Live Market Updates: BSE Sensex down 65 points; sugar, autos drag

Moneycontrol Bureau

The market seemed to be unmoved despite the Prime Minister Manmohan Singh's assurance to achieve 8 percent growth. The Sensex slipped down 65.65 points to 189975.30 while the Nifty was down 20.25 points at 5727.85.

Auto stocks were still reeling under dismal March sales number. Bajaj Auto, Tata Motors and Hero MotoCorp were some of the biggest losers of the day.

Sugar stocks continued thier downward journey on Wednesday as the Cabinet Committee on Economic Affairs (CCEA) did not take up the issue of sugar decontrol at its meeting last evening. Shree Renuka Sugars was down 3.23 percent, Balrampur Chini Mills fell 1.94 percent while Bajaj Hindusthan lost 2.20 percent.

Meanwhile, power stocks were rallying.  Adani power gained around 11 percent. In a big relief for the company, CERC set up another committee to review Adani Power’s power purchase agreements. The judgment will also have a favourable bearing on other imported coal-based projects planned in the country such as those of Tata Power (up 4.6 percent) and Reliance Power (up 1.9 percent).

TVS Motor was up 8 percent as according to CNBC-TV18 sources the firm is likely to have finalised the alliance with BMW and the final deal will be announced on April 8.

Mangalore Chemical and Fertiliser was up another 11 percent after the 20 percent rise yesterday. Zuari Fertilisers has picked up 10 percent stake in Mangalore Chemicals- 8 percent from SBI and rest from open market.