Markets reverse gains: Sensex ends 144 pts lower, Nifty settles in red
Sensex ends at 29,643.48, plunges 144.87 points while the Nifty settled the day at 9,203, down 33 points.
- Apr 12, 2017,
- Updated Apr 12, 2017 3:40 PM IST
3.39 PM:
Sensex ends at 29,643.48, plunges 144.87 points while the Nifty settled the day at 9,203, down 33 points.
3.14 PM:
Gold made the most of rising geo-political uncertainty as it rose for the second straight day, with prices surging Rs 410 to an over one-month high of Rs 29,760 per 10 grams today.
Silver shot past the Rs 42,000-mark by surging Rs 925 to Rs 42,750 per kg, driven by higher offtake.
Traders said the bullion derived its strength from a firm trend overseas as soaring geo-political tensions boosted the metal's appeal as a safe haven.
Globally, gold climbed 0.05 per cent to trade at a five-month high of USD 1,274.60 an ounce in Singapore.
1.51 PM:
Extending the previous day's sharp losses, shares of Adani Power and Tata Power today fell by up to 6 per cent after the Supreme Court ruled that the power discoms cannot charge "compensatory tariff" on costlier import and set aside appellate tribunal's judgment in this regard.
Adani Power plunged 5.77 per cent to Rs 35.05 on BSE.
Tata Power too lost 1.75 per cent to Rs 83.90.
In the previous session also, these stocks had crashed by up to 16 per cent.
Tata Power's wholly-owned subsidiary Coastal Gujarat Power and Adani Power had originally moved the Central Electricity Regulatory Commission (CERC) seeking higher tariff on the ground that their input costs had gone up due to rupee devaluation and higher costs of coal imported from Indonesia following a regulation passed by the South-East Asian nation.
The apex court did not agree with the contention of these firms, which referred to the findings of the Appellate Tribunal for Electricity, that the rise in coal price consequent on change in the Indonesian law was a factor which entitled them to claim compensatory tariff.
12.30 PM:
Nifty50 climbs back trading above 9,200-mark.
12.39 PM:
A list of heavyweights were trading in the red: Wipro, Power Grid, GAIL, NTPC, Maruti, Tata Motors, Adani Ports and Tata Steel all shedding over 1 per cent off of the BSE.
11.46 AM:
The S&P BSE Sensex plunged 178 points to trade at 29,609.42 while the Nifty50 was tracking at 9,182.30, 54.70 points lower.
10.17 AM:
Market breadth in favour of decline.
ICICI Bank, L&T, Tata Motors and Reliance are top Index losers.
Except HDFC Bank all banks on Bank Nifty trade with losses.
Financials stocks are dragging the market down the most, contributing to 40 per cent of the Nifty fall.
10.03 AM:
Midcap stocks continue to take a beating as market sentiment remains low.
Dealers said building up of positions by participantsahead of key economic data - industrial production (IIP) forFebruary and consumer price index (CPI) for March - to bereleased after market closing today influenced sentiment.
9.59 AM:
The rupee shed 11 paise to 64.61against the US dollar in early trade today following freshdemand for the American currency from banks and importers.
Moreover, the US dollar's gains against some currenciesoverseas put the rupee on backfoot, forex dealers said.
However, a higher opening of the domestic equity marketcapped the rupee's fall.
Yesterday, the rupee had recovered some of the lost groundand advanced by 6 paise to end at 64.50 against the US dollaramid mild selling of the American currency by exporters.
9.25 AM:
The Indian benchmark indices opened flat with a negative bias over the back of weak global cues as investors remain uncertain amid geopolitical tensions in North Korea and Syria.
The S&P BSE Sensex was trading at 29,795.49, up 7 points while the Nifty50 was trading at 9,240.55, 3.55 points higher.
Among the stocks in focus were all Adani enterprises after Shares of Adani Power on Tuesday saw huge selling pressure after the Supreme Court said that power distribution firms cannot charge "compensatory tariff" from consumers and set aside the appellate tribunal's judgement in this regard.
The scrip of Adani Power plummeted 16.12 per cent to close at Rs 37.20 on BSE on Tuesday. In intraday trade, it nosedived 17.58 per cent to Rs 36.55.
On Wednesday, Adani Enterprises was down 1.77 per cent, Adani Transport was down over 2 per cent, Adani Ports were trading over 1 per cent over.
Tata Power, too, witnessed the same selling pressure in yesterday's trade and was trading over 1 per cent lower on the bourse.
However, GAIL, Asian Paints and Tata Steel were the top gainers on the BSE today.
3.39 PM:
Sensex ends at 29,643.48, plunges 144.87 points while the Nifty settled the day at 9,203, down 33 points.
3.14 PM:
Gold made the most of rising geo-political uncertainty as it rose for the second straight day, with prices surging Rs 410 to an over one-month high of Rs 29,760 per 10 grams today.
Silver shot past the Rs 42,000-mark by surging Rs 925 to Rs 42,750 per kg, driven by higher offtake.
Traders said the bullion derived its strength from a firm trend overseas as soaring geo-political tensions boosted the metal's appeal as a safe haven.
Globally, gold climbed 0.05 per cent to trade at a five-month high of USD 1,274.60 an ounce in Singapore.
1.51 PM:
Extending the previous day's sharp losses, shares of Adani Power and Tata Power today fell by up to 6 per cent after the Supreme Court ruled that the power discoms cannot charge "compensatory tariff" on costlier import and set aside appellate tribunal's judgment in this regard.
Adani Power plunged 5.77 per cent to Rs 35.05 on BSE.
Tata Power too lost 1.75 per cent to Rs 83.90.
In the previous session also, these stocks had crashed by up to 16 per cent.
Tata Power's wholly-owned subsidiary Coastal Gujarat Power and Adani Power had originally moved the Central Electricity Regulatory Commission (CERC) seeking higher tariff on the ground that their input costs had gone up due to rupee devaluation and higher costs of coal imported from Indonesia following a regulation passed by the South-East Asian nation.
The apex court did not agree with the contention of these firms, which referred to the findings of the Appellate Tribunal for Electricity, that the rise in coal price consequent on change in the Indonesian law was a factor which entitled them to claim compensatory tariff.
12.30 PM:
Nifty50 climbs back trading above 9,200-mark.
12.39 PM:
A list of heavyweights were trading in the red: Wipro, Power Grid, GAIL, NTPC, Maruti, Tata Motors, Adani Ports and Tata Steel all shedding over 1 per cent off of the BSE.
11.46 AM:
The S&P BSE Sensex plunged 178 points to trade at 29,609.42 while the Nifty50 was tracking at 9,182.30, 54.70 points lower.
10.17 AM:
Market breadth in favour of decline.
ICICI Bank, L&T, Tata Motors and Reliance are top Index losers.
Except HDFC Bank all banks on Bank Nifty trade with losses.
Financials stocks are dragging the market down the most, contributing to 40 per cent of the Nifty fall.
10.03 AM:
Midcap stocks continue to take a beating as market sentiment remains low.
Dealers said building up of positions by participantsahead of key economic data - industrial production (IIP) forFebruary and consumer price index (CPI) for March - to bereleased after market closing today influenced sentiment.
9.59 AM:
The rupee shed 11 paise to 64.61against the US dollar in early trade today following freshdemand for the American currency from banks and importers.
Moreover, the US dollar's gains against some currenciesoverseas put the rupee on backfoot, forex dealers said.
However, a higher opening of the domestic equity marketcapped the rupee's fall.
Yesterday, the rupee had recovered some of the lost groundand advanced by 6 paise to end at 64.50 against the US dollaramid mild selling of the American currency by exporters.
9.25 AM:
The Indian benchmark indices opened flat with a negative bias over the back of weak global cues as investors remain uncertain amid geopolitical tensions in North Korea and Syria.
The S&P BSE Sensex was trading at 29,795.49, up 7 points while the Nifty50 was trading at 9,240.55, 3.55 points higher.
Among the stocks in focus were all Adani enterprises after Shares of Adani Power on Tuesday saw huge selling pressure after the Supreme Court said that power distribution firms cannot charge "compensatory tariff" from consumers and set aside the appellate tribunal's judgement in this regard.
The scrip of Adani Power plummeted 16.12 per cent to close at Rs 37.20 on BSE on Tuesday. In intraday trade, it nosedived 17.58 per cent to Rs 36.55.
On Wednesday, Adani Enterprises was down 1.77 per cent, Adani Transport was down over 2 per cent, Adani Ports were trading over 1 per cent over.
Tata Power, too, witnessed the same selling pressure in yesterday's trade and was trading over 1 per cent lower on the bourse.
However, GAIL, Asian Paints and Tata Steel were the top gainers on the BSE today.