 "Sensex down 100 points after SC verdict on coal blocks; JSPL slumps 13%")
Markets slipped in late noon trades on Wednesday after the Supreme Court in its verdict today cancelled most of the coal blocks allocated.
At 2:20PM, the 30-share Sensex was down 123 points 26,651 and the 50-share Nifty was down 38 points at 7,980.
The Supreme Court cancelled all blocks except government-run non-JV operational blocks. The apex court has concelled all Category-I coal blocks.
The Supreme Court has also asked holders of 46 operational blocks to file reply within a period of six months.
The main losers on the Sensex are L&T, BHEL, Tata Power, SBI and Hindalco, all falling between 2-3%. Jindal Steel and Power slumped 13%.
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(Updated at 1300hrs)
Markets turned choppy as weakness in global markets weighed on the indices in noon trades. Also, selling in some of the index heavyweights like L&T, TCS, HDFC, Tata Motors and ICICI Bank kept upside gains under check.
At 1300 hrs, the Sensex was down 63 points at 26,712 and the Nifty gave off 24 points to trade at 7,994.
Earlier in the day, the BSE benchmark index had slipped to a low of 26,642. Later, markets trimmed losses but continued to trade in the negative territory within a very tight range. The market volatility was expected ahead of the expiry of September derivative contracts which will expire tomorrow.
However, the selling pressure was persistent in the broader markets. The mid and smallcap index slipped nearly 1.5% each putting lid to an outperformance seen over the last few weeks. Meanwhile, the BSE benchmark index was flat with a negative bias.
Sectors & Stocks
On the sectoral front, a clear trend of investor shunning risk was visible in trades thus far. Realty, Capital Goods and Power indices were the laggards among the sectoral indices, down 1-2%.
Among the winners were FMCG index up 1.5% leading the gains along with Metal and Oil & Gas indices up 0.1% each. IT was flat with a positive bias.
HUL and ITC up 1.5-2.5% were the top gainers among sensex-30.
From the IT space, Wipro and Infosys was up nearly 1.5% each.
Coal India, Hindalco, HDFC Bank and RIL up 0.5-2% were the other notable gainers.
Among the ones in red were L&T, BHEL, Tata Power, Hero MotoCorp all down 2-2.5%.
TCS, HDFC and Tata Motors down a percent each were the other prominent draggers.
In individual names, Force Motors dipped nearly 5% on profit booking.
Credit Analysis and Research (CARE) dipped over 6% after the stock turned ex-dividend for Rs 75 per share today.
Sasken Communication Technologies is frozen at lower circuit of 20% at Rs 253 on National Stock Exchange after the company said Mr. Anjan Lahiri, whole time director & chief executive officer (CEO) has resigned from the services of the company and consequently from the board of directors effective September 23, 2014.
Sanofi India gained 4%, extending its 11% rally in the previous session, as the company would benefit the most after the government withdrew National Pharmaceutical Pricing Authority's power that permitted it to fix prices of non-essential drugs.
The market breadth was negative on BSE owing to weak broader markets. 1903 stocks declined while 813 stocks advanced.
Global Markets
U.S. air strikes in Syria left Asian stock markets jaded on Wednesday, setting the stage for another soft session for European shares.
The dollar was kept in check after US yields fell on geopolitical concerns and dovish statements by a Federal Reserve official.
MSCI's broadest index of Asia-Pacific shares outside Japan initially fell to a four-month low after Wall Street's overnight slide, but managed to steady thanks to gains in Chinese shares.
The CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 0.9%, while the Shanghai Composite Index was up 0.8%.
On the other hand, Tokyo's Nikkei shed 0.3% and Australian shares lost 1.1%.
At 2:20PM, the 30-share Sensex was down 123 points 26,651 and the 50-share Nifty was down 38 points at 7,980.
The Supreme Court cancelled all blocks except government-run non-JV operational blocks. The apex court has concelled all Category-I coal blocks.
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Further, exempted coal blocks include, allocation of Sasan UMPP project and also to NTPC and SAIL.
The Supreme Court has also asked holders of 46 operational blocks to file reply within a period of six months.
The main losers on the Sensex are L&T, BHEL, Tata Power, SBI and Hindalco, all falling between 2-3%. Jindal Steel and Power slumped 13%.
_______________
(Updated at 1300hrs)
Markets turned choppy as weakness in global markets weighed on the indices in noon trades. Also, selling in some of the index heavyweights like L&T, TCS, HDFC, Tata Motors and ICICI Bank kept upside gains under check.
At 1300 hrs, the Sensex was down 63 points at 26,712 and the Nifty gave off 24 points to trade at 7,994.
Earlier in the day, the BSE benchmark index had slipped to a low of 26,642. Later, markets trimmed losses but continued to trade in the negative territory within a very tight range. The market volatility was expected ahead of the expiry of September derivative contracts which will expire tomorrow.
However, the selling pressure was persistent in the broader markets. The mid and smallcap index slipped nearly 1.5% each putting lid to an outperformance seen over the last few weeks. Meanwhile, the BSE benchmark index was flat with a negative bias.
Sectors & Stocks
On the sectoral front, a clear trend of investor shunning risk was visible in trades thus far. Realty, Capital Goods and Power indices were the laggards among the sectoral indices, down 1-2%.
Among the winners were FMCG index up 1.5% leading the gains along with Metal and Oil & Gas indices up 0.1% each. IT was flat with a positive bias.
HUL and ITC up 1.5-2.5% were the top gainers among sensex-30.
From the IT space, Wipro and Infosys was up nearly 1.5% each.
Coal India, Hindalco, HDFC Bank and RIL up 0.5-2% were the other notable gainers.
Among the ones in red were L&T, BHEL, Tata Power, Hero MotoCorp all down 2-2.5%.
TCS, HDFC and Tata Motors down a percent each were the other prominent draggers.
In individual names, Force Motors dipped nearly 5% on profit booking.
Credit Analysis and Research (CARE) dipped over 6% after the stock turned ex-dividend for Rs 75 per share today.
Sasken Communication Technologies is frozen at lower circuit of 20% at Rs 253 on National Stock Exchange after the company said Mr. Anjan Lahiri, whole time director & chief executive officer (CEO) has resigned from the services of the company and consequently from the board of directors effective September 23, 2014.
Sanofi India gained 4%, extending its 11% rally in the previous session, as the company would benefit the most after the government withdrew National Pharmaceutical Pricing Authority's power that permitted it to fix prices of non-essential drugs.
The market breadth was negative on BSE owing to weak broader markets. 1903 stocks declined while 813 stocks advanced.
Global Markets
U.S. air strikes in Syria left Asian stock markets jaded on Wednesday, setting the stage for another soft session for European shares.
The dollar was kept in check after US yields fell on geopolitical concerns and dovish statements by a Federal Reserve official.
MSCI's broadest index of Asia-Pacific shares outside Japan initially fell to a four-month low after Wall Street's overnight slide, but managed to steady thanks to gains in Chinese shares.
The CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 0.9%, while the Shanghai Composite Index was up 0.8%.
On the other hand, Tokyo's Nikkei shed 0.3% and Australian shares lost 1.1%.