 "Sensex slumps 556 points to end below 28,000")
Benchmark share indices extended losses for the fourth straight session registering their biggest single-day drop in six weeks amid broad based sell-off with index heavyweight Reliance Industries leading the decline. Further, the widening trade deficit in March also raised concerns over its impact on the current account deficit during the March quarter.
The 30-share Sensex ended down 556 points at 27,886 and the 50-share Nifty ended down 162 points at 8,444.
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(Updated at 2:45PM)
Markets witnessed a sell-off across the board in late trades with index heavyweights leading the decline.
At 2:45PM, the the 30-share Sensex was down 622 points at 27,820 and the 50-share Nifty was down 178 points at 8,428.
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(Updated at 2:30PM
Markets extended losses in late trades amid selling pressure in information technology shares while index heavyweights also witnessed profit booking after gains in the previous sessions.
At 2:30PM the 30-share Sensex was down 413 points at 28,028 and the 50-share Nifty was down 116 points at 8,489.
Investors are also keeping an eye on the Parliament's second leg of the budget session that began today. Proceedings are being keenly watched for passage of key proposals, especially the Land Acquisition Bill.
During the first leg, which ended on 20 March, the government successfully passed the Coal Bill, the Mining Bill and the Insurance Bills; however, it was unable to pass the Land Acquisition Bill through the Rajya Sabha (upper house) and had to reintroduce the ordinance in early April.
"In the second session, the Land Bill, a constitutional amendment bill on a goods and services tax, the Black Money Bill and the Real Estate Regulator Bill, among others, are expected to be considered. With opposition parties taking a very hard stance, the Land Acquisition Bill is likely to face very stiff opposition in the Rajya Sabha, where the government does not have a majority. We expect the other bills to sail through," said Sonal Varma, Aman Mohunta and Neha Saraf of Nomura in a report.
ECONOMY
On the macro-economic front, in India's trade deficit in the month of March - highest in four months at $11.79 billion because of sharp contraction in merchandise exports. Merchandise exports contracted sharply by 21.06% to $23.95 billion in March 2015 compared with $30.34 billion in March 2014.
SECTORS & STOCKS
BSE FMCG index was the top loser down 2.4% followed by IT down 1.9%, Auto and Capital Goods indices among others. Consumer Durables index was the sole gainer.
Select bank shares are gaining in today’s session. SBI and HDFC Bank have gained around 0.4% each while ICICI Bank has gained nearly 2%. Tata Steel, up 2% and Sun Pharma, up 2.4% are other major gainers.
IT majors extended losses after lower-than-expected revenue growth in the fourth quarter by TCS. TCS was down 1.3% while Infosys dropped 2.4%. Wipro was down 1.9% and HCL Tech was down 0.8% ahead of their results tomorrow.
RIL which had edged higher ahead of its fourth quarter earnings witnessed profit taking and was down 4.3%. RIL reported a record profit of Rs 6,381 crore in the March quarter, driven by robust refining margins.
ONGC was down 2%. According to media reports, ONGC has agreed to take over a part of abandoned assests of western offshore of Tapti gas field from its Joint Venture partners which includes Reliance Industries.
FMCG majors ITC and HUL which had gained in the previous weeks also extended losses and were down 2-2.8% each. Further, concerns that unseasonal rains that have damaged crops in parts of the country could reduce rural demand thereby hurting volumes also weighed on sentiment.
NTPC is down 2%. NTPC has signed a MoU with the Odisha government for setting up of an ITI (Industrial Training Institute) at an investment of Rs 7.72 crore in Ganjam district.
BHEL has lost 1.9%. BHEL has successfully commissioned a 250 MW coal-based thermal power plant in Gujarat, according to the company's release to BSE.
The 30-share Sensex ended down 556 points at 27,886 and the 50-share Nifty ended down 162 points at 8,444.
__________________________
(Updated at 2:45PM)
Markets witnessed a sell-off across the board in late trades with index heavyweights leading the decline.
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At 2:45PM, the the 30-share Sensex was down 622 points at 27,820 and the 50-share Nifty was down 178 points at 8,428.
_________________________
(Updated at 2:30PM
Markets extended losses in late trades amid selling pressure in information technology shares while index heavyweights also witnessed profit booking after gains in the previous sessions.
At 2:30PM the 30-share Sensex was down 413 points at 28,028 and the 50-share Nifty was down 116 points at 8,489.
Investors are also keeping an eye on the Parliament's second leg of the budget session that began today. Proceedings are being keenly watched for passage of key proposals, especially the Land Acquisition Bill.
During the first leg, which ended on 20 March, the government successfully passed the Coal Bill, the Mining Bill and the Insurance Bills; however, it was unable to pass the Land Acquisition Bill through the Rajya Sabha (upper house) and had to reintroduce the ordinance in early April.
"In the second session, the Land Bill, a constitutional amendment bill on a goods and services tax, the Black Money Bill and the Real Estate Regulator Bill, among others, are expected to be considered. With opposition parties taking a very hard stance, the Land Acquisition Bill is likely to face very stiff opposition in the Rajya Sabha, where the government does not have a majority. We expect the other bills to sail through," said Sonal Varma, Aman Mohunta and Neha Saraf of Nomura in a report.
ECONOMY
On the macro-economic front, in India's trade deficit in the month of March - highest in four months at $11.79 billion because of sharp contraction in merchandise exports. Merchandise exports contracted sharply by 21.06% to $23.95 billion in March 2015 compared with $30.34 billion in March 2014.
SECTORS & STOCKS
BSE FMCG index was the top loser down 2.4% followed by IT down 1.9%, Auto and Capital Goods indices among others. Consumer Durables index was the sole gainer.
Select bank shares are gaining in today’s session. SBI and HDFC Bank have gained around 0.4% each while ICICI Bank has gained nearly 2%. Tata Steel, up 2% and Sun Pharma, up 2.4% are other major gainers.
IT majors extended losses after lower-than-expected revenue growth in the fourth quarter by TCS. TCS was down 1.3% while Infosys dropped 2.4%. Wipro was down 1.9% and HCL Tech was down 0.8% ahead of their results tomorrow.
RIL which had edged higher ahead of its fourth quarter earnings witnessed profit taking and was down 4.3%. RIL reported a record profit of Rs 6,381 crore in the March quarter, driven by robust refining margins.
ONGC was down 2%. According to media reports, ONGC has agreed to take over a part of abandoned assests of western offshore of Tapti gas field from its Joint Venture partners which includes Reliance Industries.
FMCG majors ITC and HUL which had gained in the previous weeks also extended losses and were down 2-2.8% each. Further, concerns that unseasonal rains that have damaged crops in parts of the country could reduce rural demand thereby hurting volumes also weighed on sentiment.
NTPC is down 2%. NTPC has signed a MoU with the Odisha government for setting up of an ITI (Industrial Training Institute) at an investment of Rs 7.72 crore in Ganjam district.
BHEL has lost 1.9%. BHEL has successfully commissioned a 250 MW coal-based thermal power plant in Gujarat, according to the company's release to BSE.