Sensex falls first time in eight weeks, closes 155 pts lower
Kingfisher has informed the Directorate General of Civil Aviation that it will make 16 more aircraft operational next week, taking its fleet size to 44
3.30 p.m: For the first time in eight weeks markets have closed in the negative territory. Sensex closed the day at 17,923 down 155 points while Nifty is down 54 points at 5429.
Banking stocks witnessed selling pressure on account central bank calling bank heads to discuss the rising non-performing asset in their books. SBI closed 2.45 percent lower at Rs 2205, ICICI Bank is down 1.12 percent at Rs 933.35 while Axis Bank closed 2.48 percent lower at Rs 1187.45.
HDFC closed the day at Rs 675.90 down 3.62 percent after Citi sold 9.9 percent of their stake.
Oracle Financial closed the day at Rs 2,582 a gain of nearly 16 percent on renewed rumors of the company going in for delisting.
Etisalat has initiated legal proceedings against its telecom partner DB Group for luring it into investment without disclosure of matters that led to licence cancellation. DB Realty, the real estate business of DB Group has fallen by nearly 7.8 percent at Rs 77.85.
DB Realty falls 7% as Etisalat initiates legal proceedings
1.30 p.m: European markets have opened higher despite Germany posting a GDP of -0.2 percent. European markets are trading 0.5 percent higher.
Sensex meanwhile has recovered from the day's low and presently trades at 17,909 down 169 points while Nifty is down 59 points at 5423.
Etisalat has initiated legal proceedings against its telecom partner DB Group for luring it into investment without disclosure of matters that led to licence cancellation. DB Realty, the real estate business of DB Group has fallen by nearly 7 percent at Rs 79.
HDFC continues to trade low at Rs 672, down 4 percent after Citi sold 9.9 percent of its equity.
Tata Steel has gained nearly 1.23 percent after shareholders approved increased borrowing.
Reliance trades 2.3 percent lower at Rs 819.95 as brent crude nears $125 per barrel.
Oracle Financial jumps 12% on delisting rumors, Sensex below 18,000
12.00 p.m: Oracle Financial has shot up by 12 percent at Rs 2441 on market rumors of the company getting de-listed to comply with the June 2013 deadline set for promoters to increase their stake in listed companies to 75 percent.
Market meanwhile, continue to trade lower with Sensex at 17,964 down 120 points and Nifty down 37 points at 5445.
Sterlite has recovered after a fall over the last 2 days on restructuring. The stock trades 4.4 percent higher at Rs 120.
SBI, Axis Bank and ICICI Bank trades 1.5 percent lower on news of the central banker meeting bank heads over rising non performing assets.
HDFC falls 4.5% post Citi's stake sale, Sensex below 18,000
10.30 a.m: Markets have slipped marginally with Sensex losing 83 points and trading at 17,993 while Nifty trades 28 points lower at 5456.
HDFC has fallen by 4.8 percent at Rs 667.50 after Citi sold its stake in the company raising $1.95 billion.
SBI trades 1.5 percent lower after the bank fixed the price for preferential offer by the government.
Oracle Financial has moved up sharply and trades 10 percent higher at Rs 2,449 on an upgrade.
Sterlite has regained some of the losses made over the past few days on the restructuring news. The stock trades 3.50 percent higher at Rs 119.50.
Sensex edges higher, Kingfisher gains on fleet expansion
9.30 a.m: Global markets continue to remain subdued as Greece sets the stage for a bond swap, which will give an indication of how deeply the private lenders will be impacted by the bailout package offered to Greece.
Indian markets have opened higher with BSE Sensex trading 83 points up at 18,172 while NSE Nifty is up 30 points at 5514.
There was news in the Australian media about Tata Steel acquiring Australian steel manufacturer One Steel, though there are no other confirmations. The company, meanwhile has sought shareholders' approval for increasing its borrowing limit from Rs 40,000 crore to Rs 50,000 crore. The stock trades at Rs 474.90 up 0.8 percent.
Ashok Leyland has indicated setting up another greenfield plant to increase its light commercial vehicle capacity. The stock is up 1.43 percent at Rs 28.40.
In first signs over some doubts over the production of four wheelers, Bajaj Auto is planning to use the land acquired for four wheeler to manufacture two and three wheelers. The stock trades 1 percent higher at Rs 1801.45.
Bharti Airtel has dismissed reports about the suit being filed by Econet Wireless over the ownership of Nigerian firm. The stock has gained 1.7 percent at Rs 344.50.
Coal India has said that they will ask power utilities to provide offtake commitments before it imports coal to meet their requirements. The stock trades flat at Rs 323.35.
Kingfisher has informed the Directorate General of Civil Aviation that it will make 16 more aircraft operational next week, taking its fleet size to 44. The stock has gained 1 percent at Rs 25.55.
SBI has fixed the price at which the government will be making the preferential offer at Rs 2191.69. The stock is up 0.7 percent at Rs 2277.
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A downgrade by S&P of various banks in the US and Europe is likely to weigh on the markets today.
In line with global markets, Indian markets have opened higher with BSE Sensex opening 140 points higher.
Rating cuts, by Moody's, of various eurozone nations is likely to take some of the sting away from the market.