03:30 pm Market close: Late sell drags the market sharply.
The Sensex ended up 3.33 points at 29007.99 and the Nifty was up 5.15 points at
8767.25. About 1234 shares have advanced, 1659 shares declined and 201 shares
are unchanged.
Tata Steel, Tata Power, Dr Reddy's Labs, Sun Pharma and BHEL were among the
losers. Gainers were HDFC, Bharti Airtel, Infosys, Wipro and ITC.
03:00pm Market Consolidates: The Sensex rose 13.51 points
to 29018.17 and the Nifty advanced 6.70 points to 8768.80.
About 1209 shares have advanced, 1611 shares declined, and 194 shares are
unchanged on the BSE.
02:45pm Budget Expectations: India is likely cut its annual
fertiliser subsidy by 4 percent to around Rs 70,000 crore in its Budget
proposals for fiscal year 2015-16, two government sources with knowledge of the
matter told Reuters.
India had earmarked a subsidy of Rs 72,970 crore for the current fiscal year
ending March 31.
"There is no plan to increase fertiliser prices," one of the
sources told Media. He said the roadmap for reforms in the subsidy
structure for the fertiliser sector would be unveiled after the Budget.
02:30pm South Indian Bank in focus: The Reserve Bank of
India on Tuesday notified that the aggregate share holdings in the bank by
non-resident Indians (NRI)/persons of Indian Origin (PIO)/foreign institutional
investors (FII)/registered foreign portfolios investors (RFPIs) and through
global depository receipts (GDR)/American depository receipts (ADR)/foreign
direct investment (FDI) in the primary/secondary markets have gone below the
prescribed threshold ban limit stipulated under the extant FDI policy.
Hence, the restrictions placed on the purchase of shares of the above bank are
withdrawn with immediate effect, it adds.
02:00pm Market Check
The market erased its morning gains as the Nifty came off its highs, trading
below 8800 while midcap traded in the red giving up its gains. The market
breadth was weak with more stocks on declining end.
The Sensex advanced 27.63 points to 29032.29 and the Nifty rose 5.45 points
to 8767.55. The BSE Midcap and Smallcap indices fell marginally.
Michael Kurtz, chief Asia equity strategist at Nomura expects a very strong
Budget with a focus on reforms, infrastucture spending may be hiked to 2.5
percent of GDP and India remains largest overweight in the Asia basket.
Shares of HDFC Bank, TCS, L&T, Sun Pharma, HUL, ICICI Bank, Hero
Motocorp and Tata Steel declined 0.3-1.4 percent. Reliance Industries also came
off its high, up 0.3 percent. However, HDFC, Infosys, Tata Motors, ONGC, Bharti
Airtel, M&M and Wipro gained 1-2 percent.
The rupee appreciated today, trading at 62.05 a dollar against a close of
62.19 in previous session due to weak dollar on back of heavy capital inflows.
Globally it is a mixed day. In Asia, while China and Japan closed in the
red, Korea and Taiwan ended with gains. European markets are mixed as Greece
fears subsided. This after the list of reforms presented by Greece met the approval
of creditors and euro zone neighbours. More information please visit this site www.bigprofitbuzz.com
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