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Tuesday, 9 December 2014

Sensex tanks 322 pts, Nifty ends at 8341; metals bleed

03:30 pm Market closing

Blood spilled on Dalal Street on Asian markets jitters. The Sensex was down 322.39 points or 1.1 percent at 27797.01 and the Nifty slipped  97.55 points or 1.2 percent at 8340.70.
About 919 shares advanced, 2032 shares declined, and 92 shares were unchanged.

Both midcaps and smallcaps were butchered while infra, metals, oil and autos were hammered out of shape.

03:05pm Market Update

The Sensex shed 307.79 points or 1.09 percent to 27811.61 and the Nifty fell 95.15 points or 1.13 percent to 8343.10 while the BSE Midcap and Smallcap indices plunged 1.55 percent each.

Declining shares outnumbered advancing ones by a ratio of 2062 to 810 on the Bombay Stock Exchange.

03:00pm FM says

The government will get an additional Rs 10,500 crore in the current fiscal from hike in excise duty on petrol and diesel.

Finance Minister Arun Jaitley told the Rajya Sabha in a written reply that excise duty hike on November 12 and December 2 will fetch the exchequer Rs 6,000 crore and Rs 4,500 crore respectively in the remaining months of the fiscal, ending March 31, 2015.

The government had raised the excise duty in two tranches on November 12 and December 2 in view of the decline in prices of crude oil in the international market.

02:45pm DQ Entertainment in demand

DQ Entertainment (International ), a global entertainment production and distribution
company focused on children's and family animation content, announced that its holding company and promoter, DQ Entertainment (Mauritius), has executed the documents today to raise funds up to USD 50 million by way of senior secured convertible bonds from OL Master Limited, a private credit fund managed by OCP Asia (Hong Kong).

The stock rallied more than 5 percent.

02:25pm DLF in Focus

With Securities Appellate Tribunal set to hear DLF and its senior executives' plea against Sebi ruling on Wednesday, the focus is likely to be on the accounting practices that were followed by the realty major.

The tribunal, last month, clubbed the petition from DLF's promoters with the company's main plea against Sebi ruling.

In October, the market watchdog had banned DLF, its chairman K P Singh and five other senior officials from the securities market for three years with regard to alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing.

Besides Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director Pia Singh, directors T C Goyal and Ramesh Sanka were also banned from securities market by Sebi.

Pertaining to the case, the focus is likely to shift to accounting standards followed by the realty major as the same is a bone of contention with the Securities Exchange and Board
of India (Sebi), sources said, reports PTI.

02:15pm Market Expert

The month of December has not been too kind to Indian equities. The market has lost 2.5 percent from the start of this month.

Deven Choksey, MD, KR Choksey Shares and Securities said that one should use every dip in the market as a buying opportunity.

He expects the Nifty to hover in the broad range of 8,200-8,600 going ahead. Also, he doesn’t foresee a major correction in the near-term.

He is bullish on banks especially large public sector lenders. Quality midcaps should also be considered for investing, he added.

02:00pm Market Check

Equity benchmarks remained under pressure following global sell-off. The Sensex tanked 285.77 points or 1.02 percent to 27833.63 and the Nifty lost 85.90 points or 1.02 percent to 8352.35 as Asian markets closed lower with the China's Shanghai down 5.4 percent on profit taking amid expectations of weak GDP in 2015 and liquidity fears.

European markets like France's CAC, Germany's DAX and Britain's FTSE dropped 1 percent each post Asian rout and further fall in crude oil prices. Brent crude declined to fresh five-year lows, down 47 cents to USD 65.72 a barrel.

The loss in broader markets was more than benchmarks; the BSE Midcap and Smallcap indices slipped 1.4 percent each. More than two shares declined for every share advancing on the Bombay Stock Exchange.

State-run oil explorer ONGC hit 7-month low, down nearly 4 percent post fall in oil prices. Cairn India fell nearly 2 percent as brokerage Macquarie downgraded the stock to neutral from outperform on fall in crude oil.
Metal stocks were under pressure post China fall. Sesa Sterlite, JSPL, Hindalco and Tata Steel plunged 2-4 percent.

However, Sun Pharma gained 1.6 percent and Ranbaxy rallied 3 percent after Competition Commission of India clears merger deal with some riders.

Mahindra and Mahindra remained in positive terrain, up nearly a percent after brokerage CLSA reiterated buy rating on the stock with a target price of Rs 1,550, citing favourable risk reward ratio.

Jet Airways gained another 6 percent as the airline company may get more market share after its rival SpiceJet cancelled 1080 flights till December 31. More information please visit this site

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