02:55 pm Nifty above 8300:
Equity benchmarks halved losses in last hour of trade. The Sensex declined 232.04 points to 27375.78 and the Nifty fell 67.35 points or 0.80 percent to 8305.40.
About 821 shares have advanced, 1890 shares declined, and 95 shares are unchanged on the BSE.
02:40 pm Buzzing: Sadbhav Engineering said its subsidiary Sadbhav Infra has filed draft red herring prospectus with capital market regulator for Rs 425 crore initial public offering.
The stock gained more than 3 percent.
02:20 pm Govt notifies norms for NMET: The government has notified the setting up of National Mineral Exploration Trust (NMET), which will look into the ways to encourage exploration of mines and minerals in the country. The trust will be headed by the minister of mines. At present, mining exploration work is undertaken mainly by GSI, Mineral Exploration Corporation (MECL), Atomic Mineral Directorate of Exploration, Department of Atomic Energy and State Directorates of Mining.
The government has decided to include more entities in the exploration work such as NMDC, SAIL and MOIL, a move that will help India tap potential in this area more efficiently. The objective of NMET is to use the funds accrued to the Trust for the purposes of regional and detailed exploration in such manner prescribed by the Central Government. As per the NMET norms, the trust will have a governing council as its apex body that will have the Mines Minister as the Chairman.
02:00 pm Market Check
The market has maintained its southward journey in afternoon trade as the Sensex slipped 316.25 points or 1.15 percent to 27291.57 and the Nifty dropped 99.30 points or 1.19 percent to 8273.45, dragged by banking & financials, capital goods and auto stocks.
The BSE Midcap and Smallcap indices, too, declined over a percent. Nearly three stocks fell for every one which rose, underscoring the bearish mood in the broader market.
HUL, Sun Pharma and Infosys were the top gainers in Sensex. Among the losers were ITC, Wipro, TCS and Coal India.
The rupee remained weak, trading at 65.88 to the dollar, up 0.34 paise over its previous close.
In commodities, Brent crude declined 0.36 percent to USD 46.45/barrel and Nymex crude slipped 0.5 percent to USD 41.13/barrel, though they showed some recovery from day’s low.