Nifty ends at 8108, Sensex bleeds 514 pts; Auto falls 5%

Moneycontrol Bureau3:30 pm Market closing: The market has ended with heavy losses. The Sensex was down 514.19 points or 1.9 percent at 26304.63 and the Nifty slipped 187.85 points or 2.3 percent at 8108.45. About 348 shares have advanced, 2354 shares declined, and 112 shares were unchanged.

SBI, TCS, Dr Reddy's Labs, Wipro and HUL were top gainers while Tata Motors, Tata Steel, Asian Paints, Maruti and HDFC were losers in the Sensex.

Auto index was down 5 percent.

3:20 pm Market check: The Sensex is down 542.70 points or 2 percent at 26276.12, and the Nifty down 196.45 points or 2.4 percent at 8099.85. About 341 shares have advanced, 2357 shares declined, and 105 shares are unchanged. 2:58 pm Market Update: The Sensex was down 404.05 points or 1.51 percent at 26414.77 and the Nifty down 152.05 points or 1.83 percent at 8144.25.About 2283 shares declined against 348 advancing shares on the BSE.2:42 pm Acquisition: Automotive component solutions provider Bharat Forge shares gained more than 4 percent intraday ahead of board meeting to consider US acquisition.

"The meeting of finance and risk management committee is scheduled, on November 18, to consider and approve the proposed acquisition of a target entity based out of North America," the company said in its filing today.

Bharat Forge will acquire the company through its wholly owned subsidiary, Bharat Forge America Inc, USA.

The company, which will be acquired, is engaged in automotive and industrial forgings.2:32 pm Market Expert: As the landslide continues in the Indian market, Shyamsunder Bhat, CIO of Exide Life Insurance says that this correction is mainly driven by two factors, firstly due to the short-term impact on business due to shortage of currency in circulation and secondly, because of the strengthening of the US bond yield and US dollar and some concerns on the trade measures by the US.

In an interview with CNBC-TV18 he said that this panic is likely to be short-lived and where a likely downgrade in FY17 earnings in possible, FY18 earnings are to remain intact given the bounceback in the economy and corporate sector.2:20 pm Order inflow: State-run power equipment maker BHEL has expanded its footprint in the international market by securing export orders for supply of industrial motors to the African nations of Togo and Benin.

Scancem International DA, Norway (Heidelberg Cement group) has placed the order for the motors for their cement plants, Ciments Du Togo S.A. & Cimbenin S.A, Benin, BHEL said in press release.

According to the statement, the motors will be manufactured and supplied by BHEL's Bhopal unit.

BHEL has been present in the African continent almost since its export journey commenced 45 years back and has references today in almost half of the African continent.

The company has recently built 500 MW Kosti Thermal Power Plant - the largest in Sudan.2:10 pm Europe update: European stocks were higher as the US dollar stood near a 13-and-a-half-year high and treasury yields continued to rise as traders anticipate President-elect Donald Trump's policies will stoke inflation.

Britain's FTSE was up 0.7 percent and France's CAC gained 0.3 percent.

The dollar index – which measures the greenback against a basket of currencies – was around USD 99.745 in European trade after paring some gains.Also read - Banks to use indelible ink so that people change cash only once2:00 pm Market Check: Selling pressure continued in afternoon trade with the Sensex falling 371.81 points or 1.39 percent to 26447.01 and the Nifty down 146.95 points or 1.77 percent at 8149.35.

The broader markets continued to underperform benchmarks with the BSE Midcap and Smallcap indices losing 3.5-4 percent on weak breadth. About 7 shares declined for every share rising on the exchange.

Nifty IT index gained more than 1 percent as TCS, Wipro, HCL Technologies and Infosys climbed 1-2.5 percent while PSU Bank jumped 2 percent as Bank of Baroda rallied 8 percent. Canara Bank,  SBI, Bank of India and Andhra Bank rose over 1.6 percent.

HPCL lost 4 percent after disappointing earnings. Profit in Q2 fell sharply by 66.6 percent quarter-on-quarter to Rs 701.3 crore due to weak operational performance.