LIVE: Sensex falls further, down over 300 points, Nifty below 7,470; Just Dial gains over 5%

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The benchmark Sensex retreated over 250 points in the morning trade on Thursday as investors booked profits in recent gainers amid mixed Asian cues.

12.32 pm: Sensex was trading 304.50 points at 24,489.46, while NSE Nifty was trading 79.05 points down at 7,452.75.

12.15 pm: In a boost to firms like ONGC and Reliance Industries, the Cabinet on Thursday approved a new price formula for their undeveloped gas discoveries in difficult areas, which will lead to a near-doubling of rates. Shares of Cairn India, ONGC and Petronet LNG were trading up 3.62 per cent, 0.44 per centa nd 0.83 per cent at Rs 141.65, Rs 206  and Rs 248.15, respectively. Sensex was trading 255.77 points down at 24,538.19, while NSE Nifty was trading 62.70 points down at 7,469.10.

12.04 pm: Metal stocks gained on reports the Union Cabinet clears amendment to the Mines and Minerals (Development and Regulation) (MMDR) Act. Hindalco was trading 4.25 per cent up, followed by Jindal Steel (3.08 per cent), Vedanta (up 2.33 per cent) and SAIL (up 2.01 per cent). Sensex was down 216 points at 24,577.

11.42 am: Sensex was down 217 points at 24,577. Meanwhile, Cabinet cleared amendment to the MMDR (Mines and Minerals Development and Regulation) Act.

11.34 am: Meanwhile, Jindal Steel & Power (JSPL) has informed that the company has fixed March 19, 2016 as the record date for the purpose of payment of interest and redemption of NCD. Shares of JSPL were trading 3.23 per cent up at Rs 67.10.

In a BSE filing on Wednesday, JSPL said, “Conisering negative financial results in the past 12 months, company has been working with all banks/ institutions towards various options including 5/25 scheme to meet all obligations.”

11.24 am: Reliance Infrastructure shares strengthened as its arm got 12 industrial licences from DIPP. The scrip was trading 0.70 per cent up at Rs 519.15. Department of Industrial Policy and Promotion (DIPP) has approved 12 industrial licences to Reliance Defence, an arm of Reliance Infrastructure, for manufacturing of a wide range of defence equipment. The licence approval by the DIPP for strategic business units (SBUs) of the company is aimed at addressing defence programmes in India and overseas. Sensex was down 245 points at 24,548.

11.01 am: Sensex plunged further and was trading 262 points down at 24,532.

10.55 am: Sensex was down 211 points 24,582. China stocks were down over 0.50 per cent on Thursday as investors interpreted data showing consumer inflation rising faster than forecasted as being largely negative for an economy struggling to find momentum.

10.41 am: Sensex was trading 183.57 points down at 24,610. Infosys shares were down 2.50 per cent at Rs 1,149. Four shareholders have put up a block in Infosys for sale to raise up to Rs 880 crore – IFR reports.

10.38 am: Corporation Bank gained on plan to raise funds up to Rs 1,000 crore. The scrip was trading 1.35 per cent up at Rs 41.40. 

10.11 am: Nifty was trading 50.90 points down at 7,482. Market experts believe that apart from profit-booking in recent gainers, a mixed trend at other Asian markets affected market sentiments in today’s trade.

10.02 am: Sensex plunged 171.10 points to 24622 on profit booking. Nifty was trading 48.50 points down at 7,483. Just Dial shares were trading over 5 per cent up at Rs 692.50.

9.53 am: The rupee edged higher by 8 paise to 67.13 against the US dollar in early trade on Thursday at the Inter-bank Foreign Exchange market on increased selling of the US currency by exporters and banks.

9.46 am: Sensex was down 114.23 points points at 24,679. Credit Suisse downgraded Indian shares to “Underweight” from “Overweight” and said that India will experience “modest deterioration” in external position, added valuations are at “unjustifiable” premiums, while earnings revisions are most negative across emerging markets.

9.32 am: Shares of Dewan Housing Finance Corporation were trading 3.53 per cent up at Rs 183.55. The company has received an approval to raise funds up to Rs 5,100 crore, subject to market conditions, by way of a secured or unsecured debt issue by means of a private placement or listed on any offshore or onshore Stock Exchanges. The board of directors at its meeting held on March 09, 2016 has approved for the same. Sensex was down 65 points at 24,728.

9.16 am: Sensex was down 53.39 points, or 0.22 per cent, at 24,740.57. Nifty was quoting 2.85 points down at 7,528.95.

9.15 am: BSE Sensex opened 21.74 points, or 0.09 per cent, up at 24815.70, while NSE Nifty 50 index advanced 13.55 points, 0.18 per cent, at 7,545.35. Bajaj Auto on Wednesday informed bourses that the board of the company has considered and declared an interim dividend at the rate of Rs 50 per equity share of Rs 10 each (i.e. 500 per cent), for the financial year ending March 31, 2016.

8.48 am: Benchmark indices BSE Sensex and NSE Nifty are likely to open higher on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.

At 8.28 am (IST), SGX Nifty was trading 17 points, or 0.23 per cent, up at 7,551.

Asian stock markets were trading in green in the morning trade on Thursday after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies. Hang Seng and Nikkei were up by 0.62 per cent and 0.98 per cent, respectively.

Wall Street stocks gained on Wednesday as the strong recovery in oil prices sent energy shares sharply higher. The S&P energy index rose 1.5 per cent.

The Dow Jones industrial average ended up 36.26 points, or 0.21 per cent, to 17,000.36, the S&P 500 gained 10 points, or 0.51 per cent, to 1,989.26 and the Nasdaq Composite added 25.55 points, or 0.55 per cent, to 4,674.38.

Back home, the winning run for markets continued for the sixth straight session on Wednesday, with the BSE Sensex reversing all its losses to close about 135 points higher at 24,793.96 — a 5-week high — on continued expectations that RBIwould bring down the policy rate.

The 50-share index NSE Nifty went past the crucial 7,500-mark and closed higher by 46.50 points, or 0.62 per cent, at 7,531.80.

Shares of Coal India and BHEL will remain in focus on Thursday. Amid a strike call by Coal India worker unions, the company management is likely to meet the protesting unions next week over the issue.

BHEL on Wednesday informed stock exchanges that credit rating agency Crisil has downgraded its ratings on the long-term bank facilities to AA+/ Negative from AAA/Negative. The downgrade reflects Crisil’s belief that BHEL’s business risk profile will remain constrained over the medium term by continued weak profitability and stretch in working capital cycle.