3:30 pm Investors were cautious ahead of Q3 earnings, resulting in a flat market today. The 30-share Sensex ended at 15,820 down 20 points and the 50-share Nifty ended at 4,744 down 3 points. Investors sold in nervous trade on worries of sluggish domestic growth that would further hit corporate earnings starting later this week.
Coal India has fallen 1.59 percent and ended the day at Rs 314.70 on reports that the Calcutta high court has asked the company not to implement the new pricing regime in West Bengal till 16 January 2012 after public interest litigation was filed. The next hearing will be on 16 January 2011.
Banking major HDFC Bank ended almost 1 percent lower today ahead of Oct-Dec results on worries that growth in home loans would be impacted following poor home loan demand on the back of rising interest rates.
Amongst sectoral indices, BSE Oil& gas Index was down 0.65 per ent, BSE Auto Index declined 0.49 percent and BSE FMCG Index slipped 0.41 per ent whereas the BSE Power Index was up 1.75 percent, BSE Capital Goods Index moved 1.48 percent higher and BSE Realty Index gained 1.48 percent.
Meanwhile, the rupee reversed losses as the equity market pulled back from its lows and dollar inflows aided.
Rajesh Exports extends 3-day rally; Nifty rangebound
3:00 pm Three two-wheeler makers fall 0.45% to 1.63% on concerns of increased competition as global two-wheeler makers launched new models and announced expansion plans at the ongoing India auto show to attract more buyers in the country. Bajaj Auto is trading 1.63 percent lower while TVS Motor Company is down 1/58 percent. Hero MotoCorp is down 0.45 percent.
Rajesh Exports rises 1.33 percent to Rs 136.65 on BSE, extending its three-day 4.8 percent gains triggered by government's move to make hallmarking of gold jewellery mandatory. The company said that SHUBH Jewellers, the retail brand of Rajesh Exports, is the largest retail jeweler in the country selling 100% hall marked jewellery and is set to benefit from the move. Moreoverconsumers would benefit too because they would get guaranteed purity.
Ashok Leyland, the second largest commercial vehicle maker, has introduced India's first 37-tonne haulage truck with the highest payload of up to 27 tonnes. Reacting to the news the company's stock price has gone up by 0.21 percent to trade at Rs 23.50.
Nifty unable to touch 4,750; Dhanlaxmi surges on entering silver retail biz
2:30 pm Nifty is still unable to breach the psychological 4750 due to the sell-off in Bharti, auto, FMCG and oil and gas stocks. It is currently trading at 4739 levels, down 7.4 points. While the Sensex remains flat after recouping losses. It is currently trading at 15780 levels, down 68 points.
Dhanlaxmi Bank, one of India's fastest growing mid-size private sector banks, has entered into the silver retailing business with the launch of 'Dhan' silver bars. Reacting to the news the stock jumped 1.85 percent to trade at Rs 45.90 on the BSE.The bars will be available in two denominations of 50 and 100 grams at branches across the country.
Public sector oil companies reported a revenue loss of Rs 34,000 crore in the third quarter ending December 31 for selling subsidised fuel, industry sources told Reuters today. Reacting to the news BPCL and ONGC from Oil & Gas sector trading in red.
Meanwhile oil prices hovered below $102 a barrel in Asia amid investor concern that a meeting between the leaders of Germany and France won't yield a plan that will keep Europe from recession this year.
European shares edged up in early trade on Monday, with banks regaining some of the ground lost last week, but in cautious trading ahead of the start of US fourth-quarter earnings season. The euro too has regained some of the lost ground against the US dollar and the yen. The dollar index is down 0.2 percent and the euro has appreciated by 0.6 percent.
Nifty nears 4750, Maruti jumps on 2 product launches
1:30 pm Markets finally recover some ground from the early trade plunge as large frontline stocks manage to cut losses.The Sensex is down 21 points to trade at 15827, while the Nifty is inching toward the physchological 4750, currently down 2.95 points at 4743.
Gainers and lowers: On the BSE sectoral space, power is up 1.11%, Healthcare is up 0.47%, PSU up 0.44%, Capital Goods up 0.42% and Realty up 0.34% were the major gainers while auto is down 0.76%, Oil & Gas is down 0.68%, FMCG is down 0.57%, and metals are down 0.30%. Meanwhile, shares of companies in Fertilizer, Railway Infrastructure and PSU space are among the top gainers in today's market.
Maruti Suzuki India rose 1.6 percent to Rs 970 on BSE, extending two-day 2.36 percent gains triggered by the company launching two new models at the ongoing auto expo.
IDBI Bank is currently trading at Rs. 84.20, up 1.02% after the bank entered into a memorandum of understanding (MOU) with credit rating agency, Credit Analysis and Research (CARE) for utilising the ratings for evaluating its existing as well as potential Micro, Small and Medium Enterprises (MSME) clients
Sensex off session's low; Sun TV back in the green
12:30 am Trade remains rangebound with equity markets trying hard to recover amidst consistent profit booking. While the Sensex is trading at 15782.20, Nifty is slightly up at 4730. With expectations of weak global economic data and sluggish quarterly results from India Inc, investors are in no mood to build positions and metal, auto, banking and oil sectors are witnessing selling pressure.
Meanwhile the euro has tumbled on lingering worries that a lasting solution to the debt crisis will continue to elude European leaders, leading to a potential break up of the common currency bloc. The euro touched an 11-year low against the yen and was close to a 16-month trough versus the US dollar. The currenly fell 0.2% to 97.74 yen in Singapore after earlier dropping to 97.28, last seen in December 2000.
After getting a clean chit from CII, sugar companies are trading higher on the bourses. While Bajaj Hindustan is trading up by 0.75 percent, Shree Renuka Sugars is up 1.69 percent.
Sun TV network is back in the green as it has launched three more pay channels -Sun Life, Sun TV RI (rest of India) in Tamil and Gemini Life in Telugu. Sun Life and Gemini Life will focus on lifestyle, religion, health, education etc. Reacting to the news, the stock is trading up 0.67 percent at Rs 276.30.
SKS Microfinance rises 6 percent to trade at Rs 102 after Reserve Bank of India said that Foreign Institutional Investors (FIIs) can purchase up to 74 percent of its paid up capital of SKS Microfinance.
Octant Industries skyrockets to trade 9.52 percent higher on BSE after bagging order worth Rs 3 crore for castor oil derivatives business. The company expects the future castor business to be bright in this year and as well as in financial year 2012 as the area under castor cultivation in 2011-12 rose to 8.11 lakh hectares from 5.19 lakh hectare.
Telecom Regulatory Authority of India (TRAI) has floated a pre-consultation paper on exit policy for telcos, but most telecom companies are still trading lower.
RPower soars on hope of winning coal blocks, A+ rating from ICRA
11:30 am Reliance Power has been assigned a rating A+ by ICRA for the purpose of issue of commercial paper. This rating indicates that the instrument has very strong degree of safety regarding timely payment of financial obligations. The instrument also carries the lowest credit risk. Reacting to the news, the stock surged 2. 2.04 percent to trade at Rs 75.15 on BSE. Moreover, the stock also touched a high of Rs 75 today on hopes of winning coal blocks for ita ultra mega power projects. Reports stated that Northern Coalfields' decision will give Reliance Power access to 58 million tonnes of coal worth Rs 6,264 crore at current prices.
Strides Arcolab surges 1.61 percent to Rs 401.10 on plan to sell Australian branded-generics unit. The company is also considering the divestment of other businesses such as softgel and anti-retro viral drug manufacturing, as the drug maker wants to focus on specialty injectables. US investment bank Jefferies and Co is advising Strides Arcolab for the divestments.
Great Eastern Shipping Company (GE Shipping) gains 1.70 points to trade at 207.50 on delivering its 318,000dwt very large crude carrier (VLCC) 'Maneklal Ujamshi Sheth' from Hyundai Heavy Industries (HHI), South Korea and subsequently delivering the vessel to its new buyers.
Export-focused software companies bucked the trend and rose as the rupee weakened against the dollar with Infosys climbing 0.7 percent ahead of its quarterly results on Thursday. Bigger rival Tata Consultancy Services was up 0.3 percent.
UltraTech Cement gains marginally after the Business Standard reported the company was evaluating a possible buyout of the South Africa operations of France's Lafarge SA .
Markets drift lower, telcos plunge on RBS downgrade, row over 3G roaming pact
11:00 am Markets have drifted lower on weak global cues with the Sensex tumbling below its crucial 15,750 mark on the back of weak global cues, and is currently trading down 137 points at 15713.55, while the Nifty isjust above the psychological 4700, trading 39 points lower at 4709.
The top gainers on the Sensex are Tata Power and Infosys.On the flip side, L&T, Jindal Steel, Bharti Airtel, Hindalco wand SBI are the top losers on the Sensex.
Telecom counters are among the biggest losers today over the stand-off with the government over the 3G roaming pact. On Sunday private elcos filed an affidavit and termed government's move to question TDSAT jurisdiction as "a desperate attempt to avoid adjudication of the present dispute" and requested the tribunal to dismiss DoT's application moved last week.
Moreover RBS today has downgraded the telecom sector to underweightciting greater regulatory risk, potential impact of policy uncertainty on growth, increased competition on Reliance Industries' entry and likely consensus downgrades. At 11 am, Bharti Airtel is trading 2.81 percent lower at Rs 321.60 on the BSE, while Reliance Communications is down 0.96 percent at Rs 77.20. Idea Cellular is down marginally 0.25 percent at Rs 81.84 on BSE.
Meanwhile banking stocks declined on worries of rising defaults in
a slowing economy.Among banks, ICICI Bank and SBI lost 1.5-2% while HDFC Bank declined 0.3 percent.
Tata Power continues its uptrend, stock is trading higher by 0.92 percent after the firm commissioned a unit of its 4,000 mw power station at Mundra in Gujarat.
Tata Motors down 2% after downgrade, Pratibha Ind up 8% on Rs 772 cr order
10:30 am Tata Motors plunges 2 percent to trade at Rs 199.45 after Deutsche Bank downgraded the company to 'sell' from 'buy' and reduced its target price to Rs 180 from Rs 190 saying it expects weak demand and rising competition to impact returns in domestic business of the company.
Pratibha Industries soars 8.06 percent to trade at Rs 40.90 after it bagged orders worth Rs 772 crore.With the new order, its order book has crossed Rs 6,500 crore.
GMR Infra surges on reports of co collecting airport development fee in Maldives
10 am : Sensex falls around 130 points amid volatility to trade at 15724.72, while the Nifty is still above the 4700 levels. It currently trades down 35 points at 4710.80.Following weak Asian concerns and concerns over European crisis, frontline stocks like Bharti Airtel, IDFC, Coal India, Tata Steel, Sterlite, Bajaj Auto, L&T, ICICI Bank, M&M, Hindalco, SAIL, DLF, Wipro, Maruti Suzuki and SBI are under pressure.
Public sector units have shot up in early trade ahead of a Cabinet meet for share buybacks this week.MMTC, Hindustan Copper, ITI, HMT and STC India rallied 3-7 percent. RCF, National Fertiliser and Chambal Fertilisers surged between 3 and 6 percent.
Gujarat State Fertilizers & Chemicals (GSFC) gains 1.93 percent and is currently trading at Rs359.00 as the company plans to set up bio-complex for production of liquid biofertilisersrises.
GMR Infrastructure bucks the sluggish trend and rises 2.20 percent at Rs. 23.20 on BSE on reports that Maldives authorities have allowed the company to collect airport development and insurance charges from passengers at the Male International Airport.
RPower gains on reports that NCL will surrender land, co to earn Rs 6,000 cr
9:30 am The Sensex on Monday opened in a flat note on Monday after Prime Minister Manmohan Singh further lowered the economic growth projection for the fiscal year ending in March, and as investors brace for weaker quarterly earnings.
The Sensex lost 15.30 points or 0.10 per cent to settle at 15833.50 points, while the Nifty gained 36.75 points or 0.77 per cent to 4783.65.
Tata Power surge 1.3% to trade at Rs 93.15 on the BSE after the company announced on Sunday that the first 800 MW unit of the Mundra Ultra Mega Power Project (UMPP) has started power generation. The project at Mundra in Kutch district of Gujarat, shall have five units of 800 MW each, generating 4,000 MW of power using super critical technology. The first unit was slated to be ready for commissioning by September 2011.
Gail India is trading slightly up at Rs 383,35 after it replaced Jaiprakash Associates in the Sensex today.
JaiPrakash Associates in in the red, trading 2.22 percent lower at Rs 50.75 after market regulator SEBI penalised its promoters for alleged insider trading.
Reliance Power is up 1.22% to trade at Rs 74.55 on reports that Northern Coalfields (NCL) has agreed to surrender land required to mine two blocks attached to the Sasan ultra mega power plant. The Economic Times article says the venture will help the Anil Ambani group firm earn Rs 6.000 crore.
Capital Goods, metals, banking and auto indices are among the top laggards so far. PSU, IT, Pharma and Power indices are among the gainers.
Prime Minister Manmohan Singh said on Sunday the economy would grow about 7 percent this fiscal year, lower than a revised forecast of about 7.5 per cent growth issued by his government last month.
"We all know the growth would be less than 7 per cent but if the prime minister is lowering the forecast, then it will have negative impact on sentiment," said RK Gupta, managing director at Taurus Mutual Fund.
Quarterly results that start this week are expected to show the impact of high interest rates and sluggish consumer spending.
Stocks In News
Jet Airways plans to merge its no-frills brands JetLite and Jet Konnect and operate under the brand name of the latter, according to reports. Jet spokesperson reportedly said that they see an uptick in corporate business abd will have Jet Airways full service and Jet Konnect
Non-ferrous metals maker Sterlite Industries, after the Economic Times reported it is keen on buying 49 percent stake held by the government in its BALCO unit at a mutually agreed price.
Diversified firm Jaiprakash Associates after its founders said they would challenge an order by the capital market regulator penalising them on insider trading charges.
Sun Pharma , after CMD Dilip Shanghvi said the firm will invest in small pharma companies in personal capacity and that these investments have no conflict of interest with Sun Pharma
JK Lakshmi Cement after the company dismissed rumours of a price cut in cements in No Himachal Pradesh. However, the company said it might witness increase in demand in the next few months.
Gail to replace JP Associates in Sensex from today
Reliance Power gets access to two NCL blocks, company to benefit over Rs 6,000 crore, said an Economic Times report.
AV Birla group eyes Lafarge's SA Biz, Shree Cement may also join the race, says a Business Standard report.
Kingfisher may trim fleet size as it struggles to stay afloat, says another Business Standard report
Finance Ministry to infuse fresh Rs 1400 crore in Indian Overseas Bank (IOB), says Business Line report
GMR gets nod to collect airport development fees in Maldives, says an Economic Times report.
At 0242 GMT, the MSCI's broadest index of Asia Pacific shares outside Japan was down 0.7 per cent, while the Nifty India stock futures in Singapore were down 0.73 per cent, pointing to a lower opening for the domestic market.
The benchmark 30-share index, which fell almost a quarter in 2011, rose 2.5 per cent last week to 15,848.80.
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Updated Date: Dec 20, 2014 16:22:59 IST