Sensex trims losses; Jaiprakash Associates, R Power up 6%

The BSE Sensex recouped its losses again, led by support from Infosys, HDFC Bank and ICICI Bank. L&T and SBI too recovered while Reliance Industries trimmed its losses to 2%.

The BSE benchmark fell just 11 points to 17,162.46 whereas the NSE benchmark gained 3 points at 5,225.55.

Among frontliners, Sterlite Industries, Sesa Goa, NTPC, Maruti Suzuki, Reliance Industries and BHEL were biggest losers, falling 2-4%.

However, Jaiprakash Associates shot up 6.75% after losing more than 7% in previous five sessions due to Bahujan Samaj Party lost election in Uttar Pradesh.

Reliance Power gained 6% on short covering. HCL Tech, Reliance Infrastructure, Bajaj Auto, Wipro, Tata Motors, DLF and HDFC Bank gained 1-2%.

State-run Bank of India fell 1% after Moody's downgraded the bank to D from D+, but kept outlook stable.

At 14:27 hours IST: Sensex drifts lower; Kingfisher tanks 5%

The BSE Sensex extended its losses amid choppy trade, weighed down by Reliance Industries, L&T and SBI. Other prominent losers were BHEL, ICICI Bank, ONGC and Bharti Airtel.

Liquor baron Vijay Mallya's Kingfisher Airlines crashed 5% after sources reclaimed that Income Tax department freezed 19 accounts of the company. IT department says TDS dues pending are over Rs 300 crore.

The BSE benchmark fell 134 points to 17,039.30 and the NSE benchmark was down 40 points to 5,182.90. Declining shares outnumbered advancing by 1079 to 362 on the BSE.

Sterlite Industries, Vedanta Group company, was the biggest loser among largecaps, falling 5%.

Index heavyweight Reliance Industries, state-run BHEL and country's top automaker Maruti Suzuki dropped 3-3.6%.

L&T, SBI, Bharti Airtel, ICICI Bank, ONGC, Tata Steel and NTPC were down 0.7-1.7%.

However, Infosys, HUL, Wipro, Bajaj Auto and Hero Motocorp gained 0.7-2%.

GAIL, Tata Steel, Reliance Infrastucture and L&T were most active shares on exchanges.

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At 13:57 hours IST: Nifty struggles at 5200; RIL, Sterlite, BHEL top losers

The BSE Sensex shed 100 points in afternoon trade while the Nifty was struggling to hold 5200 level due to persistent selling pressure in oil & gas, capital goods, metals, power stocks, and SBI.

Index heavyweights and oil & gas majors Reliance Industries and ONGC tumbled 3% & 1%, respectively.

Metal stocks were down for the third consecutive session after China's Premier Wen Jiabao reduced country's growth target to 7.5% for 2012, from 8% that remained since 2005. Sterlite Industries and Jindal Steel tanked 3-4% while Hindalco, Coal India and Tata Steel slipped 1% each. At close, Asian markets were down 0.4-0.9%.

The 30-share BSE benchmark plummeted 99 points to 17,074.02 led by fall in 19 stocks. Meanwhile, the 50-share NSE Nifty was down 29 points to 5,193.60.

State-run BHEL plunged 4%, and engineering & construction major Larsen & Toubro slipped over 1%.

State Bank of India, country's top most lender, was down 1.3%. Bharti Airtel, telecom operator, went down 1%.

However, Azim Premji's Wipro retained its top position in the buying list, rising 2.5%.

Shares of Infosys, HUL, Tata Motors, HDFC, HDFC Bank, Bajaj Auto and Hero Motocorp gained 0.3-1%.

At 12:42 hours IST: Sensex rangebound; oil & gas, metals in bear grip

The NSE Nifty continued to trade in a range of 5190-5230 since morning trade. Experts feel the volatile trade will continue till major events next week - Budget and monetary policy review. Oil & gas, banks, metals and power & power related stocks remained under pressure while Infosys, Wipro, HUL and Tata Motors stayed on buyers' radar.

In next couple of days, Sudarshan Sukhani of s2analytics.com feels the market could consolidate and then see whether they want to break down or want to go up.

The BSE benchmark declined 45.5 points to 17,127.76 and the NSE benchmark was down 12 points at 5,210.25. Even Asian markets were down 0.4-0.9% on fears over Greece default.

Reliance Industries, India's most valued company, fell 1.7% and state-run ONGC declined 1%.

Shares of Jindal Steel topped the selling list, losing 3% while other metals stocks like Sterlite, Tata Steel and Coal India were down 0.5-1.5%.

Among banks, State Bank of India dropped 1% whereas rivals ICICI Bank and HDFC Bank slipped 0.3%.

TCS, BHEL, NTPC and Bharti Airtel among other largecaps were down around 1%.

However, shares of Wipro gained 2%. Infosys, HDFC, HUL, Bajaj Auto, Tata Motors and Hero Motocorp were up 0.4-1%.

In the second line shares, Polaris Tech, Apollo Hospital, Unitech, Glodyne Tech and Bajaj Corp gained 3-4% while Responsive Industries, Anant Raj Industries, Shoppers Stop, Shree Global and Pantaloon Retail lost 5-8%.

At 11:42 hours IST: Nifty choppy; ICICI Bank, Infosys, Wipro gain

The NSE Nifty recouped its losses and started trading above 5200 amid volatility, supported by banks. Infosys and L&T too were supportive. However, the fall in Reliance Industries, TCS, ONGC, Bharti and BHEL has limited somewhat upside.

The BSE benchmark was up 24.4 points at 17,197.70 and the NSE benchmark gained 9 points at 5,231.30.

In the near-term, Ridham Desai of Morgan Stanley feels the market is likely to be rangebound as it is waiting for two other key events - Budget and monetary policy review.

ICICI Bank, India's largest private sector lender, gained 1.4% while rival State Bank of India rose just 0.33%. Housing finance company HDFC was up 0.8%.

Shares of engineering & construction major Larsen & Toubro moved up 0.8% whereas state-run BHEL went down 0.6%.

Infosys, country's number 2 software services provider, climbed 0.5% led by fall in the rupee to 50.7 a dollar. Competitor Wipro rallied 2% while TCS fell 0.8%.

Two-wheeler majors Hero Motocorp and Bajaj Auto were up 1% & 2%, respectively. Tata Motors, commerical vehicle maker, rose 0.8% while M&M and Maruti lost 0.7% each.

Oil & gas producers Reliance Industries and ONGC were down 0.6% each.

The market breadth continued to be in a favour of declines; about 1065 shares advanced while 1294 shares were down on the BSE.

At 10:30 hours IST: Choppy Sensex under pressure; ADAG stocks most active

The BSE Sensex continued to fall amid choppy trade, weighed down by banks, metals, oil & gas, realty and capital goods stocks. The market looked cautious due to likely impact on growth reforms after Congress lost elections in Uttar Pradesh and limited options with Congress to induce aam adami via upcoming budget. Even falling rupee that raises import bill and upcoming monetary policy are other reasons that market is eyeing.

Suresh Mahadevan, UBS Securities feels that the market is likely to remain nervous till Budget. He said that the market is now focussed on economic recovery and earnings momentum.

"Till Budget, the market may remain worsen. The other thing to watch out is global issues like crude which is also not working out in our favour. So a combination of all this could mean some kind of near-term weakness but I wouldn