Sensex ends 170 pts lower; Axis Bank up 5%, Bharti falls 4%

3:30 pm Market close: The market ended a volatile session on a weak note. The Sensex was down 170.45 points or 0.6 percent at 27225.93, and the Nifty slipped 45.85 points or 0.5 percent at 8239.75. About 1526 shares  advanced, 1186 shares declined and 157 shares were unchanged.

Bharti Airtel fell 4 percent while ITC, HDFC, Vedanta and Reliance were major laggards in the Sensex. Axis Bank gained 5 percent. Among the top gainers were Wipro, GAIL, Sun Pharma and ICICI Bank.

3:10 pm Market chcek: The market is slipping away as the Sensex is down 180.62 points or 0.7 percent at 27215.76, and the Nifty slips 51.05 points or 0.6 percent at 8234.55. About 1504 shares have advanced, 1127 shares declined, and 165 shares are unchanged.

Bharti Airtel is down 4 percent while ITC falls 3 percent. Vedanta, HDFC and Tata Motors are top losers in the Sensex. Among the gainers are Axis Bank, GAIL, Wipro, Sun Pharma and ICICI Bank.

1:50 pm Market outlook: Straddled with long positions, market participants are looking to exit at higher levels and "so we are seeing selling each time index moves up, says Sanjay Dutt of Quantum Securities. He sees further 3-5 percent downside from current levels.

He continues to believe that individuals should look at bargains rather than entering at specific Nifty levels to make hay. He suggests looking at stocks falling under capital goods, engineering and steel sectors. He actively suggests Reliance Industries is a definite largecap buy for the next two years.

Speaking of revenues of corporate India that have either shrunk or remain flat, Dutt says the rupee-dollar equation remain a critical parametre and is going to play out for next few weeks or months. The government is taking right steps but recovery of macro economics take time. He sees revenue picking up after two quarters when the festive season dawns.

1:30 pm Results: Housing Development Finance Corporation's (HDFC) standalone profit increased 8 percent year-on-year to Rs 1,862.43 crore in March quarter, impacted by deferred tax liability.

The housing finance company said the deferred tax liability during January-March quarter was Rs 119.77 crore against Rs 87.29 crore in December quarter and nil in the year-ago period.

Total income from operations grew by 12.5 percent to Rs 7,448 crore for the quarter ended March compared to Rs 6,620.3 crore in the corresponding quarter of last fiscal.

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The market continued to be choppy but the broader markets outperformed equity benchmarks. The Sensex fell 62.67 points to 27333.71 and the Nifty declined 9.80 points to 8275.80.

The BSE Midcap and Smallcap indices gained 0.5-1 percent. About 1535 shares have advanced, 1011 shares declined, and 167 shares are unchanged on the BSE.

Sanjay Dutt of Quantum Securities said he sees another 3-4 percent downside from current levels. Sectors like capital goods and infra are a good bet right now, he believes.

Global markets remained mixed as investors are eyeing US Federal Reserve's statement. The dollar hovered near an 8-week low.

Axis Bank topped the buying list on Sensex, up 3 percent as a poll expects bank's net interest income growth at 18 percent and asset quality is expected to be better than FY15 total guidance. For HDFC, analysts expect gross NPAs to be steady this quarter.

Motherson Sumi climbed 3.5 percent as it got orders from Daimler to supply exterior & interior systems to Mercedes-Benz vehicle generations. The current orders will generate sales revenue of approximately Rs 15,400 crore and will support Daimler's expansion activities, the company said.

Sugar stocks like Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Rana Sugars, Triveni Engineering, Uttam Sugar and Shree Renuka gained 1-5 percent as the government will raise sugar import duty to 40 percent from 25 percent to prevent influx of cheap imports. Additionally, sources told that the government cleared waiving off 5 percent excise duty on ethanol for blending with petrol. For more information please visit this site www.bigprofitbuzz.com

Sensex up over 250 pts, Nifty above 8300; Banks outperform

3:15 pm Bullish World Bank: In a major boost to the market, World Bank estimates India’s GDP growth at 7.5 percent in FY16 and 7.9 percent in FY17. It says that India needs to further rationalise subsidies. World Bank thinks tax-to-GDP ratio may rise after India implements GST but land acquisition remains hurdle in the country's efforts to boost infrastructure. 3:00 pm Market check: The market does a somersault and surges ahead. The Sensex is up 285.89 points or 1 percent at 27462.88, and the Nifty is up 89.60 points or 1 percent at 8303.40. About 1565 shares have advanced, 1069 shares declined, and 148 shares are unchanged. Bank Nifty soars 3 percent on short covering. Pull back seen in select mid cap stocks after recent sell off. 2:30 pm Economy outlook: Rural India has been a growth driver for auto industry, but sales are under pressure currently, said Saurabh Mukherjea of Ambit Capital. He sees an increase in corporate bad debts for private banks. Mukherjea expects sluggish economic growth for next 6-7 months, and advises investors to buy companies with strong balance sheets. He recommends avoiding stocks dependent on rural consumption and investment cycle. Ambit has cut GDP growth forecast for FY16 from 7.9 percent YoY to 7.5 percent YoY. It sees FY16 GDP to be at same levels as in FY15. Expecting next 6-7 months to be a weak economic phase for the country, the brokerage firm advises investment into companies having strong balance sheets, while recommending investors to cut exposure to rural consumption-dependent companies and to stocks that are plays on the investment cycle. Don't miss: 5 brokerages tell you how to trade Maruti post Q4 The market is still struggling with the Sensex is down 18.16 points at 27158.83. The Nifty is up 1.20 points at 8215.00. About 1357 shares have advanced, 1185 shares declined, and 145 shares are unchanged. ICICI Bank is still up 6 percent while Maruti, Axis Bank, Tata Motors and BHEL are top gainers in the Sensex. ITC, GAIL, L&T, HUL and Infosys are major losers. Sugar stocks like Bajaj Hindusthan, Mawana Sugars, Sakthi Sugars are rallying as the government may announce package for sugar sector in a day or two. According to CNBC-TV18 sources in the food ministry, the package will address issues related to buffer stock. It may even include decision to hike import duty, increase ethanol blending limit and sugar release mechanism. Meanwhile, drug major Mylan has rejected a USD 40 billion unsolicited merger offer from Israel's Teva Pharmaceutical Industries saying the bid "grossly undervalues" the company considering its best-in-class assets, including a strong foothold in India. For more information please visit this site www.bigprofitbuzz.com

Nifty holds 8200 amid pressure; ITC, GAIL, ONGC laggards

The market is still under pressure. The Sensex is down 56.25 points at 27120.74 and the Nifty is down 12.50 points at 8201.30. About 1264 shares have advanced, 1192 shares declined, and 157 shares are unchanged.

ICICI Bank and Maruti are up 3-4 percent while BHEL, Hero Motocorp and Tata Motors are top gainers in the Sensex. Among the losers are ITC, GAIL, ONGC, L&T and Bharti Airtel.

Japan's Nikkei share average rose helped by hopes of better shareholder returns after Fanuc Corp doubled its dividend payout ratio, but gains were limited ahead of a two-day US Federal Reserve's policy meeting. The Nikkei 225 ended 0.4 percent higher to 20,058.95. Oil fell more than 1 percent ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.

US commercial crude stockpiles were expected to have risen last week for the 16th straight week, up from a record 489 million barrels, even though drilling activity fell, a preliminary survey by Reuters showed on Monday.

Comments from top Saudi oil officials on Monday reiterated the country's position of keeping production high to meet demand as it maintains its market share. For more information please visit this site www.bigprofitbuzz.com

Sensex skids over 261 pts, Nifty ends at 8214; Maruti up 3%

3:30 pm Market close: Dragged sharply by oil & gas, pharma, FMCG and banking stocks the market ended with severe losses. The Sensex closed down 260.95 points or 0.9 percent at 27176.99 and the Nifty ended at 8213.80, down 91.45 points or 1 percent at 8213.80. About 667 shares have advanced, 2063 shares declined, and 144 shares are unchanged.  SBI, Bharti Airtel, Dr Reddy's Labs, BHEL and HDFC fell around 3 percent each. Maruti gained over 3 percent after posting firm March quarter results while Vedanta, Wipro, Bajaj Auto and Tata Motors were top gainers in the Sensex. BSE Midcap index slipped over 2 percent from previous close. 3:00 pm Market check: The Sensex is down 256.48 points or 0.9 percent at 27181.46 and the Nifty is down 86.25 points or 1 pecent at 8219. About 622 shares have advanced, 2039 shares declined, and 143 shares are unchanged. Maruti and Vedanta are up around 3 percent while Wipro, Coal India and Tata Motors are other top gainers in the Sensex. BHEL, SBI, Dr Reddy's Labs & HDFC lose 3 percent. ICICI Bank falls 2 percent. 2:30 pm ICICI Bank: ICICI Bank matched street expectations on Monday with the profit rising 10.2 percent year-on-year to Rs 2,922 crore in the quarter ended March 2015. Strong net interest income, other income and operating profit boosted the profit but asset quality worsens during the quarter. Asset quality has worsened with the gross non-performing assets (NPA) rising 75 basis points year-on-year (up 38 bps sequentially) to 3.78 percent and net NPA climbing 64 bps Y-o-Y (up 34 bps Q-o-Q) to 1.61 percent in the quarter gone by. Don't miss: Maruti Suzuki Q4 profit jumps 60.5% to Rs 1284 cr; dividend at Rs 25/sh Bears continued to keep tight control on Dalal Street as the Sensex fell 156.82 points to 27281.12 and the Nifty declined 60.95 points to 8244.30. Pharma, capital goods, FMCG and select banking & financials led the fall today. The market breadth also remained weak as about 1959 shares have declined against 616 shares advanced on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices dropped 1.5 percent and 2.3 percent, respectively. Maruti Suzuki gained 3.6 percent in afternoon trade after its Q4 earnings beat street expectations on every parameter. Profit climbed a whopping 60.5 percent year-on-year to Rs 1,284 crore, supported by higher volumes and favorable foreign exchange. "Higher volumes, material cost reduction initiatives, favorable foreign exchange and lower sales promotion expenses contributed to the bottomline during the quarter," said the car maker in its filing to the exchange. Axis Bank, Tata Motors, Wipro and Vedanta gained 1-2.5 percent whereas HDFC, SBI, Infosys, Dr Reddy's Labs, Sun Pharma, ONGC, HUL, Hero Motocorp and BHEL dropped 1-3 percent. For more information please visit this site www.bigprofitbuzz.com

Sensex, Nifty still in red; oil & gas, pharma stocks drag

The market is still in the red dragged by oil and pharma stocks. The Sensex down 130.45 points at 27307.49. The Nifty is down 49.25 points or 0.6 percent at 8256.00. About 585 shares have advanced, 1891 shares declined, and 136 shares are unchanged.

HDFC, Dr Reddy's Labs, SBI, HUL and Hero Motocorp are losers while Vedanta, Axis Bank, Tata Power and NTPC are top gainers in the Sensex.

Brent crude prices held near a 4-4.5 month high above USD 65 a barrel, supported by concerns over fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline.

The number of active US rigs drilling for oil has fallen for a record 20 weeks in a row to the lowest since 2010, according to Baker Hughes data, fuelling expectations of a drop in US production. For more information please visit this site www.bigprofitbuzz.com

Nifty slips below March low; Midcap, Smallcap plunge 1-2%

10:50am Market Update: Equity benchmarks extended losses with the Nifty trading at lowest level since January 9, 2015. The Sensex dropped 195.95 points to 27241.99 and the Nifty slipped 73.90 points to 8231.35.

The market breadth weakend further as about 1690 shares have declined against 433 shares advanced on the Bombay Stock Exchange.

10:35am Market Expert: The market is prone to trade between 7800-8200 due to lack of substantial triggers, tepid earnings and expectation of weak monsoons, says Harendra Kumar of Elara Capital.

According to him, there is nothing exciting in the market right now and therefore, there are not too many stocks to buy given the expensive valuations.

10:16am Market Update: The market extended losses, falling below its March low, dragged by banking & financials (except ICICI Bank), healthcare and capital goods stocks. The Sensex plunged 134.84 points to 27303.10 and the Nifty fell 54.65 points to 8250.60.

10:05am Petronet LNG dives: Discussing the results, RK Garg, Director Finance, Petronet LNG, said the company has been trying to mitigate issues raised after sudden drop in crude prices, which in turn affected customers’ buying capacity.

In an interview, Garg said the company’s long-term volumes have reduced significantly in Q4 and that 75 percent of capacity is under long-term contracts.

“Buyers not taking quantities due to fall in crude prices will pay penalty, which is paid yearly, not on quarterly basis,” he said.

According to Garg, improvement in margins will depend on offtakes. He hopes to see some (improvement) in the next two months.

10:00am Market Check

The market continued to consolidate ahead of expiry of April derivative contracts this week. The Sensex fell 47.74 points to 27390.20 and the Nifty declined 27.55 points to 8277.70.

The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices losing 1.4 percent and 2 percent, respectively. Nearly 3 shares declined for every share advancing on the Bombay Stock Exchange.

Rakesh Arora, Macquarie said Indian market has been hurt due to negative sentiment surrounding MAT on FII investments.

According to him, earnings season is also panning out weak as expected and the first Met report on the monsoon is also not encouraging. He feels stocks, post a 15-20 percent correction, would be cheap and worth buying on dips.

Shares of Infosys, Larsen & Toubro, SBI, Sun Pharma, Mahindra & Mahindra, Cipla, Hero Motocorp, Tata Steel and GAIL dropped 1-1.5 percent while ITC and NTPC gained more than 1 percent. For mOre information please visit this site www.bigprofitbuzz.com

Sensex down 155 pts, Nifty below 8400; Tata Steel up 5%

3:30 pm Market closing: After a choppy session, the market ended on lower levels. The Sensex was down 155.11 points or 0.6 percent at 27735.02 and the Nifty slipped 31.40 points or 0.4 percent at 8398.30. About 1370 shares have advanced, 1442 shares declined, and 155 shares are unchanged.

Cement and pharma stocks were under pressure while a weak rupee also added pressure on the indices. Sun Pharma, SBI, Tata Motors, NTPC and Wipro were major laggards in the Sensex. Tata Steel remained top gainer, adding 5 percent at day's end. Other gainers were Coal India, Maruti, BHEL and Cipla.

3:00 pm HDFC Bank Q4 results: HDFC Bank's net profit rose 20.6 percent to Rs 2807 crore in the quarter ended March 2015 as compared to Rs. 2326.52 crore year-on-year. During the quarter, its net interest income was up 21.4 percent at Rs 6013 crore versus Rs 4952 crore on a yearly basis. Net interest margin (NIM) was flat at 4.4 percent quarter-on-quarter.  

According to a CNBC-TV18 poll, profit was seen growing 20.9 percent year-on-year to Rs 2,812 crore and net interest income rising 20.6 percent to Rs 5971 crore in the quarter ended March 2015. 

Its gross non-performing assets (NPA) was at 0.9 percent versus 1 percent (Q-o-Q) while net NPA was at 0.2 percent. In absolute terms, gross NPA stood at Rs 3438.4 crore compared to Rs 3467.9 crore in the last quarter of the same fiscal. Net NPA was at Rs 896.3 crore.

2:30 pm Market outlook: Amit Dalal, executive director, Tata Investment Corp in an interview to CNBC-TV18 said it is not right time for long-term investors to exit. neither is it the best time to invest. "I would neither be a big seller nor be a big investor right now," he added. The house has a preference for private banks over public sector banks (PSUs) because the non performing asset (NPA) problem for the PSU banks according to Dalal could worsen if government regulations impose provisioning for bad debts. The house is upbeat on ICICI Bank and plans to stay invested in it. Dalal said: “Next three years would largely be positive for banks unless something goes wrong in the economy and we are stuck with paradigm we don’t have with us.”

Don't miss: Tata Steel surges 5% after BoAML reinstates coverage

The market is still under huge selling pressure. The Sensex is down 170.99 points or 0.6 percent at 27719.14 and the Nifty is down 38.75 points or 0.5 percent at 8390.95. About 1299 shares have advanced, 1336 shares declined, and 153 shares are unchanged.

Sun Pharma, Tata Motors and NTPC are down above 2 percent while SBI & M&M are other losers in the Sensex. Among the gainers are Tata Steel, Coal India, Cipla and Maruti Suzuki. Cairn India is down 2 percent ahead of its March quarter results.

Meanwhile, the government is considering clarificatory amendments to the rules relating to Minimum Alternate Tax (MAT) for the benefit of foreign investors who have been battling tax demands worth Rs 40,000 crore.

"Clarificatory amendments to MAT rules are under consideration of the government," Minister of State for Finance, Jayant Sinha, told reporters. Sinha, along with top government officials, had held meeting with Foreign Institutional Investors (FIIs) yesterday, pressing for government's Rs 40,000 crore tax demand, saying they should approach courts to get relief on these matters. For more information please visit this site www.bigprofitbuzz.com

Monsoon forecast pinches, Nifty below 8300, Sensex drags

1:50 pm Market check: The market has skid sharply after the MET department released its first monsoon forecast for the year 2015. According to Earth Sciences Minister, there is a 28 percent probability of rainfall being normal in 2015.

The Sensex is down 237.74 points or 0.8 percent at 27438.30 and the Nifty is down 82.40 points or 0.9 percent at 8295.35.  About 1042 shares have advanced, 1544 shares declined, and 168 shares are unchanged.

Wipro, ONGC,Tata Motors, SBI and ICICI Bank are major losers in the Sensex.

1:30 pm Big deal: Drug major Sun Pharmaceutical said its promoter and Managing Director Dilip Shanghvi did not buy shares of the company sold by the Japanese drugmaker Daiichi Sankyo.

“Dilip Shanghvi has neither purchased nor agreed to purchase any shares of our company in the said transaction,” Sun Pharma said in a BSE filing today.

The company was clarifying on speculations that Sanghvi, who holds 9.61 percent stake in Sun Pharma, had bought shares when Daiichi Sankyo exited from the Indian firm.

According to the data available on BSE, as on April 10, promoter shareholding in Sun Pharma stood at 54.71 percent .

Don't miss: Analysts cut target price of Wipro; stock falls 4% post Q4

The market is marginally in the green . The Sensex is up 28.77 points at 27704.81 and the Nifty down 1.30 points at 8376.45. About 1317 shares have advanced, 1161 shares declined and 161 shares are unchanged.

HUL, Hero Motocorp, M&M, HDFC and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are Wipro, ONGC, SBI, Infosys and Tata Motors.

Amid a weakening global trend, gold futures traded Rs 96 down at Rs 27,007 per 10 gm as speculators reduced their positions. Gold for delivery in far-month August contracts dropped by Rs 96 or 0.35 per cent to Rs 27,007 per 10 gm in a business turnover of one lot at the Multi Commodity Exchange.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas and profit-booking by speculators. For More information please visit this site www.bigprofitbuzz.com

Nifty struggles below 8450; banks gain, HUL & Maruti lose

11:35am Market Update : The market is sluggish. The Sensex is down 9.45 points at 27876.76 and the Nifty is down 3.70 points at 8444.40. About 1057 shares have advanced, 1056 shares declined, and 155 shares are unchanged.

Banks are lending major support to the indices with gainers like Axis Bank and ICICI Bank. M&M, Coal India and Tata Steel are also up 1 percent each. Sun Pharma is still down 9 percent while Maruti, Dr Reddy's, HUL and Hindalco are losers in the Sensex.

The rupee plunged by another 24 paise to hit a new one-month low of Rs 63.15 against the dollar in early trade today at the Interbank Foreign Exchange due to sustained demand for dollars from importers and bankers. Dealers said a lower opening in the domestic equity markets also weighed on the Indian currency. They attributed the rupee's fall to dollar gains against other currencies overseas.

10:35am Market Update: Equity benchmarks extended losses with the Nifty falling below 8400. The Sensex lost 188.02 points to 27698.19 and the Nifty slipped 61.35 points to 8386.75. About 881 shares have advanced, 1098 shares declined, and 137 shares are unchanged on the BSE. Banks are weak. Credit Suisse recommended reducing weight on Indian Banks and selling corporate lenders including SBI and PNB. They have cut the target price of the likes of Axis Bank and ICICI Bank and downgraded Bank of Baroda and Yes Bank to neutral. SBI, HDFC Bank and HDFC fell 0.8-1.5 percent. In the broader space, Lanco Infratech climbed 5.5 percent as the company has successfully completed sale of 1200 MW Udupi power plant to Adani Power. However, Ramco Systems cracked 5 percent as the company reported revenue growth of 4 percent with EBITDA declining 14 percent, margin at 19 percent (against 23 percent Y-o-Y) and profit down 46 percent Y-o-Y to Rs 43.5 crore. Meanwhile, the rupee breached 63-mark, down 13 paise to 63.04 a dollar. 10:25am Market Expert: The political tussle taking place in the parliament over important business-evolving Bills like the Land Acquisition Bill is taking its toll on the market, says Sandeep Bhatia, Executive Director & Head Of Sales at Kotak Institutional Equities. In an interview, Bhatia says the Indian industry should be allowed to expand by easy acquisition of land and the ongoings in the parliament act as a huge headwind for the Nifty. The other headwind, he adds, is the Q4 earnings that are on the expected lines of a slowdown. But if the earnings continue to lag growth, then information technology will be the best sector to be in, he says. 10:00am Market Check The market remained under pressure amid volatility. The Sensex fell 126.43 points to 27759.78 and the Nifty declined 46.25 points to 8401.85. About 855 shares have advanced, 991 shares declined, and 131 shares are unchanged on the BSE. Sun Pharma topped the selling list on Sensex, down nearly 10 percent as the compnay saw multiple blocks on BSE and NSE at Rs 930-Rs 968 per share with Daiichi Sankyo as the likely seller. HCL Technologies reacted negatively to its third quarter earnings. The stock fell 7 percent as the company reported a miss on all counts with dollar revenue at USD 1.49 billion against estimates of USD 1.5 billion and rupee revenue down 0.2 percent Q-o-Q for the quarter. The constant currency growth was 2.7 percent Q-o-Q against estimates of 3 percent and the margin decline was sharper than estimates with EBIT margins declining to 21.33 percent against estimates of 22.58 percent with profit down 12.1 percent to Rs 1,683 crore. Wipro too slipped 3 percent ahead of its numbers today. The street is expecting a dollar revenue to decline 0.2 percent with EBIT margins at 20.74 percent against 21.77 percent Q-o-Q. Tata Sponge Iron plunged over 8 percent after the company reported a decline of 25 percent in total income to Rs 160.3 crore with EBITDA down 105 percent to Rs 1.7 crore and profit down 79 percent to Rs 8.57 crore Y-o-Y. For More information please visit this site www.bigprofitbuzz.com

Sensex crashes 556 pts, Nifty slips 1.8%; Reliance falls 4%

03:30 pm Market close: The Sensex is down 555.89 points or 1.9 percent at 27886.21 and the Nifty is down 157.90 points or 1.8 percent at 8448.10. About 897 shares have advanced, 1951 shares declined, and 155 shares are unchanged.

Reliance lost 5 percent and Hero Motocorp fell 4 percent. Other laggards were HDFC, Cipla and M&M. Top gainers are ICICI Bank and Sun Pharma.

03:10 pm Warning: Earnings disappointments in the first few results and already low expectations could result in further market correction, says Sanjeev Prasad, Kotak Equities. Other global events (Grexit) and domestic issues (tax notices to FIIs for past income) could also affect sentiment. He sees potential correction in the high-growth quality stocks if investors start questioning Street’s earnings assumptions. In an interview , Prasad says valuations would remain heady even with a 15-20 percent correction.

The Sensex is down 532.49 points or 1.9 percent at 27909.61 and the Nifty is down 148.30 points or 1.7 percent at 8457.70. About 788 shares have advanced, 1992 shares declined, and 158 shares are unchanged.

02:56pm Rupee Check: The rupee slumped to its weakest in over a month after a spurt in dollar outflows triggered by the greenback's strength globally as well as weaker shares, traders said.

The rupee was trading at 62.8450/8550 to the dollar, compared with 62.36/37 on Friday. The rupee had fallen to as much as 62.86 to the dollar, its lowest since March 16.

Shares were also headed for their biggest single-day fall in nearly a month on worries over retrospective taxation for foreign institutional investors.

02:50pm Market Update: Equity benchmarks extended losses in last hour of trade, falling more than 2 percent. The Sensex crashed 621.91 points to 27820.19 and the Nifty plunged 179.20 points to 8426.80.

About 740 shares have advanced, 2016 shares declined, and 148 shares are unchanged on the BSE.

02:45pm Chinese shares retreat: 

A cut in banks' reserve requirements announced by the People's Bank of China on Sunday was the largest since the global financial crisis, but markets reacted half-heartedly as traders focused on moves by the securities regulator which they feared could pop a gravity-defying, six-month rally.

Money market rates fell but corporate bond yields were largely flat, while the yuan weakened about 0.9 percent to 6.203 to the dollar by late afternoon.

Stocks had rallied early and at one point touched fresh seven-year highs, with the CSI300 of the largest listed companies in Shanghai and Shenzhen closing the morning session up 1.2 percent.

But those gains quickly evaporated in the afternoon on concerns that regulators want to slow the pace of gains in a market that has already bolted more than 80 percent since late November, thanks in large part to borrowed money.

Securities regulators announced on Friday they would allow fund managers to lend shares for short-selling, and ban margin financing through unregulated accounts.

Both the CSI300 index and the Shanghai Composite Index, which tracks all stocks on the Shanghai Stock Exchange, ended down 1.6 percent.

02:35pm Market Update: The Sensex fell more than 950 points and the Nifty cracked over 320 points in last four consecutive sessions.

Today, shares of ITC, Infosys, L&T, ONGC, HUL, M&M, Hero Motocorp, Cipla, Dr Reddy's Labs, Wipro and NTPC plunged 2-4 percent followed by HDFC, TCS, Axis Bank and Tata Motors with over 1 percent loss.

However, ICICI Bank bucked the trend, up 1.6 percent. Sun Pharma gained nearly a percent.

02:15pm Oil Check: 

"I have said many times we will always be happy to supply to our customers with what they want. Now they want 10 million," Naimi told Reuters on Monday in South Korea's capital Seoul, where he is due to attend a board meeting of the state oil firm Saudi Aramco.

Naimi earlier this month said Saudi Arabia produced 10.3 million bpd of crude in March, eclipsing a previous record of 10.2 million bpd, in what is seen as a move to defend market share against non-OPEC competition, including the United States.

US oil drilling rigs fell for a record 19th straight week to the lowest since 2010, data from Baker Hughes showed, which has helped lift prices from six-year lows reached in January.

Since the beginning of April, oil prices have risen around 17 percent, pushed up by reports of a possible dip in US output, but Morgan Stanley warned on Monday that Saudi production could be more important than developments in the United States.

02:00pm Market Check

The market extended losses in afternoon trade on concerns over tax-related issues for foreign investors. The Sensex plunged 429.71 points or 1.51 percent to 28012.39 and the Nifty slipped 124.25 points or 1.44 percent to 8481.75, dragged by oil, technology and FMCG stocks.

The broader markets continued to underperform benchmarks. The BSE Midcap Index dropped 1.6 percent and Smallcap lost 1.9 percent. More than two shares declined for every share advancing on the Bombay Stock Exchange.

Mahesh Nandurkar, CLSA said the 2015 Budget made it clear that the FIIs don't have to pay minimum alternate tax (MAT) on capital gains from April 2015 onwards. But, media reports indicate that the income tax authorities have issued notices to several foreign institutional investors pertaining to their MAT liabilities for prior years, he added.

According to him, clearly, India is not completely out of the 'tax claims pertaining to prior years' syndrome yet.

Reliance Industries was the biggest contributor to Sensex's fall, down 4.5 percent on profit booking post strong Q4 earnings. For More information please visit this site www.bigprofitbuzz.com