Live: Sensex closes 153 pts lower, Pantaloon up 16%

3.30 p.m: Sensex closed the day 163 points lower at 15,695 while Nifty closed at 4710 down 46 points.

Reliance was one of the major loser in the market falling by 2.86 percent at Rs 751. IT Stocks Infosys and TCS fell by nearly 2.5 percent on fresh worries over Euro debt crisis.

Europe in fact was trading nearly 0.5 percent lower as Italian bond yields rose to 7.45 percent ahead of a fresh auction today.

ICICI Bank closed near the low of the day at Rs 717, down 1.8 percent after its management said that they are interested in picking up European assets.

Retailers were the highlight of the day, rejoicing the FDI announcement by the cabinet. Pantaloon closed 16.50 percent higher at Rs 234.40, Trent was up 9 percent at Rs 1063, Shoppers Stop closed 4 percent higher at Rs 388 and Vishal Retail closed at the upper circuit of 20 percent at Rs 22.70.

Jet Airways was the other stock that was in limelight on two set of news. First, Air India’s debt recast has been approved by Central bank, while the second was a meeting of all the heads of airline companies with the PM to work a way out for the airline sector. The stock closed 12.5 percent higher at Rs 278.70.

RIL, IT stocks pull down market, Sensex down 160 pts

3.00 p.m: Market have slipped sharply in line with European markets. Sensex trades at 15694, down 164 points while Nifty is down 45 points at 4712, below its critical level of 4720.

A sharp fall in Reliance which is down 2.5 percent at Rs 753, along with software stocks led the fall. Infosys trades at Rs 2604 down 2.33 percent while TCSis down to Rs 1064 down 2.5 percent.

ICICI Bank is down by 2.3 percent to Rs 714 after its Chanda Kochhar, MD of the bank said it is looking at picking up European assets.

Sensex down 160 pts, Infosys down 2.5%

1.30 p.m: European markets have opened flat and currently trade 0.2 percent higher.

Indian markets meanwhile are currently trading near the day’s high led by capital goods stocks.

Sensex is at 15,839 down by 19 points, Nifty is at 4748 down 8 points.

Capital good stocks led by BHEL and L&T are trading higher as government has shown some signs of activity. Both the stocks are trading 5 percent higher, which partly is because of introduction of import duty on Chinese power equipments.

Ranbaxy is trading 5% higher at Rs 451 on hopes of a FDA clearance for Lipitor.

Softbank to pick up stake in Bharti Airtel, set up JV

1.00 p.m: Reports say that Softbank is looking at picking up a stake of SingTel’s stake in the Bharti Airtel. They are looking at picking up a 5 percent stake in the company.

Softbank and Bharti Airtel will be forming aseparateJV in which 3G and broadband will be transferred.

Bharti Airtel stock has however, not yet reacted to the news and continues to trade at Rs 378.80.

Jet Airways zooms 10% on Air India debt recast

12.45 p.m: Central Bank aprroving the debt recast of Air India has led to a smart move in Jet Airways, which is trading 10 percent higher at Rs 270.50.

Markets meanwhile has regained from the day’s low with Sensex trading at 15,822 down 35 points while Nifty is down 1 points at 4745.

DoT in its reply to the government on the 3G issue has said that intra-circle roaming violates free pricing norm.

IT Stocks pulls down market, Infy down 2%

12.15 p.m: IT stocks are touching new lows for the day, pulling the market down.

Sensex trades 75 points down at 15,783 while Nifty is down by 22 points at 4734.

Infosys trades 2 percent lower at Rs 2615, while TCS is at Rs 1070 down 1.9 percent.

Jet Airways has moved 10 percent higher after Air India debt cast was approved by Central Bank. The stock trades at Rs 272.45.

Deccan Chronicle zooms 13% on hive-off news

11.45 a.m: Deccan Chronicle has said that it is looking at hiving off its retail business and Deccan Chargers, its IPL Cricket team. The stock has shot up by 13 percent in anticipation of investments coming in these ventures, which can help increase valuation of the parent company.

ICICI Bank, MD Chanda Kocchar has said that the bank is looking at investing in European assets. They have already invested in some India related assets. The stock however, has not responded and trades at Rs 727.4, up 0.3 percent.

Real Estate companies like DLF, will be indirect beneficiary of the FDI in retail as there will be some traction in commercial properties. The stock trades 4.50 percent higher at Rs 206.55.

Sensex meanwhile is moving in a narrow range and trades at 15,817 down 36 points. Nifty is down 31 points at 4743.

BHEL up on Chinese import duty hike, Sensex down 35 pts

11.00 a.m: Markets have moved higher from their day’s low, with the Sensex trading 15819 down 38 points and Nifty down by 10 points at 4748.

Jet Airways is the top gainer among frontline stocks, up by 7 percent at Rs 264.50. The stocks is trading higher despite news of its payable increasing by 65 percent in the first half. Airline stocks in general are trading higher on news of PM meeting industry chiefs to resolve aviation crisis.

Bhel is trading nearly 4 percent at Rs 272 after government said they will be imposing a 5 percent import duty on Chinese equipment.

Capital Goods counters are trading higher, with Larsen & Toubro trading 3 percent higher at Rs 1260.

Ranbaxy trades 3.5 percent higher on news of the company being given the FDA clearance for launch of generic version of the largest selling brand in the world, Lipitor.

Retailers rejoice, Pantaloon up 16%

9.50 a.m: Listed retailers are celebrating the cabinet approval of FDI by sharply moving up. Pantaloon has moved 16 percent higher at Rs 232, Trent is 10 percent up at Rs 1071, Shoppers Stop trades 12 percent higher at Rs 417 while Provogue is up 10 percent at Rs 29.45.

Sensex meanwhile has moved marginally higher and presently is at 15752, down 105 points while Nifty is down 30 points at 4726.

Parsvanath’s lower circuit is open after 6 days with the stock losing more than half its value during the period. It presently trades at Rs 33.85, down 5 percent.

Sensex down 150 points, Pantaloon jumps 10%

9.15 a.m: India got its first sign of reforms in a long time, with both the Companies bill and FDI in retail being cleared by the cabinet. The companies bill will not have an immediate impact on the market. However, FDI in retail is something that the industry was asking for a long time. More than FII flows, FDI flows will have a deeper impact on the economy and subsequently on the market.

With the US market being closed for Thanksgiving, European markets closed lower. Same is reflected in the Asian markets today.

India too is likely to open lower and remain subdued for the day. BSE Sensex has opened 150 points lower at 15,708 while Nifty trades 42 points lower at 4,712.

Retail stocks will naturally be in the limelight, though most of them have moved higher over the past few days.

Pantaloon has opened 10 percent high at Rs 222.80.

BHEL can see some buying activity as the ministry has proposed a 5 percent duty on Chinese imports of power equipment. Bhel is trading 1 percent higher at Rs 263.

Jet Airways can see some pressure on reports of its unpaid bills rising by 65 percent in the first half of current fiscal. The stock trades 0.5 percent lower at Rs 245.

Parsvanath continues to slide and has fallen 10 percent at Rs 32.40.

Tata Steel is down 3 percent at Rs 373.75 and is the biggest loser among frontline stocks.

Listen to the the market wrap up audio