Sensex closes 169 pts down at 17,192

3.30 p.m: Sensex closed the day 169 points lower at 17,192 while Nifty closed at 5169, down by 52 points. A stronger Europe was not enough the pull the market higher as banks and metal counters saw selling pressure throughout the day.

A lower than expected IIP figure has raised questions on further asset deterioration of banks.ICICI Bank was among the biggest losers in frontline banking stocks, down by 4.19 percent at Rs 826, while SBI continued its fall closing at Rs 1,798 down 3.4 percent.

Tata Steel dropped by 3.8 percent to close the day at Rs 430.55 after the company announced a sharp reduction in its profits. Hindalco too was down 4.35 percent on poor performance. The stock closed the day at Rs 128.65.

Educomp too announced a lower than expected profit, resulting in the stock falling by 10.6 percent at Rs 240.

SKS Micro hit the lower circuit on its worst performance since it got listed. The stock was down 9.99 percent at Rs 157.25.

Kingfisher Airlines saw volatility on news of the company probably being given a bailout package, the stock closed the day at Rs 19.75, down 8.7 percent. There were news that the vacant slots of Kingfisher will be distributed among other airlines, which resulted in Jet Airways shooting up during the day. The stock however, closed off its day’s high at Rs 265, up 1.8 percent. The stock had touched a high of Rs 279 during the day.

Educomp trades 10% lower on poor results

**3.00 p.m:**Indian market have slipped marginally, even as European markets are trading higher ahead of an Italian vote on austerity measures.

Sensex trades 191 points lower at 17,171 while Nifty is at 5163, down by 57 points.

Educomp has been hit after it announced a Rs 37 crore forex loss resulting in a Rs 26 crore profit against market expectation of Rs 59 crore. The stock trades 10 percent lower at Rs 242.

ICICI Bank trades neat the low of the day, down 5.25 percent at Rs 818.

SKS Microsystem has hit the lower circuit at Rs 157.25 after the company posted its worst results.

Finance ministry extends Rs 15,000 crore to oil companies

2.30 p.m: Finance ministry has decided to extend Rs 15,000 crore to the bleeding oil companies as part of their under recovery dues. Oil companies had earlier said that they will have to shut down operations from December, unless their liquidity position is improved. Depreciating rupee has added to the woes of refiners as crude oil imports become costlier. Refining stocks have moved substantially higher from their lows after the announcement was made.

Sensex meanwhile trades 144 points lower at 17,218 and Nifty is down 45 points at 5176.

A sharp move by Reliance has resulted in markets coming off their lows. Reliance trades 2.25 percent higher at Rs 884 even as the company announced its lowest output from KG-D6 basin in a year.

Jet Airways takes off on Kingfisher woes

1.45 p.m: Reports say that government is working on bailing out Kingfisher Airlines with the aviation ministry and finance ministry working together. The stock however continues to trade 10 percent lower at Rs 19.90. Government is considering giving concessions to the airline. Reports say that the airline is operating at 36 percent lower capacity. The extra slot created will be distributed to various airlines. Jet Airways will be the immediate beneficiary of such a move. The stock is trading at the high of the day at Rs 278, 6.7 per cent higher.

Among the measures concerned are lower ATF taxes and loan restructuring.

Meanwhile Reliance and TCS are pulling the market up. Reliance trades 1 percent higher at Rs 873, while TCS is trading 1.5 percent higher at Rs 1139.

Sensex trades 140 points lower at 17,215 while Nifty is down by 46 points at 5174.

European markets are trading near the high of the day, nearly 1 percent higher.

Sensex down 200 pts, SBI down 4%

1.00 p.m: Markets continue to trade in a narrow range near the day’s low with banking stocks taking a beating. Sensex trades 240 points lower at 17,125 while Nifty is down 75 points at 5146.

SBI trades nearly 4 percent lower at Rs 1789, while ICICI Bank is down 4.70 percent at Rs 821.

Infosys is down 2.3 percent at Rs 2766.

Defying the trend are the consumer goods stocks. Hindustan Unilever has touched a new all-time high, trading 1 percent higher at Rs 396.50, while ITC is up by 1.16 percent at Rs 214.35.

ICICI Bank down 5% on slowdown fears

12.00 p.m: Banking stocks are one of the worst affected as IIP numbers raise concern on further slowdown and deteriorating asset quality. ICICI Bank is one the biggest losers, falling nearly 5 percent at Rs 822, while SBI trades below Rs 1,800, down 3.3 percent.

Metal stocks Hindalco and Tata Steel have taken a beating after they announced their results on Thursday. Hindalco trades 4.3 percent lower while Tata Steel trades 3.9 percent lower at Rs 430.

Newsreport say that government is considering divesting its stake in SAIL to the company itself, using the company’s Rs 15,000 crore cash. This is an extremely bad news for SAIL which was looking at raising money for its own expanson, but is now being made to buyback a bankrupt governments share, who happens to be a majority shareholder.

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Rupee touches 30 month low, Sensex down 200 pts

11.00 a.m: Rupee currently trades at 50.19 after touching a low of 50.4 against the dollar on weak economic numbers and a sell-off in the share market. This is the lowest the Rupee has traded in the last 30 months.

Kingfisher touches life-time low on bankruptcy fears

9.45 a.m: Kingfisher Airlines, affected by flight cancellations and pilot resignation is down by 12.2 percent at Rs 19.05. The stock has hit a new all time low of Rs 17.70 in the early hours of trade.

Tata Steel, which announced a sharply lower net profit, is down by 3.6 percent at Rs 431.50 and is the top loser among frontline stocks.

SBI continued its downward trend and presetnly trades 1 percent lower at Rs 1842.85. ICICI Bank on the other hand is trading 2.4 percent lower at Rs 841.

Mahindra Satyam, which announced a better than expected number on Thursday is trading 4.45 percent higher at Rs 76.30.

Markets under pressure on gloomy Q2 results, 2G hearing

9.00 a.m: US and European markets were subdued on Thursday after a sharp fall of Wednesday. Indian markets have to catch up on two days of trades in the international market.

Shocking numbers by Tata Steel is likely to have a severe impact on the stock in early trades. The company has posted a net profit of Rs 212 crore against expectation of Rs 980 crore.

Refinery stocks are likely to remain under pressure with most of them set to shut operations by December, unless they have funded their deficit. Issuance of oil bonds is increasingly becoming a reality as government does not have the funds to payback the refining companies. This move is likely to keep interest rates high.

Reliance has also been hit by lower production of gas from its KG-D6 basin.

Reports say that SBI will continue to be hit going forward as bad loans and slow economy growth will bleed the bank further. The bank announced a poor set of numbers on Friday.

Among other news, market is also likely to be volatile based on developments on the 2G scam.