Blood on D-St: Sensex dives 723 points, Nifty ends below 8100

3:30 pm Market ends finally: The Sensex ended 722.77 points or 2.6 percent down at 26717.37, and the Nifty plunged 227.80 points or 2.7 percent at 8097.00. About 599 shares have advanced, 2143 shares declined, and 158 shares were unchanged. Bharti Airtel was the only gainer in the Sensex. BHEL slipped 6 percent, followed by ICICI Bnak, L&T, Maruti and NTPC.

03:15pm Nifty breaches 8100: The market fell further with the Sensex down 732.39 points at 26707.75 and Nifty down 238.15 points at 8086.65.

About 561 shares have advanced, 2134 shares declined, and 159 shares are unchanged on the BSE. The BSE Midcap and Smallcap indices lost 3 percent each.

03:05pm Phoenix Lamps in News: Suprajit Engineerings board has approved to acquire around 51 percent to 61.88 percent shares in Phoenix Lamps at a price of Rs 89 per share said Ajith Rai, CMD, Suprajit Engineering.

We are making an open offer to the shareholders of Phoenix Lamps at a price of Rs 100 per share which is 60 days weighted average price of the stock in both the bourses, said Rai.

The entire deal will be done in two tranches, in which the company will have to pay Rs 124-125 crore in the first tranch. Phoenix Lamps is perfect fit for Suprajit Engineering as it is a cash generating company with single product specialty, added Rai.

03:00pm Market Update: The Sensex fell 662.55 points or 2.41 percent to 26777.59 and the Nifty dropped 211.60 points or 2.54 percent to 8113.20.

About 547 shares have advanced, 2105 shares declined, and 156 shares are unchanged. 

02:45pm Global Markets Update: A worldwide selloff in government bonds deepened, with the rise in yields to their highest level this year spreading unease across all asset classes and putting stock markets around the world under pressure.

European equities struggled to stop the rot after a rout on Tuesday, as soaring bond yields dampened any relief from a growing consensus that the damaging threat of deflation across the continent may be disappearing.

Instead, investors are not only rushing to get out of low or negative-yielding bonds, but are also questioning the rationale for holding equities in a slow growth environment as the high yields on offer relative to bonds evaporates.

Oil prices jumped to their highest this year, with Brent crude futures now up more than 50 percent from the multi-year trough plumbed as recently as January.

Even top-rated assets sank, with Germany's 10-year yield rising to a 2015 high at just under 0.6 percent. The yield has more than tripled in a week and risen 10-fold in just three weeks, erasing all the gains made this year.

Benchmark 10-year yield on Spanish, Italian and UK government bonds also hit year highs. The 10-year U.S. Treasury yield was within three basis points of a 2015 peak too.

02:30pm Salman Khan's effect: Shares of Mandhana Industries slumped 5 percent intraday after Being Human brand ambassador Salman Khan has been pronounced guilty by a Mumbai Sessions Court of all charges in the 2002 hit-and-run case. The Bollywood actor has been sentenced to 5-year imprisonment for culpable homicide not amounting to murder.

Meanwhile, Eros International Media fell 7 percent as it had acquired global distribution rights of Salman Khans two upcoming movies - Bajrangi Bhaijaan and Hero. Bajrangi Bhaijaan, slated for an Eid release in July 2015, also stars Kareena Kapoor and Nawazuddin Siddiqui. Bajrangi Bhaijaan is produced by Salman Khan and Rockline Venkatesh Films.

02:00pm Market Check
Equity benchmarks as well as broader markets continued to reel under selling pressure, dragged by broadbased weakness. Banks, technology, FMCG and infrastructure stocks were the biggest contributors to this fall.

The Sensex plunged 611.76 points or 2.23 percent to 26828.38 and the Nifty slipped 198.10 points or 2.38 percent to 8126.70. The BSE Midcap and Smallcap also fell more than 2 percent.

The market breadth remained weak as four shares declined for every share advancing on the Bombay Stock Exchange.

Pramod Gubbi of Ambit Capital expects further downside in the Indian markets. He said the money is moving out of India and into China and Korea. "We will look at buying this market after another 5-10 percent correction," he added.

ICICI Bank, NTPC, Larsen & Toubro, BHEL, Cipla, Maruti Suzuki and Tata Power topped the selling list on Sensex down 3-4 percent. ITC, Infosys, TCS, Axis Bank, HDFC Bank, HDFC, SBI, ONGC and Sun Pharma lost 1-2 percent.

However, Bharti Airtel remained on buyers' radar, rising over 2 percent after MSCI doubled scrip's weightage to 2.6 percent in India Index.

1:45 pm Macro economy: Growth in India's dominant services industry continued to lose momentum in April as domestic demand softened, a business survey showed on Wednesday. Coupled with a slowing manufacturing sector and falling inflation, the findings are likely to strengthen expectations that the Reserve Bank of India will cut interest rates for the third time this year, possibly before its next scheduled policy review on June 2.

The HSBC Services Purchasing Managers' Index, compiled by Markit, fell to a three-month low of 52.4 in April from March's 53.0, but remained well above the 50 level that separates growth from contraction. It has been above that level for a year.

1:30 pm Market outlook: Sanjay Dutt of Quantum Securities says the fall is nothing much to be perturbed about and could be termed as a healthy correction in a strong bull market.

He does not expect Nifty to go below 7800-7900, which could pose as a reasonably strong bottom for the market and believes this correction gives an opportunity to enter into good quality stocks that have corrected 20-30 percent, stocks with strong balance sheets and growth outlook.

Dutt is in favour of PSU bank stocks and capital goods stocks with an eye on economic recovery.

The market continues to nosedive as the Nifty cracks more than 2 percent to slip below the 8150 mark. The 50-share index is down 193.35 points or 2.3 percent at 8131.45. The Sensex is down 604.64 points or 2.2 percent at 26835.50

Bank Nifty leads the fall, down almost 3 percent while heavyweights like TCS, Infosys, SBI and Reliance slip below their 200-day moving average.

Midcaps too are having a rough ride as the index plunges more than 3 percent with the advance decline ratio extremely weak at around 1:10 in favour of the declines.

BHEL is down 5 percent while NTPC, Vedanta, L&T and ICICI Bank are major losers in the Sensex. Bharti is still up 2 percent.

Globally, Asian and European markets trade mixed. In commodities, Brent Crude prices spike up further to trade above 68 dollars per barrel.

12:50pm Insurance cos in focus: Europe's second biggest insurer AXA has won the Indian government's approval to raise its stake in two local insurance joint ventures with Bharti Enterprises to 49 percent, a government statement showed. In March, foreign ownership limit in Indian insurance companies was lifted to 49 percent from 26 percent as parliament voted to change the law, in the first major economic reform almost a year after Prime Minister Narendra Modi came to power.

AXA currently owns 26 percent each in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Co. Ltd, with Bharti Enterprises owning the remainder. Both AXA and Bharti had said in March that AXA planned to raise its stake in the ventures to 49 percent.

The increase in AXA's stake in the life insurance venture will lead to a foreign direct investment of Rs 859 crore (USD 135 million), and Rs 431 crore in the general insurance venture, the finance ministry said in a statement late Tuesday.

The Foreign Investment Promotion Board approved 19 foreign direct investment proposals totalling 21.65 billion rupees in a meeting on April 9, the statement said.

12:45pm Market extends losses: The Sensex crashed 663.42 points or 2.42 percent to 26776.72 and the Nifty fell 211.25 points or 2.54 percent to 8113.55 while the Bank Nifty lost 550 points.

The market breadth remained weak as about 2000 shares have declined against 436 shares advanced on the BSE. 

12:35pm HPCL in News: Hindustan Petroleum Corporation has revised down its petrol May imports to a total of 52,000 tonnes from an initial 57,000 tonnes, traders said.

It is now looking to buy a total of 30,000 tonnes of petrol for May 15-23 delivery to Mundra, down from its original target of a total of 35,000 tonnes for May 15-20 delivery.

Its import demand of a total of 22,000 tonnes petrol for May 16-20 delivery to Ennore was unchanged.

HPCL does not usually import petrol and traders said these two import tenders, which are due to be awarded on May 8, were rare and the refiner could be looking to plug a supply shortfall caused by refinery maintenance.

HPCL said it would shut a crude unit and petrol-making unit at its Vizag refinery from June to July.

A crude unit and a petrol-making unit at its Mumbai refinery were also scheduled for maintenance from April to May. HPCL is not the only refiner seeking petrol imports.

12:20pm Market Expert: Sanjay Dutt of Quantum Securities says the fall is nothing much to be perturbed about and could be termed as a healthy correction in a strong bull market.

He does not expect Nifty to go below 7800-7900, which could pose as a reasonably strong bottom for the market and believes this correction gives an opportunity to enter into good quality stocks that have corrected 20-30 percent, stocks with strong balance sheets and growth outlook.

The correction is more a fundamental issue because stocks had run up on back of expectation of better earnings and reforms from the government. However, now the entire landscape seems to have changed with earnings disappointing and reform process in a muddle.

12:00pm Market Check
The market continued to see heavy selling pressure in noon trade. The Sensex lost 588.52 points or 2.14 percent to 26851.62 and the Nifty dropped 187.95 points or 2.26 percent to 8136.85, dragged by banks, capital goods, oil and technology stocks.

The rising oil to a 4-month high on Middle East concerns and Greece issues dampened the investors' sentiment on street.

BHEL and NTPC fell more than 4.5 percent followed by L&T, Vedanta, Tata Power, Ambuja Cements, NMDC and BPCL with 3.5-4 percent loss.

However, Bharti Airtel bucked the trend, up 3 percent after MSCI upped scrip's weightage to 2.6 percent from 1.3 percent in its India Index.

11:45 am Market falls sharply: The market is still slipping as the Sensex is down 606.52 points or 2 percent at 26833.62 and the Nifty is down 193.25 points or 2 percent at 8131.55. About 430 shares have advanced, 1857 shares declined, and 140 shares are unchanged. BHEL, NTPC, L&T, Tata Power and Axis Bank are top losers in the Sensex.

11:30 am Buzzing: Shares of Bharti Airtel gained 4.6 percent intraday amid weakness in market after MSCI raised scrip's weightage to 2.6 percent from 1.3 percent with effect from June 1. Fund managers believe that Bharti Airtel may see inflows of over USD 200 million due to increase in MSCI weightage. In July 2014, the Reserve Bank of India allowed overseas investors to buy shares in the company upto 74 percent of its paid up capital against 49 percent earlier.

Turbulence in market continues with all the sectors in the red. The Sensex is down 489.46 points or 1.8 percent at 26950.68 and the Nifty slips 157.25 points or 1.8 percent at 8167.55.

About 403 shares have advanced, 1746 shares declined, and 127 shares are unchanged.

Bharti Airtel is still up 4 percent while BHEL, NTPC, Cipla, Axis Bank and Vedanta are top losers in the Sensex.

Brent crude prices spike up further trading above USD 68 per barrel. Crude oil futures surged by Rs 66 to Rs 3,923 per barrel today as speculators engaged in creating positions amid a firm trend overseas. In futures trading at the Multi Commodity Exchange, crude oil for delivery in May shot up by Rs 66, or 1.71 percent, to Rs 3,923 per barrel, with a business turnover of 3,292 lots. The oil for delivery in June also climbed by Rs 62 or 1.57 percent to Rs 4,010 per barrel in a turnover of 250 lots.

Analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade on signs the US supply glut is easing.

10:40am Market Update: The market remained under pressure with the Sensex falling 521.09 points or 1.90 percent to 26919.05 and the Nifty losing 168.15 points or 2.02 percent to 8156.65. About 399 shares have advanced, 1660 shares declined, and 112 shares are unchanged on the BSE. 

10:30am HSBC services PMI at 3-month low: Down to a three-month low of 52.4 in April (March: 53.0), the seasonally adjusted HSBC India Services Business Activity Index pointed to a modest and softer rise in output across the sector.

By category, the quickest increase was seen in Post & Telecommunication, while Hotels & Restaurants was the only sub-sector to see a contraction. The slower rise in service sector activity was matched by a softer increase in manufacturing production.

As a result, the headline HSBC India Composite PMI Output Index fell from 53.2 in March to a six-month low of 52.5in April. Nonetheless, the latest reading still indicated that the private sector remained in expansion territory.

10:15am More correction likely?: The market may see a further downside and a double-digit correction from the current levels wont be surprising, said Pramod Gubbi, Director-Institutional Sales at Ambit Capital.

Stating that there are no positive triggers in the market now, Gubbi said that investors should be prepared for more volatility now.

In an interview to CNBC-TV18, Gubbi said he will look at buying after a 5-10 percent correction and is positive on roads, infra, defence and mining.

10:00am Market Check
The market is still under immense pressure. The Sensex is down 458.06 points or 1.7 percent at 26982.08 and the Nifty is down 150.55 points or 1.8 percent at 8174.25. About 408 shares have advanced, 1372 shares declined, and 111 shares are unchanged.

Banks, pharma and oil stocks are falling sharply. Bharti is up 3 percent while Axis Bank, Cipla, Vedanta, BHEL and NTPC are among laggards in the Sensex.

Gold extended gains to a third session, boosted by weakness in the dollar and more mixed US economic data that added to speculation the Federal Reserve will not raise interest rates soon.

Oil hits 2015 highs after protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports. Oil was also supported by news that Saudi Arabia had raised its official selling prices for its Arab Light grade crude to the United States and Northwest Europe, pointing to strong demand in those regions.

Libyan oil output is below 500,000 barrels per day (bpd), officials say, a third of what the country pumped before 2010.

Investors have moved heavily into oil over the last few weeks as prices have recovered from a slump in January. Crude prices have now risen 50 percent in just over three months.

9:45 am Market falls again: The Sensex is down 403.97 points or 1.5 percent at 27036.17, and the Nifty is down 124.65 points or 1.5 percent at 8200.15. About 497 shares have advanced, 1105 shares declined, and 112 shares are unchanged. Bank Nifty leads the fall.

9:40 am Market check: The market is spiralling down as the Sensex is down 214.85 points or 0.8 percent at 27225.29, and the Nifty is down 70.45 points or 0.8 percent at 8254.35. About 635 shares have advanced, 877 shares declined, and 101 shares are unchanged.

Cipla, BHEL, NTPC, Sun Pharma and ICICI Bank are major laggards in the Sensex. Bharti Airtel is up 3 percent while Hindalco, Tata Steel and M&M are top gainers.

The market has once again opened in red. The Sensex is down 85.92 points at 27354.22, and the Nifty is down 27.20 points at 8297.60. About 288 shares have advanced, 378 shares declined, and 81 shares are unchanged.

Bharti Airtel is up 4 percent while BHEL, Bajaj Auto, Tata Motors, TCS and NTPC are losers in the Sensex.

The Indian rupee has opened higher at 63.34 a dollar, up 10 paise compared to previous day's closing value of 63.44 per dollar.

Himanshu Arora, Religare said the USD-INR pair is expected to trade higher today amid dollar strength against Asian currencies and poor US trade deficit data. Outflows from domestic equities are also expected to keep the rupee under pressure today, he added. According to him, the range for the USD-INR is seen between 63.25-63.75 per dollar.

US markets too closed lower as investors eyed higher bond yields and an unexpectedly wide march US trade deficit. The US trade deficit rose 43 percent in March to hit USD 51.4 billion. That is the highest level in more than six years. The Markit Purchasing Managers Index for services came in at 57.4 in April, down from 59.2 in March.

In contrast, the Institute for Supply Management's Services Index rose to 57.8 in April versus 56.5 in March. It was the fastest pace of growth in five months.European equities too closed sharply lower, following US stocks down as investors kept an eye on the ongoing Greece bailout drama and digested earnings from banking giants HSBC and UBS.From the commodities, Brent crude rose back above USD 67 per barrel.