Sensex, Nifty slip further

The BSE Mid-cap Index is trading down 0.92% at 10,687, whereas BSE Small-cap Index is trading down 1.65% at 10,914.

At 2:40PM, the S&P BSE Sensex is trading at 28,318 down 152 points, while NSE Nifty is trading at 8,587 down 48 points.

The BSE Mid-cap Index is trading down 0.92% at 10,687, whereas BSE Small-cap Index is trading down 1.65% at 10,914.

Some buying activity is seen in IT sector, while auto, bankex, consumer durable goods and metals sector are showing weakness on BSE.

Wipro, LIC Housing Finance, Idea, Infosys and Indusind Bank are among the gainers, whereas HDIL, NTPC, Unitech, Godrej Consumer and Crompton Greaves are losing sheen on BSE.

Mere 14 stocks have registered a fresh 52-week high so far in the day. Bosch, Glenmark Pharma, Hitachi Home, Kalyani Investment Company, Kaveri Seed, Pidilite Industries, Rajesh Exports, Sita Shree Food Products, Triveni Turbine and Wanbury are some of the prominent stocks.

On the flip side, as many as, 89 stocks have dropped to a new 52-week low. Amtek India, Anant Raj, Aptech, Arvind Remedies, Autoline Industries, Oswal Chemicals, Dena Bank, Dhampur Sugar, Educomp Solutions, Everonn Education, Ganesha Ecosphere, Gitanjali Gems, Globus Spirits, GTL, GVK Power & Infra, Harrisons Malayalam, Himadri Chemicals, Hubtown, Indian Metals & Ferro Alloys, Indian Overseas Bank, Jammu & Kashmir Bank, Jayshree Tea, Jaypee Infratech, Jyoti Structures, Khaitan Electricals, Lanco Infratech, Monnet Ispat, Peninsula Land, Phoenix Lamps, Plethico Pharma, Premier, Shree Rama Newsprint, Shree Renuka Sugars, Sakthi Sugars, Simbhaoli Sugars, STC India, Sterling Biotech, Supreme Infra, Tilaknagar Industries, UCO Bank, Uttam Galva Steels, Varun Shipping, Venus Remedies, Welspun Corp and Zylog Systems are the notable stocks.

Rajya Sabha passes MMDR Bill

A select committee of 19 members has approved the Mines and Minerals Development and Regulation (MMDR) Amendment Bill, 2015. 

In a move that will provide some respite to the Narendra Modi Government, Rajya Sabha has passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2015.

Earlier, the CPM had moved motion to send the select panel's mining report back to the panel for more changes, which was rejected by RS members. Several members of the house had questioned the bill, as mining is a state subject and the Center's taking up the bill is seen as a move to reduce the autonomy of the states.

A select committee of 19 members has approved the  Mines and Minerals Development and Regulation (MMDR) Amendment Bill, 2015, with two amendments, while four members in the panel moved a note of dissent. The panel, headed by Bharatiya Janata Party (BJP) Member of Parliament Bhupender Yadav. 

"The Committee, in view of limited ambit of amending Bill under its consideration, is of the opinion that these issues are of utmost significance that warrant serious consideration by the government. The Committee, therefore, recommends that the Ministry should consider these issues to be incorporated subsequently in the MMDR Act, 1957 at an appropriate stage as well as in the relevant rules/regulations required to be framed there under," it said.

The Bill was already passed in the Lower House of the Parliament, where the government enjoys full majority. The bill proposes  fixed percentage of revenue generated from mining on the development of the local area. Also included in the bill is non-renewal of mining concessions, and extension of licence period to 50 years from the current 30 years.  The government has already gone ahead with the course of action on MMDR bill, and has identified 199 mines for auction.

Metal stocks bounce back

Hindalco, SAIL and Tata Steel rebound as Rajya Sabha passes MMDR Bill.

Metal stocks have recouped losses, with some bouncing back into the positive zone, in the last few minutes of trade following passage of the MMDR (Mines and Minerals Development and Regulation) Bill in the Rajya Sabha.

The CNX Metal index which had dropped a per cent at the day's low of 2,367, has now rebounded into the positive zone and is up 0.4 per cent at 2,399.

Orissa Mines is the major gainer, up 5.3 per cent at Rs. 80.20. Bhushan Steel has gained 2 per cent at Rs. 80.20.

Coal India has advanced over a per cent to Rs. 370. Hindalco, SAIL and Tata Steel are the other notable gainers.

On the flip side, Jindal Saw is the major loser, down over 4 per cent at Rs. 62.40.

Meanwhile, the NSE Nifty is down 42 points at 8,593 

Nifty below 8,650 levels

The India VIX (Volatility) index has plunged 3.5 per cent at 14.65.

The BSE Sensex and the NSE Nifty continue to trade on a sideways note with negative bias, owing to sustained selling in index heavy-weights - power, consumer durables, FMCG, realty, Oil & gas and auto shares.

Currently, the BSE Sensex is down 38 points at 28,4324 and the NSE is down 21 points at 8,614.

The broader market is witnessing heavy losses. the CNX Smallcap index has shed over a per cent at 5,617. The Midcap and Nifty Junior indices have also declined almost a per cent each at 13,078 and 19,704, respectively.

The India VIX (Volatility) index has plunged 3.5 per cent at 14.65.

All sectoral indices are trading in red, except, the IT index which is up 0.5 per cent at 12,336.

The CNX Realty index has slipped 2 per cent at 222. The FMCG and Energy indices have dropped over a per cent each at 20,186 and 8,333, respectively.

The Bank Nifty, Auto, PSU Bank, Metal and Infra indices are the other notable losers.

In the Realty space - HDIL has cracked over 5 per cent at Rs. 103. Unitech has plunged over 3.5 per cent at Rs. 18.60. Indiabulls Real Estate has slipped almost 3 per cent at Rs 68.15.

Delta Corp has tumbled 3.4 per cent at Rs 83.25. Sobha has dropped almost 2 per cent at Rs. 425.

DLF has shed 1.5 per cent at Rs. 161 and Prestige Estates has moved down over a per cent at Rs. 265.

Phoenix Mills, however, has jumped over a per cent at Rs. 374.

Pharma cos to pass on benefit of lower excise duty: NPPA

The government has exempted pharmaceuticals from the the levy of cess, resulting into reduction of excise duty to 6%

The National Pharmaceutical Pricing Authority (NPPA) on Wednesday has directed drug makers to pass on benefits of lower excise duty to consumers.

"The government has exempted drugs and pharmaceuticals from the the levy of Education Cess and Secondary and Higher Education Cess, resulting into reduction of excise duty from 6.18 per cent to 6 per cent," NPPA said in notification.

In exercise of the powers conferred on it by Drugs (Prices Control) Order, 2013, the NPPA "directs all the manufacturers to ensure to revise their Maximum Retail price (MRP), inclusive of excise duty and all taxes, of all formulation packs downward, pursuant to aforesaid notifications dated March 1, 2015," it added.

The above reduction in the MRP shall take effect immediately, NPPA said.

"However, where no excise duty has been actually paid/ payable to the government and no excise duty is chargeable in the MRP of such formulation packs, the reduction in prices of those formulation packs may not apply to the categories of concerned formulation packs," it added.

Force Motors promoters increases stake in firm to over 60%

With this acquisition, the number of shares held by the Promoter Group stands increased from 78,21,295 equity shares to 79,21,495 equity shares, i.e from 59.36% to 60.12% of the total Paid Up Share Capital of the Company. 

Force Motors Ltd has announced that the Promoters of the Company, viz. Jaya Hind Investments Private Limited, have acquired 1,00,200 equity shares of Rs. 10 each (in demat form) from the Market on March 13, 2015.

The necessary disclosures as per the applicable regulations in respect of these acquisitions of the Promoter Group have been received.

With this acquisition, the number of shares held by the Promoter Group stands increased from 78,21,295 equity shares to 79,21,495 equity shares, i.e from 59.36% to 60.12% of the total Paid Up Share Capital of the Company.

At 10:07 AM, the stock were trading higher 1% at Rs.1,402. The stock has hit a high of Rs.1,437 and a low of Rs.1,402.

Total traded quantity on the counter stood at over 0.53 lk shares on BSE.

Meanwhile, the benchmark BSE Sensex is trading at 28,388 down 81 points.

Ajanta Pharma gains on turning ex-split

The stock has rallied over 2 per cent to a high of Rs. 1,251 in early trade.

Ajanta Pharma rallied over 2 per cent to touch a high of Rs. 1,256 in early morning deals after turning ex-split.

The company had fixed 23 March, 2015, as the record date for the proposed stock split. The company's each share with a face value of Rs. 5 will be sub-divided to a face value of Rs. 2 each.

The stock is now up 1.7 per cent at Rs. 1,251, and around 4,000-odd shares have changed hands at the counter so far on the BSE.

                                                                             Meanwhile, the Sensex is down 69 points at 28,401. 

Indices to open flat

The market which saw an initial spurt came tumbling down in despair following a sell-off in banks and realty stocks especially.

The market which saw an initial spurt came tumbling down in despair following a sell-off in banks and realty stocks especially. Some concerns have emerged after Finance Minister Arun Jaitley said the government will take steps to help farmers hit by unseasonal rain and hailstorms. Any financial assistance and loan waivers could bring pressure on the government finances and market seems to be worried about the same.

The outlook is a flat start. The bias is a bit negative for now. Attention will be on Parliament.

The black money law will be introduced in Parliament today. The government was keen on getting the insurance, coal, mines and minerals and land acquisition bills passed. Today may see the passage of most of them except the Land Bill.

Global indices are mostly subdued. Dow fell 0.65%, S&P 500 lost 0.49% and Nasdaq was down 0.19%. Asian markets are also lower. Japan's Nikkei and Hong Kong's Hang Seng shed 0.2% each while China's Shanghai index is down around half a percent.

was trading 0.42 per cent higher at 3,597.

Oil prices tumbled as Kuwait's stance that OPEC had no choice but to keep producing in an oversupplied market undercut the previous day's rally, says a report.

Inox Wind Limited, promoted by Gujarat Fluorochemicals Limited, will close its Initial Public Offer today.

Reaffirming its commitment to the BRICS New Development Bank (NDB), which is expected to rival the International Monetary Fund (IMF) and the World Bank, India has set aside Rs.930 crore in the 2015-16 budget in addition to the Rs.100 crore that it had earmarked for the year ending 31 March. 

However, the budget has no amount allocated for the proposed $50 billion Asian Infrastructure Investment Bank (AIIB), which will be led by China, says a report in Mint.

Hester Biosciences stock hit 10% upper circuit at Rs 485.20 after the company launched its PPR (Peste Des Petits Ruminants) vaccine and Goat Pox vaccine.

Larsen & Toubro (L&T) stock ended 1% lower at Rs. 1,683 on securing fresh contracts worth Rs. 1,255 crore.

 

Aurobindo Pharma stock ended 1% lower at Rs 1225 after  US Food & Drug Administration (USFDA) has granted the tentative approval for Lacosamide Tablets 50mg, 100mg, 150mg and 200mg (ANDA 204994).

Tech Mahindra also declined nearly 2% to Rs. 687 after been adjusted for the bonus-cum-split. 

Crompton Greaves stock ended 0.49% lower at Rs 171 on reports that company is planning to sell 35% stake in its consumer durables business to private equity firm Advent for $300 mn. 

Suzlon stock ended 3% lower at Rs 28. The stock is also gaining attention as a wind company Inox Wind IPO has opened. The Price Band for Inox Wind is fixed from Rs. 315 to Rs. 325 per Equity Share.  

Wockhardt soared to a high of Rs. 1,908 after the company said that the US health regulator has not found any issues with respect to data security and control measures at Chikalthana plant in its recent inspection. The stock ended 1.5% higher at Rs. 1,908.

Reliance Infrastructure surged to a high of Rs. 468, before settling flat at Rs. 454 on news report that the company is to bid for military chopper contracts worth over $ 3 billion.

Thomas Cook rallied to a high of Rs. 216 on announcing its plans of possible IPO for its subsidiary - Quess Corp. The stock ended 0.8% higher at Rs. 209.

Shares of Lupin Ltd were closed 3% higher at Rs.1,921. The drug-maker company has received ANDA approval for the its generic pain-killer drug Celebrex. It currently holds 14% market share for Celebrex and expect $58 million sales from the drug with a 15% market share, report said.

Shares of Cox & Kings Ltd were trading lower at Rs.328.45 . Cox & Kings owned Meininger Hotels and NDC Group have signed a contract for a new Meininger Hotel in Berlin. 

ITD Cementation India hits 10% upper circuit at Rs. 771 on reports that the stock will be included in the CNX 500 index from 24 March onwards.

According to reports, Delhi High Court directed Directorate General of Civil Aviation (DGCA) to deregister six aircraft given on lease to SpiceJet by two Irish firms.SpiceJet reported that it would take further course of action but only after evaluating the order. The airline also said that it was negotiating with the lessors for a mutual settlement to the case. 

The Securities and Exchange Board of India (SEBI) is considering the possibility to allow strategy-based derivative trading, according to a media report. The objective is to help bring in various new products in the derivative trading segment, the report added