Brent crude futures were trading at USD 47.54 per barrel, down 1 percent, from their last settlement. US West Texas Intermediate futures were down 1.31 percent, at USD 45.28 a barrel.
1:35 pm Transfer of business: Paving the way for stake sale in its commercial finance unit with a loan portfolio of about Rs 16,500 crore, Reliance Capital has got shareholders' approval for the transfer of this business to a separate company.
Post the transfer, Reliance Capital would be applying to the RBI for registering itself as a Core Investment Company (CIC) and this would also facilitate the application of a banking licence, as and when the apex bank's policy permits.
The transfer was approved by an overwhelming majority of 99.99 per cent votes in favour of the scheme of arrangement at the court-convened general shareholders meeting held on September 10, Reliance Capital said in a statement today.
Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner Nippon Life Insurance - with 49 per cent stake.
1:25 pm Market expert: The Nifty going below 8500 levels will be surprising in case of a prolonged uncertainty on the global front, said Sanjay Sinha, Founder, Citrus Advisors. "If we have this uncertainty evaporating in the short-term somewhere around 8,700 points, we should see the markets take a support and then move up," he added.
The current phase of correction is brining strength in the market and may take the markets higher than the current position, he told CNBC-TV18.
Adding to it, expectations of a double-digit earnings growth in the third and fourth quarter will keep the market going, Sinha said.
1:15 pm GST Council: The Cabinet today cleared the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime.
The Council, to be headed by Finance Minister Arun Jaitley and comprising of representative of all 29 states and two union territories, will have to be set up by November 11.
It will decide on the tax rate, exemptions and threshold limits in the new indirect tax regime, which is expected to kick in from April 1, 2017.
The government has notified September 12, as the date from which the procedure for setting up of the GST Council will be initiated and which will be completed within 60 days.
Also read - About 10-12% correction could be a buying opportunity: Udayan
1:00 pm Market check:
Equity benchmarks fell more than a percent in afternoon trade as Federal Reserve officials’ comments on rate hike spooked markets globally.
The 30-share BSE Sensex was down 364.09 points or 1.26 percent at 28433.16 and the 50-share NSE Nifty declined 123.45 points or 1.39 percent to 8743.25.
European stocks were sharply lower as investor sentiment was rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike. The pan-European STOXX 600 was down 1.89 percent.
Crude prices fell a percent after US oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises.
Brent crude futures were trading at USD 47.54 per barrel, down 1 percent, from their last settlement. US West Texas Intermediate futures were down 1.31 percent, at USD 45.28 a barrel.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.