Sensex Drops Nearly 400 Points As Budget Session Begins


MUMBAI: The Sensex is trading down by 379.09 points, or 1.59 pct, to 23,409.70, while the Nifty loses 128.20 points, or 1.77 pct, to 7,106.35

1:50pm: Indian stocks dropped, with the benchmark gauge halting a four-day advance, as the crucial budget session of Parliament began. The Sensex is currently trading down by 379.09 points, or 1.59 pct, to 23,409.70, while the Nifty loses 128.20 points, or 1.77 pct, to 7,106.35

1:40pm: NTPC’s offer for sale oversubscribed by 1.18 times. The general category subscribed 1.18 times and got bids 36 crore.

1:30pm: Quick Heal Technologies Ltd falls 8.1 pct to 231.60. The offer price for the stock was at 321 and it was listed on 18 February and since then it fell 27.9 pct.

1:20pm: Motherson Sumi Systems Ltd falls 5.1 pct to 209. The company said in a notice to BSE that its promoter pledged 62 lakh shares on 12 February

1:10pm: The Sensex is currently trading down by 336.95 points, or 1.42 pct, to 23,453.44, while the Nifty loses 112.55 points, or 1.56 pct, to 7,122.00.

12:55pm: Richa Industries Ltd rises 2.5 pct to 30.50 after the company said in a notice to BSE that it got order worth 23 crore from IRCON International Ltd.

12:45pm: Oil marketing companies were trading lower after international crude oil prices gained. Indian Oil Corp. falls 3 pct, Hindustan Petroleum Corp. 2 pct, Bharat Petroleum Corp. 1.6 pct.

12:35pm: JSW Steel rises 2.4 pct to 1,129. The earlier stock rises as much 2.9 pct to 1,134 a share, its highest level since 12 August 2014. The stock is trading higher for 11 out of 14 trading sessions. Since 3 February to till date, JSW Steel gained 16.4 pct.

12:20pm: Edelweiss Financial Services Ltd rises 2 pct to 50 after huge block deal. Around 1.5 million changed hands in a block deal. However, buyer and sellers name unknown, according to Bloomberg report.

12:10pm: BSE midcap index is down 0.67 pct while smallcap index loses 0.5 pct.

11:55am: The Sensex is currently trading down by 215.81 points, or 0.91 pct, to 23,572.98, while the Nifty loses 74.90 points, or 1.04 pct, to 7,159.65.

11:45am: Oil equipment companies were trading higher after brent crude crossed $34 a barrel. GOL Offshore Ltd rises 3.1 pct to 39.3, Aban Offshore Ltd rises 4 pct to 177.10, Dolphin Offshore Enterprises India Ltd rises 3 pct to 81.20.

11:30am: Adani Ports and Special Economic Zone Ltd rises 1.2 pct to 208.20 after Mint reported that it is looking to complete its “string of pearls” ports strategy by plugging gaps that remain in a few coastal states. In addition, the company is also eyeing overseas acquisitions.

11:20am: Banking stocks are trading lower. Karnataka Bank falls 2 pct, Union Bank of India 1.6 pct, Canara Bank 1.4 pct, Oriental Bank of Commerce 1.3 pct, Federal Bank 1.3 pct, State Bank of India 1.2 pct, Kotak Mahindra Bank 1.2 pct, Bank of Baroda 1.2 pct, HDFC Bank 1.1 pct, Indian Bank 1 pct, ICICI Bank 1 pct.

11:10am: Metal stocks trading higher. Hindalco Industries Ltd rises 3 pct, Vedanta Ltd rises 2 pct, Jindal Steel and Power 2 pct, Tata Steel 2 pct, JSW Steel Ltd 2 pct, National Aluminum Co 1 pct. BSE Metal Index rises 0.7 pct to 6,956.99 points.

10:55am: Shares of Cigarette maker companies are trading lower on worries over excise duty hike on cigarettes in the forthcoming Budget. ITC Ltd falls 1.7 pct to 294.60 a piece, Godfrey Phillips India Ltd falls 1.4 pct to 1,106, VST Industries Ltd falls 1.2 pct to 1,610.

10:45am: The Sensex is currently trading at 23,579.42, down 209.37 points, or 0.88 pct lower while the Nifty loses 66.35 points, or 0.92 pct, to 7,168.20.

10:35am: NTPC Ltd falls 2.1 pct to 124.15. The government will sell a 5 pct stake in state-owned power producer NTPC Ltd through a two-day offer for sale (OFS) that begins on Tuesday. The government has set a floor price of 122 per share for the sale that will help raise a little more than 5,000 crore, NTPC said in a stock exchange filing on Monday.

10:25am: Tata Motors DVR rises 5 pct to 254, Bharti Infratel Ltd rises 1.9 pct to 382.50, Eicher Motors Ltd rises 1 pct to 19,100, Aurobindo Pharma Ltd rises 2 pct to 668. All these companies will be included in the Nifty Index from 1 April.

10:15am: Cairn India Ltd falls 0.5 pct to 131.30, Punjab National Bank falls 2 pct to 74.15 and Vedanta Ltd 0.5 pct to 72.90 will be excluded from the Nifty Index from 1 April.

10:00am: Mahindra CIE Automotive Ltd falls 6 pct to 182 after the company said its net profit falls 62 pct in December quarter to 4.97 crore as compared to 13.15 crore a year ago.

9:50am: Baba Kalyani Group companies were trading higher for the second sessions. BF Investment Ltd rises 12 pct to 125.60, BF Utilities Ltd rises 6 pct to 537, Bharat Forge rises 0.5 pct to 787.80.

9:40am: Indian equity-index futures fluctuated before the start of the budget session of parliament on Tuesday. The 30-share S&P BSE Sensex is trading at 23,656.47, down 132.32 points, or 0.56 pct lower while the Nifty 50 of the National Stock Exchange (NSE) loses 44.20 points, or 0.61 pct, to 7,190.35.

9:30am: The Indian rupee on Tuesday was trading little changed at 68.60 against the U.S. dollar, up 0.01 pct, from its previous close of 68.61, tracking the mixed trend in the Asian currencies market.

9:25am: The yield on India’s 10-year benchmark bond was trading at 7.781 pct against Monday’s close of 7.773 pct.

9:20am: MSCI’s broadest index of Asia-Pacific shares outside Japan falls 0.2 pct, after earlier rising 0.4 pct to its highest level since 8 January. Japan’s Nikkei pares morning gains to trade up 0.1 pct. Australia’s S&P/ASX 200 Index slids 0.3 pct, the Shanghai Composite Index lost 0.5 pct and the Kospi index fell 0.3 pct in Seoul.

9:15am: Both U.S. crude futures and the international benchmark Brent retreats 1.4 pct on Tuesday.

9:10am: As shares retreated, the dollar gives up its earlier gains against the yen. It slumps 0.6 pct to ¥112.205, after opening at 112.87.

9:00am: Asian shares retreat from a seven-week high on Tuesday as the oil price rally that boosted global equity markets reversed, while the euro and sterling were hit by uncertainty over Britain’s membership in the European Union.

8:50am: The Dow Jones industrial average rose 228.67 points, or 1.4 pct, to 16,620.66. The Standard and Poor’s 500 index jumped 27.72 points, or 1.5 pct, to 1,945.50. The Nasdaq composite index gained 66.18 points, or 1.5 pct, to 4,570.61.

Read MoreRupee Recovers by 13 Paise against Dollar in Early Trade

10 FDI Proposals Worth 607 Crore Cleared

Source: PTI