Rupee & Sensex recover, Nifty below 5200; TCS, Wipro up 2%

Moneycontrol Bureau
Live Market Commentary

11:50 Market outlook: Deven Choksey, MD, KR Choksey Securities believes 5250 on the Nifty is a crucial support and if it breaks then the Nifty will head to 5100. "It may take some support at 5100 and then bounce back, but otherwise somewhere around 5000-5100 level, the Nifty should probably take support," he says in an interview to CNBC-TV18.
He advises investors to sit on cash right now and pick stocks at lower levels again for an upward rally of 10-15 percent. He tells intraday traders to take some positions in some of the banking names. 11:40 am Falling: BHEL shares plunged more than 6 percent intraday Wednesday, continuing for the second consecutive session. Credit Suisse has an underperform rating on the stock.
The brokerage house also cut its target price on the stock to Rs 99 from Rs 164 apiece, citing deteriorating orderbook and power inflow concerns.
Credit Suisse says that revenue de-growth was seen in past three quarters and margin declined sharply in first quarter (April-June) of FY14, but the risk-reward is still favourable, it adds. 11:30 am Ratings: Global rating agency S&P feels largest deficit, India and Indonesia, have a "rocky road" ahead of them in the near-term but has ruled out a repeat of the 1997 Asia crisis.

In its report, "South And Southeast Asian Economies Grapple With Growth And External Financing Risks", the rating agency says the current market turbulence is largely driven by uncertainties around the timing of cutback in bond purchases by the Federal Reserve, which has unfortunately coincided with recent cuts in GDP growth forecast in Asia, most notably for China. 11:20 am Buzzer: Financial Technologies rises 6 percent as National Spot Exchange (NSEL) decided to pay out weekly settlement dues to some investors with the help of a Rs 177 crore rupee bridge loan from the company. The FMC though terms it a 'default' as the payment will not be made from the escrow account.
Considering the interests of small investors NSEL decided to make immediate payments to 608 small investors who were to receive amounts up to Rs.2,00,000 as of  July 31, 2013, will receive 100 percent payment with this disbursement, said a release from the exchange. 11:10 am Opinion: Former chairman of Tata Sons Ratan Tata on Tuesday said that the leadership deficit in India is aggravating our economic crisis. Tata broke his silence in an exclusive interview to CNN-IBN on the leadership deficit and economic crisis in the country.
Tata said that the country needed leaders who lead from the front and the Prime Minister's team and the political class needed to pull in one direction, and not pursue individual agendas above national interests.
"There are leaders whom I've respected all through my life for their public life. But something has happened that has diffused this leadership. We don't have leadership that we have been talking about, that is leading from the front," Tata said. Don't miss: Syria key event for global mkts; buy select financials, says Ambit Cap
There is a complete carnage in the equity markets as rupee slides further making record lows. The Sensex is down 323.48 points or 1.80 percent at 17644.60, and the is struggling at 5177.30, down 110.15 points or 2.08 percent. 
About 361 shares have advanced, 1200 shares declined, and 84 shares are unchanged.
Rupee is again in a free fall mode as it breached 68 per dollar. The domestic currency has now lost over 7 percent this week. Additionally gold prices in India hit an all time high of Rs 34000. (Track currency movements here)
The 10-year yield hit the 9 percent mark on the back of the rupee depreciating and crude prices spiking resulting in more stress on the fiscal. The fixed income money market and derivatives association of India has removed price bands for trading in government bonds for today.
Brent crude jumped to a 15-week high on the back of geopolitical concerns. Gold surged above USD 1400 due to syria tensions the higher in three months.
From currencies the yen was sitting at a two-week high against the dollar due to safe haven buying. While emerging market currencies continued to be under severe stress.
Oil and gas heavyweights like BPCL, ONGC slump 6-7 percent on rupee depreciation and higher crude prices. IOC tells CNBC-TV18 in an interview that Re 1 depreciation and  USD 1 rise in crude price will increase under recovery by Rs 12,800 crore. Cairn which benefits from higher crude prices is trading with gains of 4.5 percent.