Sensex falls 509 pts, Nifty near 16,850; RIL, ITC shed 3%, pharma stocks up

CLOSING BELL: Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent

12:51 PM

Cement stocks snap six-day losing streak; India Cements soars 10%

The higher demand will mitigate the impact of lower profitability on absolute operating profits and cash accruals of cement makers, cushioning their credit profiles, Crisil Research said. READ MORE

12:43 PM

CGD firms: Mahanagar Gas, IGL, Adani Total may add another 16%, charts show

Shares of gas distribution companies have being in focus on expectations of rise in demand, coupled with a favourable outcome from the Kirit Parikh report. READ MORE

12:37 PM

Are IT stocks a good contrarian bet from a one-year perspective?

Despite the ongoing selloff and the global macroeconomic stress, analysts say that the IT sector still remains a preferred bet from a long-term perspective. READ MORE

12:37 PM

Currency check :: Rupee stays near 82/USD

Source: Bloomberg

12:29 PM

ITI soars 10% as board plans to mull equity share issue to the government

“A meeting of the board of directors of the company will be held on Wednesday, September 28, inter alia to consider and approve allotment of equity shares to the President of India, against capex infusion, as per the revival package of BIFR order dated January 8, 2013,” ITI said in an exchange filing on September 20. READ MORE

12:20 PM

Bond Market :: Yields on 10-year rise as RBI begins MPC meeting

12:14 PM

EXPERT COMMENT :: 'Do not expect a sharp decline in Gold prices from these levels'

COMEX gold trades modestly lower near $1632/oz after a marginal gain yesterday. Fed members continue to support the case for aggressive rate hikes in order to tame inflation.

US 10-year treasury yields currently stand near 12-year high at 3.9% as hawkish stance by the Fed, and clear indication of more aggressive rate hikes in the coming two meetings has hurt the non interest yielding bullion.

Gold may continue to trade in a range as market players await further comments from central bank officials however, we do not expect a sharp decline from these levels amid a gloomy global economic outlook.

Views by: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.

12:05 PM

Vi to lose access to towers if it fails to clear dues, says Indus Towers

In the letter, Indus Towers reportedly told Vi to clear its dues and pay 80 per cent of the current monthly dues immediately. It has also directed the company to pay 100 per cent of monthly dues "on time". READ MORE

11:53 AM

Hawkish Fed may prompt Reserve Bank to deliver a 50-basis-point hike

The RBI's monetary policy committee (MPC) has already hiked the key policy rate by 140 bps since May to 5.4%. Since the last policy meet, retail inflation has risen above 7% again and the rupee has weakened 9.5% on year, with pressure on the currency accelerating after the U.S. Federal Reserve's meeting last week. READ MORE

11:41 AM

Asian central banks need broader foreign exchange defence as reserves slide

India is already estimated to have spent $75.1 billion this year supporting the rupee in the spot and forward markets, while China has probably spent $39.6 billion. READ MORE

11:33 AM

ALERT :: Sensex off day's low, down less than 100 pts

11:28 AM

ALERT :: L&T Construction bags orders for its Buildings & Factories biz worth Rs 1,000-2,500 crore

>> The Buildings & Factories Business of L&T Construction has secured an order to construct a new Medical College & Hospital at Golaghat, Assam from the State Govt of Assam on an Engineering, Procurement and Construction (EPC) Basis.

>> The facility will include a 430-bed teaching hospital, an academic block to cater to an annual intake of 100 nos., an autopsy block, a private ward, hostel and residential facilities. The project is to be executed as per NMC norms and in 36 months. The total built up area will be 9.44 Lakh Sq. ft.

Click here for more details

11:16 AM

NEWS ALERT :: Delhi HC grants statutory bail to Chitra Ramkrishna

>> Delhi HC grants statutory bail to former National Stock Exchange CEO & Operating Officer Anand Subramanian

11:04 AM

Telecom may be first strategic sector to be picked up for privatisation

Telecommunications (telecom) may be the first strategic sector to be shortlisted for privatisation under the new Public Sector Enterprises (PSE) Policy, 2021, since a series of meetings have been held to discuss recommendations made by the NITI Aayog, an official told Business Standard. READ MORE

10:53 AM

Falling raw material costs to aid margin expansion for Asian Paints

Demand, which has been steady, is expected to see an increase in the festive season while margins should firm up on the back of declining raw material costs. Some of the optimism is reflecting on the stock prices of the paint maker which has registered a gain of nearly 5 per cent over the last six trading sessions, amidst a correction in both -- the benchmarks and the broader markets. READ MORE