Sensex plunges 500 pts; ONGC, BHEL, Tata Motors crash 5%

Moneycontrol Bureau12:59 pm Market Update: Equity benchmarks remained under pressure as the Sensex cracked 443.71 points or 1.75 percent to 24962.62 and the Nifty plunged 141.50 points or 1.83 percent to 7599.50.Four shares declined for every share advancing on the Bombay Stock Exchange while 11 shares slipped for every share rising on the National Stock Exchange.12:50 pm Commodities expert: Brent crude prices fell to fresh 11-year lows on Thursday as fresh concerns over China's economy added to huge storage overhangs, near-record production and slowing demand that have already pummeled prices. Chris Main, Commodities Strategy Analyst, Citi does not rule out Brent going to USD 30 per barrel but says it is unlikely to sustain at those levels, and would in fact rise again in second half of 2016.He has an increasing price trajectory for crude through 2016 and expects to see levels of USD 50-60/bbl in the second half of the year as oil market balances.There is rebalancing taking place in other metals too, says Main, adding that 2016 is going to be a year of bottoming out for some commodities.12:40 pm Interview: There is a decent pick up in demand and signs of green shoots for TTK Prestige, says TT Jagannathan, Chairman of the company. In an interview to CNBC-TV18, Jagannathan says the company has witnessed a double digit recovery year-on-year (y-o-y) for the company. However, the company has no expansion plans, he says. "We had invested a lot of funds futuristically in capacity utilisation and I believe it would last until two years," he adds.Meanwhile, he believes e-commerce will bring a "dramatic change" for the company's sales going forward as the success rate in the segment is good.12:30 pm Radio ad rates up: Dainik Bhaskar group's radio division 94.3 MY FM today said it will increase advertising rates across all its 17 stations by 25 percent with effect from February 1.The decision to hike rates has been taken to address the current inventory crunch, the company said in a statement. Launched in 2006, MY FM is present in 17 Tier II and III cities across seven states.

"Our inventory has been peaking and increase in ad rates is the only way to balance, we want to deliver a good listening experience to the listeners and better return on investment to our advertiser," 94.3 MY FM Chief Executive Officer Harish Bhatia said.12:15 pm Global Update: European equities are expected to open lower today amid further turmoil in the Chinese stock market, where stocks were suspended from all trade on Thursday.

The London FTSE index is expected to open 77 points lower at 5,996, the German DAX down 170 points at 10,044 and the French CAC below 67 points at 4,413.

All eyes are on China after stocks were suspended from all trade today after the CSI 300 index -– the benchmark index against which China's new circuit breakers are set -- tumbled more than 7 percent in early trade, triggering the market's circuit breaker for a second time this week.Also read - Indian market is seriously undermining yuan fall: Dimensions

12:00 pm Market Check

Bears took control over Dalal Street as investors digested Chinese woes and geopolitical tensions. Equity benchmarks fell nearly 2 percent, weighed down by all stocks. Not only equity but also commodities saw selling pressure.

The 30-share BSE Sensex tanked 505.93 points or 1.99 percent to 24900.40 and the 50-share NSE Nifty fell 155 points or 2 percent to 7586. The BSE Midcap and Smallcap indices plunged 2.6 percent and 2.9 percent, respectively.

The market breadth continued to be in favour of declines with ratio of 4:1.

Tata Motors, BHEL, ONGC, Hindalco Industries, Tata Steel, Adani Ports and Maruti Suzuki topped selling list, falling 4-6 percent.

Brent crude futures fell to a fresh 11-year low as a sliding yuan and an emergency halt in China's stock trading left Asian markets in turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices.

China accelerated the devaluation of the yuan today, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was kicking off a virtual trade war against its competitors. Brent crude fell below 33 level, down 4.21 percent to USD 32.79 a barrel and NYMEX dropped 3.89 percent to USD 32.65 a barrel.