BSE and NSE Down Today, Look BSE NSE Top Gainers and losers - 26 June 2014

BSE Down at 25,062.67, NSE Down at 7,493.20

NSE Nifty saw heavy selling pressure in late trade today on Thursday, the expiry day for June derivative contracts, closing tad below the 7500-mark weighed down by oil & gas and banks stocks. The market witnessed second highest turnover of Rs 6.83 lakh crore today with the NSE futures and options segment reporting turnover of Rs 4.28 lakh crore (second highest).

The index slipped 76.05 points or 1 percent to close at 7493.20 and the 30-share BSE Sensex was down 251.07 points or 0.99 percent to 25062.67 but the fall in broader markets was less compared to benchmarks.

The BSE Midcap and Smallcap indices declined 0.3 percent each.

It was a bad close for the market on expiry day, say experts, adding it may see further fall in near term.

However, they ruled out major correction ahead of Union Budget (on July 10).

Chris Roberts, MD, Asianomics finds this market quite stretched and feels a 5-10 percent correction will make it quite interesting.

BSE Top Gainers:
Wipro, Larsen, Dr Reddys Labs, Bharti Airtel, Axis Bank, BHEL, Sun Pharma, Maruti Suzuki, M&M, Bajaj Auto, 
Hero Motocorp, ITC

BSE Top Gainer Among All Stocks:

Wipro
Volume Traded : 120113 shares

BSE Top Losers:
ONGC, Reliance, NTPC, Coal India, HDFC, GAIL, HDFC Bank, SBI, Tata Motors, Tata Power, ICICI Bank, HUL, Tata Steel, Hindalco, Infosys, Sesa Sterlite, TCS, Cipla

BSE Top Loser Among All Stocks:

ONGC
Volume Traded : 1803297 shares

NSE Top Gainers:
Tech Mahindra, Larsen, Wipro, Dr Reddys Labs, HCL Tech, Axis Bank, Maruti Suzuki, 
Bajaj Auto, BHEL, Lupin, Bharti Airtel, Sun Pharma, Hero Motocorp, Power Grid Corp, ITC

NSE Top Gainer Among All Stocks:

Tech Mahindra
Volume Traded :  875510 shares

NSE Top Losers:
ONGC, Reliance, DLF, NTPC, Grasim, United Spirits, Coal India, Bank of Baroda,
BPCL, IndusInd Bank, Jindal Steel, Kotak Mahindra, HDFC, GAIL, IDFC, SBI, 
UltraTechCement, HDFC Bank, Cairn India, ACC, Ambuja Cements, Tata Power, ICICI Bank, Tata Motors, HUL, PNB, Tata Steel, Infosys, Hindalco, Sesa Sterlite, M&M, 
Asian Paints, Cipla, TCS, NMDC

NSE Top Loser Among All Stocks:

ONGC
Volume Traded : 17124120 shares

Nifty up 6200, Sensex Up by 511.31 Points, NSE Gainers and Loser, BSE Gainers and Losers

The Indian markets witnessed a stellar rally on the last trading day of the week as investors turned bullish on hopes that the Quantitative Easing in the US will continue in 2014. Sentiment from China's economic growth also boosted market by 7.8 per cent.

The Nifty ended at 6189.35 up 143.50 points or 2.31 per cent. The index touched intraday high of 6,201.45 and a low of 6,070.90. The index shut shop near 2013 high of 6187.3 made on May 17, 2013.

The S&P BSE Sensex closed at 20882.89, up 467.38 points or 2.29 per cent. It touched a high of 20,932.23 and a low of 20,486.78 in trade today.

The S&P BSE Midcap Index was up 0.99 per cent and the S&P BSE Smallcap Index gained 0.70 per cent.

Among the sectoral indices, the S&P BSE Bankex gained 3.93 per cent, the S&P BSE Metal Index was up 3.35 per cent, the S&P BSE Capital goods Index moved up 3.06 per cent and the S&P BSE Realty Index was 2.92 per cent higher.

Sensex Gainers:
Tata Steel - 6%
Sesa Sterlite - 5.89%
ICICI Bank - 4.60% 
L&T - 4.07%
Hindalco - 3.24%

Index Losers:
BHEL - 0.59%
Cipla - 0.007%
HUL - 0.007%

The market breadth was positive on the BSE with 1,403 gainers against 1,081 losers.

The foreign institutional investors bought shares worth Rs 1,109.93 crore while domestic institutional investors were net sellers worth Rs 1,149.22 crore on Thursday as per the provisional data from the National Stock Exchange.

BSE Top Gainers:

Sesa Sterlite, Tata Steel, ICICI Bank, Larsen, HDFC Bank, 
HDFC, Hindalco, Reliance, Maruti Suzuki, SBI, ITC, 
Wipro, Bharti Airtel, Dr Reddys Labs, Sun Pharma, 
M&M, NTPC, Tata Motors, Infosys, Tata Power, 
BHEL, Jindal Steel, Hero Motocorp, ONGC, 
Coal India, TCS, GAIL, HUL, Cipla

BSE Top Losers:

Bajaj Auto

NSE Top Gainers:

IndusInd Bank, Tata Steel, Sesa Sterlite, Axis Bank, Jaiprakash Asso, ICICI Bank, Larsen, BPCL, 
Kotak Mahindra, IDFC, Bank of Baroda, HDFC Bank, Hindalco, HDFC, Maruti Suzuki, Reliance, SBI, 
ITC, DLF, PNB, Bharti Airtel, Wipro, Dr Reddys Labs, M&M, Power Grid Corp, Sun Pharma, HCL Tech, Tata Motors, NTPC, Infosys, ACC, 
Tata Power, Hero Motocorp, Grasim, Ambuja Cements, Jindal Steel, Lupin, ONGC, BHEL, 
TCS, GAIL, NMDC, UltraTechCement, HUL, Ranbaxy Labs, Cairn India, Cipla, Asian Paints. 

NSE Top Losers:

Bajaj Auto

Sensex and Nifty Up, Stock Advice for Tomorrow 10th October 2013

Market closed today on positive note. Both Sensex & Nifty started opening negative mode but mid-morning market suddenly change both green sound. The Sensex closed 265.65 points or 1.33% up at 20249.26, it touched a high levels of 20277.74 and touch a low levels of 19826.96.

The nifty was closed 79.05 points or 1.33% up at 6007.45, it touch a high levels of 6015.50 and touch a low levels of 5877.10.

Among all BSE indices buying trade, BSE Capital goods up 1.86%, FMCG index up 0.41%, Health care index up 1.88%, IT index up 1.51%, Bank index up 1.88%, Auto index up 0.55%, Oil & gas gains 1.40%, Realty index up 4.27%.

BSE Top Gainers:

Sun Pharma, Bajaj Auto, HDFC Bank, Infosys, BHEL, Tata Steel,Tata Power, Reliance, Larsen, Hero Motocorp, Jindal Steel, ONGC, HDFC, ICICI Bank, TCS, Tata Motors, NTPC, Bharti Airtel, Dr Reddys Labs, HUL, GAIL, ITC, Hindalco, Coal India, SBI

BSE Top Losers:

Wipro, Sesa Sterlite, M&M, Cipla, Maruti Suzuki

NSE Top Gainers:

DLF, Sun Pharma, Jaiprakash Asso, Kotak Mahindra, NMDC, IDFC, Lupin, HDFC Bank, BHEL, Infosys, IndusInd Bank, Asian Paints, Tata Steel, Tata Power, Jindal Steel, Larsen, Bank of Baroda, Hero Motocorp, Reliance, PNB, ONGC, Bajaj Auto, TCS, ICICI Bank, HDFC, UltraTechCement, Axis Bank, Tata Motors, Power Grid Corp, Ambuja Cements, Bharti Airtel, Ranbaxy Labs, NTPC, Dr Reddys Labs, HCL Tech, ITC, GAIL,Hindalco, HUL, SBI

NSE Top Losers:

Wipro, Sesa Sterlite, M&M, Cipla, Maruti Suzuki, Grasim, BPCL, Cairn India, ACC

Stocks to Buy Tomorrow on 10 October'2013

Tata Motors, TGT 360, SL 350

Stocks to Sell Tomorrow on 10 October'2013


DLF, TGT 145, SL 155

Market Updates Today with Hot 10 Stocks in Focus on 01 October 2013

The S&P BSE Sensex regained lost ground and turned positive after falling over 100 points  in mid-morning trade after the US govt set in motion the first government shutdown for the first time in 17 years. 

Both leaders of the House and Senate acknowledged there would not be a resolution in time to stop a shutdown, as flurry of last-minute moves by the House, Senate and White House failed to break a bitter budget standoff over President Barack Obama's health care law.

The S&P BSE Sensex quickly pared opening gains and plunged over 100 points in mid-morning trade but soon regained lost ground and turned positive, led by gains in HDFC Bank, ICICI Bank and TCS.

At 10:15 AM: The 50-share index was at 5,752.85, up 17 points or 0.3 per cent. It touched a high of 5,762.40 and a low of 5,700.95 in early trade today.

The S&P BSE Sensex was trading at 19,442.32, up 62 points or 0.3 per cent. It touched a high of 19,466.18 and a low of 19,264.72 in trade today.

The S&P BSE Midcap Index was up 0.22 per cent and BSE S&P Small cap Index edged higher by 0.55 per cent.

Among the sectoral indices, the BSE Banking Index was up 1.01 per cent, followed by the S&P BSE Auto Index which gained 0.74 per cent and the S&P BSE Capital Goods Index rose 0.81 per cent.

The BSE Metal index was trading 1.1 per cent lower, followed by the BSE PSU index which slipped 0.55 per cent, the BSE oil & Gas index plunged 0.38 per cent and the BSE FMCG index was trading 0.36 per cent lower.

BHEL (4.3 per cent), DRL (1.6 per cent), Maruti Suzuki (3 per cent), SBI (1.2 per cent) and HDFC Bank (1.08 per cent) were among the major Sensex gainers.

Sesa Goa (2.6 per cent), NTPC (2.09 per cent), Jindal Steel (1.8 per cent), ONGC (2.1 per cent) and Tata Power (1.9 per cent) were among the index losers.

Top 10 Stocks in Focus Today on 01 October, 2013:

♦Reliance Industries Ltd: 

The Supreme Court today issued notice to Centre, Reliance IndustriesBSE 0.24 % Ltd (RIL) and others on a PIL seeking cancellation of contract for exploration of oil and gas concerning the KG block and to impose penalty for failure in adhering to commitments.

♦MRF Ltd: 

Even with the on-going turmoil over the bifurcation of Andhra Pradesh, India's leading tyre maker MRF said it will invest about Rs 1,000 crore to double its capacity at a facility located near Hyderabad.

♦ Infosys Ltd:

India's second largest software services exporter, and software giant IBM have won a 300 million euro (about Rs 2,535 crore) contract to develop the computer system for the UK-based bank Williams & Glyn's.

♦ Electrosteel Steel Ltd:

A part of Electrosteel Castings, a leading producer of ductile iron pipes used for water transportation, has received a nod from the Corporate Debt Restructuring (CDR) cell for its proposed Rs 6,181 crore CDR package.

♦ Siemens Ltd:

Siemens Ltd in consortia with Siemens AG has bagged an order from Rashtriya Ispat Nigam Ltd to modernise its blast furnace at the Visakhapatnam Steel Plant.

♦ Berger Paints India Ltd:

The paint company is looking to reposition its products following the acquisition of Sherwin Williams' decorative paints business in India, to avoid competition within the group. In the changed scheme of things, Sherwin will primarily cater to the premium paints segment.

♦ Hexaware Technologies Ltd:

A slew of top executives at Hexaware Technologies have sold shares in the company in the recent days. Even as some analysts read it as a sign of impending management changes, the IT service provider whose promoters are selling their holding to Barings Asia Private Equity said no such changes are planned.

♦ Apollo Tyre Ltd:

US-based Cooper Tire & Rubber Co today said shareholders approved its sale to Apollo Tyres Ltd, clearing the decks for the $2.5 billion transaction billed as one of the largest US acquisitions by an Indian firm.

♦ Tata Communications Ltd:

Tata CommunicationsBSE 5.08 % Ltd. said on Monday it has entered into discussions with Vodacom SA to sell its stake in South African fixed-line telephone operator Neotel.

♦ BPCL (BSE -1.95 %), HPCL (BSE -0.94 %), and IOC:

State run oil marketing companies will be in focus. Petrol price was on Monday cut by Rs 3.05 per litre, the first reduction in rates in over five months and the steepest in over five years, while diesel prices were raised by 50 paise a litre.

IT Stocks Celebrating While Others in Pain

12:26 PM:
IT Stocks Celebrating While Others are in Pain

IT Shares rose as the rupee hit record lows today with Tata Consultancy Services rising as much as 4% in the early trades.
Decline in Rupee is the gain of software exporters. More the rupee will weak, more will be the earnings for exporters.

According to news in Moneycontrol, Infosys shares hit a 28-month high today as brokerage house CLSA accorded a buy recommendation on the stock.

The brokerage house has set a target price for the stock at Rs 3,550 a share, the report said.

CLSA says that the company is likely to witness earnings per share upgrade of 8-12% on weaker rupee and that it expects clarity on US Immigration Bill in two months.

HCL Technologies gained more than 1%. Meanwhile, Wipro shares traded 2.42% higher at Rs. 466 on the National Stock Exchange as of 12:8 PM a day after it replaced Reliance Infrastructure Ltd in the National Stock Exchange’s 50-stock Nifty.

12:15 PM:
Gold Prices Hits All-time high 

Gold prices zoom to all-time high of Rs. 34,500 per ten gram at open as rupee hits historic low of 68.75 amid firm global trend.

11:05 AM:
Rupee, Stock markets pulls back

The Indian rupee and stock markets pulled back from the lows probably after the RBI sold dollars through the public sector banks, reported CNBC-TV18.

The rupee was at 68.07, after touching a 67.88 against the dollar. The Sensex was at 17,629.77, down 338.31 or 1.88%, and the Nifty at 5,165.30, down 122.15 or 2.31%.

However, the pullback is likely to be a temporary one as the underlying bearish tone is unlikely to change by the RBI’s intervention.

10:28 AM:
With rupee at 68.66, it’s a bottomless fall

The rupee continued its fall to hit 68.66 taking all financial markets along with it. The Sensex was at 17502.76 down 465 points and the Nifty was at 5131.85, down 153 points.

41 of the Nifty constituents and 26 of the Sensex were in the red. The rupee has fallen 8 percent this week and 13 percent and July 15 when the RBI started its tightening cycle.

HSBC, meanwhile, said that the biggest problem with Indian equities is the over ownership of foreign institutional investors. Though the situation is changing, the stock market will have to bear the brunt for some more time. There is nothing much to do now, but to adjust to further slowdown in growth.

10:10 AM:
Rupee breaches 68, is this Chidu jinx? 

The Indian rupee has hit 68 against the dollar a day after Finance Minister P Chidambaram reiterated that the rupee is undervalued and the government will not miss the fiscal deficit target. At 10.10 am, the rupee is trading at 68.02 against dollar.

The rupee has dropped 19.2% this year and is set for the worst fall since 1991. The rupee is currently the world’s worst performing currency.

The currency has plunged a little over 13% so far in the month of August alone to mark its worst monthly fall since the year 1993.

Herald Van Der Linde, Head of Equity Strategy, Asia-Pacific, HSBC feels that India was over-owned by Foreign Intuitional Investors (FIIs) as the situation is changing. In an interview to CNBC-TV18, he warned that over-ownership will remain an overhang on India.

“We will see economy, earnings downgrades in India. India’s multiples need to come down further. India needs to adjust to further slowdown in growth,” he explained.

10:00 AM:
‘RBI must intervene to tackle rupee fall,” says JP Morgan

Expressing concern over the rupee fall, JP Morgan said Forex intervention by the Reserve Bank of India is required to stem rupee fall. “Turnaround in real economy will take some time,” it said.

JP Morgan said that the Food Security Bill is not a major factor for rupee depreciation and said tax collection, oil & gas subsidies are worries for fiscal deficit target.

9:50 AM:
Rupee falls panic spreads on Twitter 
The rupee panic has spread across social media too, with many coming up with suggestions of what the government must do to stop the rupee fall.

9:15 AM:
Sensex opens 100 pts down, banks biggest loser

The Indian markets opened in the red once again today following the rupee fall and weak global cues.

The BSE Sensex opened at 17778.68, down 1.06%, while the Nifty opened at 5215, down 1.40 percent. The Sensex is down more than 100 points with 27 components in red.

BSE bank ex sits at the bottom of the sectoral pack with losses of nearly 3 percent; all components in the red.

Among the bank stocks, Axis Bank is trading down 6%, HDFC and Yes Bank are down almost 5%.

Tech stocks continue to perform well with BSE IT index at the top of the sectoral pack with gains of 1.1%.

Meanwhile, extending its early rally, gold price hit fresh all-time high of Rs 33,824 per 10 grams Tuesday on heavy buying as rupee plunged to its new record low of 66.30 against the US dollar.

9:00 AM:
Rupee hits 67.98

The Indian rupee opened at new record low today at 66.90 against the dollar. Rupee has fallen more than 6 percent this week so far.

In ten minutes of trade, rupee hit 67.98, its new record low.

On Tuesday i.e. 27th August 2013, the rupee hit a record low of 66.30 before closing at 66.19, down 188 paise from Monday’s close of 64.31, over concerns that the food security bill would throw government finances into disarray and fears of a US strike against Syria.
The rupee is emerging as a front-runner in a race to the bottom among emerging market currencies. In both absolute and percentage terms, Tuesday’s drop is the highest ever. The rupee has fallen by around 20% since the beginning of the year.

Updates end for 28 August

4:00 PM:
Sensex closes 590 pts down

The Indian markets gave up nearly all gains made over the previous three sessions, as blue chips including HDFC plunged on worries the passage of a food security bill would worsen the country’s fiscal deficit.

The rupee closed at 66.24 to a dollar, its lowest in 18 years.

The BSE Sensex closed at 17968.08, down 590.05 points or 3.18%. The Nifty closed at 5287.45, down 189.05 points, or 3.45 percent. Bank Nifty closes at lowest level since January 11, 2012.

The rupee hit a record low and shares slumped on Tuesday after Lok Sabha’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year.

SBI Chairman Pratip Chaudhuri said that RBI will take final call on currency swap and he does not think it will make a huge difference. Adding that currency swap has been tried before, Chaudhuri stresses that it won’t correct trade imbalance. “Banking system will not be impacted by rupee depreciation and MTM losses depend on domestic interest rate,” he said.

Technology stocks remained on buyers’ radar as the rupee depreciation will help these IT software services exporters to report better earnings in Q2.

However, BHEL, HDFC and HDFC Bank plunged more than 8 percent, which indicates that there may be some offloading by foreign institutional investors.

2:50 PM:
Large fiscal deficit will impact growth negatively, says Yashwant Sinha

Criticising the government and the state of economy, BJP leader Yashwant Sinha said that running a large fiscal deficit will impact inflation which will lead to rising interest rates, thus impacting investment and growth.

“All of us remember the famous statement made by the PM that ‘money doesn’t grow on trees’. He also said that when the fiscal deficit will increase, the CAD will increase; prices will raise leading to an increase in the unemployment rate. I agree with the Prime Minister. This is a vicious cycle, and we need to find a way,” he said.

Sinha said that India’s external debt is Rs 390 billion dollar, out of this the short-term debt if a little over 172 billion dollars. And this is a worrying scenario as short-term debt is supposed to be repaid by 2014.

1.:40 PM:
Rupee hits 66


The Indian rupee has hit a new record low of 66. At 1.47 pm, rupee is at 66.02 against dollar.

The BSE Sensex is at 18032.16, down 525.97 points, 2.83%. The Nifty is at 5298.35, down 178.15 points, 3.25%.

Ajay Marwaha of HDFC Bank told CNBC-TV18 that the RBI’s intervention in the forex market has been largely ineffective and attributed the fall in rupee to the fall in emerging market currencies.

12:11 PM:
‘Market in Catch-22 situation’

“The market is in a catch-22 situation, but it’s like catching a falling knife. Investors with 1-and a half to 2 years horizon may get into select frontline stocks where FII selling has been huge, Dilip Bhat of Prabhudas Lilladher told CNBC-TV18.

He said though the Nifty may bounce back to 5700 levels, the volatility in the markets will be killing.

The Sensex was 491 points down and the rupee hit a new low of 65.87.

Finance Minister had earlier allayed fears saying that the Food Security Bill will not have a negative impact on the fiscal deficit. “We will not cross the red line of 4.8 percent of GDP this fiscal,” he told at a press conference.

IT stocks are doing well in what is otherwise a weak day for markets. The rupee’s weakness may be helping tech stocks. Wipro is trading 0.63 percent up, Infosys is up 1 percent.

11:35 AM:
Rupee hits record low, Sensex down 500 pts

The Indian rupee hit a record low today at 65.68 against the dollar. The Indian currency fell nearly 4% in the last three trading sessions.

Meanwhile, reacting to the rupee fall, the markets also went in deep red. The BSE Sensex is at 18076.28, down 2.60 percent, nearly 500 points down. While the Nifty is at 5325.55, down 2.76%.

Ashutosh Raina of HDFC Bank attributed rupee weakness to general decline in all emerging market currencies across the globe. He said food security bill passed by the Lok Sabha yesterday added to already existing concerns about the twin deficits. He however said 70 levels may not be that near as 66 will have to be defended for some time.

11:25 AM
CLSA says Modi stock market’s greatest hope

Indian remains the most at risk of a sovereign debt crisis, though the country does not have a high foreign ownership of rupee debt, said CLSA in its GREED and Fear note.

That Congress President Sonia Gandhi’s rare speech was only to endorse the highly expensive Food Security Bill is clouding the hope that the Congress will at least now strive to improve the governance, it said.

“The Indian stock market’s greatest hope in this respect is the emergence of Gujarat Chief Minister Narendra Modi as the BJP’s prime ministerial candidate. While the odds are definitely stacked against him, GREED & fear’s view is simply that the worse the sense of crisis the better Modi’s chance of winning,” it said.

According to the brokerage, Modi has been increasingly attacking the direction-less government and the collapsing rupee of late. It expects the rhetoric to gain pitch as the election approaches.

10:40 AM:
Chidambaram says food bill won’t affect Fiscal deficit

Finance Minister P Chidambaram said that the ‘red line’ on fiscal deficit is 4.8 percent of GDP and that will not be breached even if Food Security Bill is implemented.

The Food Bill was passed in the Lok Sabha yesterday.

The Finance Minister reiterated that the rupee is undervalued and it will find its own level. “We have to be patient, firm. Rupee will find its appropriate level,” he said.

He said that the CCI has cleared Rs 1.83 lakh crore worth projects yesterday and the message that the government wants to send through this is that investment cycle has been revived and the government is pushing it.

10:20 AM:
‘Don’t be surprised if Nifty hits 4900′

Hiren Ved, Director & CIO Alchemy Capital says the recent pullback seen in the market was entirely due to short covering and given the way Indian’s macros are shaping up, one should not be surprised if Nifty hits 4900 going ahead.

His views come in line with Ridham Desai of Morgan Stanley. The market is likely to remain in a sideways range till the next Reserve Bank of India (RBI) monetary policy, which is scheduled in September, he told CNBC-TV18.

10.00 AM:

18303.76 -254.37 (-1.37%)
NIFTY 5395.10 -81.40 (-1.49%)

9.:45 AM:
Food Bill fans deficit concerns, rupee falls below 65

The rupee plunged near its all-time low and paring its gains in the last two sessions, as concerns weighed heavily in the financial markets on the expected increase in government’s subsidy burden following the passage of the food security Bill.

The rupee had ended down 110 paise or 1.74 percent at 64.30 against the US dollar after hitting an intra-day low of 64.75 in the previous session.

Forex dealers said besides strong demand for the American currency from importers and banks, dollar’s strength against other currencies overseas amid expectation that the Federal Reserve will soon taper its bond-buying programme weighed on the domestic currency.

They said several measures announced by the government and the RBI failed to check volatility in the rupee.

Weak domestic fundamentals such as record current account deficit concern too put pressure on the rupee, they said.

In order to arrest the rupee slide, RBI had announced measures such as restriction on Indian firms investing abroad and on outward remittances by resident Indians, triggering talks of return of capital control regime.

9:15 AM:
Rupee plunges below 65, Sensex down 200 pts
The rupee resumed its free fall and plunged to 65.22 in the opening trades today largely in line with the rout witnessed in the emerging market currencies globally.

Adding to the rupee’s worries was the month-end dollar demand from importers including oil marketing companies.

The experts spoke on the CNBC-TV18 said the rupee’s depreciation was linked to the wide current account deficit. “The rupee will continue to depreciate” Ray Farris of Credit Suisse told CNBC-TV18. He India may have to resort to monetary tightening to arrest the currency slide.

The rupee depreciation pulled down the Sensex and the Nifty, with both the benchmark indices opening down about 1 percent.

The BSE Sensex opened at 18323, down 1.5 percent, while the Nifty opened at 5399, 1.4 percent down.

On Monday night, Parliament approved the historic Food Security Law after just six hours of debate. Food minister KV Thomas tweaked several key proposals including assuring states that their existing schemes will not be tampered with and they will get to select the beneficiaries. The total food grain requirement is projected at 62 million tonnes for an estimated expenditure of around Rs 125000 crore this year.

Globally, Syria concerns led US stocks to reverse earlier gains in the last hour of trading with the Dow and S&P 500 ending about half a percent lower. In Europe, shares closed slightly lower with fears of a government collapse in Italy dragging down the Italian index.

Asian markets were trading lower today morning following a lackluster lead from Wall Street and fears of a possible confrontation with Syria.

Banking stocks have been badly hit with all BSE bankex components trading in red. Yes Bank , Indus Ind Bank and Canara Bank are all down more than 3 percent.

Sesa Goa is down 4%. On Monday, Sesa Goa announced it will replace Sterlite in the Sensex. Sesa Goa’s weight age will also increase in Nifty and FTSE.

IDFC is down 7.23% as Reserve Bank has notified the decrease in FII limit in IDFC to 54% from 74% earlier.