Nifty breaks 8000, Sensex falls 280 pts; Midcap sheds 2%

10:35am SpiceJet bleeds, down 5%

Budget carrier SpiceJet's aircraft are currently grounded because oil companies have not refuelled any of its planes, a spokesman told Reuters today.

Loss-making SpiceJet owes money to creditors including oil companies.

On Tuesday, the civil aviation ministry said airport operators would be asked to give the airline 15 days to make payments, while state oil companies would be ask to give credit for up to 15 days.

The measures, the ministry said, were aimed at avoiding a collapse which it said would be a "major setback" for the civil aviation sector.

10:25am Stocks under pressure

Textiles stocks are losing threads. Alok Industries, Arvind, Century Textiles, Raymond and Welspun declined 3-7 percent while in pharma space, Dishman Pharma, Wockhardt, Aurobindo, Glenmark and Strides Arcolab went down 5-10 percent.

Gati, JK Tyre, BF Utilities, Patel Integrated and Gulf Oil lost over 10 percent.

The 50-share NSE Nifty fell more than 650 points from its all-time high of 8,626.95 hit on December 4.

India Volatility Index hit intraday high of 19.06, the highest level since July 9, 2014. About 11 shares declined for every share advancing on the NSE.

10:15am Market Expert

According to him, the global macros have turned decisively negative with oil prices falling the way they have. “One of the correlations that we have seen in the market is that when oil prices fall, Sensex falls as well. At Sensex level, you may still find some downside but there may be some stocks that you may want to look at, though I would say there is not any particular hurry right now,” he said.

In the currency market, he expects to see dollar going out from the debt market on carry trade but expect it to be replaced to some extent by yen.

10:00am Market Check

Equity benchmarks extended losses in morning trade with the Sensex falling 284.78 points or 1.06 percent to 26496.66 weighed by banks, healthcare, auto and capital goods stocks. The Nifty fell below the 8000 level, down 92.20 points or 1.14 percent at 7975.40.

The broader markets saw major selling pressure with the BSE Midcap and Smallcap indices declining 2 percent each. Nearly four shares declined for every share advancing on the Bombay Stock Exchange.

Shares of ICICI Bank, Tata Motors, Sun Pharma, Cipla, Bharti Airtel and Hindalco Industries topped the selling list, falling 2-3 percent followed by L&T, SBI, Axis Bank, M&M, Hero Motocorp and Dr Reddy's Labs with more than a percent loss.

However, Tata Steel bucked the trend, up over a percent after the Odisha government allowed the steel maker to resume mining operations in four iron ore mines in the state. HDFC, Reliance Industries, ITC and HUL saw marginal gains. More information please visit this site www.bigprofitbuzz.com