Nifty ends at 7702, Sensex tanks 220 pts; TCS, ITC gainers

Moneycontrol Bureau3:30 pm Market closing: The market has ended in green sparked by late sell-off. The Sensex ended down 219.78 points or 0.9 percent at 25310.33 and the Nifty slipped 63.70 points or 0.8 percent at 7701.70. About 887 shares advanced, 1875 shares declined, and 143 shares were unchanged.

Tata Motors, ITC, TCS, NTPC and Bajaj Auto were top gainers in the Sensex while Vedanta, GAIL, Hindalco, Tata Steel and ONGC were major losers.

3:05 pm Market Update: Equity benchmarks extended losses in afternoon trade with the Sensex falling 227.36 points or 0.89 percent to 25302.75 and the Nifty down 66.55 points or 0.86 percent to 7698.85 on further fall in European markets.About 846 shares have advanced, 1894 shares declined, and 137 shares are unchanged on the BSE.2:50 pm Dabur launch: FMCG firm Dabur India today launched the sugar-free version of its popular ayurvedic product chyawanprash to tap health conscious customers.Dabur has roped in Bollywood actor Anil Kapoor as the brand ambassador for 'Dabur Ratnaprash SugarFree'. "Enriched with the power of potent Ayurvedic ingredients like moti, kesar, musali, Dabur Ratnaprash SugarFree has been specially developed for those who feel the need help to rebuild strength, stamina, vigour, vitality and energy that's drained by the stress of day-to-day living," Dabur said in a statement.2:35 pm Fitch on India: A greater than expected reduction in sovereign debt, fiscal consolidation and an improving business environment will be required for India's credit rating to be upgrades, says Thomas Rookmaaker, Director of Fitch Ratings. The ambitious goods and services tax (GST) going through will also serve as a credit-positive, he adds.

In an interview with CNBC-TV18, Rookmaaker, however, said that while this year's 3.9 percent fiscal deficit target looked achievable but in the next fiscal, there will be challenges from the implementation of the 7th Pay Commission's recommendations. "The government will have to increase revenues through revenue generating reforms to meet deficit target going ahead," he said.2:20 pm Sugar subsidy: Sugar mills are prioritising exports of low-quality white sugar and could focus on raw sugar exports early in 2016 after the government confirmed it will pay a cane production subsidy, European traders said on Monday.

An official notification published in the Gazette of India, dated December 2, confirmed a cane production subsidy will be payable to farmers after mills export 80 percent of their quotas. The subsidy will be 45 Indian rupees (USD 0.7) per tonne.

India is the world's No. 2 sugar producer, behind Brazil.

European traders said that for now, Indian mills were exporting low quality whites to markets such as East Africa, the Middle East and the Indian Ocean, offered at around USD 375 per tonne FOB.Also read - Why there is no floor for sinking oil prices2:00 pm Market Check

The market remained under pressure in afternoon trade with the Sensex down 122.54 points to 25407.57 and the Nifty falling 28.10 points to 7737.30. The broader markets extended losses as the BSE Midcap and Smallcap indices fell 0.6 percent each.

The market breadth was weak as about 1,656 shares declined against 1,005 advancing shares on the BSE.

Crude prices edged away from nearly seven-year lows on Tuesday as China reported strong commodity imports despite economic weakness, but overall the market remained weak due to global oversupply compounded by OPEC's decision to keep output high. NYMEX crude gained 0.4 percent to USD 37.79 a barrel and Brent crude rose 0.6 percent to USD 40.98 per barrel.

European equities were marginally lower amid a continued rout in oil prices.