Coal India, Reliance pull Sensex down 48 pts

3.30 p.m: Thanks to a sharp rise in SBI in the last one hour, markets recovered from the lows of the day. Sensex closed the day 48 points lower at 18,154 while Nifty closed 10 points lower at 5,521.

SBI closed the day 4.16 percent higher at Rs 2,344 after the date for infusion of government capital was announced as March 22, 2012. Moreover, the bank has also asked TRAI that it should refund the cancelled 2G licence money through the lenders.

Reliance closed 3 percent lower after a announcement of a sharp reduction in its gas production outlook.

Coal India closed 5.88 percent post the PMO dictat to the company to sign fuel supply agreements with power producers.

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Tata Motors closed 4 percent lower at Rs 276 on profit booking. Profit booking was also seen in Voltas which fell by 5.65 percent to Rs 111.

Sun Pharma closed 2.8 percent lower at Rs 541 after a case was filed against the company by Wyeth Labs.

SBI gains 5% on govt’s promise to infuse funds

2.30 p.m: SBI has shot up and trades 5 percent higher after government said that funds will be made available to the bank by March 22, 2012. The bank has also asked TRAI to route refunds to telecom companies affected by the 2G licence cancellation through the lenders. The stock presently trades at Rs 2,363.

Sensex meanwhile trades at 18,140 down 62 points while Nifty trades 17 points lower at 5515.

Europe markets continue to slide and trade nearly 1.5 percent lower.

Coal India is down by 5.72 percent at Rs 320.50 while Reliance is down by 3.26 percent at Rs 809.50.

Goldman downgrades Maruti, stock touches 52-week high

1.30 p.m: European markets have opened in the negative zone and trade around 1.25 percent lower. Indian markets too have slipped near the low of the day with Sensex trading 120 points lower at 18,081 while Nifty is down 35 points at 5497.

Maruti trades at a 52 week high at Rs 1345, a gain of 3.25 percent, despite a downgrade by Goldman Sachs. The company had recently increased dealer margin for its petrol car which some analyst say will help increase volumes.

Coal India meanwhile has slipped by nearly 6 percent to Rs 320 after the PMO asked the company to sign a fuel supply agreement.

Reliance is down 3.60 percent at Rs 806.45 after the gas production outlook was revised lower.

Coal India falls 5% on PMO directive, Sensex down 140 pts

12.30 p.m: Coal India has fallen by almost 5 percent to Rs 322.90 after the PMO made the company sign a fuel supply agreement with private players. Analyst have started highlighting the severe impact it will have on Coal India and the unfeasibility of the agreement.

Sensex meanwhile has slipped lower and trades at 18,059 down 143 points while Nifty is down 42 points at 5489.

Tata Motors trades 3.87 points lower on profit booking at Rs 276.60.

Reliance has slipped to Rs 809.35 down 3.25 percent on account of lower gas outlook.

Reliance falls 3% on gas outlook, Sensex slips 135 pts

11.15 a.m: Reliance has slipped further, bring the market down along with it. Reliance presently trades 2.85 percent lower at Rs 812.90 after announcing a sharp cut in gas production.

Sensex meanwhile is trading 113 points lower while Nifty is down 38 points at 5494.

Coal India has slipped further and trades 4 percent lower at Rs 327.

Power generators gain on coal supply agreement, Coal India falls 3%

10.10 a.m: Power generation companies are moving higher after the Prime Minister Office asked Coal India to sign a 20 year fuel supply agreement with them.

Adani Power is trading 6.15 percent higher at Rs 83.75 while Tata Power is up 4.6 percent at Rs 115.40 and Reliance Infra trades 2.67 percent higher at Rs 643. Capital goods companies like BHEL has also reacted positively to the news and presently trades 3.57 percent higher at Rs 287.

Coal India however, trades lower at Rs 328.15 down 3.4 percent.

Reliance has slipped lower and is down 2 percent at Rs 819.55 after BP reduced the value of its investment in the company and Reliance announced a further cut in gas production.

Tata Motors has corrected on profit booking and is down by 3 percent at Rs 279.

Market meanwhile continues to trade in a narrow range with Sensex trading at 18,152 down 50 points while Nifty is down 17 points at 5514.

Sensex still above 18,000; Marico gains 4% on Paras buy

9.30 a.m: US markets ended lower on Wednesday after minutes from the Federal Open Market Committee’s meeting indicated that the members of the committee were divided over the decision to launch another round of quantitative easing.

Asian markets are trading marginally lower, which is also reflected on the Indian markets. BSE Sensex currently trades 47 points lower at 18,155 while Nifty is down 18 points at 5515.

Coal India trades 3.4 percent lower at Rs 328.50 after the Prime Minister’s Office has made the company sign long term fuel supply agreements with private sector power generation companies, with penalty clauses.

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Kingfisher Airlines trades 3 percent higher at Rs 27.65 after announcing its results. The company loss widened of Rs 444 crore, a jump of 75 percent over that of last year.

Marico trades at Rs 171.55, a gain of 4 percent on news that the company has acquired the erstwhile Paras Pharmaceutical brands from Reckitt Benckiser.

NTPC trades 1.4 percent higher at Rs 184.50 of news of the 14 percent stake in International Coal Ventures being sold to SAIL, NMDC, Coal India and Rashtriya Ispat.

Reliance trades 1.40 percent lower at Rs 824.60 on news of a lower gas production in 2013-14 to 22.6 mmcmd a sharp fall from the current level of 34 mmcmd.

Sun Pharma trades 3 percent lower at Rs 539.50 on news of US drug maker Wyeth Pharmaceuticals having sought $960 million over a dispute related to heartburn generic drug Pantropazole.

Unitech fell 4.4 percent after its telecom joint venture partner Norway’s Telenor said it would seek indemnity and compensation from Unitech following a court order to cancel permits including those held by the joint venture.