Telecom stocks like Bharti Airtel and Idea Cellular are under pressure, down 2-3 percent after the Cabinet approved 3G auction reserve price at Rs 3,705 crore which is 36 percent higher than the trai recommendation and 10.6 percent higher than the previous 3G auction held in 2010.
12:26
Moneycontrol Bureau The 50-share NSE Nifty snapped winning streak to trade in the red on expiry day. The index fell 14.20 points to 8900.10 and the 30-share BSE Sensex declined 47.94 points to 29511.24, dragged by select metal and banking & financial stocks.Asian markets traded lower, taking weak cues from the US markets and oil prices falling to new lows dampened sentiment. Brent crude traded below USD 49 a barrel.
Coal India topped the selling list on Nifty, down over 3 percent after the CCEA approved selling 5 percent stake or upto 31.58 crore shares in the company with a greenshoe option of an additional 5 percent stake. The market is waiting for floor price for the offer for sale scheduled for tomorrow.
HDFC Bank surged 2 percent after the cabinet approved the bank's proposal to bring in foreign investment worth Rs 10,000 crore without exceeding the 74 percent cap. Lupin too gained more than 1.5 percent as the company is now allowed to bring in foreign investment worth over Rs 6,000 crore after increase in FPI cap to 49 percent from the current 33 percent.
Telecom stocks like Bharti Airtel and Idea Cellular are under pressure, down 2-3 percent after the Cabinet approved 3G auction reserve price at Rs 3,705 crore which is 36 percent higher than the trai recommendation and 10.6 percent higher than the previous 3G auction held in 2010.
Oriental Bank of Commerce's (OBC) third quarter net profit plunged 91.3 percent year-on-year to Rs 19.5 crore, dented by reduction in the book value of security receipts. The profitability was also impacted by higher provisions but higher other income restricted fall in profits. The stock lost 6 percent.
11:00
Reliance is up 3 percent while HDFC Bank, Dr Reddy's Labs, Wipro and HUL are top gainers in the Sensex. Among the losers are Coal India, HDFC, Bharti Airtel, Sun Pharma and ICICI Bank.
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10:00
Banking & financials, metals, telecom and select technology stocks dragged the market while Reliance Industries, HDFC and L&T supported the market.
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09:15
Coal India is down 4 percent while ICICI Bank, Sesa Sterlite, SBI and Sun Pharma are among laggards. Top gainers are HDFC Bank, Maruti, GAIL, Tata Power and GAIL.
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