Indonesia Earthquake: Sensex cuts losses to end 44 pts down; Tsunami fears weaken

At close, the BSE Sensex recouped some losses on hopes that the tsunami is unlikely to hit India. Even positive global markets helped Indian indices recover in late trade.

Just as the 8.6 magnitude earthquake hit in Aceh (Indonesia) the BSE Sensex dragged 100 points in afternoon trade on Wednesday. The market started off trade lower today, but it recovered after positive opening of European markets.
However, the tsunami warning in Tamil Nadu and Andhra Pradesh etc post earthquake sent the market down again. The BSE benchmark fell 44.44 points or 0.26%, to close at 17,199.40 and the NSE benchmark slipped 16.75 points to 5,226.85.
Tsunami warning was issued in 28 countries including Indonesia, Australia, Singapore, Thailand, India and Maldives. Tremors felt in Kolkata, Chennai, Bangalore, Patna and some other parts of countries.
India Cements, which has large coal sourcing contract in Indonesia, tanked nearly 8%. Power companies like Lanco Infratech, GVK Power and JSW Energy too have minings in Indonesia; these stocks were down 2.5%.
Index heavyweight and oil & gas producer Reliance Industries dropped 1.4% and Bharti Airtel, top telecom operator was down 2.3%.
Tata Consultancy Services, country's largest software services provider fell 1.3% while rival Infosys rebounded with 0.9% gains.
Metals stocks hit quite badly after nearly 4% fall in LME copper yesterday; Jindal Steel, Sesa Goa and Sterlite Industries tanked 2-3%. Tata Steel, Hindalco, Sesa Goa and SAIL were down around 1%.
State-owned BHEL tumbled 2% while engineering and construction major Larsen & Toubro was down 0.3%.
However, banks stocks turned positive in afternoon trade and Bankex gained as much as 1% intraday, which closed up just 0.2%. Lenders HDFC Bank, Axis Bank and State Bank of India saw moderate gains while ICICI Bank closed flat. Kotak Mahindra Bank shot up 2%.
The BSE Healthcare Index outperformed the market, rising 0.6%. Drug maker Sun Pharma topped the buying list, rising 2%. Even Dr Reddy's Labs and Ranbaxy Labs gained 1% each.
Public sector companies NTPC and Power Grid gained 1.8% and 1.2%, respectively. FMCG majors HUL and ITC continued their uptrend for second consecutive session, rising marginally.
Aviation companies like SpiceJet and Jet Airways rallied over 5% after the government sources indicated that the draft cabinet note on allowing 49% FDI in air carriers is ready. The note is likely to be put up for cabinet approval shortly.
Kingfisher Airlines gained 6.4% after The Hindu Business Line reported that Mukesh Ambani group's flagship company Reliance Industries is close to buying stake in the company. As part of the deal, Reliance may also get Mangalore Chemicals, in which the UB group has over 30% stake. Mangalore chemicals rose 1.3%.
Declining shares outnumbered advancing by 1510 to 1252 on the BSE. The BSE Midcap Index was down 0.6% and Smallcap down 0.3%.
On the global front, European markets gained 0.5-1% while the Dow Jones futures moved up 82 points.
_PAGEBREAK_ At 14:58 hours IST: Tsunami fears drag Sensex by another 100 pts
The BSE Sensex slipped again after earthquake of 8.7 richter scale hit Aceh, Indonesia and tsunami warning has been issued in 28 countries. Tremors felt in Kolkata, Chennai, Kochi, Bangalore, Patna. Coastal regions of Tamil Nadu, Andhra Pradesh and Andaman islands also put on alert following Sumatra quake.
The BSE benchmark was down 99 points to 17,145 and the NSE benchmark fell 33 points to 5,210.55.
Shares of Tata Power and Adani Power, which have minings in Indonesia, dropped nearly 4%.
Reliance Industries, Bharti Airtel and BHEL tanked around 2%. Metals stocks like Jindal Steel and Sterlite Industries tanked 3% each. Tata Steel and Hindalco were down 1.5%.
Engineering and construction company Larsen & Toubro declined 1% and private sector lender ICICI Bank slipped 0.8%.
However, NTPC, country's largest power producer and drug maker Sun Pharma gained around 1.5%. Shares of Infosys rose 0.5%. At 14:13 hours IST: Sensex up 60 pts; Bankex rises 1%, FMCG, Infosys lead
The BSE Sensex and NSE Nifty turned positive led by support from banks stocks, and ONGC and Infosys. The BSE Bankex gained nearly 1% as country's largest lenders State Bank of India and ICICI Bank were up 1% each while rival HDFC Bank too gained 1%.
Second largest software services provider Infosys gained 0.9% whereas its peer TCS was down 0.5%.
The BSE benchmark moved up 63 points to 17,307 and the NSE benchmark climbed 15 points to 5,259. Even the Nifty April future was trading with 27 points premium to spot.
HUL resumed its uptrend again, rising 1% and even cigarette major ITC gained 0.35%. Power stocks too charged up - NTPC jumped 1.5% and Tata Power (largest private power producer) was up 0.8%.
Auto stocks like Tata Motors, M&M and Maruti Suzuki gained 0.3-0.6% while Hero Motocorp and Bajaj Auto were flat.
State-owned oil & gas producer ONGC rose 0.5% while rival Reliance Industries dropped 0.9%.
Metals stocks too trimmed losses - Jindal Steel and Sterlite Industries were down 1-1.8%; Tata Steel was down just 0.3%.
Advancing shares outnumbered declining by 726 to 671 on the National Stock Exchange.
Most active shares on the BSE were SBI (up 1% with 3,65,841 shares), Indraprastha Gas (up 1.8% with 23 lakh shares), IVRCL (gained 4.8% with 60.87 lakh shares), Shriram Transport Finance (up 0.5% with 6.15 lakh shares) and Kingfisher Airlines (rallied 9% with 1.7 crore shares). At 13:42 hours IST: Sensex cuts losses; SBI, Infosys turn positive
The BSE Sensex trimmed losses led by recovery in State Bank of India, Infosys, ICICI Bank and HDFC Bank. However, the fall in Reliance Industries, ITC, L&T, TCS and Bharti Airtel has limited the recovery.
The BSE benchmark was down 0.46% or 78.99 points to 17,164.85 and the NSE benchmark declined 25.45 points to 5,218.15.
Country's largest lender State Bank of India turned positive, rising 0.2% while private sector lenders ICICI Bank and HDFC Bank were down just 0.1%.
Infosys, India's No.2 software services exporter gained 0.4% whereas rival Tata Consultancy Services fell 0.8%.
Index heavyweight and oil & gas producer Reliance Industries dropped 1.4% and telecom player Bharti Airtel too was down 1.4%.
Capital goods majors L&T and BHEL lost 1-1.5%. Cigarette major ITC declined nearly 1% on profit booking.
Metal stocks like Jindal Steel, Sterlite Industries and Sesa Goa were down nearly 3%. SAIL, Tata Steel and Hindalco plummeted 1-1.5%.
The market breadth was neutral and the broader markets were flat.
In the second line shares, Strides Arcolab, Godfrey Phillip, Jet Airways, Schneider Electic and Sobha Developer shot up 3-6% while India Cements, Cox & Kings, Madras Cements, Gujarat Gas and Century Textile slipped 4-6.5%.
ACC and Ambuja Cements tumbled 4-5% as CNBC-TV18 reported that the Competition Commission of India (CCI) report on cement cartelization is likely today or tomorrow. At 12:43 hours IST: Sensex off day's low; IGL, Kingfisher, IVRCL most active
The BSE Sensex showed somewhat recovery in afternoon trade, though downtrend in capital goods, banks and metals stocks, and index heavyweight Reliance Industries kept the BSE Sensex lower by 80 points. However, the NSE Nifty managed to hold the 5200 level amid selling pressure.
The BSE benchmark fell 80 points to 17,164.38 and the NSE benchmark was down 28 points to 5,215.8. Mild recovery was also led by positive opening of European markets - Germany's DAX rose 0.8% while Britain's FTSE and France's CAC were moderately higher. Even the Dow Jones futures gained 56 points.
Blue chip Reliance Industries fell 1%. Engineering and construction major Larsen & Toubro slipped 0.7% and state-owned Bharat Heavy Electricals lost 1.5%. India's largest telecom player Bharti Airtel dropped 1%.
Largest lender State Bank of India was down 0.3% while private sector lenders ICICI Bank and HDFC Bank declined 0.6% each.
Cement stocks extended downtrend in the afternoon trade ahead of cartelization report. Ambuja Cements and ACC tanked nearly 4% while India Cements plunged 5%. CNBC-TV18 reported that the Competition Commission of India (CCI) report on cement cartelization is likely today or tomorrow.
However, shares of Infosys, ONGC, Coal India, Sun Pharma, M&M, NTPC and GAIL outperformed, rising 0.4-0.6%.
Most active shares on BSE were Indraprastha Gas (up 2.5% with 18.3 lakh shares), Kingfisher Airlines (up 9% with 1.46 crore shares) and IVRCL (up 4.6% with 36.5 lakh shares). At 11:28 hours IST: Sensex dives; ACC, Ambuja dip ahead of cartelization report
The BSE Sensex has retained its loss of more than 100 points since early trade due to fall in heavyweights Reliance, ICICI Bank, L&T and SBI. Cement stocks were under pressure as the Competition Commission of India (CCI) report on cement cartelization is likely today or tomorrow. ACC was down over 2% and Ambuja Cements fell 3%. India Cements tanked 4%. Shree Cements, UltraTech Cement and JK Lakshmi Cement were down 1-2%.
The BSE benchmark was down 128 points to 17,116.22 led by 27 components. Meanwhile, the NSE benchmark slipped 41.45 points to 5,202.15.
India's most valued stock Reliance Industries fell 1.3%. Private sector lenders ICICI Bank and HDFC Bank were down 0.7-1.2% while rival State Bank of India declined 0.7%.
Cigarette major ITC dropped nearly 1% on profit booking. Bharti Airtel, country's largest telecom operator lost 1%.
Tata Consultancy Services and Infosys, top software services exporters were down 1% and 0.4%, respectively.
In the second line shares, aviation stocks continued to trade sharply higher on hopes of clearance for foreign direct investment (FDI) in the sector soon. Government sources indicated that draft cabinet note on 49% FDI for foreign air carriers is ready and cabinet note will be put up for cabinet approval shortly. Sources also say finance ministry supported 49% FDI by foreign airlines. Jet Airways gained nearly 5% and SpiceJet rose 4%.
Kingfisher Airlines rallied over 8% after The Hindu Business Line reported that billionaire Mukesh Ambani led Reliance Industries is close to buying stake in the company and may also get UB Group�s 30.44% stake in Mangalore Chemicals as part of the deal. Mangalore Chemicals and Fertilisers rose 3.4% amid heavy volume.
CRISIL, Zydus Wellness, Strides Arcolab and S Mobility were up 4-5% while Cox & Kings, IRB Infrastructure, Jindal Saw and Gujarat State Petronet lost 3-4%.
Declining shares outnumbered advancing by 782 to 538 on the National Stock Exchange. Most active shares
Indraprastha Gas (up 2%) with 16 lakh shares, HDFC with 5 lakh shares, Kingfisher Airlines with 1.1 crore shares and Godrej Consumer with 4.5 lakh shares on the BSE. At 10:18 hours IST: Nifty holds 5200 amid pressure; RIL, TCS, Bharti down 1%
The BSE Sensex stayed lower by more than 100 points due to fall in banks, oil & gas, metals, banks, capital goods and FMCG stocks. Infosys was quite volatile ahead of its earnings that schedule to be announced on Friday while its rivals TCS and Wipro fell 0.5-1%. Suresh Mahadevan of UBS Securities is neutral on largecap IT stocks namely Infosys and Tata Consultancy Services.
Mahadevan feels currency depreciation and improved US economy may help these companies, but he is not too positive on fourth quarter earnings. He believes that company may start picking up growth in the next quarter onwards.
The BSE benchmark was down 0.76% or 130.32 points to 17,113.52. Meanwhile, the NSE benchmark fell 40 points to 5,203.40, which managed to hold the 5200 level.
Metals stocks were under pressure after sharp fall in LME copper yesterday. Copper futures on London Metal Exchange dropped close to 4% yesterday, which gained 0.5% today. Shanghai copper too fell to three-month lows, losing over 2% today due to likely slowdown in demand from China. Shares of Jindal Steel, Tata Steel, Sterlite Industries, Sesa Goa and SAIL plummeted 1-3%.
India's most valued stock Reliance Industries slipped over 1.3% while state-owned oil & gas producer ONGC was down 0.7%.
Country's largest lender State Bank of India dropped over 1% while rivals ICICI Bank and HDFC Bank too declined over 1%.
Defensive stocks: FMCG major HUL and cigarette major ITC declined nearly 1% on profit booking after seeing sharp rally yesterday.
Capital goods majors Bharat Heavy Electricals and Larsen & Toubro went down 1% each.
However, Tata Motors, top commercial vehicle maker and M&M, utility vehicle manufacturer outperformed other largecaps, rising over 0.5%. Drug maker Cipla too gained 0.5%.
The market breadth was moderately lower; about 800 shares advanced while 1038 shares declined on the BSE. At 9:19 hours IST: Sensex slips 150 pts; KFA, SpiceJet, Jet Air rally 5%
The BSE Sensex resumed downward journey again on Wednesday after taking a rest yesterday. The index opened with nearly 150 points gap down due to concerns in peripheral EU and modest US data, but it showed somewhat recovery. Asian markets like Hang Seng and Nikkei dropped over 1% while Straits Times was down 0.9% and Shanghai declined 0.3%. The US equity markets had fallen over 1.5% yesterday.
Back home, the BSE benchmark was down 122 points to 17,121.52 and the NSE benchmark slipped 40 points to 5,203.85.
Among frontliners, Sesa Goa, Sterlite, Tata Steel, JSPL, SAIL, Hindalco, BHEL, Reliance Infrastructure, JP Associates, Coal India, IDFC, Axis Bank, ICICI Bank and State Bank of India were pulling the markets down in early trade.
ACC fell 1.3% and Ambuja Cements lost 1.9% as CCI report on cement cartelization is likely today or tomorrow.
However, Cipla and Tata Power bucked the trend, rising 0.0.4-0.8%.
The CNX Midcap Index fell 59 points to 7,582. About two shares declined for every share rising on the National Stock Exchange.
In the second line shares, gas stocks bounced back after taking huge beating yesterday due to pricing issue. Indraprastha Gas was up 3%, which had tanked over 30% yesterday. Gujarat Gas was up 3% and Petronet LNG rose 1.25%.
Kingfisher Airlines (KFA) and Mangalore Chemical shot up 5% each The Hindu Business Line reported that Mukesh Ambani Group's flagship company Reliance Industries is close to buying stake in Kingfisher and may also get UB Group�s 30.44% stake in Manglore Chemical as part of the deal.
Aviation stocks rallied quite sharply after government sourced indicated that draft cabinet note on 49% FDI for foreign air carriers is ready and that will be put up for cabinet approval shortly. Jet Airways and SpiceJet were up 5% each.
3i Infotech went up 1% as the company is looking to sell majority stake in Locuz for Rs 60 crore. 3i bought the company in 2008.
Thomas Cook was down 3.7% on profit booking as it had rallied 12% yete
VIP, Delta Corp, Sintex Industries, GVK Power, IRB Infrastructure and TV Today were down 1-2%.