Sensex closes 159 pts lower on profit booking; Pantaloon down 12%

3.30 p.m: Likelihood of an adjournment motion in the parliament which will expose the strength of the ruling party over the retail FDI issue led to a sell of in retail counters. Pantaloon closed the day 12 percent lower at Rs 196.35, while Koutons was down 6.8 percent at Rs 20.45.

Sensex closed the day at 16,008 down 159 points while Nifty closed at 4805 down 46 points.

Telecom major Bharti Airtel fell by 3.8 percent to Rs 372.75 on delay in the retail FDI front and on account of certain accounting treatment made by the company in its annual reports. Though the company has clarified on the issue, the stock failed to recover the lost ground. Bharti closed the day at Rs 372.75, down by 3.81 percent.

Reliance closed the day 2.8 percent lower at Rs 761.60. Tata Motors also closed the day 2.8 percent lower at Rs 176.80.

Everonn moved up sharply by the end of the day after Sebi cleared its open offer. The stock closed 13 percent higher at Rs 356.50.

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DB Realty closed 5.6 percent higher at Rs 75.05 after its promoter, Shahid Balwa, was given bail in the 2G scam issue.

GTL closed 10.5 percent up as its bankers are meeting today to discuss the company’s debt restructuring. The stock closed at Rs 42.15.

Two wheeler companies Hero MotoCorp and Bajaj Auto were the main gainers, rising by nearly 2 percent ahead of their monthly sales data announcement.

Pantaloon drops 9%, Sensex down 130 pts

**2.30 p.m:**Sensex trades 165 points lower at 15,995 while Nifty is down 51 points at 4799.

Likelihood of an adjournment motion on retail FDI has pulled down retail stocks with Pantaloon falling by 9 percent.

European markets too are trading lower as S&P says that it will downgrade France over the next few days.

European markets open lower, Sensex down 125 pts

1.30 p.m: European markets have opened in the negative territory and currently trade 0.5 percent lower. A weak opening saw Indian markets sliding further with the Sensex trading 125 points lower at 16,040 while Nifty is down 32 points at 4819.

Pantaloon, Bharti and Idea are among the top losers in frontline stocks. While Pantaloon trades 5 percent lower, the telecom stocks are down by 3.5 percent.

Reliance trades 2.4 percent lower at Rs 765.

Eros up 7% on Desi Boyz success, Sensex falls 110 pts

1.00 p.m: Announcement of Desi Boyz garnering Rs 53 crore in global sales in its opening weekend has helped prop up Eros International’s share by 7.6 percent. The stock currently trades at Rs 217.5.

Overall market however, trades in a narrow range with Sensex down 52 points at 16,115 and Nifty is at 4840 down 11 points. Markets await direction from European markets which are expected to open flat. However, with Moody’s likely to downgrade a number of banks, we can see some selling pressure during the day.

DB Realty trades 5.5 percent higher at Rs 75 after its promoter Shahid Balwa has been granted bail.

GTL up 14% on debt recast hopes, Sensex down 40 pts

12.15 p.m: After touching the previous day high, market has fallen down swiftly. Sensex currently trades at 16,102 down 60 points while Nifty is down 16 points at 4835.

Oil and Gas counters are the top losers falling by over 1.20 percent.

Pantaloon currently trades 4 percent lower at Rs 214.25, Koutons is down 5 percent and Shoppers Stop trades 4.60 percent lower.

GTL has moved 14 percent higher on news of the company’s lenders meeting today to restructure its debt.

Bharti Airtel is one of the biggest losers over the last 1 hour on likelihood of a possible delay in implementation of FDI in retail. The company has an ongoing arrangement with Walmart for investment in retail sector in India and was hoping to have talks forward with the US company post approval of FDI in the sector.

Pantaloon recovers as govt continues to support FDI

11.15 a.m: Pantaloon along with other retail counters have recovered from their day’s low as government has held their ground on FDI in retail sector.

Sensex meanwhile trades at 16,107 down 60 points while Nifty is down 15 points at 4836.

Reliance is trading 2 percent lower at Rs 768, while Tata Steel the top gainer among frontline stocks trades 1.9 percent higher at Rs 394.50.

M&M trades 1.95 percent higher at Rs 728.45 as the company said it will be raising money for its two-wheeler venture.

GTL has moved sharply on news of the company’s debt restructuring meet today. Some of their debt holders are willing to convert their debt into equity, reports say. The stock trades 5.5 per cent higher at Rs 40.20

Retail FDI meeting ends, deadlock continues

10.30 a.m: Deadlock on retail FDI continues as the ruling party refuses to change its earlier decision on the sector. Pantaloon has moved higher since the time the news broke. The stock currently trades at Rs 212.30 down 5 percent, after touching a low of Rs 209.60 when the news hit the market.

Reliance continues to trade low, down 2.5 percent. Refinery stocks have fallen further and trade nearly 3 percent lower on a likelihood of petrol price reduction.

Sensex moves in a narrow range and currently trades at 16082 down 84 points while Nifty trades 21 points lower at 4839.

Eros International Media has said that collection from Desi Boyz for the opening weekend was Rs 53 crore. The stock trades 4.5 percent higher at Rs 211.

Sensex down 80 pts, Reliance falls 3%

10.00 a.m: Reliance leads the market down, falling by nearly 3 percent. The stock trades at Rs 761.90. Sensex meanwhile trades 150 points lower at 16,018 while Nifty is down 40 points at 4812.

Pantaloon trades 4.3 percent lower at Rs 213.50.

Hindustan Oil Exploration is one of the top gainers, rising by nearly 3.35 percent on news of one of its stake holders, ENI, willing to exit the company.

Educomp has seen some profit booking, a day after it announced a securitisation deal with the banks. The stock trades 2.2 percent lower at Rs 211.

Reliance, Pantaloon fall in early trades, Sensex down 80 pts

9.30 a.m: Markets opened lower with the BSE Sensex currently trading 80 points lower at 16,078, while Nifty is down 30 points at 4820.

Reliance trades 2 percent lower at Rs 768 as the company goes in for arbitration with the oil ministry.

Pantaloon is down nearly 3 percent as the parliament is likely to discuss the retail FDI investment. Vishal Retail is down 6 percent, Koutons trades 3 percent lower while Shoppers Stop is down 4 percent.

SKS Micro has touched a new all time low level after its promoter Dr. Akula quit the company. The stock trades at Rs 102, down by 1.25 percent.

Refiners HPCL, BPCL and IOC all trade 1 percent lower as they are likely to announce a petrol price cut from Thursday.

Markets to open flat, Refiners, retailers to be in focus

9.10 a.m: European markets closed strong on hopes of a solution for the Italian debt crisis. The markets closed between 4-5 percent higher. However, post closing IMF said that they have no such plans of bailing out the European economies as they themselves are not adequately capitalised.

US markets closed nearly 2.5 percent higher on account of strong retail sales during the thanksgiving weekend. However, a warning issued by Fitch on US government rating pulled the market marginally lower.

Asian markers today are subdued with most of the markets trading nearly the day’s low, though still higher by 0.3 percent.

Indian markets are expected to open flat with all eyes on the Parliament over the retail FDI issue.

Retailers like Pantaloon, Trent and Shoppers Stop will continue to be in focus today.

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Among the other stocks that can see some action are refineries as they will be reducing petrol prices by Rs 2 per litre from Thursday onwards.

Reliance can continue to be in pressure as the company has slapped an arbitration notice to the Oil ministry.

With a lower than expected GDP, markets are likely to to remain under pressure, with every rise being used for exiting.