3:30 pm Market close: After just
a day of gain, the market lost sharply today. The Sensex ended down 427.11
points or 1.5 percent at 28503.30. The Nifty also was down 128.25 points or 1.5
percent at 8647.75. About 925 shares have advanced, 1949 shares declined,
and 176 shares were unchanged.
L&T, BHEL, Bajaj Auto, Axis Bank and Hindalco
were among losers in the Sensex. Gainers were ONGC, Bharti Airtel and NTPC.
03:00pm Market Update: The
Sensex fell 397.93 points or 1.38 percent to 28532.48 and the Nifty lost 118.45
points or 1.35 percent to 8657.55.
About 842 shares have advanced, 1946 sharesdeclined, and 174 shares are unchanged on the BSE. The Indian rupee too
declined, down 30 paise to 62.80 a dollar.
02:55pm Edelweiss on Essel Propack: Sharesof Essel Propack gained further, up 4 percent after Edelweiss initiated
coverage with buy on it and set a target price of Rs 184, implying 57
percent upside.
EPL is the largest laminated tubes packaging firm
globally and a force to reckon with in the global packaging industry. Adhering
to the growth cornerstones of innovation and customer-driven R&D, the
company has captured one-third market share in laminated tubes.
The brokerage expects return on equity to exceed
21 percent in FY17 from 13.5 percent in FY14 as penetration in
non-oral care segment is on the rise; and subsidiaries in
Europe & America are turning profitable
02:50pm Gujarat Pipavav Port in Focus: GujaratPipavav Port today said its Managing Director Prakash Tulsiani has stepped down
from the post to pursue other career opportunities and the company has
identified his successor.
The company also said Tulsiani's successor has
been identified by Gujarat Pipavav's promoter APM Terminals and the details
would be made public on completion of appointment formalities.
Tulsiani had joined APM Terminals Organisation as
Chief Operating Officer of Gateway Terminals India Private Ltd in 2005. Gujarat
Pipavav Port is operated by APM Terminals, a global container terminal
operator.
02:40pm ITC tumbles: Karnataka
Government raised value added tax on cigarette and bidi between 17 to 24
percent.
The government also hiked tax on petrol anddiesel by 1 percent. Apart from cigarettes, bidis and betel, liquor will also
be costlier, and so also property registration in the Karnataka.
02:30pm Inflation data drags market: The
February consumer price index (CPI) rose to 5.37 percent versus 5.11 percent in
the previous month, which raised doubts over RBI's further rate cut. The
rise in inflation was mainly due to a spike in food inflation (6.7 percent)
with vegetables registering the sharpest rise.
The Reserve Bank of India reduced repo rate by 50
basis points in 2015 to 7.5 percent.
However, the industry output data (IIP) for
January came in at 2.6 percent, higher than the poll estimates of 0.47
percent although consumer goods and electricity continue to see contraction.
The CPI data for March is likely to increase
further on the back of country-wide unseasonal rains that impacted Rabi crops.
February also saw hike in petrol and diesel prices which is reflected in
transport inflation.
Rural inflation too inched up month-on-month at
5.79 percent versus 5.34 percent.
Experts now say an April rate cut is most
unlikely now and the earliest one can expect the RBI to slash rate can't be
before July.
"It is not such a comfortable number as toguarantee a rate cut in April specially since the Reserve Bank of India (RBI)
has moved [recently]," JPMorgan economist Sajjid Chenoy said.
02:00pm Market Check: The market
extended losses in afternoon trade with the Sensex falling more than 400 points
led by banks, FMCG and capital goods stocks. The broader markets fell more than
1 percent too.
The 30-share BSE Sensex plunged 403.26 points or
1.39 percent to 28527.15 and the 50-share NSE Nifty shed 124.20 points or 1.42
percent to 8651.80.
More than two shares declined for every share
advancing on the Bombay Stock Exchange.
Shares of ICICI Bank, ITC, Larsen & Toubro,
Axis Bank, Reliance Industries, HDFC Bank, TCS, Sun Pharma, State Bank of India
and Tata Motors were the 10 biggest contributors to the Sensex fall.
However, HDFC, Bharti Airtel, ONGC and Coal Indiabucked the trend with marginal gains. DLF rallied 6 percent as the Securities
Appellate Tribunal (SAT) has quashed the SEBI order against DLF in capital
markets case.
SAT says SEBI has not justified condemning DLF in
conducting its business. "We have not found shortcoming in DLF's IPO
prospectus and saw adequate disclosures made by DLF in 2007 IPO," says
SAT.
"We saw over-regulation by SEBI on DLF. SEBI
should not be influenced by whistleblowers," it adds. More information
please visit this site www.appsmine.org
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