The market breadth was negative as about two shares declined for every share rising on the BSE.
Fuel price revision: India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
State refiners - Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 percent of the retail outlets in the country.
The three have upto 200 fuel stations in the five cities, the sources said.
No immediate comment was available from the state refiners.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
State refiners - Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 percent of the retail outlets in the country.
The three have upto 200 fuel stations in the five cities, the sources said.
No immediate comment was available from the state refiners.
Market Check: Equity benchmarks continued to be in the red, dragged by a fall in index heavyweights and weak global cues, with the Nifty breaching 9200-mark.
The Sensex was down 162.96 points at 29625.39, while the Nifty was down 51.40 points at 9185.60. The market breadth was negative as 659 shares advanced against a decline of 1,786 shares, while 77 shares were unchanged.
Tata Steel, Maruti Suzuki, Hindalco and Grasim were the top losers on both indices, while Coal India, Hero MotoCorp and Eicher Motors were in the green.
Reacting negatively to the Supreme Court?s order on compensatory tariff, shares of Tata Power and Adani Power took a hit on the Street on Wednesday.
Adani Power and Tata Power had an intraday fall of 5.7 percent and 1.7 percent, respectively and brokerages too had cautious views on the stocks.
Interview: Real Estate Regulatory Authority (RERA) act is expected to be implemented in Maharashtra by May 1, 2017. Rajeev Talwar, Group ED, DLF spoke about how much could the organised players in the space stand to benefit by this act.
He said the industry has taken up RERA very positively.
"Any regulation in any sector is well intentioned. With all due respect, any regulation is better than no regulation but subsequently licensing needs to go otherwise it would be an over-regulated sector", he further added.
Merger: The merger of cash-rich oil producer Cairn India into its debt-ridden parent Vedanta has become operational starting Tuesday.
"This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas," the companies said in a joint statement a joint statement by the two firms said.
After absorbing its cash-rich subsidiary, Vedanta will have a larger pro forma market cap of USD 15.6 billion and higher free float of 49.9 percent.
Earnings estimates: Infosys, the country's second largest software services exporter, is expected to show subdued bottomline growth for January-March quarter but the key factor to watch out for would be its guidance for FY18 and whether the company will meet its FY17 dollar revenue guidance or not.
Profit during the quarter is likely to decline 3.7 percent to Rs 3,570 crore and revenue may fall 0.2 percent to Rs 17,235 crore compared with previous quarter, according to average of estimates of analysts polled by CNBC-TV18.
However, dollar revenue may see some pick up against 1.4 percent degrowth in previous quarter due to RBS deal cancellation and weakness in top clients. It may increase 1.3 percent sequentially to USD 2,584 million as analysts expect some forex tailwind of around 30 basis points from cross currencies.
Implied Q4 dollar revenue guidance range is -0.2-1.3 percent and 0.3-1.8 percent in constant currency. Analysts say revenue recognition from GST is the wild card for further growth.
Duty free imports: Duty-free import of raw sugar till June is unlikely to bring down retail prices in the near-term, says a report.
Recently government allowed duty-free import of raw sugar to the tune of 0.5 million tonne till June 12.
"Duty-free import is unlikely to have any significant negative impact on the prices or profitability of sugar mills in the near-term. While raw sugar imports are unlikely to negatively impact domestic sugar prices, this may dampen prospects of a further price rise," Icra said in a report.
But import beyond June may lead to pressure on stock position and may lead to a price correction in the forthcoming sugar year, it added.
Market Update: Equity benchmarks extended losses, tracking weakness in global peers. Investors also turned cautious ahead of Infosys earnings due on April 13.
The 30-share BSE Sensex was down 125.73 points at 29,662.62 and the 50-share NSE Nifty fell 39.40 points to 9,197.60, dragged by ITC, ICICI Bank, Reliance Industries and HDFC.
The market breadth was negative as about two shares declined for every share rising on the BSE.
Equity benchmarks extended losses, tracking weakness in global peers. Investors also turned cautious ahead of Infosys earnings due on April 13.
The 30-share BSE Sensex was down 125.73 points at 29,662.62 and the 50-share NSE Nifty fell 39.40 points to 9,197.60, dragged by ITC, ICICI Bank, Reliance Industries and HDFC.
The market breadth was negative as about two shares declined for every share rising on the BSE.
FII View: Sanjay Mookim of Bank of America Merrill Lynch says on the back of a favourable base and modest recovery in macro, he expects aggregate profit growth for the Sensex to recover in FY18/19 to 12/14 percent.
However, consensus forecasts of 16/20 percent growth for FY18/19 seem too optimistic implying further earnings cuts, he adds.
This coupled with high valuations suggests the current risk-reward is unfavourable, he feels. Mookim reiterated his December 2017 Sensex target of 29,000.
Solar power tariff: The levelised solar power tariff has dropped to all time low of Rs 3.15 per unit in an auction of a 250 MW project at Kadapa in Andhra Pradesh.
Earlier in February, the lower capital expenditure and cheaper credit had pulled down solar tariff to a new low of Rs 2.97 per unit for the first year in an auction conducted for 750 MW capacity in Rewa Solar Park in Madhya Pradesh.
However, the levelised tariff for Rewa project worked out to be Rs 3.30 per unit.
Equity benchmarks opened flat on Wednesday after a rally in previous session, as investors turned cautious ahead of Infosys earnings due tomorrow.
The 30-share BSE Sensex was up 0.38 points at 29,788.73 and the 50-share NSE Nifty fell 1.90 points to 9,235.10. About 420 shares advanced against 181 declining shares on the BSE.
Reliance Industries was the biggest gainer among Sensex stocks after the company unveiled new plan for subscribers.
Axis Bank, ONGC, ICICI Bank, Sun Pharma, Eicher Motors, IOC, Ambuja Cements and Yes Bank were other early gainers while Wipro, Bharti Airtel, Tata Motors, Cipla, M&M, HDFC and Tata Motors were losers.
The Indian rupee slipped in the early trade today. The rupee has opened lower by 13 paise at 64.62 per dollar versus 64.49 Tuesday.
Pramit Brahmbhatt of Veracity expects the rupee to trade with a negative bias on the back of negative cues from domestic as well as global equity markets.
He expects the USD-INR pair to trade in a range of 64.20-64.70/dollar.
The dollar languished at a five-month low versus the yen as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favor.
The Sensex was down 162.96 points at 29625.39, while the Nifty was down 51.40 points at 9185.60. The market breadth was negative as 659 shares advanced against a decline of 1,786 shares, while 77 shares were unchanged.
Tata Steel, Maruti Suzuki, Hindalco and Grasim were the top losers on both indices, while Coal India, Hero MotoCorp and Eicher Motors were in the green.
Reacting negatively to the Supreme Court?s order on compensatory tariff, shares of Tata Power and Adani Power took a hit on the Street on Wednesday.
Adani Power and Tata Power had an intraday fall of 5.7 percent and 1.7 percent, respectively and brokerages too had cautious views on the stocks.
Interview: Real Estate Regulatory Authority (RERA) act is expected to be implemented in Maharashtra by May 1, 2017. Rajeev Talwar, Group ED, DLF spoke about how much could the organised players in the space stand to benefit by this act.
He said the industry has taken up RERA very positively.
"Any regulation in any sector is well intentioned. With all due respect, any regulation is better than no regulation but subsequently licensing needs to go otherwise it would be an over-regulated sector", he further added.
Merger: The merger of cash-rich oil producer Cairn India into its debt-ridden parent Vedanta has become operational starting Tuesday.
"This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas," the companies said in a joint statement a joint statement by the two firms said.
After absorbing its cash-rich subsidiary, Vedanta will have a larger pro forma market cap of USD 15.6 billion and higher free float of 49.9 percent.
Earnings estimates: Infosys, the country's second largest software services exporter, is expected to show subdued bottomline growth for January-March quarter but the key factor to watch out for would be its guidance for FY18 and whether the company will meet its FY17 dollar revenue guidance or not.
Profit during the quarter is likely to decline 3.7 percent to Rs 3,570 crore and revenue may fall 0.2 percent to Rs 17,235 crore compared with previous quarter, according to average of estimates of analysts polled by CNBC-TV18.
However, dollar revenue may see some pick up against 1.4 percent degrowth in previous quarter due to RBS deal cancellation and weakness in top clients. It may increase 1.3 percent sequentially to USD 2,584 million as analysts expect some forex tailwind of around 30 basis points from cross currencies.
Implied Q4 dollar revenue guidance range is -0.2-1.3 percent and 0.3-1.8 percent in constant currency. Analysts say revenue recognition from GST is the wild card for further growth.
Duty free imports: Duty-free import of raw sugar till June is unlikely to bring down retail prices in the near-term, says a report.
Recently government allowed duty-free import of raw sugar to the tune of 0.5 million tonne till June 12.
"Duty-free import is unlikely to have any significant negative impact on the prices or profitability of sugar mills in the near-term. While raw sugar imports are unlikely to negatively impact domestic sugar prices, this may dampen prospects of a further price rise," Icra said in a report.
But import beyond June may lead to pressure on stock position and may lead to a price correction in the forthcoming sugar year, it added.
Market Update: Equity benchmarks extended losses, tracking weakness in global peers. Investors also turned cautious ahead of Infosys earnings due on April 13.
The 30-share BSE Sensex was down 125.73 points at 29,662.62 and the 50-share NSE Nifty fell 39.40 points to 9,197.60, dragged by ITC, ICICI Bank, Reliance Industries and HDFC.
The market breadth was negative as about two shares declined for every share rising on the BSE.
Equity benchmarks extended losses, tracking weakness in global peers. Investors also turned cautious ahead of Infosys earnings due on April 13.
The 30-share BSE Sensex was down 125.73 points at 29,662.62 and the 50-share NSE Nifty fell 39.40 points to 9,197.60, dragged by ITC, ICICI Bank, Reliance Industries and HDFC.
The market breadth was negative as about two shares declined for every share rising on the BSE.
FII View: Sanjay Mookim of Bank of America Merrill Lynch says on the back of a favourable base and modest recovery in macro, he expects aggregate profit growth for the Sensex to recover in FY18/19 to 12/14 percent.
However, consensus forecasts of 16/20 percent growth for FY18/19 seem too optimistic implying further earnings cuts, he adds.
This coupled with high valuations suggests the current risk-reward is unfavourable, he feels. Mookim reiterated his December 2017 Sensex target of 29,000.
Solar power tariff: The levelised solar power tariff has dropped to all time low of Rs 3.15 per unit in an auction of a 250 MW project at Kadapa in Andhra Pradesh.
Earlier in February, the lower capital expenditure and cheaper credit had pulled down solar tariff to a new low of Rs 2.97 per unit for the first year in an auction conducted for 750 MW capacity in Rewa Solar Park in Madhya Pradesh.
However, the levelised tariff for Rewa project worked out to be Rs 3.30 per unit.
Equity benchmarks opened flat on Wednesday after a rally in previous session, as investors turned cautious ahead of Infosys earnings due tomorrow.
The 30-share BSE Sensex was up 0.38 points at 29,788.73 and the 50-share NSE Nifty fell 1.90 points to 9,235.10. About 420 shares advanced against 181 declining shares on the BSE.
Reliance Industries was the biggest gainer among Sensex stocks after the company unveiled new plan for subscribers.
Axis Bank, ONGC, ICICI Bank, Sun Pharma, Eicher Motors, IOC, Ambuja Cements and Yes Bank were other early gainers while Wipro, Bharti Airtel, Tata Motors, Cipla, M&M, HDFC and Tata Motors were losers.
The Indian rupee slipped in the early trade today. The rupee has opened lower by 13 paise at 64.62 per dollar versus 64.49 Tuesday.
Pramit Brahmbhatt of Veracity expects the rupee to trade with a negative bias on the back of negative cues from domestic as well as global equity markets.
He expects the USD-INR pair to trade in a range of 64.20-64.70/dollar.
The dollar languished at a five-month low versus the yen as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favor.
Asian markets were mostly lower today, as tensions continue to ratchet up on the Korean Peninsula following a warning from North Korea of a nuclear attack on the US.
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