Banks pull markets down, Sensex closes 74 pts lower

3.30 p.m: Public sector banks pull markets lower. Sensex closed the day 74 points lower at 15,738 while Nifty closed 19 points lower at 4714.

Capital goods stocks, which were trading nearly 3 percent higher during the day, slipped to close the day marginally higher. ABB moved sharply higher during the day, up by nearly 6 percent, but closed near the day’s low after details of the Rs 4000 crore order were known. Of the Rs 4000 crore order, its Indian unit will get only Rs 500 crore out of this order. L&T which was trading 3 percent higher closed the day, near its Thursday’s price at Rs 1009.

Banking stocks however, were the main losers, led by public sector banks. Syndicate Bank closed the day 6.7 percent lower at Rs 73.85, Oriental Bank was down 4 percent at Rs 219.1 while Yes Bank closed 2.6 percent lower. Among the bigger banks SBI closed 1.5 percent lower at Rs 1645.60, ICICI Bank was down 1 percent at Rs 720.95 and HDFC Bank was down 1 percent at Rs 437.75.

Reliance closed the day at Rs 745.50, down 1.20 percent, while Hindustan Unilever touched a new all time high price of Rs 414.90 but closed the day at Rs 412.25.

BF Utilitieshad jumped by 7 percent during the day on announcement by the Karnatak government that it will soon stand guarantee for land titles in the state. The company, through its subsidiary, owns a huge patch of land on the Bangalore - Mysore highway. It’s land has been in dispute for a longtime now. The stock however, closed lower at Rs 295.10.

Banks pull market lower, Sensex down 100 pts

3.00 p.m: Markets continue to slide further and trade near the day’s low. Sensex trades at 15687 down 125 and Nifty is down by 33 points at 4700.

Capital goods stocks have lost most of their gains. L&T trades in the red, down by 0.25 percent at Rs 1002, Bhel trades at the day’s low at Rs 241, up by 1.75 percent over previous day close.

Reliance trades 1.4 percent lower at Rs 745, SBI is down 1.7 percent at Rs 1641, IDFC trades 3 percent lower at Rs 98.4 while JP Associates is down 2.74 percent at 53.15.

Banking stocks, especially public sector banks have fallen sharply, pulling down the market with it. Syndicate Bank trades 6 percent lower at Rs 74.35, Oriental Bank is down 4.28 percent at Rs 219 while UCO Bank trades 3.8 percent at Rs 49.35.

Market at day’s low, telecom stocks slip further

1.45 p.m: Led by banks European markets have opened 1.25 percent higher. Indian markets, however have moved to the day’s low.

Sensex trades 30 points lower at 15,782 while Nifty trades at 4726, down 7 points.

IDFC is among the top losers, falling by 2.2 percent at Rs 99 followed by JP Associates, which trades 1.7 percent lower at Rs 53.75.

Capital goods stock continue to trade higher with BHEL leading the pack, rising by 3.5 percent at Rs 245.25, while L&T is up by 2.7 percent at Rs 1032.

Crompton Greaves too has joined the capital goods party and presently trades 4.7 percent higher at Rs 123.

BF Utilities rises 6% on land title guarantees, Sensex up 60 pts

12.30 p.m: Markets have moved higher and presently trade near the day’s high. Sensex trades 60 points higher at 15,874 while Nifty trades at 4751, up 18 points.

Capital goods stock continue to be the among the top gainers, with the sector rising by 3.7 percent. ABB continues to trade 5 percent higher at Rs 600, while L&T trades at 1041.50, up by 3.6 percent while BHEL tradeds 4 percent higher at Rs 246.30.

Reliance has lost some ground from its peak and presently trades at Rs 761.40, up by 0.9 percent.

BF Utilities has jumped by 6 percent to Rs 301.85 on announcement by the Karnatak government that it will soon stand guarantee for land titles in the state. The company, through its subsidiary, owns a huge patch of land on the Bangalore - Mysore highway. It’s land has been in dispute for a longtime now.

ABB rises 5.5% post bumper order, Sensex up 40 pts

11.30 a.m: Markets are trading in a narrow range with the Sensex at 15,859 up by 45 points while Nifty trades at 4746, up by 12 points.

Capital Goods stocks continue to trade higher led by ABB which trades 5.5 percent higher at Rs 602.65 after the company announced that it received a Rs 4000 crore order. L&T trades 3.4 percent higher at Rs 1040 while BHEL is up by 3.54 percent at Rs 245.40.

Telecom stocks continue their slide with Bharti Airtel trading 1.3 percent at Rs 330.85 while Idea is down by 2.8 percent at Rs 79.35.

Sterling Biotech seems to be another stock that has fallen in the FCCB and currency depreciation trap. The stock is locked at the lower circuit at Rs 27.50, down 10 percent. The stock has fallen from Rs 59.45 to the current level in four days.

Capital goods sector bouyed by ABB order, Sensex up 40 pts

10.30 a.m: Capital goods sector stocks are bouyed by the huge Rs 400o crore order won by ABB. Apart from ABB, which trades 4 percent higher, L&T is up by 3.30 percent at Rs 1038, Areva T&D is trading higher by 3.8 percent and BHEL trades 3 percent higher at Rs 244.

Hindustan Unilever meanwhile has touched a new lifetime high of Rs 414.45, the stock trades 1.5 percent higher.

Reliance trades 1.4 percent higher at Rs 764.70 after the DGH gave a clean chit to the company on the DG6 issue.

ABB gains 4% on transmission order, Sensex down 8 pts

9.45 a.m: Markets are trading near the day’s low with BSE Sensex trading at 15,805 down by 8 points over previous day’s close. NSE Nifty on the other hand trades at 4726 down by 7 points.

ABB opened with a gap of 4 percent after the company announced that it received an order of Rs 4000 crore. The stock trades 4 percent at Rs 593.55.

Banking stocks are trading weaker today, with ICICI Bank being down by 1.74 percent while SBI is down by 0.1 percent at Rs 1669.

Telecom stocks continue their fall with Bharti Airtel falling by 1 percent at Rs 331 while Idea is down by 2 percent at Rs 79.95.

Directorate of Hydrocarbon (DGH) has given a clean chit to Reliance in its reply to oil ministry, the stock trades 1.7 percent higher at Rs 766.40.

Telecom stocks in focus, Rupee opens strong at 52.69

9.15 a.m: BSE Sensex is expected to start higher as investors cover short positions ahead of the expiry of monthly contracts next week.

The rupee opened stronger on Friday on hopes an improving US economy will bolster capital flows into riskier emerging markets such as India. The rupee started at 52.69 to the dollar, firmer than Thursday’s close of 52.72/73.

Kishor Ostwal, chairman and managing director at CNI Research, said some foreign funds are also expected chase bargains after the market fell nearly 11 percent since the start of November.

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Telecom carriers Bharti Airtel and Idea Cellular are likely to fall after the ministry said it would tell carriers they would not be allowed to offer 3G services outside their licensed zones through roaming agreements with each other.

Bharti, Idea as well as Vodafone’s India unit currently provide 3G services beyond their licensed zones through roaming pacts.

Asian stocks edged up on Friday, as signs of a strengthening US. economy encouraged a modest year-end rally in riskier assets.

STOCKS TO WATCH

HDFC Bank after the private-lender said it would raise interest rates on non-resident savings deposits to 9 percent from 3.82 percent from Friday.

MBL Infrastructures Ltd after the company said it won projects totalling 3.2 billion rupees.

ICSA India Ltd after it said its board has decided to pursue corporate debt restructuring program with bankers.

Punj Lloyd after the construction and infrastructure company said its joint venture with Kenyan firm Intex Costruction Ltd had won $54 million road project in the African nation.

ABB likely to move higher after the company bagged a Rs 4,000 crore order.

Market at day’s low, telecom stocks slip further