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Sensex, Nifty, Midcap under pressure; Hindalco, JSPL crash

12:00

The News International Team

12:50pm Market Check

The Sensex extended losses in afternoon trade, down 188.01 points to 26556.68 and the Nifty broke the 7950 level, down 53.50 points to 7948.90.

About 631 shares have advanced, 2056 shares declined, and 69 shares are unchanged.

In the midcap space, P&G, Gujarat Pipavav, Bajaj Holdings, SKF India and Honeywell Automation gained 2-2.7 percent while Jaypee Infra, Cox & Kings, Aban Offshore,
IDBI Bank and Allahabad Bank tanked 7-11 percent.

Among smallcaps, Savita Oil Tech, PC Jeweller, Dishman Pharma, KSL and
AGC Networks climbed 4-9 percent whereas Usha Martin, Sarda Energy, Prakash Industries, Electrosteel and Monnet Ispat crashed 11-19 percent.

12:40pm Venus in News

Venus Remedies has entered Singapore’s topical pain management market with a marketing authorisation and patent for its herbal nanotechnology based pain reliever Trois. The company is holding talks with various pharmaceutical firms for tieups to market Trois in Singapore.

A product for topical use, Trois provides quick and lasting relief to patients suffering from
rheumatic disorders, low back pain, osteoarthritis, rheumatoid arthritis, gout and knee pain, ankylosing spondylitis, fibromyalgia and pain originating from muscles and tendons.

12:30pm Experts remain positive on market

Pramod Gubbi, Director Institutional Sales, Ambit Capital remains bullish on the Indian market. He believes India is still a buy on dips though there is a possibility of a short-term consolidation phase for the market.

The deferral of the gas price hike decision  is a big disappointment as it highlights uncertainty from the government to take crucial decisions, says Gubbi. According to him, the move will be negative for the market, especially stocks like Oil and Natural Gas Corporation (ONGC).

Gubbi believes the de-allocation of 204 coal blocks by the Supreme Court on Wednesday is a positive as the overhang on coal block allocation is out of way. SC judgment on coal blocks will help in better capital allocation, he adds.

12:00pm Equity benchmarks remained under pressure amid volatility on expiry day. The Sensex declined 102.79 points to 26641.90 and the Nifty fell 32.05 points to 7970.35.

The broader markets extended losses in noon trade with the BSE Midcap and Smallcap indices falling 1.4 percent and 2.1 percent, respectively. Three shares declined for every share advancing on the Bombay Stock Exchange.

Hindalco Industries and Jindal Steel topped the selling list, down 6-7 percent followed by Axis Bank, ICICI Bank, State Bank of India, ONGC, Tata Steel and BHEL with 2-4 percent loss.

Power stocks CESC, Adani Power were in the red, down 4.7 percent on fears of higher input costs after Supreme Court on Wednesday cancelled allocation of 214 coal blocks. PSU banks such as PNB fell over 4 percent as the bank is expected to have the highest exposure to power and steel sectors.

However, TCS, Dr Reddy’s Labs and Cipla bucked the trend, up 2 percent each followed by Gail and Coal India with 1.5 percent gains. Infosys, HDFC Bank, ITC, L&T, HUL, Sun Pharma and Bharti Airtel rose over 0.5 percent.

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