03:30 pm Market closing
Bloods spills on Dalal Street as bears go on a rampage. After a heavy
selling day, the Sensex ended with a loss of 538 points or 2 percent at
26781.44. The Nifty closed below 8100-level, down 152.00 points or 1.8 percent
at 8067.60. About 566 shares have advanced, 2312 shares declined, and 86
shares are unchanged.
Midcaps & smallcaps were slaughtered while banking stocks too were
hammered down out of shape. Bank Nifty shed 3 percent while metals fell 4
percent. Only IT index was in the green with a gain of 2 percent.
Sesa Sterlite, Dr Reddy's Labs, Hindalco, SBI and Tata Power were among the
laggards. TCS, Infosys, Bharti Airtel were gainers in the Sensex.
03:15 pm SpiceJet recovers
SpiceJet is up 6 percent after government has allowed
the airline company to book beyond 30 days till March 31, 2015.
The private airline company needs capitalisation urgently as it recorded
loss of Rs 300 crore in Q2, a loss for the fifth straight quarter.
Finance cost for the company stood at Rs 136.61 crore in the year ended
March 31, 2014 and Rs 88.10 crore in the first six months of the current
financial year 2014-15.
Networth in April-September period of FY15 stood at Rs 1,450 crore while
accumulated losses were Rs 2,958.3 crore. Long-term borrowings during the same
period were Rs 1,183.4 crore and short-term borrowings Rs 323.4 crore.
Current liabilities of the company were Rs 2,982 crore and non-current
liabilities Rs 1,474 crore in the first six months of FY15.
03:00 pm Interview
KEC International has executed a sale deed for its Thane land worth
over Rs 200 crore with Ardent Properties, a 100 percent subsidiary of Tata
Housing Development Company, and received full consideration of Rs 212.35
crore.
Speaking to CNBC-TV18, MD and CEO Ramesh Chandak assured the debt profile of the company is likely to be better in FY15 versus FY14.
The company is hopeful of reducing debt by nearly Rs 300 crore in Q3FY15 and
is eyeing an improvement in debt equity ratio from Q2FY15.
KEC also expects a good improvement in margins next year.
02:50pm JP Associates in News
While replying to the exchange on news item - "Jaiprakash Associates
delays repayment of fixed deposits to investors", the company said it has
stopped accepting fresh deposits with effect from April 1, 2014 post provisions
of new Companies Act.
"The company has been honouring its obligations to replay the FDs as
and when they become due. Minor delays, if any, should not be construed
otherwise by any of the investors," it added. The stock tanked 7 percent.
02:40pm FIIs
In the month of December (till 12th), foreign institutional investors have
net bought Rs 5,009 crore worth of equity shares in cash market while they net
bought Rs 11,100 crore worth of bonds.
They have been net sellers for last five days since December 9 while they
have been net buyers from the day 1 in December.
02:30pm Market extends fall
The Sensex cracked 515.64 points or 1.89 percent to 26803.92 and the Nifty
tumbled 145.10 points or 1.77 percent to 8074.50 on panic selling after further
fall in Brent crude oil prices and consistent weakness in rupee.
About 471 shares have advanced, 2280 shares declined, and 86 shares are
unchanged.
02:25pm SpiceJet under pressure
Spicejet cracked 8 percent today as the government gave the company 10 days
to raise funds or face closure. Media reports indicated that Spicejet told
Aviation Authorities that it will shut down now or in 30 days unless the Centre
saves it from payments.
02:15pm Russia in focus
Russian equity markets tumbled another 10 percent post a 10 percent
slide in previous session. Russian government is in the middle of an all–out
fight to preserve the value of the ruble which hit an all-time low amidst
plunging oil prices.
In its boldest move yet to stanch the bleeding, the Russian central bank
announced a stunning interest rate hike to 17 percent versus 10.5 percent in
the middle of last night.
02:00pm Market Check
The market is not showing any sign of sharp recovery in afternoon trade as
the Sensex tanked 448.18 points or 1.64 percent to 26871.38 and the Nifty
crashed 127 points or 1.55 percent to 8092.60.
Weak global cues and a big slide in the rupee caused panic selling in the
market today. More than four shares declined for every share advancing on the
Bombay Stock Exchange while on the National Stock Exchange, eight shares declined
for every one share rising.
Sunil Garg of JPMorgan told CNBC-TV18 that he is not bearish on global
growth. Infact global growth will rebound from 2.5-3 percent next year. This
sell off provides a buying opportunity in the markets.
The rupee plunged to a 13-month low on broad dollar strength, but is off the
day's low after hitting its lowest level since November 14, 2013. It declined
46 paise to 63.40 a dollar. Traders say that RBI may have sold dollars at
around Rs 63.54 per dollar to stem the rupee fall.
Globally, most of Asian markets closed lower. Hang Seng and Nikkei fell 350
points each, weighed down by the persisting slump in oil prices and weak US
close last midnight. Focusing on China in particular, the Flash HSBC PMI for
China slipped to 49.5 contracting for the first time in seven months, which
fueled hopes of more stimulus measures.
Brent crude oil prices dropped below the USD 60 a barrel for the first time
since 2009 as Chinese activity slowed and stumbling emerging market currencies
dented demand expectations. Oil futures have almost halved since June amid
rising output and cooling demand, but OPEC has so far resisted calls to cut
production to shore up prices.
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