3:30 pm Market closing:
Late sell-off spooked by European markets, dragged benchmark indices. The Sensex slipped 381.95 points or 1.5 percent at 25482.52 and the Nifty slumped 105.75 points or 1.3 percent at 7731.80. About 1048 shares advanced, 1619 shares declined and 175 shares were unchanged.
GAIL, Bharti Airtel, NTPC, Coal India and Sun Pharma were top gainers while Hindalco, Infosys, Tata Steel, Vedanta and SBI were major losers.
3:10 pm Outlook: Moody’s Investors Service today said state-run NTPC will benefit from improving operating environment for India’s power sector and revival scheme UDAY for debt-ridden distribution companies.
“The improving coal environment and proposed debt reduction program should boost the ability of offtakers to buy electricity, which will in turn increase NTPC’s utilisation rates and incentive income,” said Abhishek Tyagi, Moody’s Vice President and Senior Analyst.
“Further, the government’s sale of a 5 percent stake in NTPC will not affect our assessment of the support for the company,” adds Tyagi.
3:00 pm Market Update: Equity benchmarks remained sharply under pressure with the Sensex down 362.20 points or 1.40 percent at 25502.27. The Nifty plunged 102.05 points or 1.30 percent to 7735.50.
About 1031 shares have advanced, 1574 shares declined, and 169 shares are unchanged on the BSE.
2:50 pm Cadila in News: 7th Pay Commission to boost consumer durable demand: Nomura
2:00 pm Market Check
Equity benchmarks crashed in afternoon trade, tracking negative European cues. The 30-share BSE Sensex tanked 353.39 points or 1.37 percent to 25511.08 and the 50-share NSE Nifty fell 98 points or 1.25 percent to 7739.55.
The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices were down only 0.5 percent each. The market breadth was negative as about 1524 shares declined against 1000 advancing shares on the BSE.
European equities traded lower today as further security scares after the Paris attacks last Friday weigh on investor confidence. All major European indices were in the red. Tensions are high in Europe amid more security concerns after the Paris terrorist attacks on Friday in which 129 people died.
Banking & financials, technology, auto, oil and metals stocks were under pressure while NTPC, Bharti Airtel, Coal India and GAIL were only gainers on Sensex, up 1-2 percent.