12:59 pm Market Update:
12:59 pm Market Update:Equity benchmarks extended losses with the Sensex down 261.75 points or 1.04 percent to 24990.57 and the Nifty falling 86.05 points or 1.12 percent to 7597.25.
ICICI Bank (-3 percent), Bank of Baroda (-3 percent), Yes Bank (-3 percent) and Axis Bank (-2 percent) were the big losers in the Nifty.
Other laggards in the index were ITC (-1 percent),BPCL (-1 percent),Tata Motors (-1 percent) and Power Grid Corp (-1 percent).
Gainers included Tata Steel (3 percent), ACC (1 percent), Infosys (1 percent) and HUL (1 percent).
In sectoral performance as reflected by the respective indices, capital goods (-1.4 percent), power (-1.3 percent), auto (-1.1 percent) and oil & gas (-0.8 percent) were under pressure, while IT (0.1 percent) and metals (0.1 percent) gained.
The rupee was quoting at 66.77 to the dollar, down 6 paise over its previous close.
12:50 pm Buzzing: Shares of Ashoka Buildcon gained more than 2 percent intraday after one of its associates completed refinancing of debt with State Bank of India.
“Jaora-Nayagaon Toll Road Company (JTCL) has completed refinancing of its debt of Rs 552 crore with State Bank of India,” says the road developer in its filing to exchanges.
After refinancing, interest cost has been reduced to 9.80 percent per annum, resulting in a saving of 1.50 percent per annum.
It further says that JTCL executed its project to carry on the business of design, construction, finance, strengthening, widening, operation and maintenance on BOT basis for four laning of Jaora-Nayagaon section of state highway – 31 in Madhya Pradesh.
12:40 pm Oil below $ 40/bbl: US crude prices remained near 2009 lows today as oil output in the Middle East continued to rise despite an existing global glut.
US crude futures were at USD 36.67 per barrel, down 9 cents from their last settlement, and only slightly above 2009 lows of USD 36.38 reached on Thursday. Prices have lost more than 13 percent since the beginning of the month.
The rout is a result of a huge overhang in production, which is seeing anywhere between half a million and 2 million barrels of crude oil being produced every day in excess of demand, and is fast filling onshore storage sites, which some analysts expect to run out in early 2016.
12:20 pm Nikkei Update: The Nikkei 225 ended in positive territory on the final trading day of the week, closing up 184 points, or 0.97 percent, at 19,230.
Export stocks mostly closed in the green.
Overall, Asian markets were mixed despite Wall Street’s positive finish overnight, as record low oil prices weighed resources plays and China shares traded in negative territory as another top executive was reported missing by local media.
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12:00 pm Market Check
The market extended losses in noon trade with the Nifty falling below 7650 level, weighed down by banking & financials, infra, auto and select FMCG stocks. Tata Steel continued to the leader among Sensex stocks, up nearly 4 percent.
The 30-share BSE Sensex declined 149.67 points or 0.59 percent to 25102.65 and the 50-share NSE Nifty slipped 49.45 points or 0.64 percent to 7633.85.
Shares of ITC, ICICI Bank, HDFC Bank, L&T, Axis Bank, ONGC and Mahindra & Mahindra were down 1-2 percent.