The News International Team
10:45am Market Update: The Sensex dropped 190.04 points to 28252.06 and the Nifty fell 62.55 points to 8543.45.
About 830 shares have advanced, 1345 shares declined, and 141 shares are unchanged on the BSE.
10:25am New IPO: MEP Infrastructure Developers is going to open its initial public offer (IPO) of 5.14 crore equity shares for subscription on Tuesday, April 21, 2015.
The Mumbai-based toll management company has fixed price band of the issue at Rs 63-65 per share. The public issue will close on April 23.
Bids can be made for minimum 225 equity shares and in multiples of 225 equity shares thereafter.
MEP Infrastructure intends to utilise the net proceeds of the issue to repay loans availed by subsidiary MIPL and for general corporate purpose.
10:00am Market Check
Equity benchmarks as well as broader markets extended losses in morning trade today, dragged by technology, auto, FMCG and HDFC group stocks. The Sensex fell 129.45 points to 28312.65 and the Nifty declined 43.20 points to 8562.80.
The BSE Midcap and Smallcap indices fell 0.9 percent each. About 797 shares have advanced, 1104 shares declined, and 127 shares are unchanged on the BSE.
Markets could crack further from these levels, is the word coming in from Ajay Srivastava, CEO, Dimensions Consulting. He says oil was the best low-hanging fruit for the Indian market. But if it stays where it is or prices increase a bit, the Indian economy will suffer, he says. Besides, as things stand, the recovery on the ground is getting more and more delayed, he adds.
Infosys topped the selling list on Sensex, down 2.6 percent followed by TCS, Tata Motors, Mahindra & Mahindra, Hero Motocorp, Coal India and Sesa Sterlite with 1-2 percent losses.
Index heavyweight Reliance Industries declined 0.7 percent despite strong earnings in Q4 with the profit rising over 22 percent and gross refining margin at USD 10.1 a barrel.
However, shares of Sun Pharma rebounded today with 2.6 percent upside. ICICI Bank, Dr Reddy’s Labs, ONGC and Tata Steel gained 0.5-1 percent.