Jun 11, 2013, 11.02 AM IST | Source: Moneycontrol.com

Sensex falls 180, Jindal Steel dips 22% on coal scam woes

The market is growing as trading session progresses. The Sensex is down 107.34 points at 19333.73, and the Nifty down 33.90 points at 5844.10. About 380 shares have advanced, 863 shares declined, and 79 shares are unchanged.

10:08
Moneycontrol Bureau
Live Market Commentary

10.59 am Market update: The Sensex is down 180.61 points at 19260.46, and the Nifty is down 53.75 points to be at 5824.25.

1050 am Alert: Jindal Steel and Power has plunged 22 percent on the BSE as FIR has been lodged against four companies including JSPL in coal scam. Other companies named in the FIR are Jindal Realty and Gagan Sponge. CBI sources that it has registered fresh case in coal scam against four  companies and two individuals which includes Naveen Jindal and former Ministry of State Coal Dasari Rao. CBI conducting raids at 15  locations in Delhi and Hyderabad.

10:40 am Losers: Jindal Steel (down 5.12 percent), Bharti Airtel (down 3.17 percent) and ICICI Bank (down 3.16 percent) are key losers in the Sensex.

10:37 am: The Sensex is down 128.85 points at 19312.22, and the Nifty down 34.40 points at 5843.60. About 462 shares have advanced, 1114 shares declined, and 135 shares are unchanged.

10:35 am Buzzing: Standard Chartered downgrades Reliance Communications rating to "underperform" from "in-line", saying current valuations "fully reflect the upside from the optic fiber and tower deals." Reliance Communications was at Rs 106.25, down Rs 4.75, or 4.28 percent on the BSE.

The Ambani brothers signed a long-expected pact on Friday for their rival telecoms firms to share mobile masts in a contract valued at more than USD 2 billion over several years -- the biggest deal between them since reconciliation.

10:31 am macro outlook: Brokerage house Nomura expects India's current account deficit to widen to a record high of USD 21 billion in May, compared to USD 17.8 billion in April. Nomura analysts say a repo rate cut by the RBI at its monetary policy review meet next week looks unlikely.

10:30 am: Jet Airways rebounds after 11 percent slide yesterday. The crucial meeting of FIPB which was to discuss the Jet-Etihad deal as well as the FDI proposal of Norway's telecom firm Telenor has now been postponed to Friday.

10:25 am Alert: Private sector banks are under pressure today as Reserve Bank of India has penalised Axis Bank (down 2.2 percent), HDFC Bank (down 0.3 percent) and ICICI Bank (down 3.2 percent) for KYC rule breach.

10:20 am Buzzing: Videocon is up 1 percent on prospects of Mozambique deal coming through. Although ONGC withdrew the statement issued earlier that OVL and Oil India have inked a definitive agreement with Videocon to buy 10 percent stake in the block, they did mention that the deal is at an advanced stage but not signed yet.

Expert take: See buying opportunity beyond 5900 in short-term, says Sukhani

The market is growing as trading session progresses. The Sensex is down 107.34 points at 19333.73, and the Nifty down 33.90 points at 5844.10. About 380 shares have advanced, 863 shares declined, and 79 shares are unchanged.

Banking, metals and realty stocks are dragging the indices.

Rupee has hit another new low today trading at 58.69 to the dollar mark as Asian currencies fell further against the dollar and foreign banks purchased greenback aggressively for custodian clients. HSBC told CNBC TV18 that a lot of redemption is seen from foreign institutional investors’ in the debt market. Further USD 1.5-2 bn can further be redeemed from the FII with FIIs already having pulled out USD 4 bn and it will be difficult for RBI to cut rates in June 17 policy.

09:17
The Sensex opens down 54.16 points at 19386.91 while the Nifty is down 29.25 points or at 5848.75. About 88 shares have advanced, 165 shares declined, and 26 shares are unchanged.

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