Sensex down 343 pts, Essar tanks on 2G chargesheet

3.30 p.m: A disappointing set of IIP numbers followed by Moody’s reaction to eurozone summit resulted in a sell-off in the equities market. Sensex closed the day 343 points lower at 15,870 while Nifty closed at 4764, 102 points lower.

Moody’s Investors Service said measures announced at last week’s European Union summit won’t be enough to take pressure off euro-area sovereigns. This led to European markets falling between 1.5-2 percent.

Minutes before the close of the day news hit the market that Essar group management have been charge sheeted in the 2G scam. Essar group stocks slumped in the final minutes of the market. Essar Port was down 10 percent at Rs 60.40, Essar Oil closed 15 percent down at Rs 56.80 while Essar Shipping closed 9.30 percent lower at Rs 21.75.

A sharply lower IIP numbers, especially in the capital goods segment resulted in a sell-off in the sectors stocks. Areva T&D was down 5.37 percent at Rs 200, while L&T closed 2.76 percent lower at Rs 1193 and BHEL closed 2.3 percent lower at Rs 257.65.

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SBI closed 5 percent lower at Rs 1772, ICICI Bank closed down 3.42 percent at Rs 706.15 while HDFC Bank was down 3.55 percent at Rs 428.

Reliance closed the day 3.84 percent lower at Rs 726.65, while Hindalco was down 6.3 percent.

IT stocks were strong as rupee has closed in to its all time low level. It currently trades at 52.63 as compared to an all time low level of 52.73.

Sensex down 325 points, Hindalco falls 5%

2.30 p.m: Markets have moved higher from their lows, though European markets have opened 1 percent lower. Sensex trades 225 points lower at 15,988, while Nifty trades 64 points lower at 4801.

Areva T&D, a capital goods company has fallen by 4.6 percent at Rs 191.80, while L&T is down by 2.3 percent at Rs 1201.

Metal stock Hindalco is down 5 percent at Rs 125,45, while Jindal Steel is trading 4 percent lower at Rs 511.

Rupee meanwhile has slipped further and has touched 52.48 while bond yields reflect a lower of interest rates as yields are down to 8.48 percent for a 10 year paper.

Sensex below 16,000, down 280 pts

1.00 p.m: Markets continue to slide and are trading near the day’s low with Sensex falling by 270 points, below the psychological 16,000 mark at 15,943. Nifty trades at 4,786, down 80 points.

Apart from banking stocks, telecom stocks have started falling with Bharti Airtel falling by 4.2 percent at Rs 344, while Idea is trading 5 percent lower at Rs 81.80. Telecom commission accepting TRAI (Telecom Regulatory Authority of India) recommendations on excess spectrum charges is likely to impact Bharti Airtel’s EPS (earning per share) by Rs 11, while that of Idea by Rs 5.

Metal stocks Hindalco, JSW Steel and Sail are all trading around 4 percent lower.

Sensex falls 250 pts, banks hit by asset quality fears

12.00 p.m: Markets have touched a new intra-day low with Sensex falling 197 points at 16,015 and Nifty falling by 64 points at 4,801.

Banking stocks have fallen the most since the announcement of a disappointing set of IIP numbers. Fears of further deterioration of assets has resulted in selling pressure on banking counters.

SBI trades 3 percent lower at Rs 1,806 and ICICI Bank is down 2.22 percent at Rs 714.70.

L&T is down 3 percent at Rs 1,189 while BHEL trades 2.4 percent lower at Rs 257 as capital goods sectors posted the worst drop for October 2011.

October IIP at -5.1%, Sensex plunges 110 pts

11.00 a.m: Market was expecting a negative IIP number, but a -5.1 percent is way beyond most analysts prediction. Sensex has tanked by 110 points to 16,100 while Nifty is down 37 points at 4,830.

Mining, manufacturing and consumer durable are all negative, but the biggest fall was in capital goods sector which has shown a growth of -25 percent.

Power, capital goods, banking and metal stocks are all trading 1 percent lower after announcement of the data.

Emami down 8% on AMRI fire, Sensex down 40 pts

10.15 a.m: Markets have moved in the negative zone with Sensex trading 23 points lower at 16,180, while Nifty is down 10 points at 4,855.

Emami, the holding company of AMRI Hospitals trades 8 percent lower as the directors of the company have been arrested on account of fire at their Calcutta Hospital.

Power and Metal sector stocks are the biggest losers. L&T is down 1 percent at Rs 1,216, while Hindalco trades 1.7 percent lower at Rs 129.85.

IL&FS Transportation has said that it has been selected as the preferred bidder for acquisition of 49 percent stake in 58 kms Yu He Expressway Company. The stock however, is down 1.4 percent at Rs 165.

Markets open positive, airlines surge as govt clears FDI

9.30 a.m: In line with global markets, Indian markets have opened higher with BSE Sensex opening 140 points higher. Markets have however, corrected since opening with Sensex trading at 16,314, while Nifty is trading 27 points higher at 4893.

US markets closed nearly 1.55 percent higher while Asian markets today are trading around 1 percent higher, though Euro Zone countries once again postponed taking tough decisions.

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Airlines companies are likely to be in focus as the government has cleared foreign carriers to buy 26 percent stake in Indian airline companies. Jet Airways currently trades 2.5 percent higher at Rs 241.40, while Kingfisher is 2.7 percent higher at Rs 24.50.

Gail is trading nearly 1 percent higher at Rs 396.50 after the company announced that it has signed an agreement to buy 3.5 million tonnes a year of LNG for 20 years.

Emami opened nearly 16 percent lower but currently trades down by 5 percent at Rs 366. Emami is the holding company of AMRI Hospital, which was engulfed by a fire on Friday.

Tata Motors is the top gaine,r rising 2 percent higher at Rs 187, followed by JP Associates at Rs 64.40, up 1.66 percent.