Sensex slips 210pts, Nifty below 8400; SBI up, HUL falls 4%

03:30pm Market close: The market ended in red as the Sensex is down 210.17 points or 0.7 percent at 27676.04. The Nifty is down 70.35 points or 0.8 percent at 8377.75. About 1324 shares have advanced, 1377 shares declined, and 188 shares are unchanged. Wipro, Axis Bank, Sesa Sterlite, SBI and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, HUL, Hindalco, Maruti and Dr Reddy's Labs. 03:10pm International markets: World stocks climbed back towards all-time highs as upbeat European earnings reports and expectations of a sixth straight rise in German business confidence helped offset worries about a possible Greek default. Even after several rounds of negotiations, hopes are slim that Athens will be able to convince euro zone finance ministers to continue their financial support at the latest in a series of meetings on Friday. The country could run out of cash by the end of the month. On Monday, the government ordered state entities to park spare cash at the central bank in a bid to pay civil service salaries and IMF loan repayments due in early May. 03:00pm Market Update: The market slipped again. The Sensex lost 178.02 points to 27708.19 and the Nifty dipped 65 points to 8383.10. About 1290 shares have advanced, 1321 shares declined, and 186 shares are unchanged on the BSE. 02:45pm Symphony on buyers' radar: Air cooler manufacturer Symphony's third quarter net profit shot up 35.1 percent year-on-year to Rs 36.5 crore, driven by strong sales numbers and realisation. Total income from operations grew by 26.6 percent to Rs 146.3 crore during January-March quarter from Rs 115.5 crore in same quarter last year, led by spike in air cooler sales. Symphony sold 2,12,640 units of air cooler in third quarter of financial year 2014-15, a growth of 13.3 percent compared to 1,87,718 sold in the year-ago quarter. Average realisation per unit was Rs 6,328 during the quarter as against Rs 5,986 in corresponding quarter of last fiscal. The company follows July-June as its financial year. For last nine months, the company recorded sales of 6,15,295 units, a growth of 24.5 percent compared to 4,94,028 units sold in same period last year. 02:25pm Realty companies in focus: Shares of Mumbai-based realty companies are rallying on Dalal Street with the index up 1 percent intraday today. Maharashtra Government has scrapped the controversial Mumbai Development Plan 2015-2034 and directed BMC to submit reworked Mumbai Development Plan in four months. The reworked Mumbai Development Plan will be put up for public review. The draft development plan 2015-2034 of the BMC had several omissions and flaws. In development plan, for instance, it had not marked more then 40 percent of heritage structures. The development plan had shown roads through existing buildings and some places of worship. 02:00pm Market Check Equity benchmarks fell marginally amid volatility in afternoon trade but the broader markets outperformed. The Sensex slipped 38.83 points to 27847.38 and the Nifty declined 15.85 points to 8432.25 while the BSE Midcap and Smallcap indices gained 0.1-0.3 percent. The market breadth was also positive as about 1407 shares have advanced against 1115 shares declined on the BSE. Mahantesh Sabarad, DY VP-Research, SBICap Securities said monsoon would be the key trigger for the market going forward. The Nifty would probably head towards to 8300 mark, which would then become a buying zone. However, one-two years down the line it would eventually move to 9400-9800 range, he added. Sun Pharma kept its top position in the selling list on Sensex, down 8 percent. The stock saw multiple block deals on BSE and NSE at Rs 930 to Rs 968 per share as Daiichi Sankyo sold its entire 8.9 percent stake in the company. HCL Technologies trimmed losses, down 3.5 percent. IT major reported a miss on all counts in Q3. Dollar revenue came in lower than estimates and the rupee revenue declined by 0.17 percent Q-o-Q. The management that margins were compressed due to increase in investments and their deal pipeline currently looking better than it was a year ago. Shares of HUL, Tata Motors, Maruti, Hindalco, NTPC, GAIL and Tata Power declined 1-3 percent while Axis Bank, ONGC and Tata Steel were biggest gainers, up 1.4-2 percent. In the broader space, Lanco Infratech surged 11 percent as the company has successfully completed sale of 1200 MW udupi power plant to Adani Power. Tata Sponge crashed 8 percent as the company reported a decline of 25 percent in total income to Rs 160.3 crore with profits declining 79 percent to Rs 8.57 crore year-on-year. Ramco Systems fell 4 percent as the company saw profits declining 46 percent sequentially to Rs 43.5 crore and margin came in lower at 19 percent versus 23 percent. For More information please visit this site www.bigprofitbuzz.com