Reliance gains 5% on buyback news, Sensex closes flat

3.30 p.m: Reliance and banking counters helped bring some stability to an overall weak market.

Sensex closed the day 14 points lower at 16,451 while Nifty closed at 4955 down 11 points.

Reliance on the other hand gained 4.94 percent to close the day at Rs 773.60 after the company announced a buyback proposal.

HDFC Bank witnessed good buying ahead of its results on Thursday. The bank closed the day 3.44 percent higher at Rs 484.50.

Overall breadth of the market was negative with 2 stocks falling for every one that has moved up.

Coal India closed the day 3.48 percent lower at Rs 339.50 after the coal ministry asked the company to restrict from a price hike despite offering wage hike to its work force.

TCS closed the day 2.88 percent lower at Rs 1072, a day after the company announced its results.

Metal stocks also fell during the day with Tata Steel falling by 4.49 percent at Rs 422.85.

Airline stocks fell later in the day after the government pushed the proposal for a 49 percent stake to foreign airlines. Airline companies which were trading nearly 10 percent higher ended at the day’s low. Jet Airways closed at Rs 243 up 3.45 percent while Kingfisher Airlines closed the day at Rs 24.45 down 2.39 percent. Banks have declined to fund the airlines unless the promoters brings in equity.

Coal India falls after it agrees to no further price hike

2.30 p.m: Coal ministry has made Coal India agree to not increasing prices of coal despite the company increasing wages of its 3,80,000 labour force. The stock has taken a beating after the news hit the market and presently trades at Rs 341 down 3 percent.

Sensex meanwhile trades 16 points lower at 16,449 while Nifty is down 16 points at 4951.

Reliance continues to trade near the day’s high at Rs 781, up 5.35 percent.

HDFC Bank trades 2.7 percent higher at Rs 481, ahead of its results which will be announced on Thursday.

Reliance at day’s high post buyback announcement

1.30 p.m: Market has touched a new low with Sensex trading at 16,400 down 65 points while Nifty is down 32 points at 4934.40.

Metal stocks, which were the star performers on Tuesday have fallen the most today. Tata Steel is down 4 percent at Rs 425, while Sterlite is down at Rs 106, down 2.70 percent.

TCS trades 2.45 percent lower at Rs 1077 while Infosys is down 2 percent at Rs 2607.

Banking stocks too are trading lower with ICICI Bank down 2.55 percent at Rs 765, Axis Bank down 3 percent at Rs 933 while SBI is marginally lower at Rs 1837.

Reliance continues to trade 4.35 percent higher after announcing a buyback plan. The stock trades at Rs 774.70.

Essar Oil down 13% on Supreme Court order

11.45 a.m: Markets have moved lower with Sensex falling by 39 points to 16,427 while Nifty trades 19 points lower at 4949.

Reliance continues to trade higher at Rs 767.90, up 3.5 percent.

TCS trades 3.14 percet lower at Rs 1069, Infosys is down 2 percent at Rs 2609 while HCL Tech trades 0.6 percent lower at Rs 422.85.

Essar Oil continues to slip and is now trading at Rs 50.70 down 13 percent after Supreme Court asked the company to pay Rs 9100 crore to the Gujarat government.

Reliance share buyback buoys stocks, TCS 4% lower

10.30 a.m: Markets move in a narrow range in opening hour of trade with Sensex trading at 16,496 a gain of 27 points over previous close while Nifty trades at 4968 a gain of 1 point.

Reliance trades 4 percent higher at Rs 771.55 after announcing a buyback while TCS trades 3.5 percent lower at Rs 1065.70 after the company announced its third quarter numbers. HCL Tech trades 0.85 percent lower at Rs 421.75, the company too announced its results on Wednesday.

Maruti has gained 2 percent, continuing its 10 percent rise on Tuesday after the company increased car prices. The stock trades at Rs 1132.

Reliance share buyback buoys stocks, TCS 4% lower

9.30 am: Two events impacted the opening of Indian markets today. First was the TCS results, which despite meeting market expectations was not too confident on the immediate future. The market was looking at stronger words from the company after Infosys spooked it with a flat guidance. TCS presently trades 4.64 percent lower at Rs 1,053.

The other important news that hit the market was Reliance Industries which announced a share buy back. Sitting on a huge pile of cash, the company was looking at avenues to invest. The proposal has pushed up share price which is now trading at Rs 770.95 up by 3.68 percent.

As a result BSE Sensex trades 6 points lower at 16,459 while Nifty trades 4 point lower at 4,963.

Essar Oil which has been hit by the Supreme Court judgement asking the company to pay back Rs 9,100 crore to Gujarat government as sales tax dues, trades 15.3 percent lower at Rs 49.35.

Airline companies have gained as government has moved to let foreign airlines invest in the country. Jet Airways trades 10.69 percent higher at Rs 260, while Kingfisher trades at Rs 27.25 up 8.76 percent.

Reliance Infra trades 3 percent higher at Rs 441.80 after the company announced merger its various group companies and subsidiaries.