Sensex nosedives on Europe woes; Rupee @ 16-month low

A fast depreciating rupee took the market off its crest. The 30-share BSE Sensex fell 300 points from day's high and 41 points from yesterday's close to trade at 16,460. The Nifty lost 9 points to trade at 4,937. European markets were down 1-2.5% after posting gains in initial trade.

The Indian rupee depreciated to a 16-month low of 47.47 per dollar, down 0.53% today as against 47.12 a dollar on Monday.

Heavyweights like ONGC, SBI, ICICI Bank and Bharti Airtel lost 1% each. Reliance Industries, HDFC Bank, HDFC and L&T were down 0.4-0.7%.

Tata Motors was the biggest loser on Nifty; the stock tanked more than 4.5%. M&M and Hero Motocorp slipped 0.5-1%.

Infosys, NTPC, ITC and Wipro too turned flat with positive bias.

However, TCS, Cairn India, Bajaj Auto, Kotak Mahindra Bank, DLF, ACC, Reliance Capital and Reliance Infrastructure were up 1.5-3%.

At 13:13 hours IST : Sensex slips off day's high; banks under pressure

Indian equities turned red due to sell-off in banking stocks. The 50-share NSE Nifty slipped below the 5000 mark; the index was trading at 4,933, down 13 points. The 30-share BSE Sensex was trading down 59 points at 16,443 after shedding over 300 points from day's high. European markets too shed gains. The Dow Jones futures fell 0.5%.

Banking stocks SBI, ICICI Bank and HDFC Bank turned negative; turning trading in Bankex flat.

Tata Motors extended losses; the stock lost nearly 4%. ONGC, HUL, Sun Pharma, SAIL, M&M and Hero Motocorp were down over 0.5%.

Even heavyweight Reliance Industries slipped from day's high to trade with 0.4% gain.

However, technology, realty, metal, cement and Anil Dhirubhai Ambani Group stocks were on buyers' radar, though these stocks gave up gains partially.

About 946 shares advanced as against 555 shares declined on National Stock Exchange.

At 12:18 hours IST : Nifty maintains uptrend; RIL, TCS, Infosys lead

Indian equity benchmarks continued to trade sharply higher led by consistent buying in technology, metal, banking and capital goods. The 30-share BSE Sensex jumped 252.5 points to 16,754 and the 50-share NSE Nifty gained 80 points at 5,026.   

Heavyweight Reliance Industries too was quite supportive; the stock rose 1.7%. Cairn India was the top gainer on Nifty; the stock rallied over 5% as crude gained further above USD 86 a barrel. However, ONGC fell 0.5%.

TCS is in pact with Felda Prodata to develop and market IT services in Malaysia; the stock shot up 3.5%. Infosys and Wipro gained 2.6% and 1.7%, respectively.

From the financial space, ICICI Bank, SBI, Axis Bank and HDFC were up 1-1.8%. Kotak Mahindra Bank rallied over 3%. DLF shot up 3.5%.

BHEL and L&T from capital goods space moved up 0.9-1.5%. Sterlite Industries, Tata Steel, JSPL, Hindalco and Sesa Goa were up 1.5-3%.

Corporate Affair Ministry said initial probe showed no cartel of cement companies, reports CNBC-TV18 quoting NW18. MCA had named Ambuja Cements, ACC and UltraTech Cement in cartel. These stocks were up over 1.5%.

ADAG stocks like Reliance Capital, Reliance Infrastructure and Reliance Communications surged 3.5-4%.

About 1788 shares advanced as against 726 shares declined on the BSE. The Indian rupee appreciated by 0.25% to 47.09 per dollar.

At 11:26 hours IST : Sensex gains 250 points on broadbased buying

Broadbased buying and short covering sent the market near day's high, supported by key sectors like technology, banking, capital goods and metal. The 50-share NSE Nifty moved up 79 points to 5,025  piggybacking on 46 stocks. The 30-share BSE Sensex rallied 253 points to 16,754.

All sectoral indices were in the green. The BSE IT, Realty and Metal indices climbed 2% each. Bank, Power, Oil & Gas, Healthcare, Capital Goods and Auto indices rose 1-1.8%.

Among largecaps, Reliance Capital, Jaiprakash Associates, Reliance Infrastructure, Reliance Communications, Cairn India, TCS, Sterlite Industries, DLF and Hindalco were top gainers; these stocks jumped 2-4%.

NTPC rose more than 1.5% on news that the company's advance tax for the period of July-September could be Rs 721 crore. However, HUL, ONGC, BPCL and Hero Motocorp were witnessing profit booking.

In the midcap space, SpiceJet, IRB Infra, IVRCL, Sterlite Tech and NCC rallied 4-8% while KGN Industries, Shriram City, MVL, FDC and Pipavav fell 2-6%.

In the smallcap space, Tata Metaliks, Mahindra Forgings, ARSS Infra, TRF and Kalyani Invest were up 7-10% whereas Emami Paper, Prraneta Industries, Prabhav Industries and Shri Ganesh slipped 5%.

At 10:28 hours IST : Nifty holds 5000; broader indices rise 1%

Short covering in Indian equities helped market extend gains in the morning trade, analysts expect profit booking at higher levels. The 50-share NSE Nifty was hovering around the 5,000 mark since opening; the index gained 61 points to touch 5,008. Meanwhile, the 30-share BSE Sensex rose 195 points to 16,697.

Today's bounce-back was on expected lines as the market crashed more than 650 points in previous two sessions. Experts believe that the market may trade in a range.

Deven Choksey, managing director of KR Choksey Securities believes that the high volatility in the market has sent traders running for cover.