Sensex, Nifty slip further

Sensex down 168 points; Breadth too turns negative

The market weakened considerably in mid-noon deals on the back of sudden selling pressure in select banking, energy and infrastructure related shares.

The financials in particular are the major laggards in trade so far today. The likes of HDFC, HDFC Bank, Axis Bank and SBI have accounted for a loss of 138 points on the BSE index.

The BSE benchmark index so far has touched a low of 28,655, and is now down 168 points at 28,676. The Nifty has shed 54 points at 8,703.

The India VIX (Volatility) index is down 0.5 per cent at 15.7275.

The CNX Energy index has plunged 1.3 per cent to 7,825. The Bank Nifty is down 0.5 per cent at 19,048, and the Infra index is almost unchanged at 3,248.

Federal Bank down over 3 per cent is the major loser in the banking space. Kotak Bank, Bank of India, Axis Bank, Bank of Baroda and HDFC Bank have declined 1-2 per cent each.

Indian Oil is the major loser in the energy space, down 2.2 per cent at Rs. 342. ONGC and Power Grid have slumped 1.8 per cent each to Rs. 310 and Rs. 148, respectively. NTPC, Cairn India, Gail India and Reliance Industries are the other major losers.

Telecom major - Bharti Airtel remains the stand-out gainer in the Nifty-50, up 7 per cent at Rs. 367.

On the other hand, HDFC is the major loser, down 4 per cent at Rs. 1,314.

The breadth too has turned negative - out of 1,701 stocks traded on the NSE, 883 have declined and 600 have advanced so far. 

Ringing loud! Bharti Airtel stock hits 10% upper circuit

The stock has hit a high of Rs.370 and a low of Rs. 341 

Bharti Airtel stock hits 10% upper circuit at Rs. 369.

The stock has hit a high of Rs.370 and a low of Rs. 341.

Total traded quantity on the counter stood at over 2.70.lk shares.

Bharti Airtel is planning to double its 4G network by next fiscal, according to a media report.

At present, the telecom player has a base station of 20,000 and is planning to add another 20,000 next financial year, the report added.

Speaking at the sidelines of the Mobile World Congress 2015 event in Barcelona, Bharti Airtel Chairman Sunil Bharti Mittal said that the company has decided to roll out 4G

Bharti Airtel gains 2% on twin block deals

The stock has has hit a high of Rs.353 and a low of Rs.342 on BSE today.

Shares of Bharti Airtel Ltd were trading higher 2% at Rs. 351 on BSE today.

The stock opened at Rs.343 as against the previous close of Rs.344 on BSE. It has hit a high of Rs.353 and a low of Rs.342 on BSE today.

Around 4.7 lakh shares were traded in a multiple block at Rs.348.75- 348.90 on the NSE. Total traded quantity on the counter stood at over 0.72 lk shares on BSE.

Meanwhile, the benchmark BSE Sensex is trading at 28,876 up 31 points. 

Senior Infosys employees may get Double bonus: Reports -

According to reports, double bonus could go beyond $100,000.

All senior-level Infosys employees may be awaiting for a double bonus this April, says report.

According to reports, double bonus could go beyond $100,000.

This April, the long-term bonus is likely to be more liberal under new chief executive officer Vishal Sikka, report says,

Media report said that the long-term bonus are in the range of 100-120% which translates into $100,000-125,000

Top corporate news of the day - March 10, 2015

Adani Enterprises is in advanced talks with power firms and traders in different countries for selling coal from its mines in Australia. 

BHEL has commissioned another 660 MW super-critical or energy efficient unit of NTPC's Barh thermal power project in Bihar. The company is currently executing orders for 36 super-critical boilers and 31 super-critical turbine generators. 

Adani Enterprises is in advanced talks with power firms and traders in different countries for selling coal from its mines in Australia.

The Punjab & Haryana High Court has given its go-ahead to the $4bn merger of Sun Pharma and Ranbaxy. 

Suven Life Sciences has secured product patents from Eurasia and Israel corresponding to new chemical entities for the treatment of disorders associated with neurodegenerative diseases. (BS)

Indian Oil Corp is seeking a rare aviation turbine fuel or jet fuel cargo, its first such requirement in more than three years. 

Blue Star Ltd will set up its eighth manufacturing plant in South India with an investment of Rs.1500mn. 

PC Jeweller has partnered with US-based online jeweler Blue Nile to launch products that will be retailed through retail and e-commerce channels. 

Natco Pharma has launched the generic version of US-based Gilead Sciences' chronic hepatitis C drug in Nepal. 

With e-commerce business growing in India, DLF has tied-up with online market place Snapdeal to sell its apartments and would offer 1% discount to potential home buyers.

Monnet Ispat and Energy is looking to sell some stake in its power generation subsidiary to fuel expansion plans and future growth.

Top economic news of the day - March 10, 2015

The government is all set to surpass its estimate of revenues from the auction of spectrum as the assured revenue from the spectrum sale reached Rs.940bn.

Government has earmarked over Rs.33bn this fiscal, the highest allocation in the last three financial years, to develop the MSME sector and is implementing a special programme to develop its infrastructure.
 
The government is all set to surpass its estimate of revenues from the auction of spectrum as the assured revenue from the spectrum sale reached Rs.940bn.
 
The Government has started working on finalizing a new subsidy sharing formula for public sector oil exploration companies.
 
About Rs.30bn worth of wheat crop has been damaged in Punjab due to unseasonal rains and hailstorm this month.
 
Maharashtra plans new IT policy, e-tendering to retain investments. The State government launches initiative to amend acts to ensure welfare of unorganized labor.

Indices to open on a flat note

India’s trade deficit data is expected today. US indices closed higher with the Dow adding 0.78% and S&P gaining 0.4%. Nasdaq notched up 0.31%. 

Shallow worries about US rate hike fears make take a backseat today as indices will look at regaining some of the their lost ground.  The Nifty’s 9,100 plus peak last week may take a while to re-conquer but investors will do well to scout for individual stocks rather than take position in Nifty or BankNifty. In fact, the BankNifty has been subdued after the surprise rate cut.

The outlook is a flat start. India’s trade deficit data is expected today. US indices closed higher with the Dow adding 0.78% and S&P gaining 0.4%. Nasdaq notched up 0.31%. Asian markets are awaiting Chinese data but Nikkei has clocked gains of half a percent. Hong Kong's Hang Seng index is flat while China's Shanghai index is lower.

With telecom companies raising their bids for airways raking in Rs 94,000 crore on Monday, attention will be on these companies.  Time Technoplast Ltd could gain after RBI permitted foreign investors to invest up to 49 per cent of the paid-up capital of the company.

Parliament was in pandemonium once again on the issue of the decision by the PDP-BJP government in J&K to free from prison hardline separatist Masarat Alam. The Opposition was in the attack mode, after the Parliament was in session following the Holi break. "People like these can't be released without the government's support. Mufti Mohammad Sayeed must have consulted the Prime Minister as well," alleged the Congress' Mallikarjun Kharge in the Lok Sabha.

Ranbaxy Laboratories Ltd has announced that the High Court of Punjab & Haryana has orally pronounced the Order on March 09, 2015, approving the Scheme of Arrangement involving merger of Ranbaxy Laboratories Ltd. with Sun Pharmaceutical Industries Ltd