TCS closes at all-time high on up-grades, Sensex closes 66 pts down

3.30 p.m: TCS closed at its all time high level at Rs 1,256.90 as analyst’s have upgraded the sector after meeting up management of software companies.

Markets closed a volatile day on the last day of roll-over of derivative position, with Sensex closing at 18,076 down 66 points while Nifty closed 22 points lower at 5483.

BPCL was among the top performer closing the day 6.55 percent higher at Rs 664. The stock was upon news of UK oil major Shell willing to pay $1.5 billion for Cove Energy. Cove Energy owns 8.5 percent stake in the Mozambique gas block, in which BPCL holds a 10 percent stake.

Ranbaxy announced its results during the day, posting aloss of Rs 2,983 crore for the three month ending December 2011, on account of provisioning for settlement of its case with US FDA to the tune of Rs 2648 crore regarding the generic version of Lipitor. Forex losses were also higher at Rs 837 crore. Sales of the company have increased from Rs 2,129 crore to Rs 3,792 crore for the December quarter on account of Lipitor sales. The stock closed the day at Rs 439.30 a gain of 0.4 percent.

Alfa Lavaltrades 16 percent higher after the company received a good response for its buyback of shares. The stock closed at Rs 3260.

Sterlite closed the day 3.8 percent lower at Rs 114.90 on news of its group restructuring resulting in a negative response from analysts.

Bharti Airtel ended the 1.6 percent lower afterSouth Africa-based Econet Wireless is seeking at least $3.1 billion in damages from the company in a dispute over ownership of Airtel Nigeria, according to a suit Econet said it had filed on Wednesday, thus signalling the first big trouble in its African operations.

Ranbaxy posts loss of Rs 2,983 cr on US FDA provisioning

2.40 p.m: Ranbaxy has posted a loss of Rs 2,983 crore for the three month ending December 2011, on account of provisioning for settlement of its case with US FDA to the tune of Rs 2648 crore regarding the generic version of Lipitor. Forex losses were also higher at Rs 837 crore. Sales of the company have increased from Rs 2,129 crore to Rs 3,792 crore for the December quarter on account of Lipitor sales.

Sensex meanwhile has moved higher on account of rolling over of derivative position picking steam. Sensex presently trades at 18,181 a gain of 36 points while Nifty is up 9 points at 5514.

DB Realty drops 7% on closure of telecom venture

1.30 p.m: Markets move in a narrow range, recovering from the day’s low. Sensex trades at 18,120 down 24 points while Nifty trades at 5496 down 9 points.

DB Realty has lost 7 percent of its value and currently trades at Rs 83 after the company decided to shut its telecom operation.

Alfa Laval trades 16 percent higher after the company received a good response for its buyback of shares. The stock presently trades at Rs 3264.

BPCL jumps 4% as Mozambique gas block valuations soars

12.15 p.m: BPCL moved 4 percent higher to Rs 650 on news of UK oil major Shell willing to pay $1.5 billion for Cove Energy. Cove Energy owns 8.5 percent stake in the Mozambique gas block, in which BPCL holds a 4 percent stake.

Videocon Industries, which also has a stake in the gas block has said that valuation of its holding in the same gas block is worth $2 billion. The stock trades 2.13 percent higher at Rs 179.30.

Meanwhile markets have slipped further with Sensex down by 107 points at 18,050 while Nifty is down 31 points at 5474.

Sterlite continues to slide on restructuring woes; stock falls 5%

10.30 a.m: Markets trade in narrow range as derivative positions are being rolled over. Sensex trades 38 points lower at 18,105 while Nifty is down 15 points at 5489.

Sterlite continues to slide as analyst have voiced their discontent on the restructuring taking place in the Vedanta group. The stock trades 4.4 percent lower at Rs 114.30.

Real Estate stocks continue to trade lower with HDIL falling 7.5 percent at Rs 110.70 while DLF is down 3.25 percent at Rs 230.9.

Sensex flat, Airtel plunges on legal row with Africa’s Econet

9.30 a.m: Asian markets are subdued reflecting the mood of the US markets, which closed flat.

Indian markets have opened flat with BSE Sensex trading at 18,140 down 4 points while NSE Nifty is down 5 points at 5500.

Telecom sector stocks have fallen after Etisalat DB decided to shut its operations and government is taking the Supreme Court judgment for Presidential reference, thus making the issue even more murkier. Bharti Airtel trades 3.35 percent lower at Rs 335.60. South Africa-based Econet Wireless is seeking at least $3.1 billion in damages from Bharti Airtel in a dispute over ownership of Airtel Nigeria, according to a suit Econet said it had filed on Wednesday, thus signalling the first big trouble in its African operations.

Sterlite continues to slide after the restructuring operation suggested by its parent company. The stock trades 1.7 percent lower at Rs 117.50.

Kingfisher also trades lower at Rs 24.55, down 2.2 percent as the revised schedule submitted by the company takes into account 170 flights as compared to 400 earlier. The company is expected to lose prime slots in the country’s airports to rivals.

SBI has clarified that it has not given any further loan to Kingfisher. The bank was hammered down by 8 percent on Wednesday on rumors of the bank extending a Rs 1,000 crore loan to the airline. The stock presently trades at Rs 2286.50 up 1.4 percent over previous day’s close.