 crore forex loss and under recovery of fuel prices. The company has asked for a budgetary support of Rs 8200 crore.

Rupee meanwhile has breached the 50 level against the dollar, adding to the woes of the market.

Sensex down 200 pts, SBI loses 7%

2.45 p.m: SBI in its press conference has said that it is facing asset pressure on all fronts, from agriculture, corporates and SMEs. The banks Tier I capital has come down to 7.47. The stock trades 6 percent lower at Rs 1892. The bank’s Tier I capital has come down sharply from 9.62 percent to 7.47 percent, a sharp drop, which to some extent justifies the sharp drop on its share price.

Ranbaxy too has contribution to a streak of poor results. The company posted a loss of Rs 463 crore, thanks largely to a loss of Rs 400 crore from forex. Market expectation from the company was a profit of Rs 140 crore.

Sensex trades 111 points lower at 17,458 while Nifty is down 35 points at 5253.

European markets too have slipped sharply dropping almost 1.5 percent in minutes.

Maruti falls as car sales in October drop the most in a decade

1.30 p.m: European markets have opened sharply higher by 1 percent on news of Italian PM agreeing to resign.

This effect has not yet been rubbed off on Indian markets, which are still trading near the low of the day. Sensex trades 22 points lower at 17,547 while Nifty is down 12 points at 5276.

Maruti trades 2.5 percent lower as the company in an analyst interaction said that it is planning a plant shut down in December. Analysts, expect the company to post subdued numbers for the current quarter, much lower than earlier expected numbers. Data released by Society of Indian Automobile Manufacturers (SIAM) say that car sales in India fell by 23.8 percent in October, the biggest fall since December 2000.

SBI meanwhile has fallen by 5 percent lower at Rs 1,896 after it announced its results.

IOC announced a higher than expected loss of over Rs 7000 crore. The stock trades 2.5 percent lower at Rs 291.60.

TCS has won a massive $2.2 billion order, the stock shot up by 2.36 percent to Rs 1132.

Sensex slips 50 pts, SBI down by 5%

12.45 p.m: Markets have stabilised after SBI once again posted a disappointing set of numbers. Deteriorating asset quality and an increasing desperate situation for capital infusion has resulted in the stock being hammered by nearly 4.9 percent at Rs 1,898.

Markets meanwhile have touched a new low with Sensex trading 50 point lower at 17516, while Nifty is down 20 points at 5,268.

IDFC has also fallen by 2 percent despite a good show in ts quarterly performance. The stock trades at Rs 123.

Hindustan Unilever is among the top gainers in the frontline stocks trading 3.5 percent higher.

**12.27pm:**Listen to a mid market audio update:

11.45 a.m: SBI has posted a better than expected numbers with net profit at Rs 2810 crore against expectation of Rs 2589 crore. Net Interest Income is at Rs 10,422 crore against market expectation of 9958.

Provisions have increased by Rs 1110 crore to Rs 3386 crore with provision coverage ratio increased to 63.5 percent.

Gross NPA has increased from 3.35 percent to 4.19 percent, signalling worsening of portfolio.

At the net level NPA stood at 2.04 percent against expectation of 1.70 percent.

Capital adequacy ratio has reduced from 12.48 percent to 11.4 percent as per Basel II while on Basel I basis it is at 10.3 percent down from 11.4 percent.

The stock trades 3.4 percent lower than previous day’s close at Rs 1930.

Sensex currently trades 11 points lower at 17,558 and Nifty is trading 17 points lower at 5271.

IT stocks move higher as rupee approaches 50 mark

11.30 a.m: IT stocks, especially frontline Wipro, TCS and Infosys have started mving higher as rupee nears the 50 mark against the dollar. A weaker rupee generally helps exporters.

TCS trades 1.7 percent higher at Rs 1124, while Wipro is up by 1.6 percent at Rs 375. Infosys has reacted the least, increasing by only 0.3 percent at Rs 2850.

Sensex meanwhile continues to trade in a very narrow range and presently trades 40 points higher at 17,608 and Nifty is up by 6 points at 5296.

SBI meanwhile trades 1.4 percent lower at Rs 1968, ahead of its results, which is expected to be announced soon.

DLF Rs 630 crore penalty stayed, Sensex up 40 pts

11.00 a.m: COMPAT (Competition Apellate Tribunal) has stayed the Rs 630 penalty imposed by Competition Commission of India (CCI). COMPAT asks CCI to file reply within 6 weeks. The stock has moved up from its low of Rs 239 to Rs 243 as the news appeared.

Meanwhile markets are trading in a narrow range with the Sensex rising by 40 points to 17,608 and Nifty rising by 5 points to 5295.

SBI trades 0.9 percent at Rs 1978 while Axis Bank trades 0.75 percent lower at Rs 1132.

Hindustan Unilever up by 2.1 percent and TCS up by 1.6 per cent are among the top gainers in frontline stocks.

SBI falls on Moody’s sector downgrade

10.00 a.m: Markets have moved lower with the Sensex trading in red, lower by 8 points at 17,562 and Nifty trading 8 points lower at 5280.

SBI led a sharp fall n the market as Moody’s downgraded Indian bank’s outlook to negative. SBI trades at 1979, down nearly 1 percent from its level when the announcement was made.

Ranbaxy has fallen by nearly 2 percent after the company was sued in the US for delaying launch of Lipitor, the largest selling drug in the US.

Attention is again shifting to rupee which is now trading at 49.75 against the dollar, close to the psychological 50 mark.

Sensex gains 50 pts; Ranbaxy sued in US for Lipitor delays

9.30 a.m: Indian markets opened marginally higher and have been trading in a narrow range since. BSE Sensex trades 58 points higher at 17,627 while Nifty is trading 13 points higher at 5302.

Among the first news hitting the market today is Moody’s downgrading Indian banking system outlook to negative. PSU bank results over the last few days, justify such an action.

Ranbaxy along with Pfizer has been sued in the US for delaying the launch of generic Lipitor. The company is expected to announce its results today is also likely to give guidance on the launch of the generic version of Lipitor. The stock trades at Rs 489.65.

IDFC, which announced its results on Tuesday opened higher but currently trades near the low of the day. The stock currently trades 1.2 percent higher at Rs 127.

Markets to open in green; SBI results to set the tone

8.45 a.m: A last hour rally in the US markets, after Italian Prime Minister said that he may step down as soon as parliament passed austerity measures, is reflected in the early trades in Asian markets. US Dow closed 102 points higher, while the Asian markets are trading nearly 1 percent higher. However, Italian bond yields are telling a different story.

Italian 10-year bond yields have touched a 14 year high level of 6.76 percent, dangerously close to 7 percent, where funding in the eurozone seems to be unsustainable.

Indian markets are likely to open marginally higher, but will be dictated by SBI results, which are expected to be announced during the day. Writing off earlier loans had been affecting the bank’s performance over the last two quarters. Thequantumof write-offs and restructured assets will be keenly watched by the market, along with likely hiking of saving rates by the bank.

Among the other stocks that can see action today are IDFC, which announced a decent set of numbers on Tuesday, post market closing.

Maruti, whose labour problem just refuses to die down can see a weak opening, however, there is good buying interest in the stock, which can pull it up.

Ranbaxy is expected to announce its results today, more than the results market is looking for visibility in terms of Lipitor launch, the highest selling drug in the world.

Among the other companies that are announcing their results today are Voltas, Lupin, IOC, Apollo Tyres, Glenmark Pharma and Eicher Motors