01:00pm Market Update
The 30-share BSE Sensex tanked
437.06 points or 1.60 percent to 26882.50 and the 50-share NSE Nifty plunged
123.25 points or 1.50 percent to 8096.35.
About 420 shares have advanced, 2157
shares declined, and 85 shares are unchanged on the Bombay Stock Exchange.
Globally, Russian equity market
gained nearly 3 percent while ruble fell 10 percent after the country raised
interest rate to 17 percent.
12:55pm Strides Arcolab gets USFDA
nod
Strides Arcolab today has received
approval from the United States Food & Drug Administration for Calcitriol
Softgel capsules (vitamin D capsules).
The product will be manufactured at
the company's oral dosage facility at Bangalore and marketed by Strides in the
US market, said the company in its filing.
According to IMS data, the US market
for these capsules is approximately USD 50 million, with only three players
having approval for both the strengths of Calcitriol.
12:50pm Alstom in News
Alstom T&D India has secured an
order worth Rs 151.5 crore from Rajasthan Rajya Vidyut Prasaran Nigam to supply
a 400/220 kV substation in Bhadla, and expand the existing 400/220 kV
substation in Bikaner.
12:40pm Market Expert
The deep cuts seen in the Indian
equity market is a spillover effect seen on the back of negativity on global
markets and expectations of a slowdown in China, Japan and Europe, says
Dhananjay Sinha, Head - Institutional Research, Emkay Global Financial
Services.
Speaking to CNBC-TV18 after the
Nifty breached the psychological 8100 mark on the downside, Sinha says the
market has already run up a lot.
“It is trading 17 times one year
forward. This would be appropriate if the GDP would be about 9 percent or
something. But that’s not the case and the market had clearly lost its sense of
proportions to be trading so high,” adds Sinha.
Prakash Diwan of Altamount Capital
says the market, despite its deep red hue right now, holds enough value.
“There is enough potential to buy in
this market. Also I expect a significant bounceback as soon as any good news
comes in the market,” he explains.
12:30pm Interview
While the acquired company is not
profit-making yet, it will be earnings per share (EPS) accretive from the first
year itself, says Vivek Chand Sehgal, chairman, Motherson Sumi Group.
The deal would further consolidate
Motherson Sumi System's "polymer business in Europe and North
America".
According to a statement released by
Motherson Sumi, “The German entity develops and manufactures extrusion
profiles, moulded parts made of thermoplastics and hybrid components made of
metal and plastic catering to Original Equipment Manufacturers like Audi, BMW,
Diamler, Ford, GM, VW etc, along with other customers."
12:15pm Is GST approval likely in
current parliamentary session?
India's plans to rationalise state
and central indirect taxes into a harmonised goods and service tax (GST) took a
step closer to reality after New Delhi struck a deal with recalcitrant states,
two government sources told Reuters.
Finance Minister Arun Jaitley
brokered a compromise on Monday evening that would pave the way for a key
constitutional amendment to be tabled in the current parliamentary session that
runs to December 23.
"Developments have been
positive," said one of the finance ministry officials who attended the
meeting. "Everything will be clear in couple of days."
12:00pm Market Check
Though the sharp fall in market continues
in noon trade, the buying at lower levels helped the Nifty to hold 8100 level.
The index plunged 109.95 points or 1.34 percent to 8109.65 and the Sensex
tanked 378.22 points or 1.38 percent to 26941.34 due to consistent fall in
banking & financials, metals and FMCG stocks.
The broader markets cracked more
compared to benchmarks. The BSE Midcap and Smallcap indices lost 2-3 percent.
About five shares declined for every share advancing on the Bombay Stock
Exchange.
Experts advise buying quality stocks
on every dip as they believe the market may rebound soon to see fresh record
highs.
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. Traders say that RBI may have sold dollars at
around Rs 63.54 per dollar to stem the rupee fall. The currency declined 47
paise to 63.41 a dollar.
All BSE sectoral indices (except IT)
traded in the red. FMCG, Bank, Metal and Realty fell 2-3 percent. Auto,
Healthcare and Power lost 1-1.7 percent while IT gained 1.9 percent.
Hindalco led the list of metal
losers after the Special Court rejected the CBI closure report and has asked
for further investigation in the coal scam case. The stock tanked 7 percent.
Jindal Steel and Power too sees a cut of 3 percent after the Supreme Court
rejected the company's plea to make coal mine payments in tranches.
Shares of ICICI Bank, ITC, HDFC,
SBI, ONGC, Dr Reddy's Labs, Sesa Sterlite, M&M and Tata Steel dropped 2-6
percent while TCS bucked the trend, up 2.4 percent on fall in rupee followed by
Infosys and Wipro with 0.5-0.9 percent gain.
SpiceJet lost more than 10 percent
for the second day running. The government gave the airline a final chance to
survive and asked them to raise funds within the next 10 days or face closure.
The airline immediately required cash amounting to Rs 1400 crore.
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