03:30
pm Market closing
Even though the market made some
smart moves intraday but could not hold the tempo till end. The Sensex ended up
33.40 points at 26630.51 and the Nifty was up 5.90 points at 7964.80. About
1370 shares advanced, 1532 shares declined, and 101 shares were unchanged. Sun
Pharma, HDFC, Bajaj Auto, Maruti Suzuki and ITC were gainers. BHEL, ICICI Bank,
Hindalco, Axis Bank and M&M were among losers.
02:55pm
Reliance Communications in focus
While talking in Reliance
Communications AGM, Anil Ambani says the company targets to reduce debt by Rs
15,000 crore in 24 months. Debt currently stands at Rs 35,000 crore, he adds.
The company is looking to monetise
both real estate and DTH. "We are looking to demerge real estate assets.
We are working on contours of real estate demerger," says Ambani.
He further said the company will be
participating in next round of auctions that will enable company to launch 4G
in 2015-16. The stock fell over 2 percent.
02:30pm Market Expert
With major events already behind us, Vikas
Khemani of Edelweiss Capital feels the markets are in a consolidation mood and
expects this tendency to continue in the short term.
He maintains an upward trajectory
with some correction medium to longer term. “The next would be probably the
quarterly earnings and that is where the markets will take the next round of
clues. Depending how the results pan out, you may again see a further
short-term movement,” he told CNBC-TV18.
02:15pm
Will government cut diesel price?
Diesel price is likely to be cut by about Re 1
per litre, the first reduction in rates in over five years, while petrol price
may be slashed by Rs 1.75.
State-owned oil firms are likely to
announce reduction in rates, made possible because of softening in
international oil rates, this evening, government and industry sources said.
Under-recovery or the difference
between retail price and its imported cost was wiped out and there was an
over-recovery of 35 paise a litre from September 16. This over-recovery is now
about Re 1 a litre.
While the government had resisted
the temptation to cut rates then, prices are likely to be reduced at the fortnightly
review due today.
Sources said oil ministry is of the view that
while the Cabinet Committee on Political Affairs (CCPA) had on January 17, 2013
allowed a monthly increase in diesel price of 40-50 paise per month to wipe out
the under-recovery, it wasn't envisaged that there would be over-recovery.
It wants to reduce diesel price to
protect state-owned oil companies' market share, which may be lost to private
retailers who would be selling diesel in tandem with international prices,
reports PTI.
02:00pm Equity benchmarks wiped out all its gains in afternoon
trade weighed down by FMCG, banks and technology stocks. The 30-share BSE
Sensex fell 16.87 points to 26580.24 and the Nifty dropped 5.45 points to
7953.45.
The broader markets too came off
day's high with the BSE Midcap and Smallcap indices rising 0.1 percent and 0.3
percent, respectively. About 1502 shares have advanced, 1214 shares declined,
and 106 shares are unchanged.
Shares of TCS, ICICI Bank and Axis
Bank declined 1-2 percent. ITC, Reliance Industries, Infosys, HUL, Tata Motors,
SBI, Coal India, Bharti Airtel, Wipro and BHEL lost 0.2-0.8 Percent.
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