3:30 pm Market close: After just a day of gain, the market
lost sharply today. The Sensex ended down 427.11 points or 1.5 percent at
28503.30. The Nifty also was down 128.25 points or 1.5 percent at
8647.75. About 925 shares have advanced, 1949 shares declined, and 176
shares were unchanged.
L&T, BHEL, Bajaj Auto, Axis Bank and Hindalco were among losers in the
Sensex. Gainers were ONGC, Bharti Airtel and NTPC.
03:00pm Market Update: The Sensex fell 397.93 points
or 1.38 percent to 28532.48 and the Nifty lost 118.45 points or
1.35 percent to 8657.55.
About 842 shares have advanced, 1946 shares declined, and 174 shares are
unchanged on the BSE. The Indian rupee too declined, down 30 paise to 62.80 a
dollar.
02:55pm Edelweiss on Essel Propack: Shares of Essel Propack
gained further, up 4 percent after Edelweiss initiated coverage with buy
on it and set a target price of Rs 184, implying 57 percent upside.
EPL is the largest laminated tubes packaging firm globally and a force to
reckon with in the global packaging industry. Adhering to the growth
cornerstones of innovation and customer-driven R&D, the company has
captured one-third market share in laminated tubes.
The brokerage expects return on equity to exceed 21 percent in FY17
from 13.5 percent in FY14 as penetration in non-oral care segment is on
the rise; and subsidiaries in Europe & America are turning
profitable
02:50pm Gujarat Pipavav Port in Focus: Gujarat Pipavav Port
today said its Managing Director Prakash Tulsiani has stepped down from the
post to pursue other career opportunities and the company has identified his
successor.
The company also said Tulsiani's successor has been identified by Gujarat
Pipavav's promoter APM Terminals and the details would be made public on
completion of appointment formalities.
Tulsiani had joined APM Terminals Organisation as Chief Operating Officer of
Gateway Terminals India Private Ltd in 2005. Gujarat Pipavav Port is operated
by APM Terminals, a global container terminal operator.
02:40pm ITC tumbles: Karnataka Government raised value
added tax on cigarette and bidi between 17 to 24 percent.
The government also hiked tax on petrol and diesel by 1 percent. Apart from
cigarettes, bidis and betel, liquor will also be costlier, and so also property
registration in the Karnataka.
02:30pm Inflation data drags market: The February consumer
price index (CPI) rose to 5.37 percent versus 5.11 percent in the previous
month, which raised doubts over RBI's further rate cut. The rise in
inflation was mainly due to a spike in food inflation (6.7 percent) with
vegetables registering the sharpest rise.
The Reserve Bank of India reduced repo rate by 50 basis points in 2015 to
7.5 percent.
However, the industry output data (IIP) for January came in at 2.6 percent,
higher than the poll estimates of 0.47 percent although consumer
goods and electricity continue to see contraction.
The CPI data for March is likely to increase further on the back of country-wide
unseasonal rains that impacted Rabi crops. February also saw hike in petrol and
diesel prices which is reflected in transport inflation.
Rural inflation too inched up month-on-month at 5.79 percent versus 5.34
percent.
Experts now say an April rate cut is most unlikely now and the earliest one
can expect the RBI to slash rate can't be before July.
"It is not such a comfortable number as to guarantee a rate cut in
April specially since the Reserve Bank of India (RBI) has moved
[recently]," JPMorgan economist Sajjid Chenoy said.
02:00pm Market Check: The market extended losses in
afternoon trade with the Sensex falling more than 400 points led by banks, FMCG
and capital goods stocks. The broader markets fell more than 1 percent too.
The 30-share BSE Sensex plunged 403.26 points or 1.39 percent to 28527.15
and the 50-share NSE Nifty shed 124.20 points or 1.42 percent to 8651.80.
More than two shares declined for every share advancing on the Bombay Stock
Exchange.
Shares of ICICI Bank, ITC, Larsen & Toubro, Axis Bank, Reliance
Industries, HDFC Bank, TCS, Sun Pharma, State Bank of India and Tata Motors
were the 10 biggest contributors to the Sensex fall.
However, HDFC, Bharti Airtel, ONGC and Coal India bucked the trend with
marginal gains. DLF rallied 6 percent as the Securities Appellate Tribunal
(SAT) has quashed the SEBI order against DLF in capital markets case.
SAT says SEBI has not justified condemning DLF in conducting its business.
"We have not found shortcoming in DLF's IPO prospectus and saw adequate
disclosures made by DLF in 2007 IPO," says SAT.
"We saw over-regulation by SEBI on DLF. SEBI should not be influenced
by whistleblowers," it adds. More information please visit this site www.bigprofitbuzz.com
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