GST looms, markets crash 300 points

BSE benchmark Sensex fell nearly 300 points and NSE Nifty dipped below the 8,550-mark on Wednesday, owing to increased selling in various counters as participants adopted a cautious approach on GST debate in Rajya Sabha said a report in the Mint. Besides, weak Asian cues also influenced investors sentiment.

Sectoral indices led by FMCG, oil and gas, realty, power, infrastructure, banking and healthcare also fell.

Here are the updates:

3:30pm: The S&P BSE Sensex closes 1.02%, or 284.20 points, down at 27,697.51, while the Nifty 50 closes 0.91%, or 78.05 points, down at 8,544.85.

Shares of Tata Motors Ltd fall 2.98%, ITC sheds 2.84%, while Maruti Suzuki India Ltd falls 2.36%.

3:15pm: The S&P BSE Sensex is trading 1.16%, or 323.27 points, lower at 27,658.44, while the Nifty 50 is down 1.06%, or 91.50 points, to 8,531.40.

Shares of Tata Motors Ltd fall 2.91%, ITC sheds 2.90%, while Maruti Suzuki India Ltd falls 2.32%.

2:50pm: BSE Sensex is currently trading lower by 175.93 points, or 0.63%, to 27,796.35, while the Nifty falls 46.50 points, or 0.54%, to 8,576.40.

2:45pm: Realty stocks are trading lower. The Phoenix Mills Ltd falls 4.5%, Indiabulls Real Estate 3%, Prestige Estate 1.5%, DLF Ltd 1.4%, HDIL 1.3%, NBCC India Ltd 1.2%, Unitech Ltd 1.1%.

2:30pm: Dwarikesh Sugar Industries Ltd falls 10% to Rs.322.30. The company reported a net profit of Rs.31.93 crore in June quarter as compared to net loss of Rs.56.21 crore a year ago.

2:15pm: Auto stocks are trading lower. Ashok Leyland Ltd falls 2.21%, Tata Motors Ltd 2.2%, Maruti Suzuki India 1.8%, Bajaj Auto Ltd 0.8%, Eicher Motors Ltd 0.8%, Mahindra & Mahindra Ltd 0.5%. BSE Auto Index fell 1.22% to 20830.70 points.

2:00pm: Liquor stocks like Tilaknagar Industries Ltd falls 1%, United Spirit Ltd falls 2.1%, United Breweries Ltd falls 0.7%, McDowell Holdings Ltd 0.8%.

1:50pm: Emami Ltd falls 5% to Rs.1,086.60 after the company reported 34.61% drop in its June quarter earnings to Rs.56.63 crore as compared to Rs.86.61 crore a year ago. Net sales rose 19.9% to Rs.643.37 crore.

1:40pm: Media companies are trading lower. Sun TV Network Ltd falls 2.4%, HT Media Ltd falls 1.8%, Network18 Media Investments Ltd 1.4%, TV18 Broadcast Ltd 1.4%, Zee Entertainment Enterprises Ltd 1.4%, Jagaran Prakashan 0.7%, TV Today 0.5%.

1:30pm: Cigarettes and Liquor stocks are trading lower. ITC Ltd falls 2.3%, Godfrey Philips India Ltd falls 3% and VST Industries Ltd falls 1.3%

1:20pm: Delta Corp Ltd rises 10% to Rs.111.80. The stock gained 23% in last six days and so far this year it gained 36%.

1:10pm: NBFC stocks are trading lower. Bajaj Finance Ltd falls 7.6%, Manappuram Finance 5%, Cholamandalam Investment and Finance Co Ltd 3.7%, Bajaj Finserv Ltd 3.3%, Shriram Transport Finance Co Ltd falls 3%, Mahindra & Mahindra Financial Services Ltd 2.2%, L&T Finance Ltd 1.3%

1:00pm: Banking stocks are trading higher. Jammu & Kashmir Bank rises 2.7%, Oriental Bank of Commerce up 2.6%, Bank of India 2.3%, Union Bank of India 1.6%, Allahabad Bank 1.3%, Bank of Baroda 1.1%, Canara Bank 1%, Karnataka Bank 1%, Indian Overseas Bank 1%, Syndicate Bank 0.7%, State Bank of India 0.6%, Andhra Bank 0.6%, Uco Bank 0.6%, Punjab National Bank 0.6%, ICICI Bank 0.5%.

12:50pm: Reliance Industries Ltd falls 1% to Rs.1,001.25. According to PTI report CAG has red- flagged $1.6 billion of excess cost recovered by Reliance Industries in the KG-D6 gas block and took note of state-owned ONGC’s gas flowing into the eastern offshore fields of the Mukesh Ambani-led firm.

12:40pm: Cadila Healthcare Ltd falls 0.03% to Rs.347.65 ahead of its June quarter earnings. According to 7 Bloomberganalyst, the company may post net profit of Rs.385.70 crore while net sales will be at Rs.2,509.50 crore.

12:30pm: Dishman Pharmaceuticals & Chemicals Ltd falls 2% to Rs.164.25 ahead of its June quarter earnings. According to 4 Bloomberg analyst, the company may post net profit ofRs.48.15 crore while net sales will be at Rs.416.80 crore.

12:20pm: PC Jeweller Ltd falls 2.2% to Rs.415.20 ahead of its June quarter earnings. According to 4 Bloomberg analyst, the company may post net profit of Rs.92.48 crore while net sales will be at Rs.1,730.8 crore.

12:10pm: Titan Co Ltd rises 0.02% to Rs.423.40 ahead of its June quarter earnings. According to 22 Bloomberg analyst, the company may post net profit of Rs.184.20 crore while net sales will be at Rs.3,087.90 crore.

12:00pm: Kajaria Ceramics Ltd rises 1% to Rs.1275 ahead of its June quarter earnings. According to 11 Bloomberg analyst, the company may post net profit of Rs.60.12 crore while net sales will be at Rs.618.30 crore.