Nifty struggles below 7650, Sensex breaks 25000; auto bleeds

Moneycontrol Bureau

10:59 am Market Update: The Sensex declined 344.62 points or 1.36 percent to 25061.71 and the Nifty fell 109.10 points or 1.41 percent to 7631.90. About 537 shares have advanced, 1894 shares declined, and 71 shares are unchanged on the BSE.10:45 am Interview: S Ramnath, CFO, ITD Cementation in an interview to CNBC-TV18 said the company has not received any order under Namami Gange Programme because they basically are not into water treatment business.However, the company would be looking for opportunities to create water infrastructure alongside the Ganga River as they did alongside Narmada River. “ So on the cleaning aspect, no role for companies like us,” he added.The Union Cabinet today approved a proposal for taking up hybrid annuity-based public private partnership (PPP) model under Namami Gange Programme to reform the wastewater sector in India.10:30 am Sensex breaks 25000: The market extended losses in morning trade with the Sensex breaking 25000, down 410.08 points or 1.61 percent to 24996.25. The Nifty slipped 126.20 points or 1.63 percent to 7614.80. The market breadth was pathetic as nearly four shares declined for every share advancing on the Bombay Stock Exchange.10:25 am Market Expert: The global sentiment currently is extremely negative with the Chinese markets suspending trade today. But it is exactly times like these that investors should use to add to their portfolios, says Niraj Dalal, independent market analyst and founding partner, 3A Capital Advisors.10:15 am Water waste programme: A new entity will be set up in the coming days to explore and develop new markets for treated waste water as part of the ambitious Namami Gange Programme which seeks to integrate efforts to clean and protect river Ganga.

The Union Cabinet approved a proposal for taking up hybrid annuity-based public private partnership (PPP) model under Namami Gange Programme to reform the wastewater sector in India.”Keeping in view the specialised nature of this model and to scale it up in future on sustainable basis, the government is establishing a special purpose vehicle (SPV) to plan, structure, procure concessionaires, monitor implementation of such PPP projects and develop market for treated waste water through appropriate policy advocacy under overall guidance of National Mission for Clean Ganga,” an official statement said after the Cabinet meeting.Also read - China woes whip crude: Brent near $33/bbl10:00 am Market Check

Bears continue to rampage Dalal Street as China's stocks were suspended from all trade after the CSI300 tumbled more than 7 percent in early trade, triggering the market's circuit breaker for a second time this week. The Sensex is down 329.67 points or 1.3 percent at 25076.66. The is Nifty down 105.45 points or 1.4 percent at 7635.55. About 385 shares have advanced, 1737 shares declined, and 55 shares are unchanged.

Lupin, Bharti Airtel, GAIL and Coal India are top gainers while Tata Motors, Maruti Suzuki, Tata Steel, M&M and Axis Bank are laggards in the Sensex.

Gold is near a seven-week high as investors channelled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions. Gold benefited from the risk-averse sentiment in the market, along with other haven assets such as the Japanese yen and US Treasuries.