Sensex slips 100 points...Bankex, Consumer Durables down

The market continues to trade on a negative note on sustained selling in energy and IT shares. However, losses are limited due to buying support in banking and realty shares. 

The market continues to trade on a negative note on sustained selling in energy and IT shares. However, losses are limited due to buying support in banking and realty shares.

As on 2:13 PM, the Sensex is down 102 points at 29,360. The Nifty is down 31 points at 8,864.

The CNX IT index has witnessing a selling pressure owing to profit taking. The index is down over a per cent

IT stocks like Rolta India has slipped 2.6 per cent at Rs. 135. MindTree has dropped nearly 2 per cent at Rs. 1,453. HCL Tech and Infosys have declined 1.5 per cent each at Rs. 2,016 and Rs. 2,290.

On the other hand, Vakrangee has soared 4 per cent at Rs. 127. eClerx Services has jumped 3 per cent at Rs. 1,321 after the NSE counter witnessed a near 14-times jump in the volume.

The CNX Energy index continues to trade on a weak note - down 1.4 per cent.

In the energy space - Reliance Industries has tumbled 2.8 per cent at Rs. 877. Indian Oil corporation has dropped 2.5 per cent at Rs. 335.

Tata Power has slipped over a per cent at Rs. 8735. ONGC, Cairn India and Power Grid Corporation are some of the other notable losers.

Meanwhile, the Indian currency has gained 10 paise at 62.24 against the US dollar.

Future Consumer gains 2% on forming subsidiary

The stock has jumped 3.4 per cent to hit 52-week high at Rs. 15.71.
Future Consumer Enterprise is trading on a positive note after the company made investment in Sublime Foods.

 Yesterday, after market, the company informed the BSE about its new investment by way of subscription to the equity shares aggregating to 51 per cent of the paid-up share capital of Sublime. 

The stock has surged 3.4 per cent to hit a 52-week high of Rs. 15.71.

Now, the stock is up 2 per cent at Rs. 15.46. The BSE counter has witnessed trades of around 1 million shares, when compared with two-week daily average volume of 870,000 shares. Meanwhile, the Sensex has slipped 133 points at 29,329

Crompton Greaves stock up 3%

The stock has hit a high of Rs. 189 and a low of Rs. 181.

Shares of Crompton Greaves Ltd was up 3% at Rs 184 after Board of Directors of the Company at its meeting held on February 19, 2015 based on comments received from the SEBI, the Stock Exchanges and investors’ feedback, has evaluated salient aspects of the Scheme of Arrangement with respect to demerger of the Consumer Products business of the Company.

The stock has hit a high of Rs. 189 and a low of Rs. 181.

Total traded quantity on the counter stood at over 7.31 lk shares.

The Board has now reconsidered and approved the contours of the proposed demerger and decided to implement a 100% demerger of the Consumer Products business, such that the shareholding pattern of the Resulting Consumer Company shall mirror the shareholding pattern of CG

Nifty below 8,850 levels

Hindalco, Bhel, Tata steel, GAIL, Sesa Sterlite and Dr. Reddy's are among the gainers, whereas Reliance Industries, Godrej consumer products, Ashok Leyland and ICICI Bank are losing sheen on BSE.

At 10:43 AM, the S&P BSE Sensex is trading at 29,295 down 168 points, while NSE Nifty is trading at 8,849 down 46 points.

The BSE Mid-cap Index is trading up 0.34% at 10,869, whereas BSE Small-cap Index is trading up 0.39% at 11,419.

Some buying activity is seen in auto, capital goods, healthcare, metal and power sectors, while IT, oil and gas, bankex and fmcg sectors are showing weakness on BSE.

Hindalco, Bhel, Tata steel, GAIL, Sesa Sterlite and Dr. Reddy's are among the gainers, whereas Reliance Industries, Godrej consumer products, Ashok Leyland and ICICI Bank are losing sheen on BSE.

Shares of Lypsa Gems & Jewellery Ltd hit 10% upper circuit at Rs. 74 after company bagged  order worth Rs. 320 Millions from UAE.

Shares of Spicejet Ltd surged 15% at Rs. 22 after the Company has been informed by  Ajay Singh ("Acquirer") that the Competition Commission of India has approved the proposed combination and acquisition of entire shareholding of Kalanithi Maran and M/s. Kal Airways Private Limited (i.e. existing Promoters) aggregating to 350,428,758 equity shares (58.46%) by Ajay Singh, in terms of the Competition Act, 2002.

Shares of Reliance Industries was down 2% at Rs. 884.The stock has hit a high of Rs. 161 and a low of Rs. 156.30. Report said that Five people — including two Petroleum Ministry officials and a former journalist — were detained by the Delhi Police for leaking confidential information.

Top economic news of the day – February 20, 2015

Medical devices industry has the potential to touch US$30bn mark in the next ten years if proper regulatory framework is provided to the sector, trade association AdvaMed said. 

The Government of India is working on reviving the low cost drug store model Jan Aushadhi and plans are to source drugs from the small and medium pharma manufacturers for the proposed 3,000 stores. 

Medical devices industry has the potential to touch US$30bn mark in the next ten years if proper regulatory framework is provided to the sector, trade association AdvaMed said. 
 
The food ministry’s opposition of the Shanta Kumar committee’s suggestion is likely to rekindle the debate over subsidy burden. The committee, for reform of the Food Corporation of India, had recommended lowering of coverage under the food Act.

Sensex, Nifty slip into red after positive start

Some buying activity is seen in auto, capital goods, healthcare, metal and power sectors, while IT, oil and gas, bankex and fmcg sectors are showing weakness on BSE.

At 9:27 AM, the S&P BSE Sensex is trading at 29,334 down 128 points, while NSE Nifty is trading at 8,879 down 17 points.

The BSE Mid-cap Index is trading up 0.26% at 10,861, whereas BSE Small-cap Index is trading up 0.35% at 11,414.

Some buying activity is seen in auto, capital goods, healthcare, metal and power sectors, while IT, oil and gas, bankex and fmcg sectors are showing weakness on BSE.

Crompton Greaves, Jindal steel and Power, JSW Steel, United Brewries, GMR Infra and Tata Motors are among the gainers, whereas ICICI Bank, Coal India, Reliance Industries, ITC and HDFC are losing sheen on BSE.

Cairn India has laid off over 200 employees. “The past few months have brought significant changes in the global oil and gas space. The reductions in crude oil prices have deleteriously impacted the sector, globally. At Cairn, we are aligning our working to enable a sustainable competitive business and to deliver our business goals,” the company said in a statement.

Naveen Jindal’s Jindal Power Ltd won back its previously held block — Gare Palma IV/2 & 3 in Chhattisgarh — on day six of the coal block auctions on Thursday, beating Adani Power, Anil Ambani Group’s Reliance Geothermal, GMR and others.

National Stock Exchange (NSE) will auction government debt securities worth Rs. 617 crore for overseas investors next week, whose total investment has crossed 99 per cent of the permitted limit. The auction would be conducted for overseas investors at ‘nse—ebid’ platform for government debt securities, as per information provided by the bourse

DVRs or Differential Voting Right shares for companies like Tata Motors DVR, Jain Irrigation Systems DVR and Future Retail DVR stock prices rallied after BSE's announcement regarding rules for considering differential voting rights shares in S&P BSE Benchmark Indices. Tata Motors DVR closed at 6.62% up from its previous close of Rs. 350.50, at Rs. 373.70.Jain Irrigation Systems' DVR registered spurt in Volume by more than 9.60 times, as the prices surged 5.49% from its previous close of Rs. 47.40 to a share price of Rs. 50.

Asian markets are in the green with Nikkei hitting a 15-year high. Other Asian markets are mostly shut on account of Lunar New Year. The issues surrounding Greece, the cooling of oil prices and mixed economic data from the US continue to keep investors on cautious mode. The US Department of Labor on Thursday said that the weekly jobless claims decreased by 21,000 to 283,000 from the previous week's total of 304,000. US markets closed mixed with Dow and S&P ending the red while Nasdaq managed to eke out some gains.