Sensex slips 200 points...Nifty below 8,300 levels

At 2:35PM, the S&P BSE Sensex is trading at 27,396 down 205 points, while NSE Nifty is trading at 8,236 down 56 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Consumer Durables, Power, Banking, capital goods, Healthcare metal, Realty, FMCG, Oil and gas indices are the gainers, while FMCG, Auto  indices are losers.

Bharti Airtel, Sun Pharma, Maruti, Infosys are among the gainers, whereas GAIL, M&M, BHEL, Tata Steel are losing sheen on BSE.

The government will release the Index of Industrial Production data for October 2014 which is expected to contract compared to October. Inflation based on Consumer Price Index for October 2014 will also be announced and expectations are that it will be well below 5%. 

Pricol Ltd has announced that the Board of Directors of the Company at the meeting held on December 11, 2014 has proposed to acquire 99.99% of stake in a Brazil based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain.

BMW India announces price increase of up to 5% across BMW and MINI product range from Jan 1, 2015, says report.

RBI Governor Raghuram Rajan said that the global economy is still weak, despite a strengthening recovery in the United States. The Euro area is veering close to recession, Japan has already experienced two quarters of negative growth after a tax hike, and many emerging markets are rethinking their export-led growth models as the industrial world stagnates. In the last couple of years, the IMF has repeatedly reduced its growth forecasts. After 6 years of a tepid post-crisis recovery, the IMF titled its most recent World Economic Outlook “Legacies, Clouds, Uncertainties”.

Shares of Bombay Dyeing and Mfg Company Ltd surged 5% to Rs72 after report said that company is planning to develop land at Lower Parel in Mumbai.

Shares of Alstom T&D India surged 4% at Rs466 after company bagged orders worth Rs246 cr.

Sensex slips into negative level

At 11:49AM, the S&P BSE Sensex is trading at 27,563 down 38 points, while NSE Nifty is trading at 8,284 down 8 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Consumer Durables, Power, Banking, capital goods, Healthcare metal, Realty, FMCG, Oil and gas indices are the gainers, while FMCG, Auto  indices are losers.

Bharti Airtel, Sun Pharma, Maruti, Infosys are among the gainers, whereas GAIL, M&M, BHEL, Tata Steel are losing sheen on BSE.

Flaring fuel prices have become history for now with the price of oil falling below $60 for the first time since July 2009. Declining fuel prices may be good news to India but global markets are witnessing a subdued sentiment on growth concerns. 

As a result, the Indian market too has been at the receiving end with investors choosing to offload shares in sectors and companies which have firmed up recently. RBI governor Raghuram Rajan said Interest rate cuts by itself would not lift the economy.

The government will release the Index of Industrial Production data for October 2014 which is expected to contract compared to October. Inflation based on Consumer Price Index for October 2014 will also be announced and expectations are that it will be well below 5%. The main indices will look at recouping some of its recent losses. 

Recently Infosys founders had sold a sizeable stake and on Thursday too some block deals took place. While Azim Premji's 73.43% remains intact for now, Trustees holding shares of Wipro have sold around 18 lakh shares. Between Nov 28 and Dec 11, Nifty fell 1.82%  but BSE IT index lost 7.35% with Infosys and TCS contributing majorly to the fall, says a report.

Pricol Ltd has announced that the Board of Directors of the Company at the meeting held on December 11, 2014 has proposed to acquire 99.99% of stake in a Brazil based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain.

NMDC stock up on signing MOU with Akron

Shares of NMDC Ltd was up 2% at Rs139 on reports that NMDC-led consortium of four state-run companies and one cooperative signed an agreement to buy 30% stake in Russian fertiliser producer ACRON's USD 2-billion potash mine project. 

The stock has hit a high of Rs140 and a low of Rs137.

Total traded quantity on the counter stood at over 0.91 lk shares.

Essar Oil stock up on signing deal with Rosneft

Shares of Essar Oil Ltd was up 1% at Rs68 after the company on Thursday signed a deal with Russia’s OAO Rosneft, to import 10 million tonnes (mt) of crude oil a year for 10 years.

The stock has hit a high of Rs116 and a low of Rs110.

Supplies may begin in 2015. Consequently Rosneft expands its distribution area and builds up deliveries to the region, where the world’s economy growth zones are concentrated.

The reached agreement opens new horizons of cooperation between the two countries, thanks to the synergistic potential of the partnership in Upstream and Downstream areas of two leaders of the oil and gas industry of Russia and India. Thanks to this agreement Rosneft grants itself a secure market outlet of oil and oil products, while Essar gains a reliable and stable partner as a supplier of oil and oil products to its refining facilities.

IT stocks in demand on dull rupee

IT shares are in demand in early morning trade on account sharp fall in Indian rupee against the dollar in the last five trading sessions.

The domestic currency is currently trading at 10-month low - with a loss of 15 paise at 62.49 per US dollar.

MindTree is the top gainer in the IT space, and has surged over 2.5 per cent at Rs. 1,210. Infosys and Wipro have jumped over a per cent each at Rs. 1,944 and Rs. 552, respectively.

OFSS and TCS have added 0.4 per cent each at Rs. 3,307 and Rs. 2,503, respectively.

Meanwhile, the BSE Sensex is up 35 points at 27,637.

Sensex opens on a positive note

At 9:16AM, the S&P BSE Sensex is trading at 27,638 up 36 points, while NSE Nifty is trading at 8,307 up 14 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Consumer Durables, Power, Banking, capital goods, Healthcare, Metal, Realty, FMCG, Oil and gas indices are the gainers, while FMCG, Auto  indices are losers.

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Flaring fuel prices have become history for now with the price of oil falling below $60 for the first time since July 2009. Declining fuel prices may be good news to India but global markets are witnessing a subdued sentiment on growth concerns. 

As a result, the Indian market too has been at the receiving end with investors choosing to offload shares in sectors and companies which have firmed up recently. RBI governor Raghuram Rajan said Interest rate cuts by itself would not lift the economy.

The government will release the Index of Industrial Production data for October 2014 which is expected to contract compared to October. Inflation based on Consumer Price Index for October 2014 will also be announced and expectations are that it will be well below 5%. The main indices will look at recouping some of its recent losses.

The global cues are mostly positive for now with US markets ending in the green. US retail data and unemployment figures were better than expected. China’s retail sales data is now awaited. Asian markets too are positive. Japan's Nikkei I sup over 1% while Hong Kong's Hang Seng index has gained 0.3%. China's Shanghai index is also up ~0.8%.The rupee, which saw a tumble on Thursday will remain in focus.

The IT pack movement will be tracked with the Indian currency weakening against the dollar and some block sales seen in counters like Infosys or Wipro.  Recently Infosys founders had sold a sizeable stake and on Thursday too some block deals took place. While Azim Premji's 73.43% remains intact for now, Trustees holding shares of Wipro have sold around 18 lakh shares. Between Nov 28 and Dec 11, Nifty fell 1.82%  but BSE IT index lost 7.35% with Infosys and TCS contributing majorly to the fall, says a report.

PM Narendra Modi has discussed a broad range of defense projects with Russia's Putin. Rosneft and  Essar signed key terms of oil and oil products supplies to Essar refineries in India. Supplies may begin in 2015.