Moneycontrol Bureau 3:30 pm Market Closing
The 30-share BSE Sensex declined 45.86 points to 24824.83 and the 50-share NSE Nifty dropped 7.60 points to 7555.95.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.6 percent and 0.3 percent, respectively. About 1422 shares advanced against 1264 declinnig shares on the BSE.
ICICI Bank crashed 5.6 percent. SBI, Maruti Suzuki, Axis Bank, HUL and Bank of Baroda were down 2-4 percent while Adani Ports, Coal India, Bharti Airtel, Cipla, L&T, Yes Bank and ACC gained 2-4 percent. 2:58 pm Market Update:
About 1407 shares have advanced, 1236 shares declined, and 152 shares are unchanged on the BSE. 2:40 pm Sugar exports:
"One million tonnes have been contracted and another one million tonnes will be contracted," Tarun Sawhney, president of the Indian Sugar Mills Association told a conference in Dubai.
Of the total 1 million tonnes contracted, around 700,000 tonnes have already moved out of the country.
Sawhney said many of the current and future contracts were with Myanmar, where they are expected to be smuggled into China, the world's top importer. 2:20 pm Bajaj Auto's new bike:
The commuter segment bike is expected to be priced between Rs 60,000 to Rs 70,000 (ex-showroom Delhi). Sales of the bike would commence from March and the final pricing would be announced at that time.
"The Bajaj V shall usher a new era in commuter motorcycling. We believe the Indian customer buying a commuter motorcycle deserves something that is substantial, solid, and which moves with a sense of purpose," Bajaj Auto President (Motorcycle Business) Eric Vas told reporters.
Also read - Manufacturing sector returns to growth at start of 2016: PMI 2:00 pmMarket Check
The market continued to consolidate with the Nifty hovering around 7560 level. The broader markets retained outperformance with the BSE Midcap and Smallcap indices rising 0.4-0.6 percent.
The 30-share BSE Sensex declined 0.42 points to 24870.27 and the 50-share NSE Nifty rose 2.90 points to 7566.45. The market breadth was positive as about 1412 shares advanced against 1182 declining shares on the BSE.
Global markets traded mostly in the red. China closed with losses of more than 1.5 percent while European markets too opened in the red.
Maruti Suzuki slipped 3 percent after its sales hit a 9-month low in January. Exports hit a 15-month low. Eicher Motors gained more than 2 percent, with Royal Enfield sales growing 65 percent in January. Ashok Leyland too reacted positively to a 30 percent jump in overall sales, up 3 percent.
SBI tanked more than 3 percent. Morgan Stanley is worried about State Bank of India's bad loan and has reduced target price to Rs 115 per share, implying 36 percent downside. It has also cut earnings per share (EPS)by 28-35 percent.
