Volatile Sensex ends 67 points down on rupee woes; ITC up 5.6%

The BSE Sensex and NSE Nifty stayed lower for the second consecutive session on Wednesday due to Greece concerns and rupee weakness. Uncertainty over Greece bailout after election results sent global stocks lower since yesterday - Asian markets were down 0.75-1.65% at close today. Banks, oil & gas, steel, auto and power stocks weighed down the market while the rally in ITC and TCS has limited the downside.

Overall the market was lacklustre today as the BSE benchmark shed more than 600 points since Friday. The index fell 66.60 points or 0.40%, to close at 16,479.58.

Meanwhile, the NSE benchmark declined 25.15 points or 0.5% to 4,974.80.

Listen to the accompanying audio for the full market wrap.

Sudarshan Sukhani of s2analytics.com feels the market will slide down. According to him, the market is looking towards 4800.

The Indian rupee extended losses in afternoon trade and was at 53.80 to the dollar, down 68 paise on global risk aversion. State-run bank dealer says exporters holding back the rupee, looking to sell when USD-INR closer to, or at, 54 levels.

Country's largest lender State Bank of India tanked 3.6% while its rivals ICICI Bank and HDFC Bank were down 0.5-1%.

Index heavyweight and oil & gas producer Reliance Industries fell 2% while its rival state-owned ONGC declined 0.7%.

Steel stocks melted down - Jindal Steel, Sterlite Industries and Tata Steel tumbled 2-3%; even India's largest coal mining company Coal India was down 2.5%.

NTPC, country's largest power generation company plunged 3%. Top telecom operator Bharti Airtel slipped 1.7%.

Software services provider Infosys lost 1% while rival Tata Consultancy Services rallied over 2%.

Cigarette major ITC rebounded quite sharply on Wednesday after falling 4% yesterday. The stock gained 5.6% after the ad valorem taxation, 5% of MRP that was imposed on ITC in this year's Budget in March, has been withdrawn. It has been replaced by a specific duty increase of 22%.

Sanjay Singh, analyst at Standard Chartered says, removal of ad valorem tax is a long-term positive for ITC.

GVK Power dropped 9% as the company posted consolidated net loss at Rs 21 crore for fourth quarter of FY12 as against Rs 37 crore in a year ago period.

Arvind crashed 13.5% after it reported a net profit (excluding other income of Rs 40 crore) at Rs 27 crore for the fourth quarter of FY12, down 52% as compared to Rs 56 crore in a year ago period.

Union Bank of India lost 4% amid heavy volumes as net profit fell by 14% y-o-y to Rs 1,787 crore for the year ended March 31, 2012. However, it reported a forecast beating 29% year-on-year jump in its fourth quarter (Jan-March) net profit at Rs 773 crore, aided by a fall in non-performing assets (NPAs) and a rise in other income component.

Punjab National Bank was down 2% on the back of rising non-performing assets during January-March quarter.

Drug maker Ranbaxy Laboratories shot up 3.8% after it reported a better than expected growth of 310.2% year-on-year in its profit after tax at Rs 1,247 crore for the first quarter of calendar year 2012 due to forex gains. Analysts on average had expected net profit at Rs 408 crore. The company has received an exceptional gain of Rs 345 crore arising out of forex during the quarter.

About three shares declined for every share rising on the National Stock Exchange. The broader markets were down 1%.

At 14:48 hours IST: Sensex sheds 100 pts; banks, RIL weigh, Ranbaxy up post nos

The BSE Sensex and NSE Nifty extended losses in afternoon trade, falling over 0.5%. The Indian rupee too depreciated by 58 paise to trade near the day's low of 53.70 a dollar. Financial and banking, metals, realty, auto, telecom and oil & gas stocks weighed down on the market.

The BSE benchmark was down 108 points or 0.65% to 16,438 and the NSE benchmark fell 42 points or 0.83% to 4,958. The broader markets too declined 1%.

All sectoral indices were in red barring FMCG and technology. The BSE Realty, Bank, Power and Metal indices dropped 2-2.5%. Auto and Oil & Gas declined over 1%.

Index heavyweight Reliance Industries tumbled over 2% to below Rs 700 a share.

Country's largest lender State Bank of India crashed 3.6% while its rivals ICICI Bank and HDFC Bank were down 1.4-1.6%. Public sector lender PNB too lost 3% post rising non-performing assets in Q4FY12.

Top commercial vehicle maker Tata Motors and top utility vehicle manufacturer M&M fell 2% each.

India's largest telecom operator Bharti Airtel and housing finance company HDFC slipped 2% and 1%, respectively.

However, cigarette major ITC shot up 5% and software services exporter TCS was up 1.8%.

In the second line shares, GVK Power tanked 10%, Arvind lost 4% and ABB tanked 5% after disappointing set of numbers in January-March quarter.

At 12:47 hours IST : Choppy Sensex stays flat; PNB falls 3% on rising NPAs

The BSE Sensex and NSE Nifty were moving around their previous closing values since early trade. The market seemed to be priced in all negatives (Greece woes) by falling more than 600 points on the Sensex in previous three sessions.

Shares of country's largest lenders State Bank of India and ICICI Bank continued to trade lower, losing 1.7% and 1.3%, respectively. Reliance Industries, most valued stock in India, too stayed lower, falling 1.3%.

Punjab National Bank reported a higher than expected growth of 18.57% year-on-year in its net profit at Rs 1,424 crore for the fourth quarter of FY12, but its gross non-performing assets (NPAs) increased at 2.93% in the January-March quarter as against 2.42% in previous quarter. Net NPAs too moved up at 1.52% versus 1.11% quarter-on-quarter. The stock fell 3%.

The BSE benchmark rose just 4 points to 16,550.24 while the NSE benchmark was down 4 points to 4,995.70.

Top telecom operator Bharti Airtel and state-owned power generation company NTPC dropped 1.5-2%.

Infosys, India's No. 2 software services exporter was down 0.4% while its rivals TCS and Wipro rallied 2.55% and 1%, respectively.

Cigarette major ITC surged over 4% after the removal of ad valorem duty. The ad valorem taxation, 5% of MRP that imposed on ITC in this year's Budget in March, has been withdrawn. It has been replaced by a specific duty increase of 22%. Experts feel the removal of ad valorem tax is a long-term positive for the company.

Engineering and construction major Larsen & Toubro jumped 1.26% whereas state-owned BHEL gained 1.6%.

On the global front, European markets opened marginally higher amid volatility after falling sharply in previous sessions due to uncertainty over Greece bailout post elections.

At 12 hours IST: Sensex, Nifty recoup losses; ITC shoots up 4.5%

The BSE Sensex and NSE Nifty recouped losses led by rally in capital goods stocks, and TCS and ITC. However, the upside was capped due to fall in SBI, ICICI Bank, Infosys and Reliance Industries. Even Indian rupee recovered from the day's low of 53.63 a dollar to trade at 53.46 a dollar, down 34 paise.

The BSE benchmark gained 47.18 points at 16,593.36, which shed more than 600 points since Friday. Meanwhile, the NSE benchmark clawed back above the 5000 level to trade at 5,009.25, up 9.30 points.

Shares of ITC, country's largest cigarette manufacturer, shot up 4.5% led by value buying interest whereas HUL went up 0.6%.

Top software services exporter Tata Consultancy Services moved up 2.6% and Azim Premji's Wipro rose 1.2% while Infosys was down just 0.33%.

Capital goods majors Larsen & Toubro and Bharat Heavy Electricals rallied nearly 2%.

Private sector lender HDFC Bank rallied 1% while top lenders State Bank of India and ICICI Bank were down 0.5% and 1%, respectively.

Major heavyweights Reliance Industries, ONGC and Bharti Airtel slipped 1% each.

Jaiprakash Associates topped the selling list, falling 3.5%.

In the second line shares, India Infoline, Emami, Berger Paints, Rallis India and Puravankara Projects gained 3-7% while Manappuram Finance, Shree Renuka, HDIL, Jindal Saw and Bajaj Hindusthan fell 3-8%.

At 10:30 hours IST: Volatile Sensex flat; ITC, TCS, capital goods outperform

The BSE Sensex and NSE Nifty stayed lower with moderate losses due to fall in oil & gas, banks, metals and auto (4 wheeler) stocks while rally in ITC and TCS has limited the downside. Asian markets too declined 0.7-1.5% due to uncertainty over Greece bailout since elections.

The BSE benchmark was down 49.22 points or 0.3% to 16,496.96 and the NSE benchmark fell 19.65 points or 0.39% to 4,980.30. The broader indices too were moderately lower.

Sandeep Shah, chief executive officer, Sampriti Capital cautions that Nifty may correct to 4,600-4,800 levels ahead, if global and local situation deteriorates further.

According to Shah, depreciating rupee and lack of policy action will weigh on Indian equities taking it lower levels. The Indian rupee was down 48 paise to 53.60 a dollar.

Realty major DLF was the biggest loser among largecaps, falling 3.4%. Country's largest lenders State Bank of India and ICICI Bank were down 1.6% and 2%, respectively.

Index heavyweights and oil & gas producers Reliance Industries and ONGC fell over 1%. Top telecom operator Bharti Airtel was down 1.6%.

However, Cigarette major ITC bounced back sharply and recouped yesterday's losses led by partial short covering. The stock was up 3.5%, topping the buying list.

Country's largest software services exporter Tata Consultancy Services rallied nearly 2% while its rival Wipro gained 0.7%. Infosys was down 0.7%.

Capital goods majors Larsen & Toubro and BHEL were marginally higher.

At 9:19 hours IST: Sensex, Nifty marginally lower on Greek concerns

The BSE Sensex and NSE Nifty started of trade marginally lower on Wednesday following weak European cues. The Indian rupee too fell 0.5% in early trade to 53.54 a dollar.

Greece political crisis intensified yesterday. Uncertainty over Greek bailout pushed global markets lower. Asian markets like Hang Seng, Nikkei, Kospi, Taiwan, Shanghai and Straits Times were down around 1%.

Back home, the BSE benchmark fell 63 points or 0.4% to 16,483.07 led by 28 components. Meanwhile, the NSE benchmark declined 22.65 points to 4,977.30.

Among frontliners, DLF, State Bank of India, Axis Bank, Bank of Barodar, Hero Motocorp, ONGC, Bharti, M&M, Coal India, NTPC, Kotak Mahindra Bank, Tata Steel and Sterlite were under pressure.

IDFC lost nearly 2% after fourth quarter numbers.

However, ITC gained 2.7% on the back of short covering as it had fallen 4% in late trade yesterday.

Ranbaxy was up 1.4% ahead of quarterly numbers today while Asian Paints gained 0.7% after better than expected results.

In the second line shares, Central Bank of India tanked 3.5% after the bank reported loss in the fourth quarter of FY12; the stock closed down 12% yesterday.

Shree Renuka, IGL, UCO Bank, HDIL, PFC, Manappuram Finance, DCB and GVK Power were down 1-3%.

However, Lanco Infratech gained 2%. Arvind and India Infoline rose 1%.

Glenmark Pharma jumped 2.5% after better than expected numbers in Q4FY12 due to US business and recovery in India.

The CNX Midcap Index slipped 33 points at 7,099. About two shares declined for every shares gaining on the National Stock Exchange.