Sensex slips 210 points, Nifty below 8400; SBI up, HUL falls 4%

03:30pm Market close: The market ended in red as the Sensex is down 210.17 points or 0.7 percent at 27676.04. The Nifty is down 70.35 points or 0.8 percent at 8377.75. About 1324 shares have advanced, 1377 shares declined, and 188 shares are unchanged.

Wipro, Axis Bank, Sesa Sterlite, SBI and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, HUL, Hindalco, Maruti and Dr Reddy's Labs.

03:10pm International markets: World stocks climbed back towards all-time highs as upbeat European earnings reports and expectations of a sixth straight rise in German business confidence helped offset worries about a possible Greek default.

Even after several rounds of negotiations, hopes are slim that Athens will be able to convince euro zone finance ministers to continue their financial support at the latest in a series of meetings on Friday.

The country could run out of cash by the end of the month. On Monday, the government ordered state entities to park spare cash at the central bank in a bid to pay civil service salaries and IMF loan repayments due in early May.

03:00pm Market Update: The market slipped again. The Sensex lost 178.02 points to 27708.19 and the Nifty dipped 65 points to 8383.10.

About 1290 shares have advanced, 1321 shares declined, and 186 shares are unchanged on the BSE.

02:45pm Symphony on buyers' radar: Air cooler manufacturer Symphony's third quarter net profit shot up 35.1 percent year-on-year to Rs 36.5 crore, driven by strong sales numbers and realisation.

Total income from operations grew by 26.6 percent to Rs 146.3 crore during January-March quarter from Rs 115.5 crore in same quarter last year, led by spike in air cooler sales.

Symphony sold 2,12,640 units of air cooler in third quarter of financial year 2014-15, a growth of 13.3 percent compared to 1,87,718 sold in the year-ago quarter. Average realisation per unit was Rs 6,328 during the quarter as against Rs 5,986 in corresponding quarter of last fiscal.

The company follows July-June as its financial year.

For last nine months, the company recorded sales of 6,15,295 units, a growth of 24.5 percent compared to 4,94,028 units sold in same period last year.

02:25pm Realty companies in focus: Shares of Mumbai-based realty companies are rallying on Dalal Street with the index up 1 percent intraday today. Maharashtra Government has scrapped the controversial Mumbai Development Plan 2015-2034 and directed BMC to submit reworked Mumbai Development Plan in four months.

The reworked Mumbai Development Plan will be put up for public review.

The draft development plan 2015-2034 of the BMC had several omissions and flaws. In development plan, for instance, it had not marked more then 40 percent of heritage structures. The development plan had shown roads through existing buildings and some places of worship.

02:00pm Market Check

Equity benchmarks fell marginally amid volatility in afternoon trade but the broader markets outperformed. The Sensex slipped 38.83 points to 27847.38 and the Nifty declined 15.85 points to 8432.25 while the BSE Midcap and Smallcap indices gained 0.1-0.3 percent.

The market breadth was also positive as about 1407 shares have advanced against 1115 shares declined on the BSE.

Mahantesh Sabarad, DY VP-Research, SBICap Securities said monsoon would be the key trigger for the market going forward. The Nifty would probably head towards to 8300 mark, which would then become a buying zone. However, one-two years down the line it would eventually move to 9400-9800 range, he added.

Sun Pharma kept its top position in the selling list on Sensex, down 8 percent. The stock saw multiple block deals on BSE and NSE at Rs 930 to Rs 968 per share as Daiichi Sankyo sold its entire 8.9 percent stake in the company.

HCL Technologies trimmed losses, down 3.5 percent. IT major reported a miss on all counts in Q3. Dollar revenue came in lower than estimates and the rupee revenue declined by 0.17 percent Q-o-Q. The management told CNBC-TV18 that margins were compressed due to increase in investments and their deal pipeline currently looking better than it was a year ago.

Shares of HUL, Tata Motors, Maruti, Hindalco, NTPC, GAIL and Tata Power declined 1-3 percent while Axis Bank, ONGC and Tata Steel were biggest gainers, up 1.4-2 percent.

In the broader space, Lanco Infratech surged 11 percent as the company has successfully completed sale of 1200 MW udupi power plant to Adani Power. Tata Sponge climbed 8 percent as the company reported a decline of 25 percent in total income to Rs 160.3 crore with profits declining 79 percent to Rs 8.57 crore year-on-year. Ramco Systems fell 4 percent as the company saw profits declining 46 percent sequentially to Rs 43.5 crore and margin came in lower at 19 percent versus 23 percent.

1:50 pm Exclusive: The central government has floated a tender to invite bids for third-party verification of implementation of financial restructuring plans. As many as eight state discoms are part of this FRP plan.

The third party verification of financial restructuring plan (FRP) for the state discoms is part of the monitoring of FRP which was approved by the Cabinet in 2012. The crucial role of FRP Consultant will be to verify the achievements and compliance of all the conditions which were put up under the FRP plan which was approved by the Cabinet.

This will include record of AT&C losses reduction, which is aggregate technical and commercial losses of electricity. The consultant will also have to verify from commission orders the subsidy, average cost of supply and average revenue realised because the whole intention of FRP plan was to reduce the gap between average revenue realised by the state discoms along with average cost of supply.

1:30 pm Gold special: Gold prices fell marginally by 0.15 percent to Rs 26,797 per ten grams in futures trade as speculators trimmed their positions, taking weak cues from the global markets.

However, token buying by retailers in the spot markets on the auspicious occasion of "Akshaya Tritiya" day limited the losses. At the spot markets, gold traded lower at Rs 27,200 per ten grams in opening trade at Chennai.

Analysts said the fall in yellow metal prices at futures trade was mostly in tandem with a weak trend overseas but token buying by retailers at spot markets on account of Akshaya Tritiya, considered to be most auspicious day for buying gold and silver, restricted the fall.

The market is still in the green as the Sensex is up 9.95 points at 27896.16 and the Nifty is up 6.95 points at 8455.05.  About 1370 shares have advanced, 1076 shares declined, and 165 shares are unchanged.

Realty stocks are higher with the index gaining over 1 percent after the controversial Mumbai Development Plan 2015-2034 is scrapped. The Maharashtra Government has directed BMC to submit reworked Mumbai Development Plan in two months. The reworked Mumbai Development Plan will be put up for public review. The draft development plan 2015-2034 of the BMC had several ommissions and flaws. In land use plan development plan, for instance, had not marked more then 40 percent of heritage structures. The development plan had shown roads through existing buildings and some places of worship.

Bharti Airtel, Axis Bank, ICICI Bank, Tata Steel and Coal India are top gainers in the Sensex. Among the losers are Sun Pharma, HUL, Maruti, Hindalco and Dr Reddy's Labs.

12:45pm Wipro Q4 Expectations: Wipro will announce its fourth quarter earnings today. India's third-largest IT services exporter is likely to report a 0.2 percent decline in dollar revenues, according to the average of estimates of analysts polled by CNBC-TV18.

The poll sees dollar revenues at USD 1791.5 million during January-March quarter against USD 1795.4 million in previous quarter, but in constant currency, dollar revenues may see 2 percent growth (that is in the middle of company's guided range for March quarter).

After December quarter earnings, Wipro had said it expects 1-3 percent growth in Q4FY15 dollar revenues at USD 1814-1850 million.

Meanwhile, rupee revenues may increase 0.5 percent sequentially to Rs 11,399 crore during the quarter.

Operating performance is also likely to be weak in March quarter with earnings before interest and tax (EBIT) falling 4.25 percent at Rs 2,365 crore and EBIT margin at 20.74 percent against 21.77 percent on sequential basis due to cross currency impact.

12:20pm Gold Update: Gold remained below the key USD 1,200 level today, adding to overnight losses, as a rally in global equities and a firmer dollar dented the metal's appeal as a safe haven.

Spot gold was down 0.2 percent to USD 1,194 an ounce at 0657 GMT after losing 0.7 percent on Monday.

"Precious markets declined, as market participants pared back safe-haven exposure in gold," said ANZ analyst Victor Thianpiriya. "Risk appetite improved, with traders moving towards US and European equities."

The dollar edged higher against its peers on Tuesday, drawing support as the euro was pressured by increasing worries that Greece could default on its debt and eventually exit the single currency.

Athens is in negotiations with its eurozone partners and the International Monetary Fund over reforms required to unlock remaining bailout funds. Public sector entities have been ordered to transfer idle reserves to the central bank to help with a cash squeeze.

12:00pm Market Check

Key indices came off the day's low. Pharma and IT stocks continued to lose ground while Bank Nifty showed some resilience.

The Sensex fell 43.38 points to 27842.83 and the Nifty declined 14.50 points to 8433.60. About 1304 shares have advanced, 1093 shares declined, and 165 shares are unchanged on the BSE.

Recent correction provided opportunity to buy good quality stocks, says Mark Mobius. He remains bullish on Indian equities despite the recent dip and expects about 12-15 percent annualised returns from India. The only dark cloud, according to him, is the recent development on minimum alternate tax demand on FIIs. He says this is a major issue for portfolio investors and if not resolved, FIIs could look elsewhere.

The rupee recovered after breaching 63 and touching intraday lows of 63.15 against the dollar. The currency fell to its lowest level since January 8. However, it recovered as exporters and state-run banks sold dollars.

HCL Technologies trimmed losses, down 3.5 percent. IT major reported a miss on all counts in Q3. Dollar revenue came in lower than estimates and the rupee revenue declined by 0.17 percent Q-o-Q. The management told CNBC-TV18 that margins were compressed due to increase in investments and their deal pipeline currently looking better than it was a year ago.

11:45 am Akshaya Tritiya special: Most commodity experts believe there is not too much gains that one can make buying gold now. If one had bought gold a year back then your wealth would have been eroded by almost 7 percent and if one had bought Gold ETP, your returns would have been eroded by almost 11 percent. So, is gold loosing its glitter and its safe haven quality? What should be your strategy on gold going forward?

According to Victor Thianpiriya, commodity strategist, ANZ Research, gold will still make a positive investment over the next two -three years and global gold prices could head to USD 1100 per ounce levels over the next few months.

However, for the near-term there is no conviction that prices would go a lot higher and niether is conviction that prices would go lower. So, we are still waiting for the key events on what happens with Greece and with what happens with US monetary policy, says Thianpiriya.

11:30 am Earnings poll: Wipro will announce its fourth quarter earnings on Tuesday. India's third-largest IT services exporter is likely to report a 0.2 percent decline in dollar revenues, according to the average of estimates of analysts polled by CNBC-TV18. The poll sees dollar revenues at USD 1791.5 million during January-March quarter against USD 1795.4 million in previous quarter, but in constant currency, dollar revenues may see 2 percent growth (that is in the middle of company's guided range for March quarter).

The market is sluggish. The Sensex is down 9.45 points at 27876.76 and the Nifty is down 3.70 points at 8444.40. About 1057 shares have advanced, 1056 shares declined, and 155 shares are unchanged.

Banks are lending major support to the indices with gainers like Axis Bank and ICICI Bank. M&M, Coal India and Tata Steel are also up 1 percent each. Sun Pharma is still down 9 percent while Maruti, Dr Reddy's, HUL and Hindalco are losers in the Sensex.

The rupee plunged by another 24 paise to hit a new one-month low of Rs 63.15 against the dollar in early trade today at the Interbank Foreign Exchange due to sustained demand for dollars from importers and bankers. Dealers said a lower opening in the domestic equity markets also weighed on the Indian currency. They attributed the rupee's fall to dollar gains against other currencies overseas.

10:35am Market Update: Equity benchmarks extended losses with the Nifty falling below 8400. The Sensex lost 188.02 points to 27698.19 and the Nifty slipped 61.35 points to 8386.75. About 881 shares have advanced, 1098 shares declined, and 137 shares are unchanged on the BSE. Banks are weak. Credit Suisse recommended reducing weight on Indian Banks and selling corporate lenders including SBI and PNB. They have cut the target price of the likes of Axis Bank and ICICI Bank and downgraded Bank of Baroda and Yes Bank to neutral. SBI, HDFC Bank and HDFC fell 0.8-1.5 percent. In the broader space, Lanco Infratech climbed 5.5 percent as the company has successfully completed sale of 1200 MW Udupi power plant to Adani Power. However, Ramco Systems cracked 5 percent as the company reported revenue growth of 4 percent with EBITDA declining 14 percent, margin at 19 percent (against 23 percent Y-o-Y) and profit down 46 percent Y-o-Y to Rs 43.5 crore. Meanwhile, the rupee breached 63-mark, down 13 paise to 63.04 a dollar.

10:25am Market Expert: The political tussle taking place in the parliament over important business-evolving Bills like the Land Acquisition Bill is taking its toll on the market, says Sandeep Bhatia, Executive Director & Head Of Sales at Kotak Institutional Equities. In an interview to CNBC-TV18, Bhatia says the Indian industry should be allowed to expand by easy acquisition of land and the ongoings in the parliament act as a huge headwind for the Nifty. The other headwind, he adds, is the Q4 earnings that are on the expected lines of a slowdown. But if the earnings continue to lag growth, then information technology will be the best sector to be in, he says.

10:00am Market Check The market remained under pressure amid volatility. The Sensex fell 126.43 points to 27759.78 and the Nifty declined 46.25 points to 8401.85. About 855 shares have advanced, 991 shares declined, and 131 shares are unchanged on the BSE. Sun Pharma topped the selling list on Sensex, down nearly 10 percent as the compnay saw multiple blocks on BSE and NSE at Rs 930-Rs 968 per share with Daiichi Sankyo as the likely seller. HCL Technologies reacted negatively to its third quarter earnings. The stock fell 7 percent as the company reported a miss on all counts with dollar revenue at USD 1.49 billion against estimates of USD 1.5 billion and rupee revenue down 0.2 percent Q-o-Q for the quarter. The constant currency growth was 2.7 percent Q-o-Q against estimates of 3 percent and the margin decline was sharper than estimates with EBIT margins declining to 21.33 percent against estimates of 22.58 percent with profit down 12.1 percent to Rs 1,683 crore. Wipro too slipped 3 percent ahead of its numbers today. The street is expecting a dollar revenue to decline 0.2 percent with EBIT margins at 20.74 percent against 21.77 percent Q-o-Q. Tata Sponge Iron plunged over 8 percent after the company reported a decline of 25 percent in total income to Rs 160.3 crore with EBITDA down 105 percent to Rs 1.7 crore and profit down 79 percent to Rs 8.57 crore Y-o-Y.

9:55 am FII view: With tax authorities asking FPIs to pay minimum alternate tax (MAT), the threat of FIIs turning away has become a reality, warns emerging markets fund manager at Franklin Templeton Investments Mark Mobius. On Monday, fears of retrospective taxation triggering an outflow from foreign portfolio investors slashed 555 points off the BSE benchmark. Nevertheless, Mobius does not find it unusual to see sharp corrections in a bull market. "Earlier a 10 percent slide would rattle markets, but not anymore," he said adding that a further cut of over 5-10 percent won't be unexpected. "This is just a correction and not a bear market. These corrections give an opportunity for investors to get into good quality stocks" he adds in an interview to CNBC-TV18.

9:40 am Market check: The market recovers from the initial jerk. The Sensex is down 5.41 points at 27880.80 and the Nifty is down 16.10 points or at 8432.00. About 910 shares have advanced, 553 shares declined, and 112 shares are unchanged. Sun Pharma is down 11 percent while HCL Tech slips 7 percent. Wipro, Cipla, Maruti and Dr Reddy's Labs are major losers in the Sensex.

9:30 am Earnings impact: Missing street expectations on all parameters, the IT company's consolidated net profit fell 12 percent sequentially (up 3.6 percent year-on-year) to Rs 1,683 crore, impacted by adverse cross currency in Q3. Abhishek Shindadkar, IT Analyst, ICICI Securities says its constant currency is better than what they did in Q3 FY14. Constant currency growth in dollar revenue was 2.7 percent Q-o-Q and and 15.4 percent Y-o-Y in January-March quarter. Vikas Khemani of Edelweiss Financial Services advises to stay invested in the stock for long-term returns. He says HCL has been delivering a good set of numbers for a few quarters; it is not unusual to see a lean period once in a while. Most of the IT firms are spending money on new technology and that shift may be reflected in the numbers.

The market has opened in red once again. The Sensex is down 50.65 points at 27835.56, and the Nifty is down 26.55 points at 8421.55. About 369 shares have advanced, 263 shares declined, and 87 shares are unchanged. Sun Pharma loses 9 percent while HCL Tech is also down 9 percent. Wipro, HDFC, Cipla and Tata Motors are major laggards. Coal India, BHEL, Tata Steel, Sesa Sterlite and Reliance are top gainers in the Sensex. The Indian rupee continues to slide, opening lower by 23 paise at 63.14 per dollar against its previous close of 62.91. On Monday, the rupee touched a one-month low of 62.93 on back of possible demand for the US dollar by defense and oil marketing companies.

The dollar rose broadly, with the euro sliding against the US currency, on growing concern that Greece may default on debts. Globally, the cues are positive with US stocks having closed sharply higher on the back of unexpected stimulus from China and as investors eyed corporate earnings. Europe too closed with smart gains. Asian markets are positive in morning trade. In other asset classes, the dollar rose broadly, with the euro sliding against the US currency, on growing concern that Greece may default on debts. In commodities, crude prices remain largely unchanged. Brent crude slipped marginally to USD 63 per barrel. Gold fell below USD 1200 an ounce as the dollar steadied. Back home, the government has hinted at an import duty cut for gold after imports surged in March.