3.30 p.m: A late rally in banking stocks helped pulled markets higher. Sensex closed the day 132 points higher at 16002 while Nifty closed 4800 up 36 points.
Banking stocks led by ICICI Bank, Axis Bank, HDFC Bank and SBI saw a sharp move forward. Market rumor has it that falling liquidity might lead the central bank to cut CRR rates in their credit policy to be announced on December 16.
ICICI Bank closed the day at Rs 709, up 1.3 percent, Axis Bank closed around Monday's level of Rs 971, HDFC Bank closed 2.5 percent higher at Rs 442.9 while SBI closed the day at Rs 1804, nearly 1.8 percent higher.
Reliance closed 2.1 percent higher at Rs 742.80 asthe Directorate of Hydrocarbon has submitted a compromise formula to the oil ministry.
Short covering also helped metal counter like Hindalco rise 6 percent at Rs 131.
Bhel closed the day 1.6 percent higher at Rs 262 in anticipation of a 14 percent rise in duty.
Titan was the biggest loser among front line stocks, falling nearly 4 percent at Rs 172.50, while Pantaloon led the fall among retailers. The stock was down 6 percent at Rs 159.20.
Sensex rises 150 pts, banks recover
3.10 p.m: Markets have recovered sharply led by a swift move in banking counters. Sensex trades 180 points higher at 16051 while Nifty trades 50 points higher at 4819.
Banking counters have moved sharply higher with SBI currently trading at Rs 1790, up 1 percent, while Axis Bank has recovered to Rs 963 from the day's low of Rs 940.35.Expectations of a CRR cut is resulting in short covering in the banking counters, as the central bank is expected to make the announcement on Friday.
Reliance is trading 2 percent higher as the Directorate of Hydrocarbon has submitted a compromise formula to the oil ministry. The stock trades at Rs 743.85.
Banking stocks pull down market, Pantaloon falls 10%
2.15 p.m: With the Finance Minister saying that fiscal deficit is expected to be at least 5.25 percent markets have given back the lead it managed after European markets opened.
PSU Banking sectors stocks are the biggest losers in the market. ADAG group shares are witnessing selling pressure with Reliance Power falling by 4 percent at Rs 78.35, Reliance Capital is down 1 percent at Rs 278.70 and Reliance Infra trades 2.2 percent lower at Rs 376.60.
Pantaloon has slipped further falling by 9.7 percent at Rs 153.30, very close to its previous low of Rs 148.10 while Shoppers Stop is down 3 percent at Rs 310.
Sensex rises 100 pts as European markets recover
1.30 p.m: Markets have moved higher with Sensex trading at 15,969 up 100 points while Nifty is up 24 points at 4788. European markets opening flat has helped Indian markets move higher.
Hindalco is the top gainer, rising nearly 3.3 percent at Rs 127.75, followed by Tata Motors at Rs 180.90 is up 2 percent.
Titan is the top loser falling nearly 3.81 percent at Rs 173.10.
Retailers Pantaloon trades 6 percent lower at Rs 159.50, Provogue is down 3.3 percent while Shoppers Stop is down 4 percent as markets have lost all hope of these companies raising money through the FDI route.
Falling rupee helps Cairn India move higher
12.00 p.m: A lackluster market trades in a very narrow range wth Sensex trading 51 points higher at 15921 while Nifty is down 11 points at 4776.
Rupee meanwhile has touched a new low of 53.42 against the dollar.
A direct beneficiary of rupee depreciation is Cairn India which trades 1.4 percent higher at Rs 305.
Reliance has moved 1.31 percent higher at Rs 737 and currently trades near the day's high.
Banking counters too have moved higher from the day's low with ICICI Bank down by 1 percent at Rs 700.30, while SBI is down only 0.1 percent at Rs 1771.
Excel Corp jumps 10% on Endosulfan export order
11.00 a.m: A likely increase of import duty to 14 percent for power equipment has resulted in a smart move in BHEL. The stock is currently trading 2 percent higher at Rs 262.30.
Markets, meanwhile are rangebound with Sensex trading 2 points lower at 15,868 while Nifty is down 1 point at 4763.
Banking stocks continue to trade lower with ICICI Bank down 1 percent at Rs 699.65, while Axis Bank is down 1.8 percent at Rs 952.
Excel Corp zoomed 10 percent after Supreme Court allowed export of the controversial pesticide Endosulfan. The stock trades at Rs 142.
Banking stocks fall as rupee touches 53.30
10.00 a.m: Banking counters are witnessing weakness, as markets have againrecededafter a small pull back.
Sensex trades at 15,818 down 50 points, while Nifty is trading marginally lower at 4744, down 20 points.
ICICI Bank trades 1.3 percent lower at Rs 697.70, Axis Bank is down 1.4 percent at Rs 956.55, SBI is down 0.6 percent at Rs 1762 while HDFC Bank is down 0.90 percent at Rs 428.
Tata Steel is down by nearly 2 percent at Rs 377.60, L&T is down 1.9 percent at Rs 1172.80 and Bhel down 1.5 percent at Rs 253.8 are among the top losers in the market among the most liquid stocks.
A fall in rupee has not helped IT counters today, which are trading marginally low. Rupee has touched a new life time low of 53.30
Essar Oil trades 2.6 percent lower at Rs 58.40 while Essar Ports is down 5.4 percent at Rs 57.90 as the management of the group have been charge sheeted in the 2G scam.
Markets recover early losses, rupee trades at all-time low of 53.17
9:15 am Indian markets fell marginally on Tuesday as a slump in industrial output raised concerns of corporate earnings and triggered more foreign fund outflows.
Sensex opened 90 points down at 15780.09, Nifty was 31 points down at 4733.60. But the rupee breached 53 per dollar mark and is trading at all time low at 53.17. However, it opened at 53.10 per dollar versus 51.84 yesterday.
Larsen & Toubro contributed fall of 12.95 points in the Sensex. It was followed by ICICI Bank (12.43 points), HDFC Bank (8.95 points), Reliance Industries (8.91 points) and Bharti Airtel (5.56 points).
Even though the Sensex opened in red it managed to recover some of its early losses .
KK Mital, head of portfolio management at Globe Capital, said investors were nervous and they would await the central bank's policy on Friday for direction.
Reserve Bank of India, which has raised interest rates 13 times since early 2010 to fight stubborn inflation, is expected to pause and possibly indicate a shift in stance towards supporting growth.
Essar group companies such as Essar Oil, Essar Ports and Essar Shipping will be on the radar after police filed fraud charges against five group executives as part of a probe into a multi-billion-dollar telecom case.
Asian stocks sank on Tuesday and the euro languished near a two-month low as investors took fright at the prospect of mass euro zone sovereign ratings downgrades after the outcome of a "last chance" European Union summit failed to convince markets.
The MSCI's broadest index of Asia Pacific shares outside Japan was down 1.26 percent by 0311 GMT, while the Nifty India stock futures traded in Singapore were trading down by 0.9 percent, pointing to a lower opening for the Indian market.
On Monday, Indian shares shed 2.1 percent to a two-week closing low after industrial output fell for the first time in more than two years in October as waning consumer demand took a toll.
Infosys Ltd will be watched after the No.2 Indian software services exporter won a multi-year transformation and business information technology services contract from Swiss agribusiness major Syngenta.
Updated Date: Dec 20, 2014 16:04:59 IST