Shares Jaypee Group companies such as Jaiprakash Associates, Jaiprakash Power Ventures Ltd (JPVL) and Jaypee Infratech have plunged by up to 24% after Reliance Power called off a deal with Jaiprakash Power Ventures Ltd (JPVL) to buy the JVPL’s entire hydel power portfolio.

“Due to prevailing regulatory uncertainties and tariff issues, which impact valuations, Reliance Power and JPVL have terminated discussions regarding Reliance Power’s acquisition of JPVL’s hydro portfolio of three projects, with an aggregate capacity of 1,791 mega watts, Reliance Power said in a statement.

Sustained dollar demand from importers and weakness in local equities on Wednesday pulled the rupee down for a third straight day, with the currency ending two paise lower at 60.97 against the greenback.

Heavy selling by foreign funds yesterday in local stocks and better dollar overseas also kept the rupee under pressure.

Markets are trading flat in the noon trades with select metal and power stocks losing the most after the Supreme Court in its verdict today cancelled most of the coal blocks allocated. However, buying in the defensive stocks have limit losses.

At 2:38PM, the 30-share Sensex is up 27 points 26,803 and the 50-share Nifty has gained 1 point at 8,018.

Markets opened marginally higher led by oil and select financials but upside gains are likely to be capped ahead of the expiry of September derivative contracts tomorrow. Further, selling by foreign funds also weighed on sentiment.

At 9:35AM, the 30-share Sensex was up 40 points at 26,816 and the 50-share Nifty was up 15 points at 8,032.

Benchmark share indices continued to trade weak as selling by foreign funds continued to weigh on market sentiment. Further, data suggests that Nifty roll-overs to the October series stood at 40% so far.

At 11.45 Hrs, Sensex was trading at 27,139.04 with a 67.77 points loss while NIfty shows a decline of 21.50 points at 8,124.80.

Markets edged lower in morning trades as selling in index heavyweights like ICICI Bank, Reliance Industries and L&T weighed on the indices. At 1040 hrs, the Sensex was down 70 points at 27,137 and the Nifty was down 22 points to trade at 8,124.

The broader markets too gave up all of its early gains and were in red with the midcap index down 0.2% and the smallcap index down 0.04%.

National Buildings Construction Corporation (NBCC) has rallied 8% to Rs 760 on reports that the foreign broking firm Nomura has initiated coverage on company with a buy for a target price of Rs 1,049 per share.

Nomura says NBCC has an asset light business model with lower working capital requirement.

In lacklustre trade, the rupee on Monday closed a paisa up at 60.82 against the dollar on alternate bouts of demand and supply, snapping a four-day rising trend.

At the forex market, the domestic unit commenced lower at 60.85 a dollar from previous close of 60.83. It was trapped in a range of 60.7425 and 60.88 before concluding at 60.82, showing a minor rise of one paisa.

Engineering and construction major Larsen & Toubro today said it has bagged new orders worth Rs 1,577 crore in September including those for building two residential towers in Mumbai.

"The construction arm of L&T has won new orders worth Rs 1,577 crores across various business segments in September 2014," an official statement said.

Tata Motors has moved higher by 4.2% to Rs 541, also its new high on the National Stock Exchange (NSE).

The stock opened at Rs 515 and touched a low of Rs 514 in early morning deals on NSE. A combined 5.94 million shares changed hands on the counter so far on NSE and BSE.

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