Sensex slumps 374 pts, Nifty ends below 8750; ONGC falls 4%

Moneycontrol Bureau3:30 pm Market closing: After a lot of volatility, the market has ended with severe cuts. The Sensex was down 373.94 points or 1.3 percent at 28294.28 and the Nifty fell 108.50 points or 1.2 percent at 8723.05. About 1047 shares have advanced, 1645 shares declined, and 213 shares are unchanged.

Coal India, Reliance, Dr Reddy's Labs and TCS were top gainers while ONGC, Tata Motors, ICICI Bank, NTPC and GAIL were losers in the Sensex.

3:23 pm Market check: The Sensex is down 384.46 points or 1.3 percent at 28283.76, and the Nifty down 109.50 points or 1.2 percent at 8722.05. About 1008 shares have advanced, 1661 shares declined, and 215 shares are unchanged. 2:59 pm Market update: Equity benchmarks remaind under pressure with the Sensex falling 328.97 points or 1.15 percent to 28339.25 and the Nifty down 96.50 points or 1.09 percent at 8735.05.About two shares declined for every share advancing on the BSE.2:54 pm Morgan Stanley on Idea: Morgan Stanley has slashed target price of Idea Cellular to Rs 70 from Rs 89 earlier as it believes the share price will fall relative to the country index over the next 60 days.

This is because of lowered forecast/guidance, it says.

The brokerage house estimated that there is about a 70-80 percent (or very likely) probability for the scenario.

Idea's Q1FY17 was a tough quarter as EBITDA was 7 percent below the estimate.

Morgan Stanley has reduced FY17/18/19 EBITDA by 6 percent/11 percent/9 percent.2:40 pm New launch: Country's largest two wheeler maker Hero Motocorp today launched an updated version of its premium segment bike Achiever 150, priced up to Rs 62,800 (ex-showroom Delhi), as it looks to enhance presence in premium segment.

The variant with drum brakes is priced at Rs 61,800 while the one with disc brakes is at Rs 62,800.

"The launch of the next generation Achiever 150 is a reiteration of our strong focus on developing new, technologically superior and youthful products across segments for our customers in India and across the globe," Hero MotoCorp Chairman, MD and CEO Pawan Munjal told reporters here.

A market leader in both 100 cc and 125 cc segments in the domestic market, the company is now looking at expanding presence in the premium segment as well and the latest model is a move in that direction, he added.2:20 pm Patents: Drug firm Suven Life Sciences has been granted two product patents, one each in India and Japan, for molecules to be developed for treatment of neuro-degenerative diseases.

The company has been granted "one product patent from India and one from Japan corresponding to the new chemical entities (NCEs) for treatment of disorders associated with neuro-degenerative diseases...," Suven Life Sciences said in a filing to BSE.

These patents are valid through 2026 and 2032, respectively, it added.

The products are useful in the treatment of cognitive impairment associated with neuro-degenerative disorders like Alzheimer's disease, attention-deficient hyperactivity disorder, Huntington's disease, major depressive disorder, Parkinson's and schizophrenia, Suven Life Sciences said.Also read - Citi ups Bharat Electronics target to Rs 1735 on defence boost2:00 pm Market Check: Equity benchmarks fell sharply with the Sensex shedding more than 300 points on profit booking and weak global cues. Banking & financials, FMCG, auto and realty stocks were under pressure.

The 30-share BSE Sensex was down 321.56 points or 1.12 percent at 28346.66 and the 50-share NSE Nifty down 94.85 points or 1.07 percent at 8736.70.

The broader markets fell half a percent on weak breadth. About two shares declined for every share rising on the BSE.

European stocks were lower as investors trod cautiously ahead of an OPEC producers meeting in Algeria this week. Germany's DAX, France's CAC and Britain's FTSE were down 1-1.6 percent.