9:15 am: The market retreated badly in early trade Wednesday following weakness on Wall Street and volatility in China despite rate cut by People's Bank of China. The Sensex fell 337.22 points or 1.30% to 25695.16 and the Nifty lost 87.65 points or 1.11% to 7793.05.
About 246 shares have advanced, 661 shares declined, and 35 shares are unchanged on the BSE. Vedanta, BHEL, Tata Motors, Hero Motocorp, Infosys and HCL Tech fell 2.5-3.6%.
However, Wipro, Tata Power and Asian Paints gained more than half a percent. The Indian rupee has opened lower by 12 paise at 66.22 per dollar on Wednesday against previous close of 66.10. Ashutosh Raina of HDFC Bank said the People's Bank of China (PBoC) reduced the benchmark interest rates by 25 bps and RRR by 50 bps to stem the turbulence in the Chinese and global markets.
Some smooth action by the RBI to support the currency and limit the volatility helped the USD-INR pair to close near 66/dollar figure, he added. He expects the USD-INR pair to trade in the 65.50-66.50/dollar range in the short term.
On the global front, Asian markets were mixed in trade on Wednesday. China's Shanghai remained recovered to trade marginally in green despite rate cut by People's Bank of China on Tuesday evening.
China's central bank has lowered its one-year lending rate by 25 basis points to 4.6% effective August 26. It also cuts deposit rate by 25 bps to 1.75% effective August 26, while cutting banks' reserve requirement ratio by 50 bps effective September 6.
However, Wall Street closed lower in a late plunge overnight. Dollar gained against a basket of major currencies, recovered from seven-month lows against the safe-haven yen and euro.
11:00 am: The market recouped all its early losses amid consolidation. The Sensex recovered nearly 400 points from day's low, to trade at 26082.20, up 49.82 points. The Nifty rose 27.55 points to 7908.25.
The broader markets like BSE Midcap and Smallcap gained 0.5-1 percent. About 1322 shares have advanced, 784 shares declined, and 71 shares are unchanged on the Bombay Stock Exchange.
2:00 pm: The market declined marginally amid consolidation, dragged by banking & financials, FMCG, capital goods and select pharma stocks. However, the consistent buying in oil, technology and select auto stocks capped the downside.
The Sensex dropped 109.29 points to 25923.09 and the Nifty fell 25.80 points to 7854.90. About 1341 shares have advanced, 1173 shares declined, and 92 shares are unchanged on the BSE.
2:55 pm: Equity benchmarks continued to be volatile ahead of F&O expiry (on Thursday). The Sensex plunged 275.84 points or 1.06 percent to 25756.54 and the Nifty dropped 71.05 points or 0.90 percent to 7809.65, dragged by HDFC, Larsen & Toubro and Infosys.
About 1310 shares have advanced, 1255 shares declined, and 99 shares are unchanged on the BSE.
3:11 pm: The Nifty breached 7800 level, down 94.60 points or 1.20 percent to 7786.10 ahead of F&O expiry Thursday, weighed by banking & financials, capital goods and FMCG stocks.
The Sensex plunged 307.52 points or 1.18 percent to 25724.86.
3:30 pm: Equity benchmarks lost more than one percent on Wednesday ahead of July F&O contracts expiry and dragged by weak global cues. The Sensex plunged 317.72 points or 1.22 percent to 25714.66 and the 50-share NSE Nifty slipped 88.85 points or 1.13 percent to 7791.85.
The BSE Midcap also lost ground, down 0.8 percent. The market breadth was marginally negative as about 1332 shares advanced against 1339 shares declined on the Bombay Stock Exchange.
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