The News International Team
03:30 pm Market close: Late sell drags the market sharply. The Sensex ended up 3.33 points at 29007.99 and the Nifty was up 5.15 points at 8767.25. About 1234 shares have advanced, 1659 shares declined and 201 shares are unchanged.
Tata Steel, Tata Power, Dr Reddy’s Labs, Sun Pharma and BHEL were among the losers. Gainers were HDFC, Bharti Airtel, Infosys, Wipro and ITC.
03:00pm Market Consolidates: The Sensex rose 13.51 points to 29018.17 and the Nifty advanced 6.70 points to 8768.80.
About 1209 shares have advanced, 1611 shares declined, and 194 shares are unchanged on the BSE.
02:45pm Budget Expectations: India is likely cut its annual fertiliser subsidy by 4 percent to around Rs 70,000 crore in its Budget proposals for fiscal year 2015-16, two government sources with knowledge of the matter told Reuters.
India had earmarked a subsidy of Rs 72,970 crore for the current fiscal year ending March 31.
“There is no plan to increase fertiliser prices,” one of the sources told Media. He said the roadmap for reforms in the subsidy structure for the fertiliser sector would be unveiled after the Budget.
02:30pm South Indian Bank in focus: The Reserve Bank of India on Tuesday notified that the aggregate share holdings in the bank by non-resident Indians (NRI)/persons of Indian Origin (PIO)/foreign institutional investors (FII)/registered foreign portfolios investors (RFPIs) and through global depository receipts (GDR)/American depository receipts (ADR)/foreign direct investment (FDI) in the primary/secondary markets have gone below the prescribed threshold ban limit stipulated under the extant FDI policy.
Hence, the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect, it adds.
02:00pm Market Check
The market erased its morning gains as the Nifty came off its highs, trading below 8800 while midcap traded in the red giving up its gains. The market breadth was weak with more stocks on declining end.
The Sensex advanced 27.63 points to 29032.29 and the Nifty rose 5.45 points to 8767.55. The BSE Midcap and Smallcap indices fell marginally.
Michael Kurtz, chief Asia equity strategist at Nomura expects a very strong Budget with a focus on reforms, infrastucture spending may be hiked to 2.5 percent of GDP and India remains largest overweight in the Asia basket.
Shares of HDFC Bank, TCS, L&T, Sun Pharma, HUL, ICICI Bank, Hero Motocorp and Tata Steel declined 0.3-1.4 percent. Reliance Industries also came off its high, up 0.3 percent. However, HDFC, Infosys, Tata Motors, ONGC, Bharti Airtel, M&M and Wipro gained 1-2 percent.
The rupee appreciated today, trading at 62.05 a dollar against a close of 62.19 in previous session due to weak dollar on back of heavy capital inflows.
Globally it is a mixed day. In Asia, while China and Japan closed in the red, Korea and Taiwan ended with gains. European markets are mixed as Greece fears subsided. This after the list of reforms presented by Greece met the approval of creditors and euro zone neighbours.