Nifty struggles below 8300; IT, pharma, bank stocks rise

1:30 pm Results: Ambuja Cements missed street expectations on Wednesday with the first quarter net profit falling 38.9 percent year-on-year to Rs 317.69 crore compared to Rs 520.01 crore in the year-ago period. A poll had expected profit of Rs 340 crore on revenue of Rs 2,565 crore for the quarter. Revenue declined 7 percent to Rs 2,463 crore for the quarter ended March against Rs 2,651.2 crore in the corresponding quarter of last year. The company follows January-December as its financial year. Don't miss: Investors dump Idea post firm Q4; analysts still bullish The market is flat as the Sensex is up 8.67 points at 27405.05. The Nifty is up 6.15 points at 8291.75. About 1441 shares have advanced, 956 shares declined, and 144 shares are unchanged. IT, pharma and bank stocks are lending support to the benchmark indices. Axis Bank is up 3 percent while Wipro, Sun Pharma, ICICI Bank and GAIL were top gainers in the Sensex. Among the losers were Vedanta, ITC, Tata Motors, Hindalco and HDFC. Gold prices fell by Rs 53 to Rs 27,326 per 10 gm in futures trade today largely in tandem with a weak trend overseas and profit-booking by speculators. Analysts said the fall in yellow metal prices at futures trade was mostly in tune with a weak trend overseas and profit-booking by speculators at prevailing levels. For more information please visit this site www.bigprofitbuzz.com

Nifty above 8250, Sensex flat; Bharat slips 2%, ITC drags

9:55 am Buzzing: Shares of KPIT Technologies tanked 20 percent intraday, hitting lower circuit at Rs 124.05 per share on poor March quarter results. Its disappointing Q4FY1 earnings were dragged by revenue de-growth and a sharp drop in margins. Revenue de-growth was led by the US, manufacturing, energy & utilities, IES and SAP SBU, says ICICIdirect.com.

Also, what led to the drag is management’s mis-matched outlook. In March, the management had indicated that dollar revenue in January-March quarter to be flat quarter-on-quarter due to cross currency but it reported a 3.5 percent decline in the period. KPIT Technologies' Q4FY15 result was bleak, with revenues declining 3.2 percent Q-o-Q to USD 122 million

Antique has downgraded the stock to sell with a target price of Rs 113 per share.

9:40 am Market check: The Sensex is up 15.04 points at 27411.42 and the Nifty is up 0.05 points at 8285.65.  About 1015 shares have advanced, 463 shares declined, and 113 shares are unchanged.

Axis Bank, Sun Pharma, ICICI Bank, Tata Steel and HUL are top gainers while Vedanta, ITC, TCS, Infosys and Tata Motors are laggards in the Sensex.

9:30 am FII view: Geoffrey Dennis, Head-Global Emerging Market Strategy at UBS expects the US Fed to start raising rates in September. He remains invested in emerging markets and feels the India story stays intact in long-term. However, he sees some profit-taking. According to Dennis, India is unlikely to give 35 percent returns as other countries like Korea and China are attracting some money out of the country. He, however, advises Indian investors to put money into market now and expects a 10-15 percent upside in the market by 2015-end.

Don't miss: HDFC Q4 profit seen up 7.2%, NII may grow 16.5%: Poll

The market has once again opened in negative terrain. The Sensex is down 39.55 points at 27356.83 and the Nifty is down 10.80 points at 8274.80. About 309 shares have advanced, 121 shares declined, and 77 shares are unchanged.

Sun Pharma, Maruti, Wipro, Bajaj Auto and ICICI Bank are top gainers in the Sensex. Among the losers are Bharti Airtel, HUL, Vedanta, Cipla and Tata Motors.

Bharti Airtel's earnings disappointed after profits and revenues missed estimates. The Indian operations of the company remain steady while Africa continues to drag.

The Indian rupee opened marginally lower at 63.22 per dollar against 63.15 Tuesday. The dollar dropped to an eight-week low after a weak US consumer confidence report, with investors cautious about a Federal Reserve meeting.

Himanshu Arora of Religare said, "The USD-INR pair is expected to trade lower today on expectations that Greece will reach a bailout agreement soon. Improved risk appetite along with surging equities may dampen demand of dollar. Further, World Bank's statement that India is less vulnerable now than it was in 2013, may also support the rupee in the short term.”

Among global markets, US markets close mixed as investors digested the raft of earnings and awaited the Federal Reserve's statement due later today.

In Europe, equities closed lower as investors took a breather from a stellar rally in the previous session and looked ahead to meeting by the US Federal reserve policymakers.

Among commodities, Brent crude prices hovered near USD 64 per barrel on expectations that US crude stockpiles could be at record highs for the 16th consecutive week. Gold prices rise to USD 1210 an ounce on soft dollar. For more information please visit this site www.bigprofitbuzz.com

Sensex up over 250 pts, Nifty above 8300; Banks outperform

3:15 pm Bullish World Bank: In a major boost to the market, World Bank estimates India’s GDP growth at 7.5 percent in FY16 and 7.9 percent in FY17. It says that India needs to further rationalise subsidies. World Bank thinks tax-to-GDP ratio may rise after India implements GST but land acquisition remains hurdle in the country's efforts to boost infrastructure. 3:00 pm Market check: The market does a somersault and surges ahead. The Sensex is up 285.89 points or 1 percent at 27462.88, and the Nifty is up 89.60 points or 1 percent at 8303.40. About 1565 shares have advanced, 1069 shares declined, and 148 shares are unchanged. Bank Nifty soars 3 percent on short covering. Pull back seen in select mid cap stocks after recent sell off. 2:30 pm Economy outlook: Rural India has been a growth driver for auto industry, but sales are under pressure currently, said Saurabh Mukherjea of Ambit Capital. He sees an increase in corporate bad debts for private banks. Mukherjea expects sluggish economic growth for next 6-7 months, and advises investors to buy companies with strong balance sheets. He recommends avoiding stocks dependent on rural consumption and investment cycle. Ambit has cut GDP growth forecast for FY16 from 7.9 percent YoY to 7.5 percent YoY. It sees FY16 GDP to be at same levels as in FY15. Expecting next 6-7 months to be a weak economic phase for the country, the brokerage firm advises investment into companies having strong balance sheets, while recommending investors to cut exposure to rural consumption-dependent companies and to stocks that are plays on the investment cycle. Don't miss: 5 brokerages tell you how to trade Maruti post Q4 The market is still struggling with the Sensex is down 18.16 points at 27158.83. The Nifty is up 1.20 points at 8215.00. About 1357 shares have advanced, 1185 shares declined, and 145 shares are unchanged. ICICI Bank is still up 6 percent while Maruti, Axis Bank, Tata Motors and BHEL are top gainers in the Sensex. ITC, GAIL, L&T, HUL and Infosys are major losers. Sugar stocks like Bajaj Hindusthan, Mawana Sugars, Sakthi Sugars are rallying as the government may announce package for sugar sector in a day or two. According to CNBC-TV18 sources in the food ministry, the package will address issues related to buffer stock. It may even include decision to hike import duty, increase ethanol blending limit and sugar release mechanism. Meanwhile, drug major Mylan has rejected a USD 40 billion unsolicited merger offer from Israel's Teva Pharmaceutical Industries saying the bid "grossly undervalues" the company considering its best-in-class assets, including a strong foothold in India. For more information please visit this site www.bigprofitbuzz.com

Nifty holds 8200 amid pressure; ITC, GAIL, ONGC laggards

The market is still under pressure. The Sensex is down 56.25 points at 27120.74 and the Nifty is down 12.50 points at 8201.30. About 1264 shares have advanced, 1192 shares declined, and 157 shares are unchanged.

ICICI Bank and Maruti are up 3-4 percent while BHEL, Hero Motocorp and Tata Motors are top gainers in the Sensex. Among the losers are ITC, GAIL, ONGC, L&T and Bharti Airtel.

Japan's Nikkei share average rose helped by hopes of better shareholder returns after Fanuc Corp doubled its dividend payout ratio, but gains were limited ahead of a two-day US Federal Reserve's policy meeting. The Nikkei 225 ended 0.4 percent higher to 20,058.95. Oil fell more than 1 percent ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.

US commercial crude stockpiles were expected to have risen last week for the 16th straight week, up from a record 489 million barrels, even though drilling activity fell, a preliminary survey by Reuters showed on Monday.

Comments from top Saudi oil officials on Monday reiterated the country's position of keeping production high to meet demand as it maintains its market share. For more information please visit this site www.bigprofitbuzz.com

Sensex, Nifty erase morning gains; Idea, Bharti in focus

The market gave up morning gains but the Nifty managed to hold the 8200-mark. Technology, FMCG, pharma, oil and HDFC twins dropped while auto and select banks gained.

The Sensex fell 7.53 points to 27169.46 and the Nifty gained 0.10 points at 8213.90. About 1231 shares have advanced, 1033 shares declined, and 149 shares are unchanged on the BSE.

Globally, Asian markets remained mixed as investors are cautious ahead of a two-day policy meeting by the US Federal Reserve that begins later today. Brent crude prices fell to near USD 64 per barrel.

In earnings today, telecom majors Bharti Airtel and Idea Cellular traded flat ahead of their Q4 earnings. For Bharti Airtel, analysts expect a steady quarter for India wireless while Africa business may continue to see a lackluster quarter. poll indicated that consolidated profits may rise 9 percent sequentially. Idea Cellular's revenue growth is seen at 4.5-5 percent due to volume growth.

ICICI Bank climbed more than 5 percent, retaining its top position in the buying list on Sensex as the management guidance provided some relief. They said fresh impairments and slippages from the restructured loans will be lower as compared to FY15.

IOC, HPCL and BPCL gained anywhere between 2-4 percent. In a major boost for the oil marketing companies, the finance ministry agreed to fully compensate the Rs 8,600 crore of under-recoveries incurred in the fourth quarter of FY15. Goldman Sachs believes that OMCs are set for a strong earnings given full compensation of losses. For more information please visit this site www.bigprofitbuzz.com

Sensex skids over 261 pts, Nifty ends at 8214; Maruti up 3%

3:30 pm Market close: Dragged sharply by oil & gas, pharma, FMCG and banking stocks the market ended with severe losses. The Sensex closed down 260.95 points or 0.9 percent at 27176.99 and the Nifty ended at 8213.80, down 91.45 points or 1 percent at 8213.80. About 667 shares have advanced, 2063 shares declined, and 144 shares are unchanged.  SBI, Bharti Airtel, Dr Reddy's Labs, BHEL and HDFC fell around 3 percent each. Maruti gained over 3 percent after posting firm March quarter results while Vedanta, Wipro, Bajaj Auto and Tata Motors were top gainers in the Sensex. BSE Midcap index slipped over 2 percent from previous close. 3:00 pm Market check: The Sensex is down 256.48 points or 0.9 percent at 27181.46 and the Nifty is down 86.25 points or 1 pecent at 8219. About 622 shares have advanced, 2039 shares declined, and 143 shares are unchanged. Maruti and Vedanta are up around 3 percent while Wipro, Coal India and Tata Motors are other top gainers in the Sensex. BHEL, SBI, Dr Reddy's Labs & HDFC lose 3 percent. ICICI Bank falls 2 percent. 2:30 pm ICICI Bank: ICICI Bank matched street expectations on Monday with the profit rising 10.2 percent year-on-year to Rs 2,922 crore in the quarter ended March 2015. Strong net interest income, other income and operating profit boosted the profit but asset quality worsens during the quarter. Asset quality has worsened with the gross non-performing assets (NPA) rising 75 basis points year-on-year (up 38 bps sequentially) to 3.78 percent and net NPA climbing 64 bps Y-o-Y (up 34 bps Q-o-Q) to 1.61 percent in the quarter gone by. Don't miss: Maruti Suzuki Q4 profit jumps 60.5% to Rs 1284 cr; dividend at Rs 25/sh Bears continued to keep tight control on Dalal Street as the Sensex fell 156.82 points to 27281.12 and the Nifty declined 60.95 points to 8244.30. Pharma, capital goods, FMCG and select banking & financials led the fall today. The market breadth also remained weak as about 1959 shares have declined against 616 shares advanced on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices dropped 1.5 percent and 2.3 percent, respectively. Maruti Suzuki gained 3.6 percent in afternoon trade after its Q4 earnings beat street expectations on every parameter. Profit climbed a whopping 60.5 percent year-on-year to Rs 1,284 crore, supported by higher volumes and favorable foreign exchange. "Higher volumes, material cost reduction initiatives, favorable foreign exchange and lower sales promotion expenses contributed to the bottomline during the quarter," said the car maker in its filing to the exchange. Axis Bank, Tata Motors, Wipro and Vedanta gained 1-2.5 percent whereas HDFC, SBI, Infosys, Dr Reddy's Labs, Sun Pharma, ONGC, HUL, Hero Motocorp and BHEL dropped 1-3 percent. For more information please visit this site www.bigprofitbuzz.com

Sensex, Nifty still in red; oil & gas, pharma stocks drag

The market is still in the red dragged by oil and pharma stocks. The Sensex down 130.45 points at 27307.49. The Nifty is down 49.25 points or 0.6 percent at 8256.00. About 585 shares have advanced, 1891 shares declined, and 136 shares are unchanged.

HDFC, Dr Reddy's Labs, SBI, HUL and Hero Motocorp are losers while Vedanta, Axis Bank, Tata Power and NTPC are top gainers in the Sensex.

Brent crude prices held near a 4-4.5 month high above USD 65 a barrel, supported by concerns over fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline.

The number of active US rigs drilling for oil has fallen for a record 20 weeks in a row to the lowest since 2010, according to Baker Hughes data, fuelling expectations of a drop in US production. For more information please visit this site www.bigprofitbuzz.com