4:00pm: The BSE Sensex and Nifty fell nearly 2% on Monday, marking their steepest fall in nearly one month as most blue-chips declined on worries that retrospective taxation could lead to foreign portfolio outflows, according to a Reuters report.
Fresh fears over the impact of retrospective taxation rattled foreign investors and Indian markets on Monday, traders said, as stocks fell for a fourth consecutive day and the rupee hit its weakest in more than a month.
Foreign investors, key to Indian shares hitting record highs in March, have bought shares worth $6.38 billion in 2015 so far, in addition to $16.2 billion worth of inflows last year.
The S&P BSE Sensex closed 1.95%, 555.89 points, lower at 27,886.21, while the broader CNX Nifty ends 1.83%, or 157.90 points, lower at 8,448.10, marking their steepest single-day decline since 26 March.
A weak start to the January-March earnings season with Tata Consultancy Services Ltd (TCS) Reliance Industries Ltd (RIL) earnings failing to enthuse investors, also weighed on sentiment.
Of 30 Sensex stocks, 28 ended lower while two gained.
3:30pm: The S&P BSE Sensex closes 1.95%, 555.89 points, lower at 27,886.21, while the CNX Nifty ends 1.83%, or 157.90 points, lower at 8,448.10.
3:12pm: The S&P BSE Sensex tanks 1.91%, 544.08 points, to 27,898.02, while the CNX Nifty falls 1.83%, or 157.85 points, to 8,448.15.
2:34pm: The Sensex continues to slide, falling 493.72 points, or 1.74%, to 27,948.38 on earnings growth concerns, while weak cues across the region also dampened sentiment.
Asian shares slipped and Chinese stock markets erased their earlier sharp gains made after Beijing's latest stimulus steps, which still underpinned sentiment and helped limit losses.
2:30pm: Mumbai: UBS Securities India Pvt. Ltd., the Indian arm of UBS AG, cuts its Nifty target for December 2015 to 9,200 points from 9,600 earlier to reflect earnings cuts.
UBS said it reiterates 'overweight' rating on banks as the firm believes the rate cycle will be a bigger driver for these stocks, through lower non-performing loans and bond book gains rather than credit growth in the near term.
2:09pm: The BSE Sensex cracks in late afternoon trade, falling 351.90 points, or 1.24%, to 28,090.20. The NSE Nify index is down 99.40 points, or 1.16%, to 8,506.60.
2:08pm: RIL shares fell more than 4% on profit-booking even as the company reported highest quarterly profit in seven years for the March quarter on Friday. In intra-day trade, the stock fell 4.3%—its sharpest decline since 7 March 2014.
The fall in share price despite the record profit as investors sold the stock after the stock gained from last eight trading sessions.
2:05pm: Ratings agency Fitch expects India's debt-laden property developers to deleverage "meaningfully" by end-2016. Developers such as DLF Ltd, Jaypee Infratech Ltd and Parsvnath Developers have struggled to bring down debt and achieve high sales in recent years.
Fitch says debt reduction process was stalled in 2014 due to weak sales and slower cash collections as developers introduced easy payment schemes to push demand.
1:55pm: Lupin rises as much as 2.2% from oversold region on drug launch in Canada. Lupin's subsidiary launched drug Zaxine, used for treatment of chronic liver disease, in Canada.
Salix Pharmaceuticals in September 2014 granted Lupin exclusive rights to market, distribute and sell products including Zaxine, in Canada. Lupin shares have fallen 10.7% over three consecutive session of declines.
1:45pm: Hindustan Zinc falls 1.9% ahead of earnings later today. Analysts say operating profit may decline by 10%.
1:16pm: The S&P BSE Sensex is now down 288.04 points, or 1.01%, to 28,154.06.
12:50pm: JSW steel rises 2.4% after the company's crude steel production rose 4% in FY2014-15. JSW's March production numbers are slightly better than February at 0.99 million tonnes, say Religare. The broker maintains "buy" with a target of Rs.1,310 per share.
12:45pm: Technology stocks fall for the third straight session with TCS down 1.5%, adding to its 6.7% fall last week after the country's largest software services exporter's January-March revenue fell short of expectations. Infosys is down 2.4%.
12:15pm: NMDC shares fall 3.7%, heading towards their biggest single-day fall since 5 March, after the company said it cut iron ore prices by up to 20%. Analysts say price cut will put pressure on company's margins as global prices are falling.
11:29am: The S&P BSE Sensex extends losses to trade 232.84 points, or 0.82%, lower at 28,209.26.
11:10am: China's stocks rose to a seven-year high on expectations that monetary stimulus will bolster the economy after the central bank cut the amount of cash lenders must set aside as reserves by the most since the global financial crisis.
The Shanghai Composite Index rose 1.1% to 4,333.99 at 1:13pm, after swinging between gains and losses six times as investors weighed the reserve-ratio cut against new restrictions on using leverage for share trading.
10:12am: The BSE Sensex falls further to 28,293.89, down 148.21 points, or 0.52%.
10:10am: LIC Housing Finance is trading up 2.2% as the company reported a 5.2% increase in its March quarter net profit.
9:58am: Power equipment maker Crompton Greaves Ltd gains 1.7% on news that a consortium led by US private equity firm Advent International will buy the company's consumer products division, two sources told Reuters. There will also be an open offer, which will be positive to the stock, said analysts
9:57am: Delta Corp Ltd climbs 3.7% to Rs.90.80 after the company reported a net profit of Rs.78 lakh in the March quarter as against a net loss of Rs.1.95 crore in the same quarter last year.
9:56am: Clariant Chemicals India Ltd surges 20% to Rs.1,037.10 after the company said its board will meet on 22 April to consider the proposal for buy-back of equity shares.
9:55am: Videocon Industries Ltd is up 4.2% to Rs.164.55 after the company said it established oil reserves in Brazil.
9:54am: Titagarh Wagons Ltd jumps 3.4% to Rs.604.50 after the company reported a net profit of Rs.8.78 crore in March quarter against Rs.1.76 crore in the previous quarter.
9:50am: Glenmark Pharmaceuticals Ltd rises 3.1% to Rs.891.40 after the company said in a notice to BSE that it will hold extraordinary general meeting on 13 May to approve offering of 10.8 million shares to Aranda Investments (Mauritius) Pte Ltd at Rs.875 apiece.
9:45am: The S&P BSE Sensex is now down 98.26 points, or 0.35%, to 28,343.84.
9:40am: Reliance Industries Ltd (RIL) shares fall 1.5% in early trade as investors booked profits after the company announced its results after trading hours on Friday.
9:35am: Among the BSE sectoral indices, the IT index is the top loser, down 0.7%, followed by Teck and FMCG indices, which were down 0.6% and 0.5%, respectively. The BSE Bankex is the top sectoral gainer, up 0.3%.
9:34am: The BSE Sensex has fallen by over 600 points in the past four consecutive sessions.
9:33am: The 30-share S&P BSE Sensex is trading lower by 0.14%, or 39.86 points, at 28,402.24, while the 50-share CNX Nifty of the National Stock Exchange (NSE) is down 0.15%, or 13.30 points, to 8,592.70.
9:20am: The equity markets open in the negative zone, falling for the fourth consecutive session.
9:07am: Oil prices are trading higher. US benchmark West Texas Intermediate (WTI) for May delivery gains 58 cents to $56.32 and Brent crude for June rises 63 cents to $64.08 in morning trade.
9:05am: The People's Bank of China on Sunday announced it would cut 1 percentage point off the reserve ratio requirement, the second reduction this year and the latest monetary easing measure aimed at kickstarting growth in the world's number-two economy.
It has also cut interest rates twice since November.
9:00am: Asian markets mostly retreat on Monday following losses on Wall Street as fears over Greece returned, while Shanghai and Hong Kong retreated after Chinese authorities unveiled restrictions on dealers borrowing cash to trade shares.
Hong Kong falls 0.25%, Shanghai loses 0.32%, Sydney sheds 0.85% and Seoul is down 0.21%. Tokyo markets are flat.
8:55am: On Wall Street, the Dow Jone sank 1.54%, the S&P 500 fell 1.13% and the Nasdaq dropped 1.52% on Friday on fears about Greece's future in the euro zone as it struggles to secure the release of much-needed bailout cash.
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