Sensex Gains 400 Pts, Nifty Eyes 8550; ITC Leads, BHEL

The Sensex gained 424.37 points or 1.53 percent at 28129.72, and the Nifty rose 117.45 points or 1.39 percent to 8539.25. About 1660 shares have advanced, 1161 shares declined, and 150 shares are unchanged on the BSE. Alembic Pharmaceuticals' first quarter net profit grew by 8.06 percent year-on-year to Rs 69.88 crore compared to Rs 64.67 crore in the year-ago period. The stock crashed more than 11 percent intraday Friday as the company disappointed street which expected a blockbuster earnings after potential gains from Abilify generic launch. 

India generics, international branded business impacted overall growth in Q1. The street had expected profit more than Rs 140 crore on revenue around Rs 750 crore for the quarter. Revenue grew by 18 percent to Rs 583.3 crore in June quarter compared to Rs 494.3 crore in same quarter last fiscal.

Its India branded formulations business increased by 18 percent to Rs 263 crore with specialty segment up 22 percent and acute segment up 12 percent. India generics business reported a 13 percent growth at Rs 28.59 crore during the same period. Revenue from its international branded business plunged 63 percent year-on-year to Rs 8.36 crore while international generics climbed 47 percent to Rs 168 crore in Q1. "We launched Aripiprazole (Abilify - to treat metal illnesses) generic in the US on Day 1. The US Food and Drug Administration audited Kharkhadi plant successfully," said the company in its filing. 

During the quarter, it received 8 abbreviated new drug application (ANDA) approvals. 02:25 pm Will RBI hike rates? The Reserve Bank is likely to keep the repo rate unchanged in its upcoming third bi-monthly monetary policy meet scheduled on Tuesday, said India Ratings and Research (Ind-Ra) in a note today. "The Reserve Bank (RBI) is likely to wait and watch on rates in its third bi-monthly credit policy meet in August. "

There is room for RBI to cut rates by another 25 basis points (or 0.25 percent), however, a more appropriate time for a rate cut would be H2FY16," it said. Amid evolving growth-inflation dynamics, Ind-Ra expects the policy stance to reflect RBI's continued intention to anchor both inflation and inflationary expectations. This has become even more important for RBI after its agreement with the government to follow a framework of inflation targeting, said the research agency. 

The Wholesale Price Index (WPI)-based inflation has remained negative for the last eight months and stood firm at negative 2.4 percent in June.

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Nifty Eyes 8500, Sensex Up 200Pts; Kotak Mah Down, ICICI

The positive momentum continued in early trade Friday with the Sensex rising 211.86 points to 27917.21 and the Nifty climbing 50.10 points to 8471.90. About 1065 shares have advanced, 332 shares declined, and 85 shares are unchanged on the BSE. Cipla, GAIL, Dr Reddy's Labs, ICICI Bank and Coal India rallied 1.2-1.6 percent. However, Kotak Mahindra Bank fell 3 percent post Q1 earnings. 

ITC, Maruti Suzuki, L&T, PNB, Bank of Baroda and Power Grid Corp declined. In important earnings, Larsen and Toubro (L&T) will report its Q1 numbers today. The earnings could disappoint on a high base. Its consolidated profit is expected to decline 14 percent with a reputed revenue growth. Banking heavyweight, ICICI Bank too will report numbers today. According to a CNBC-TV18 poll, the Net Interest Income (NII) is expected to rise 15 percent while profits may see 10 percent growth. 

The provisions are expected to remain elevated. The Indian rupee slipped in the early trade. It has opened lower by 6 paise at 64.10 per dollar against previous close of 64.04. Pramit Brahmbhatt of Veracity said, "Local equity market is likely to trade sideways today and will take cues from global markets for further directions. Strength in dollar will keep rupee under pressure." 

"Today being the last trading day of the week, investors are expected to trade cautiously and square off their position ahead of the weekend. Range for the day is seen between 63.70-64.40/dollar," he added. Global cues, meanwhile, were mixed with the US stocks closing narrowly mixed as investors digested more earnings and second-quarter GDP, a day after the Fed left interest rates unchanged. In economic news, US gross domestic product (GDP) came in at 2.3 percent. 

Asian markets, meanwhile, are mixed in early trade following a soft US lead. In other asset classes, the dollar gained as news of faster US economic expansion in the second quarter supported the notion that the Fed would raise interest rates, perhaps as early as September. Crude prices held steady after a larger-than-expected drawdown in US crude stockpiles was balanced by a stronger dollar. Precious metal gold's prices declined on dollar gains.

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Nifty Nears 8450 On F&O Expiry Day, Sensex Up; Cipla Gains

In a strong show, the Rs 550 crore IPO of biotechnology major Biocon's research arm Syngene International was over-subscribed 32.03 times on the last day of the offer on Wednesday as both retail and institutional investors bid aggressively for the shares.

The company's IPO received bids for 51,24,24,840 shares as against 1,60,00,000 shares on offer, according to data available with the NSE till 1900 hrs, thus generating demand for shares worth over Rs 17,000 crore. Syngene's public offer opened for subscription on Monday. The price band has been fixed between Rs 240 and Rs 250 per share. 

The public issue is of 2.2 crore shares (including the anchor investor portion of 60 lakh). At the given issue size, the company would raise Rs 550 crore at the upper end of the price band. 10:30 am Result poll: Cigarette-hotel-to-FMCG major ITC 's first quarter earnings are expected to be muted on decline in cigarette volumes (the major contributor to revenue) and subdued performances from other segments. 

consolidated net profit is seen rising 6 percent year-on-year to Rs 2,320 crore and revenue is likely to increase 0.6 percent to Rs 9,300 crore during the quarter. Operating profit (earnings before interest, tax, depreciation and amortisation) may rise 3 percent to Rs 3,381 crore and margin may expand 100 basis points to 36.4 percent. The full impact of price hikes on cigarette volumes will be seen in June quarter. ITC hiked cigarette prices on blended basis amount to around 30 percent in July 2014 and March 2015.

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Sensex Up 150 Pts, Nifty Hits 8400 Post Fed Meet; ITC Slips

Herald Van Der Linde, head of Asia Pacific equity strategy at HSBC Holdings Plc says the near-term looks challenging for emerging markets but valuations are getting attractive across Asia. Linde has a cautious stance on India because equities here are little expensive than other markets. He sees Sensex at 26800 by year end. Talking about Fed shelving plans to hike interest rates once again, Linde said US market has already priced that in. He says Fed may go for it later in the year

The market has opened higher, tracking positive cues from Wall Street after the Federal Reserve kept rates unchanged. All eyes are on expiry of July derivative contracts today. The Sensex gained 135.55 points at 27698.98 and the Nifty rose 40.75 points to 8415.80. About 713 shares have advanced, 119 shares declined, and 64 shares are unchanged on the BSE. Cipla, HDFC, Axis Bank, BHEL, ONGC and Cairn India rallied 1-1.5 percent. 

However, ITC lost 0.6 percent ahead of earnings. GAIL, ICICI Bank, Tata Power and Ambuja Cements also declined. In key earnings today, according to a CNBC-TV18 poll, ITC profit may rise 6 percent to around Rs 2,300 crore. Cigarette volumes are expected to decline 15-18 percent due to price hikes. From the pharma space, muted numbers are expected from Dr Reddy's, the profits may rise 4 percent. From the banking sector, this will be first quarter of Kotak-ING consolidated numbers. Analysts expect a muted profit growth while the margins may come off since ING Vysya has lower margins. 

The Indian rupee opened lower by 5 paise at 63.96 per dollar against 63.91 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "As per July FOMC statement, Fed is poised to begin rate hikes in 2015 most likely in September. Dollar strength against major currencies is continuing." "With Reserve Bank Of India (RBI) presence on both sides of the market, USD-INR is expected to trade today in a range of 63.85-64.15/dollar," he added. In global markets, the US Federal Reserve kept rates unchanged, giving no hint of lift-off coming in the next meeting. 

Policymakers said the economy is expanding moderately, but made no mention of recent volatility around Greece or China. The US markets closed in the green with the Dow Jones industrial average closing about 120 points higher. The Nasdaq Composite briefly dipped into negative territory before trading half a percent higher. Asian markets gained today, taking heart from a positive finish on Wall Street and a modest recovery in commodity prices. The dollar remained steady in cautious trade ahead of US GDP data that could reinforce expectations that the Federal Reserve is on track to raise interest rates as early as September.

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Sensex Gains Over 100 Pts; SBI, GAIL, NTPC Major Laggards

The market is going steady. The Sensex is up 134.50 points or 0.5 percent at 27593.73 and the Nifty is up 38.20 points or 0.5 percent at 8375.20. About 1584 shares have advanced, 1041 shares declined, and 136 shares are unchanged. Infosys, Maruti Suzuki, BHEL, Wipro and HDFC are top gainers while ITC, Dr Reddy's Labs, GAIL, SBI and NTPC are among laggards.

The emerging markets and global macro, Morgan Stanley Investment Management Sharma is of the view that China is neither in control of its equity market, nor its overall economy and that poses a significant global economic risk. 

Shanghai markets have in the recent past plunged 8.5 percent in a single day merely on the negative growth sentiment prevailing. The government is trying to shore up confidence and has infact entrusted a securities fund with USD 500 billion to keep buying shares with just one-point agenda in mind- to keep the market afloat. But the measure has hardly impressed analysts. owning to a widespread lack of confidence in the government.

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Sensex, Nifty Marginally Higher; Mid, Smallcap Outperform

PNB will be refinancing its stressed loans in Q2. In an interview to CNBC-TV18, executive director Ram Sangapure says the bank refinanced loans worth Rs 2500 crore in Q1 and will be refinancing more Rs 3000 crore worth loans in Q2. In an interview to CNBC-TV18, Sangpure says of the loans to be refinanced, 70 percent are from steel sector and 30 from power. Indian steel industry has faced a double whammy of weaker prices and higher imports dumped from China. 

PNB, India's fourth-largest state lender by assets, could take control of some of the most heavily indebted steel companies and sell them on as part of a restructuring. About a quarter of the bank's USD 4 billion portfolio of steel loans is stressed. While Ananda Bhoumik, senior director, India Ratings believes rceoveries may not see a pick-up this year, Sangpure is optimistic that the incremental slippages will reduce as the downtrend has already begun. 

The market continued to see marginal buying interest after four-day fall. The Sensex gained 93.40 points at 27552.63 and the Nifty rose 27.25 points to 8364.25. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 0.8 percent. About 1319 shares have advanced against 543 shares declined on the Bombay Stock Exchange. 

HDFC rebounded with 1.56 percent gain after falling more than 2.5 percent on Q1 earnings. Infosys, Tata Motors, Axis Bank, HUL, Wipro, Bajaj Auto, BHEL, Hindalco, Tata Steel and Vedanta gained 1-2 percent. However, ITC slipped ahead of its Q1 earnings scheduled to be announced on Thursday. ONGC and NTPC declined 1 percent.

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Nifty Above 8350, Sensex Firm; ITC Falls, Vedanta Gains 2%

The market has started the day on a high note. The Sensex is up 66.46 points at 27525.69, and the Nifty is up 20.30 points at 8357.30. About 690 shares have advanced, 190 shares declined, and 67 shares are unchanged. Vedanta, HDFC, Tata Steel, Hindalco and Tata Motors are top gainers while ITC, ONGC, NTPC, GAIL and Reliance are among laggards in the Sensex. 

The Indian rupee has maintained it upward momentum as it gained 4 paise in the early trade. The currency has opened at 63.87 per dollar against previous close of 63.91. Pramit Brahmbhatt of Veracity said, "Investors are likely to trade cautiously today as market is unsure of any upside movement in equity markets. Investors are expected to trade watchfully ahead of a series of data due for this week." The dollar maintained its modest gains as traders look to any hints from the US Federal Reserve on the timing and the pace of its future rate hikes. 

The Asian markets traded mixed despite a positive finish on Wall Street. US markets close with over 1 percent gains over encouragement from recovery in oil prices. The US Federal Reserve's monetary decision is due tonight. A CNBC survey shows the market still expects a rate hike in September, but the majority is dwindling. European equities, meanwhile, ended in positive territory, as investors kept an eye on the slew of earnings and the start of the Federal Reserve meeting. Crude prices fell as worries about global oversupply weighed in on sentiment. Precious gold continued to trade near the 5.5 year lows ahead of Fed meet.

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Sensex, Nifty rangebound; BoI, Syndicate Bank Plunge 4-6%

Capital markets regulator Sebi has sought clarifications from merchant bankers of four firms including IndiGo and Coffee Day Enterprises regarding their proposed initial public offers (IPOs). 

The other firms from which Sebi has sought information are RBL Bank (formerly known as Ratnakar Bank) and global sim card provider Matrix Cellular (International) Services. Without disclosing the details of clarifications sought, Securities and Exchange Board of India (Sebi) has said that it is awaiting response from 'Lead Managers' for the proposed public offers. 

According to the latest weekly update on the processing status of draft offer documents filed with Sebi, the market regulator has said clarifications were awaited on the IPO of these four companies as on July 24, 2015. 

Equity benchmarks remained rangebound in afternoon trade with the Nifty hovering around 8350 level. The broader markets, too, continued to be volatile. The Sensex declined 10.49 points to 27550.89 and the Nifty rose 3.90 points to 8364.90. About 1318 shares have advanced, 1262 shares declined, and 163 shares are unchanged on the BSE. Bank of India plunged 4 percent and Syndicate Bank crashed nearly 6 percent after sharp fall in profit and weak asset quality performance.

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Sensex, Nifty Consolidate; ONGC, Tata Motors Top Losers

The market entered into consolidation mode after a fall in previous three consecutive sessions. The Sensex fell 40.23 points to 27521.15 and the Nifty declined 10.30 points to 8350.70. About 962 shares have advanced against 813 shares declined on the Bombay Stock Exchange. Rakesh Arora, Macquarie said there is enough happening to keep the long-term interest alive in the market but not good enough to break out of the current range in the near term. He expects Nifty to remain stuck in the 8,000-8,800 range for some more time. 

ONGC and Tata Motors topped the selling list, falling nearly 3 percent followed by Wipro, Cipla, Tata Steel, GAIL, Vedanta and Hindalco Industries with 1 percent loss. HDFC and PNB fell 0.5 percent and 2 percent, respectively, ahead of their June quarter earnings. However, Maruti Suzuki gained 1 percent on hopes of spectacular earnings with the profit rising 69 percent year-on-year.

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Sensex Slips Over 300 Points, Nifty Below 8500

The S&P BSE Sensex slipped over 300 points in trade on Monday tracking a sharp fall observed in most Asian markets. The 50-share Nifty index also broke below its crucial psychological support level of 8450. Bank Nifty fell nearly 300 points, the loss were led by index heavyweights such as sense 

Sun TVBSE 4.34 % surged over 6 per cent, while Tata Motors was down about 2 per cent in trade. 

Taking its losing streak to the fourth straight session, rupee depreciated 3 paise to 64.07 against dollar to hit a fresh five-week low in early trades today. The currency market was keenly awaiting the forthcoming two-day US Fed policy meet beginning Tuesday that is expected to shed some light on the kick start of interest rate hike cycle.

Asian shares were weak. China's mainland index Shanghai Composite dropped over 2 per cent. Hong Kong's Hang Seng slipped 2.4 per cent. Japan's Nikkei and Singapore's Straits Times were down over 0.7 per cent each. South Korea's Kospi fell 0.35 per cent. 

In Asia, while China's industrial profits declined 0.3 per cent YoY in June, the flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) contracted to 48.2 for July, compared with a final reading of 49.4 in June. Weakness persisted after the Dow Jones Industrial Average last week posted its worst weekly fall since January.

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Sensex Plunges 300 Pts, Nifty Breaks 8450; Banks Drag

The SIT recommendation to go after P Notes to stem black money is unlikely to impact market, says Ridham Desai of Morgan Stanley. He is confident that the government will make a studied decision on the issue and rules out the possibility of the FII community panicking over P-Note issue. Desai, on the other hand, is worried that if GST Bill does not get passed during the Monsoon Session of parliament, it may hurt sentiment. But that is "short-term" glitch in the 3-5 year bull run, he says.

The market extended losses in morning trade with the Sensex falling 318.40 points or 1.13 percent to 27793.91 and the Nifty declining 87.95 points or 1.03 percent to 8433.60. The broader markets, too, slipped into red. The BSE Midcap index dropped 1 percent and Smallcap declined 0.8 percent. About 760 shares have advanced, 1111 shares declined, and 102 shares are unchanged on the BSE. Bank Nifty fell 300 points.

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Sensex Down Over 150 Points, Nifty Tests 8,550, Sun TV Up 3%; Top 20 Intraday Bets

The S&P BSE Sensex fell over 100 points in trade on Thursday, tracking muted trends across most Asian markets. The 50-share Nifty was quoting below the crucial mark of 8,600. The losses in the benchmark indices were led by heavyweights such as ICICI Bank, Infosys, L&T, Wipro, Tata MotorsBSE -1.58 % and Reliance Industries. 

The overall market breadth though remained positive, with five out of every 10 BSE stocks trading in the green. Stock-specific action was visible, as slew of companies reported their June quarter numbers during the trading session. 

Rallis India fell over 8 per cent after reporting a 10 per cent YoY fall net profit for the June quarter. Wipro was down over 3.5 per cent. The company on Thursday reported less-than-expected Q1 numbers. Stocks of IDFC surged nearly 5 per cent in trade on Friday after the non-banking financial company said it has received a banking licence from the Reserve Bank of India (RBI).

The fall in the domestic indices were much in line with weak global trend. South Korea's Kospi was down 1 per cent; Hong Kong's Hang Seng was down over 150 points and Japan's Nikkei fell lost 0.6 per cent. Bucking the weak trend, China's Shanghai Composite was up over 1 per cent.

Continuing its losing streak for the third consecutive trading session, rupee dropped 21 paise to 63.97 against dollar in early trades today. The local unit had slumped 19 paise to settle at 63.76 against the greenback on Thursday amid persistent demand for the US currency from banks and importers. 

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Nifty Holds 8550 Amid Pressure; Tata Motors Falls

The market is slipping away as the Sensex is down 84.38 points at 28286.46. The Nifty is down 18.45 points at 8571.35. About 1323 shares have advanced, 908 shares declined, and 130 shares are unchanged. Cipla, Hindalco, Bharti Airtel, Sun Pharma and HDFC are top gainers while Wipro, GAIL, ICICI Bank, Tata Motors and Lupin are among laggards in the Sensex.

The market is split between September & December, and the actual timing will be data dependent, but the US tightening cycle will certainly be a focus in H2FY16," he added. According to Expert history suggests Asian markets tend to rally into Fed hikes & fade after, but the limited data points reduce the reliability of the conclusion. 

Oil prices rose in Asia following recent losses but analysts said the rebound is unlikely to be sustained because of a global crude glut.  the prospects of Iranian oil returning to the oversupplied market after Tehran reached a deal with major powers over its nuclear ambitions is dampening appetite.

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