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Sensex, Nifty fall; banks under pressure, NTPC gains 3%

Mar 23, 2015, 02.26 PM IST | Source: Moneycontrol.com

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

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Sensex, Nifty fall; banks under pressure, NTPC gains 3%

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

14:00

The News International Team

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.

13:00

Sensex, Nifty volatile; Reliance, BHEL under pressure

Reliance Industries and BHEL dropped 1-2 percent. Infosys, SBI, HDFC Bank, ICICI Bank, ITC, Maruti Suzuki, Coal India and Wipro also lost ground.

Read More »

12:00

Sensex, Nifty rangebound; Tata Motors, M&M, ONGC gainersRead More »

Shares of Tata Motors, Mahindra & Mahindra, ONGC, HUL, NTPC, Dr Reddy’s Labs, Cipla, Tata Steel and GAIL gained 1-2 percent whereas BHEL falls 2 percent. Index heavyweights like Infosys, Reliance Industries, HDFC and ITC declined marginally.

Read More »

11:00

Sensex flat, Midcap falls; Sesa Sterlite, Glenmark declineRead More »

Sesa Sterlite too declined 0.4 percent, reacting to similar reasons. The government rejected BALCO’s bid for for Gare Palma IV/1 which was at Rs 1585 per tonne.

Read More »

10:00

Sensex, Nifty volatile; Bharti up 2%, Usha Martin soars 15%Read More »

The market remained volatile with the Nifty moving in a range of 8550-8600. Telecom, oil, FMCG, pharma and select private banks gained.

Read More »

09:15

Sensex, Nifty erase early gains; JSPL tanks 13%Read More »

Jindal Steel tanked 13 percent as sources told CNBC-TV18 that government rejected company’s bids for coal blocks.

Read More »

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