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Sensex ends marginally lower, Nifty holds 8550; NTPC up 3%


The News International Team

03:30pm Market Closing: The market closed marginally lower on Monday. The Sensex shed 69.06 points to 28192.02 and the Nifty lost 20 points to 8550.90.

More than two shares declined for every share advancing on the Bombay Stock Exchange.

State-run power equipment maker BHEL fell nearly 4 percent. ICICI Bank, Infosys, Reliance Industries, HDFC Bank, SBI, ITC, Axis Bank and Wipro were down 0.5-1.7 percent.

However, Hindalco and NTPC topped the buying list, up 3 percent each. ONGC, Hero Motocorp, GAIL and Sesa Sterlite gained 1-1.7 percent.

03:20pm Fiscal Deficit: The government is on course to meet its fiscal year 2014-15 deficit target of 4.1 percent it outlined in the Union Budget in February, expenditure secretary R Wattal told CNBC-TV18.

This is despite the government likely falling short of meeting its telecom-receipts target of Rs 43,161 crore in the Budget.

Of the telecom receipts, the government had forecast about Rs 12,000 crore from the ongoing spectrum auction, which may not accrue this year.

However, the government has enough fiscal space to absorb the gap, according to the secretary.

03:10pm Market Update: The Sensex fell 75.45 points to 28185.63 and the Nifty declined 28.35 points to 8542.55. About 893 shares have advanced, 1981 shares declined, and 187 shares are unchanged on the BSE.

02:50pm MRF in News: The tyre maker says as part of its expansion plan, proposes to invest Rs 4,500 crore in its plants at Perambalur and Arakonam in Tamil Nadu over a period of 7 years.

The Government of Tamil Nadu considered the above proposal and has decided to accord ‘Ultra Mega Project Status’ under the Tamil Nadu Industrial Policy, 2014.

The Memorandum of Understanding between the Government and the company in this regard is expected to be signed shortly, it added.

02:25pm Sugar prices at 5-year low: With sugar prices in India falling to five-year lows, Shree Renuka Sugars MD Narendra Murkumbi said he expects prices to bottom out by March 31 and improve 5-10 percent from April.

The current collapse – sugar prices in Maharashtra are reining at Rs 23/kg versus quarterly average of Rs 25.5 – is because companies have sold inventory to make payments by March 31.

Overall domestic sugar production is seen at 26.5 million tonne and is expected to exceed demand by 1.8 mt, according to Murkumbi.

The state government in Maharashtra, where supply outstrips demand the most, may provide an additional export subsidy of Rs 1,000 per tonne, he said, over and above the central subsidy.

02:00pm Market Check:

The market marginally declined amid consolidation in afternoon trade, dragged by banks and index heavyweights like Reliance Industries & Infosys.

The Sensex slipped 60.42 points to 28200.66 and the Nifty fell 19.75 points to 8551.15. The broader markets extended fall; the BSE Midcap and Smallcap indices dropped 0.7 percent and 1 percent, respectively.

More than two shares declined for every share advancing on the Bombay Stock Exchange.

BHEL plunged over 3 percent. Shares of Infosys, Reliance Industries, State Bank of India, ICICI Bank and Wipro fell 1-1.7 percent. However, NTPC and Hindalco bucked the trend with 2.7 percent gains.

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