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Markets fall for third day, Sensex loses over 200 points

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Markets fall for third day, Sensex loses over 200 points

Sensex and Nifty have seen profit-taking at higher levels


03.30 p.m. Nifty closes provisionally at 6,675.30, down 0.86 per cent. Sensex ends at 22,277.23, down 0.92 per cent.

03.25 p.m. Market analyst Sarvendra Srivastav says last hour sell-off in Nifty is a little worry and 6650 level on Nifty remains crucial.

03.20 p.m. Gaurang Shah of Geojit BNP Paribas Financial Services recommends buying into Tata Motors with a target price of Rs 485. His other recommendations are Tech Mahindra with a target price of Rs 2,150 and Sun Pharma for a target price of Rs 750.

03.05 p.m. Metal stocks recover from day low. BSE metal index is trading 0.40 per cent higher compared to 1 per cent loss at its day low.

Tata Steel is the biggest gainer in the BSE metals index, trading with 1.22 per cent gains at Rs 413.40.

2.50 p.m. Broader indices Nifty and Sensex recover from its day low. Nifty trading 0.53 per cent lower at 6,697 and Sensex trading down 0.56 per cent at 22,358.51.(Track market)

2.30 p.m. Jubilant Foodworks Ltd. trading 2 per cent lower at Rs 1,008.15. It is down almost 6 per cent from its day high of Rs 1,065.

RBI has enhanced FII investment limit in the stock from 49 per cent to 55 per cent.

2.15 p.m. Indusind Bank announced it 4th quarter results. Net profit comes out to Rs 396 crore versus estimate of Rs 381 crore. Its gross NPA (Non Performing Asset) stands at 1.12 per cent verses 1.18 in the previous quarter.(Read story here)

Indusind Bank trading 1.2 per cent higher at Rs 489 on NSE.

1.45 p.m. Reliance Communications on Wednesday said it is hiking tariff for pre-paid customers by up to 20 per cent. The hike applicable across the country will come in effect from April 25, the company said in statement. (Read full story here)

Shares of Reliance Communications are trading 1.8 per cent lower at Rs 131 on NSE.

1.25 p.m. Sensex, Nifty extends loss. Nifty trading down 0.81 per cent at 6,678 and Sensex loses 180 points at 22,305. NSE's realty index down 4.35 per cent, CNX IT index down 1.61 per cent, CNX infrastructure down 1.73 per cent. FMCG index is the only gainer among sectoral stocks, trading with 0.75 per cent gains.(Track market)

01.10 p.m.Factors to watch from TCS results: Nitin Mohta, IT analyst at Macquarie says TCS's performance outside India and in the BFSI sector will be in focus.

01.00 p.m. Rupee update: Indian rupee trades 3 paisa lower at 60.26 against Us dollar.( Read:-Rupee falls to 60.30 on sluggish equities)

12.50 p.m. Market update: Sensex down 112 points at 22,372 and Nifty trading down 34 points at 6,699.(Track market)

Anil Maghnani of Modern Shares and Stock brokers says 6650 and 6500 remains crucial support for Nifty.

12.30 p.m. Adani group stocks are buzzing, Adani Enterprises up 10 per cent at Rs 459.80, Adani Power trading up 1.88 per cent at Rs 54, Adani ports and sez ltd. trading up 5.4 per cent at Rs 197.

12.00 p.m.Market update: Sensex, Nifty turn negative. Nifty trades 3 points down at 6,730 and Sensex down 15 points at 22,470. Profit booking continues in IT stocks.(Track market)

11.45 a.m. China's economy grew 7.4 per cent in the first quarter against forecasts of 7.3 per cent. Asian share markets made broad gains after China reported better than estimated economic growth. (Read full story here)

11.35 a.m.Infosys is the biggest loser on Nifty, trading with 2.44 per cent loss at Rs 3,180 after it announced its results yesterday.

11.20 a.m. India's biggest outsourcer TCS will announce its fourth-quarter results after market hours today. Analysts expect TCS to report net profit of Rs. 5,130 crore in the quarter ended March 31, 2014, according to an NDTV poll. This is 3.5 per cent lower than the Rs.5,314 crore net profit reported by TCS in the previous December quarter.(Read full story here)

10.55 a.m. Mahesh Patil, Co-CIO of Birla Sun Life Mutual Fund, says although some volatility may be seen in the short term but longer term outlook of India is still positive. He is positive on private sector banks and selective PSU banks which are well capitalized, neutral on IT and overweight on pharma stocks.

10.35 a.m. Nomura gives a buy rating on Maruti Suzuki India Ltd. with a target price of Rs 2,295 on the stock. Nomura argues that new models and improved margin to drive the stock. It expects the industry to revive in this financial year. Maruti is trading with 1.25 per cent gains at Rs 1,951.65 compared to 0.07 per cent growth on Nifty..(See more brokerage call here)

10.20 a.m. Credit Suisse has upgraded Titan to 'Outperform' from 'Neutral' and sets a target price of Rs 310 for the stock. Credit Suisse says Jewellery business can see early demand pickup and watches, new business can also see a turn around. The stock is trading with 1.4 per cent gain at Rs 261 on NSE.(See more brokerage call here)

10.10 a.m. CLSA has given a buy rating on Bharti Airtel with a target of Rs 390 per share. CLSA says Bharti Airtel is best placed to ride the data boom. Affordable smart phones to drive data usages and earnings of the company. Bharti Airtel is trading 1.2 per cent higher at Rs 328.55 compared to 0.07 per cent gain on Nifty. (See more brokerage call here)

09.45 a.m. NSE's IT index trading 1.33 per cent lower compared to 0.05 per cent gain on the broader indices. Infosys down 2.5 per cent at Rs 3,178, TCS trades lower at Rs 2,214.70 down 1.7 per cent.

09.35 a.m. Crompton Greaves is trading with a gain of 3.4 per cent at Rs 184.25. It has gained as high as 5 per cent in the early trade after a newspaper report said Hitachi has emerged as the front-runner to buy promoter Gautam Thapar's stake in the company, citing persons familiar with the development. Mr Thapar owns 42.7 per cent of Crompton Greaves.

09.30 a.m.Indusind Bank trading 1.92 per cent higher compared to 0.2 per cent gain on the Nifty. Indusind Bank will announce its 4th quarter results today.

Its NII (Net Interest Income) is expected to be at Rs 785 crore compared to Rs 661.2 crore in the previous period and net profit seen at Rs 381 crore verses Rs 307.4 crore in the earlier period.

09.20 a.m. Rohit Srivastava of Sharekhan says 6450 is the crucial support for Nifty and if this level breached then we can see more downside.

09.15 a.m. Indian markets open flat. Nifty trading 1 point lower at 6,732.10 and Sensex down 5.15 points at 22,479.78.(Track market)

09:05 a.m. Market analyst Sarvendra Srivastava stock picks

Buy FDC with target at Rs 148 at stop-loss of Rs 129.4
Buy Akzo Nobel India with target of Rs 930 and stop-loss of Rs 848
Buy HEG with target at Rs 265 and stop-loss of Rs 234.4

08.35 a.m. IT major TCS and Mindtree will announce their quarterly results today. TCS is expected to deliver a 2.5 per cent quarter on quarter growth in dollar revenue compared to 3.1 per cent growth in previous quarter. Revenue to be hit on seasonality and pressure in India business. Its EBITDA margin is expected to decline by 30 basis points (1 per cent is 100 basis points).

08.30 a.m. Nifty future on the Singapore stock exchange is trading 1 point lower at 6,746.50, signalling towards a flattish opening in India.

08.20 a.m. Foreign Institutional Investors sold shares worth Rs 21.63 crore in cash market yesterday.

08.15 a.m. Asian markets took some comfort from a late spurt by Wall Street on Wednesday as investors tensed for a reading on Chinese economic growth, while rising tensions in Ukraine kept safe-haven sovereign debt well bid.

Japan's Nikkei managed to bounce 1.6 per cent having found solid support around 13,885 for a couple of sessions. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, with Australian stocks edging 0.2 per cent up in early trade.

China is expected to report its slowest growth in five years, with signs of waning strength already prompting government action to steady the ship.(Read full story here)

08.10 a.m. All three major US indices ended in green after trading most of the session in red. The Dow Jones industrial average rose 89.32 points, or 0.55 per cent, to 16,262.56, the S&P 500 gained 12.37 points, or 0.68 per cent, to 1,842.98.

Intel Corp shares rose 3 per cent to $27.56 after the chipmaker reported first-quarter results and gave an outlook. (Read full story here)

08.00 a.m. Broader Indian indices fell for a second consecutive session on Tuesday, with Nifty marking its biggest fall since March 3, as interest-rate sensitive and cyclical shares fell after wholesale inflation accelerated more than expected.

Better-than-expected Infosys result brought some cheers for the Street and frontline IT companies saw buying on Tuesday.

The benchmark BSE Sensex closed 0.64 per cent lower at 22,484.93, while the broader Nifty also ended down 0.64 per cent at 6,733.10.

CPI numbers also came out on Tuesday after close of market. Higher prices for fruit, vegetables and milk pushed the annual retail inflation rate up to 8.31 per cent for March from a 25-month low of 8.03 per cent in February.

Analysts in a Reuter's poll had forecast a rate of 8.19 per cent.

(With inputs from Reuters)



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