Moneycontrol Bureau
12:58 pm Market Update: Equity benchmarks remained under pressure as the Sensex fell 437.37 points or 1.67 percent to 25723.53 and the Nifty dropped 137.85 points or 1.73 percent to 7825.35, tracking sharp fall in Chinese markets.
All sectoral indices continued to in red and the market breadth remained in favour of declines with advance:decline ratio of 1133:1557 on the Bombay Stock Exchange.
CAC and DAX futures fell 1.5-2.5 percent, pointing towards negative opening. Dow Jones futures also extended losses, down more than 1 percent.12:45 pm FII View: Abhay Laijawala, Deutsche Bank says as the market heads into 2016, investor optimism over the policy and macro environment has been replaced by a more conservative realism focused on earnings recovery as the most determining market catalyst.
While there is understandable investor skepticism on an earnings recovery, he believes that corporate earnings are likely to turnaround in 2016, benefitting from an urban consumption recovery, a positive multiplier impact of government's push on public investments, a possible reflation in WPI and favourable base effect.12:30 pm Interview: Punj Lloyd has won four EPC orders in Bihar, Chhattishgarh, Odisha and Punjab. The orders are worth Rs 1,555 crore.Projects in Bihar, Chhattisgarh and Odisha have been awarded to company by National Highways Authority of India while order in Punjab has been won from Ministry of Road Transport and Highways (MORTH).Speaking on the above development, Shantanu Karkun, President & CEO - Buildings & Infrastructure, Punj Lloyd told CNBC-TV18 that with the above wins the orderbook is close to Rs 22,000 crore.The four orders would be completed between 18-30 months with expected margins of around 5-8 percent on these projects, said Karkun. Bihar, Odisha & Chhattisgarh projects to be executed 24-30 months and Punjab, which is a small project will be executed in 18 months, said Karkun. 12:15 pm Movers and Shakers: Tata Motors fell more than 5 percent on China slowdown fears and weak December sales data.Bharti Airtel and Idea Cellular lost 4 percent each as Telecom regulator (Trai) has written to operators to ensure compliance with call drop regulations, effective January 1.HDFC, ICICI Bank, Lupin, SBI, Adani Ports and BHEL declined 2-3 percent while HUL, NTPC, Wipro, Bajaj Auto and Tata Steel outperformed with marginal gains.Also read - As China cracks again, here's why you shouldn't panic12:00 pm Market Check
Bears took control over Dalal Street today as equity benchmarks fell more than 1.5 percent following further correction in Asian peers, especially China.
The 30-share BSE Sensex plunged 417.11 points or 1.59 percent to 25743.79 and the 50-share NSE Nifty fell 132.55 points or 1.66 percent to 7830.65. The BSE Midcap and Smallcap indices also lost ground, down 1 percent each.
The market breadth turned negative as about 1564 shares declined against 1045 advancing shares on the Bombay Stock Exchange.
Deven Choksey of KRChoksey says market is now a traders market and until valuations start getting absolutely crazy, people will continue buying.
China's Shanghai Composite plunged 6.85 percent to 3296.66, spurring a trading halt for the rest of the session, and leading stock markets in Asia Pacific lower after feeble manufacturing surveys revived concerns over the durability of the country's economic recovery. The Caixin December manufacturing PMI was down 48.2 compared to the 48.6 in November.
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