Sensex plunges over 200 points on weak global cues, Nifty below 7,850; Eicher Motors falls

9.39 am: Eicher Motors shares plunged as much as 4.67 per cent in early trade on Friday on reports that promoters of the company have sold 11.40 lakh shares, or 4.3 per cent stake, in the company worth of Rs 2160 crore via block deal. Sensex was down 237 points at 25553. Nifty was down 70.95 points at 7,829.

9.16 am: Sensex was down 114.87 points, or 0.45 per cent, at 25675.35. Nifty was down 37.30 points at 7,863.10. Dr Reddy’s Labs and HUL wer trading down by 1.73 per cent and 1.53 in the early trade.

9.15 am: The BSE Sensex opened 50.28 points down at 25739.94 on weak global cues. Similarly, Nifty 50 index opened 19.40 points lower at 7,881.

9.07 am: There will be lots of scrip specific movement with the MSCI rejiging its India index and adding Bajaj Finance, Havells India, Titan Company and Yes Bank to the list, while removing Reliance Communications, REC, and United Breweries. Also there will lots of result announcements to keep the markets in action.

8.41 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open lower on Friday tracking SGX Nifty and weak global cues. At 8.27 am (IST), SGX Nifty was down 43.50 points, or 0.55 per cent, at 7,989.50.

Dashing hopes of recovery may further put pressure in today’s trade. Growth in industrial production plunged to 0.1 per cent in March due to poor performance of manufacturing and mining sectors coupled with sharp decline in output of capital goods. Factory output measured in terms of Index of Industrial Production (IIP) was 2.5 per cent in March last year, as per data released by Central Statistics Office (CSO).

Asian shares got off on the back foot on Friday, while the yen nursed losses as traders wagered the Bank of Japan will add to its massive stimulus before too long.

Major US stock indices closed mixed on Thursday, with Nasdaq Composite down 0.49 per cent as Apple shares skidded to a two-year low on concerns about iPhone demand.

The BSE Sensex recovered by 193.20 points to end at 25,790.22 on Thursday, driven by banking stocks such as ICICI Bank and SBI.

Shares of Glenmark Pharmaceuticals will remain on focus on Friday. The company on Thursday reported over 13-fold jump in consolidated net profit to Rs 143.04 crore for the March quarter on the back of robust sales across all markets including the US, Europe and India. The Mumbai-based firm had posted a net profit of Rs 10.61 crore during the January-March period of 2014-15 fiscal.

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