Nifty slips below March low; Midcap, Smallcap plunge 1-2%

10:50am Market Update: Equity benchmarks extended losses with the Nifty trading at lowest level since January 9, 2015. The Sensex dropped 195.95 points to 27241.99 and the Nifty slipped 73.90 points to 8231.35.

The market breadth weakend further as about 1690 shares have declined against 433 shares advanced on the Bombay Stock Exchange.

10:35am Market Expert: The market is prone to trade between 7800-8200 due to lack of substantial triggers, tepid earnings and expectation of weak monsoons, says Harendra Kumar of Elara Capital.

According to him, there is nothing exciting in the market right now and therefore, there are not too many stocks to buy given the expensive valuations.

10:16am Market Update: The market extended losses, falling below its March low, dragged by banking & financials (except ICICI Bank), healthcare and capital goods stocks. The Sensex plunged 134.84 points to 27303.10 and the Nifty fell 54.65 points to 8250.60.

10:05am Petronet LNG dives: Discussing the results, RK Garg, Director Finance, Petronet LNG, said the company has been trying to mitigate issues raised after sudden drop in crude prices, which in turn affected customers’ buying capacity.

In an interview, Garg said the company’s long-term volumes have reduced significantly in Q4 and that 75 percent of capacity is under long-term contracts.

“Buyers not taking quantities due to fall in crude prices will pay penalty, which is paid yearly, not on quarterly basis,” he said.

According to Garg, improvement in margins will depend on offtakes. He hopes to see some (improvement) in the next two months.

10:00am Market Check

The market continued to consolidate ahead of expiry of April derivative contracts this week. The Sensex fell 47.74 points to 27390.20 and the Nifty declined 27.55 points to 8277.70.

The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices losing 1.4 percent and 2 percent, respectively. Nearly 3 shares declined for every share advancing on the Bombay Stock Exchange.

Rakesh Arora, Macquarie said Indian market has been hurt due to negative sentiment surrounding MAT on FII investments.

According to him, earnings season is also panning out weak as expected and the first Met report on the monsoon is also not encouraging. He feels stocks, post a 15-20 percent correction, would be cheap and worth buying on dips.

Shares of Infosys, Larsen & Toubro, SBI, Sun Pharma, Mahindra & Mahindra, Cipla, Hero Motocorp, Tata Steel and GAIL dropped 1-1.5 percent while ITC and NTPC gained more than 1 percent. For mOre information please visit this site www.bigprofitbuzz.com

Sensex down 155 pts, Nifty below 8400; Tata Steel up 5%

3:30 pm Market closing: After a choppy session, the market ended on lower levels. The Sensex was down 155.11 points or 0.6 percent at 27735.02 and the Nifty slipped 31.40 points or 0.4 percent at 8398.30. About 1370 shares have advanced, 1442 shares declined, and 155 shares are unchanged.

Cement and pharma stocks were under pressure while a weak rupee also added pressure on the indices. Sun Pharma, SBI, Tata Motors, NTPC and Wipro were major laggards in the Sensex. Tata Steel remained top gainer, adding 5 percent at day's end. Other gainers were Coal India, Maruti, BHEL and Cipla.

3:00 pm HDFC Bank Q4 results: HDFC Bank's net profit rose 20.6 percent to Rs 2807 crore in the quarter ended March 2015 as compared to Rs. 2326.52 crore year-on-year. During the quarter, its net interest income was up 21.4 percent at Rs 6013 crore versus Rs 4952 crore on a yearly basis. Net interest margin (NIM) was flat at 4.4 percent quarter-on-quarter.  

According to a CNBC-TV18 poll, profit was seen growing 20.9 percent year-on-year to Rs 2,812 crore and net interest income rising 20.6 percent to Rs 5971 crore in the quarter ended March 2015. 

Its gross non-performing assets (NPA) was at 0.9 percent versus 1 percent (Q-o-Q) while net NPA was at 0.2 percent. In absolute terms, gross NPA stood at Rs 3438.4 crore compared to Rs 3467.9 crore in the last quarter of the same fiscal. Net NPA was at Rs 896.3 crore.

2:30 pm Market outlook: Amit Dalal, executive director, Tata Investment Corp in an interview to CNBC-TV18 said it is not right time for long-term investors to exit. neither is it the best time to invest. "I would neither be a big seller nor be a big investor right now," he added. The house has a preference for private banks over public sector banks (PSUs) because the non performing asset (NPA) problem for the PSU banks according to Dalal could worsen if government regulations impose provisioning for bad debts. The house is upbeat on ICICI Bank and plans to stay invested in it. Dalal said: “Next three years would largely be positive for banks unless something goes wrong in the economy and we are stuck with paradigm we don’t have with us.”

Don't miss: Tata Steel surges 5% after BoAML reinstates coverage

The market is still under huge selling pressure. The Sensex is down 170.99 points or 0.6 percent at 27719.14 and the Nifty is down 38.75 points or 0.5 percent at 8390.95. About 1299 shares have advanced, 1336 shares declined, and 153 shares are unchanged.

Sun Pharma, Tata Motors and NTPC are down above 2 percent while SBI & M&M are other losers in the Sensex. Among the gainers are Tata Steel, Coal India, Cipla and Maruti Suzuki. Cairn India is down 2 percent ahead of its March quarter results.

Meanwhile, the government is considering clarificatory amendments to the rules relating to Minimum Alternate Tax (MAT) for the benefit of foreign investors who have been battling tax demands worth Rs 40,000 crore.

"Clarificatory amendments to MAT rules are under consideration of the government," Minister of State for Finance, Jayant Sinha, told reporters. Sinha, along with top government officials, had held meeting with Foreign Institutional Investors (FIIs) yesterday, pressing for government's Rs 40,000 crore tax demand, saying they should approach courts to get relief on these matters. For more information please visit this site www.bigprofitbuzz.com

Sensex dives over 200 pts, Nifty falls; metals outperform

1:30 pm Telecom: India's telecom regulator has ruled on the definition of adjusted gross revenue (AGR) for telecom companies. The TDSAT has said that AGR will include all receipts except capital receipts and revenue from non-core sources such as rent, profit on sale of fixed assets, dividend , interest and miscellaneous income, etc will be included in AGR. The regulator has also included forex adjustment under AGR apart from ruling that licenses fee will not be charged twice on the same income.

Don't miss: YES Bank rallies 4%: How to trade it now?

Profit booking drags the Nifty below 8400. The 50-share index is down 55.65 points or 0.7 percent at 8374.05. The Sensex is down 234.78 points or 0.8 percent at 27655.35. About 1279 shares have advanced, 1302 shares declined, and 147 shares are unchanged.

Only metal stocks led by Tata Steel are seeing huge buying interest. Coal India, Maruti and BHEL are top gainers in the Sensex. Among the losers are Sun Pharma, NTPC, SBI and M&M.

Meanwhile, manufacturing activity in Asia's top two economic powerhouses slowed further in April, a disappointing outcome that calls for yet more stimulus and puts pressure on the United States and Europe to do more of the heavy lifting to drive global growth.

The flash HSBC/Markit Purchasing Managers' Index (PMI) for China fell to a one-year low of 49.2, from 49.6, pushing deeper below the 50-point level that is supposed to separate growth from contraction. For More information please visit this site www.bigprofitbuzz.com

Nifty races towards 8500, Sensex firm; Jet soars 3%

The market continues to maintain its uptrend boosted majorly by bank and metal stocks. The Sensex is up 165.48 points or 0.6 percent at 28055.61 and the Nifty is up 64.45 points or 0.8 percent at 8494.15. About 1384 shares have advanced, 418 shares declined, and 100 shares are unchanged.

Tata Steel, Tata Power, Coal India and Maruti Suzuki are top gainers in the Sensex. Among the losers are M&M and Infosys.

Jet Airways rises 3 percent as it will seek shareholders' approval next month to raise up to USD 400 million (over Rs 2,500 crore) through issue of securities on private placement basis. The aviation company has also puts half of its wide-body fleet on sale to reduce debt and looking to sell 16 aircrafts, including long-haul ones due to slack demand.

Meanwhile, the rupee fell by 16 paise at 62.98 against the US dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the Greenback overseas on strong American housing sales data. Besides, fresh demand for the dollar from importers weighed on the local currency but a higher opening in the domestic equity market, limited the rupee's losses, forex dealers said. For More information please visit this site www.bigprofitbuzz.com

Sensex up 214 pts, Nifty ends at 8430; HUL & L&T gain 3-4%

03:30 pm Market close: After a volatile session, the market has ended with handsome gains with major support by banks and capital goods stocks. The Sensex ended up 214.09 points or 0.8 percent at 27890.13, and the Nifty was up 51.95 points or 0.6 percent at 8429.70. About 1379 shares have advanced, 1379 shares declined, and 180 shares are unchanged.

Even after a weak monsoon forecast, HUL gained 4 percent. Other top gainers in the Sensex were Axis Bank, L&T, Hero and Dr Reddy's Labs. Wipro lost 6 percent post poor Q1FY16 guidance. ONGC, SBI, Hindalco and Infosys also slipped.

03:20 pm Rupee bonds: Indian Railways Finance Corp, the finance arm of Asia's largest rail network, plans to raise up to $1 billion through offshore rupee bonds, making it the first domestic issuer to eye so-called "masala" debt to diversify its source of funds.

The Reserve Bank of India gave Indian companies the green light to raise bonds offshore in rupees earlier this month, a move seen as a small step towards full rupee convertibility, one of the objectives set by Reserve Bank of India Governor Raghuram Rajan when he took charge in 2013.

Rajan has since said full capital account convertibility, which would allow foreign investors to repatriate money at will, could happen in "a short number of years".

03:10 pm Market update: It has been a roller coaster ride on Dalal Street. The Nifty is tad below 8450-level, up 51.80 points or 0.6 percent at 8429.55, at 8430. The Sensex is up 197.46 points or 0.7 percent at 27873.50.

02:59pm Mastek in Focus: Smallcap IT firm Mastek disappointed street with its fourth quarter earnings. Profit after tax dropped 26 percent sequentially to Rs 6.44 crore on account of weak operational performance and lower other income.

Revenue grew 2.8 percent to Rs 276.1 crore during January-March quarter from Rs 268.6 crore in December quarter and increased 4.7 percent in constant currency terms.

Operating profit (EBITDA) slipped 20 percent quarter-on-quarter to Rs 16.24 crore and margin declined 167 basis points to 5.88 percent in the quarter gone by.

Other income during March quarter was Rs 1.23 crore, down 72.2 percent compared to Rs 4.43 crore December quarter.

The bottomline was also impacted by increase in products research and development expenses that increased to Rs 17.1 crore in March quarter (6.2 percent of operating revenue) from Rs 14.3 crore (5.3 percent of operating revenue) in December quarter.

02:46pm Market recovers: Volatile equity benchmarks recouped losses in late trade, supported by private banks, healthcare and stocks like L&T and HUL. The Sensex rose 45.74 points to 27721.78 and the Nifty advanced 5.55 points to 8383.30.

About 1115 shares have advanced, 1544 shares declined, and 179 shares are unchanged on the BSE.

L&T climbed over 2 percent on winning orders worth Rs 2,674 crore. HUL surged over 3 percent and Dr Reddy's gained 2 percent.

02:40pm Market Update: Equity benchmarks recovered supported by private banks. The Sensex fell 56.73 points to 27619.31 and the Nifty declined 26.80 points to 8350.95.

About 1058 shares have advanced, 1594 shares declined, and 176 shares are unchanged on the BSE. 

02:35pm FII View: Brokerage firm Credit Suisse has maintained its 10 percent overweight stance on India, buoyed by economic recovery and a significant fall in inflation.

Credit Suisse believes Prime Minister Narendra Modi's structural economic reform programme is already bearing fruit and India merits an exclusion from the 'fragile five.'

Some concerns notwithstanding, the brokerage says it prefers India over Brazil in the emerging markets (EMs) space.

"Our MSCI India regression model suggests the greatest potential upside in global emerging markets (GEM)," says the report,

However, the report added that the negative top and bottom line revisions is making the firm nervous about maintaining the 'overweight' call

02:25pm DoT to meet telcos: Telecom Minister Ravi Shankar Prasad today said the Department of Telecom (DoT) will soon call a meeting of all service providers to look into the problem of frequent call drops being faced by customers.

"I have asked my officials to call a meeting of all service providers regarding call drops faced by customers," Prasad told PTI. Operators will be asked to improve quality of service, he added.

A group of BJP MPs have also complained to the Minister regarding frequent 'call dropping', excess billing and non-transparency by some private telecom operators.

The parliamentarians demanded action against the private telecom operators after proper investigation and alleged that the companies were not hearing complaints of the customers.

Mobile phone users have been complaining about the call drops, but telecom operators have not lived up to their expectations to rectify the problems and provide a good communication network.

02:00pm Market Check

Equity benchmarks extended fall for the sixth straight session, down 0.8 percent on weak monsoon forecast. Banks, technology, oil & gas, auto and metals dragged.

The Sensex, which lost more than 1600 points in last 6 trading sessions, declined 205.39 points to 27470.65 and the Nifty slipped 70.75 points to 8307 today.

About 977 shares have advanced, 1659 shares declined, and 176 shares are unchanged on the BSE.

The Indian Met Department released its first official monsoon forecast for 2015 and predicted below normal monsoon this year. MET said rainfall is seen at 93 percent of long term average in 2015, adding 35 percent probability of monsoon rainfall will remain below normal.

Vibhav Kapoor of IL&FS said earnings season will be more difficult than anticipated. The range for the Nifty has moved lower to 7600-8600 over next 2 months, according to him.

On the crucial subject of restrospective tax payment for FIIs, minister of state for finance Jayant Sinha said the government cannot withdraw MAT notices sent to FIIs, The government is going by the authority of advance rulings which clearly stated that FIIs need to pay MAT and foreign investors are free to appeal against it.

The rupee weakened to 62.91 against a close of 62.85 a dollar yesterday due to fresh dollar demand from importers and strong dollar against other currencies overseas. Weak equity market also dampened sentiment. For More information please visit this site www.bigprofitbuzz.com

Monsoon forecast pinches, Nifty below 8300, Sensex drags

1:50 pm Market check: The market has skid sharply after the MET department released its first monsoon forecast for the year 2015. According to Earth Sciences Minister, there is a 28 percent probability of rainfall being normal in 2015.

The Sensex is down 237.74 points or 0.8 percent at 27438.30 and the Nifty is down 82.40 points or 0.9 percent at 8295.35.  About 1042 shares have advanced, 1544 shares declined, and 168 shares are unchanged.

Wipro, ONGC,Tata Motors, SBI and ICICI Bank are major losers in the Sensex.

1:30 pm Big deal: Drug major Sun Pharmaceutical said its promoter and Managing Director Dilip Shanghvi did not buy shares of the company sold by the Japanese drugmaker Daiichi Sankyo.

“Dilip Shanghvi has neither purchased nor agreed to purchase any shares of our company in the said transaction,” Sun Pharma said in a BSE filing today.

The company was clarifying on speculations that Sanghvi, who holds 9.61 percent stake in Sun Pharma, had bought shares when Daiichi Sankyo exited from the Indian firm.

According to the data available on BSE, as on April 10, promoter shareholding in Sun Pharma stood at 54.71 percent .

Don't miss: Analysts cut target price of Wipro; stock falls 4% post Q4

The market is marginally in the green . The Sensex is up 28.77 points at 27704.81 and the Nifty down 1.30 points at 8376.45. About 1317 shares have advanced, 1161 shares declined and 161 shares are unchanged.

HUL, Hero Motocorp, M&M, HDFC and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are Wipro, ONGC, SBI, Infosys and Tata Motors.

Amid a weakening global trend, gold futures traded Rs 96 down at Rs 27,007 per 10 gm as speculators reduced their positions. Gold for delivery in far-month August contracts dropped by Rs 96 or 0.35 per cent to Rs 27,007 per 10 gm in a business turnover of one lot at the Multi Commodity Exchange.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas and profit-booking by speculators. For More information please visit this site www.bigprofitbuzz.com

Sensex sees marginal gains: HUL rebounds, IT stocks decline

10:25am FII View: A positive macro-and-policy-fuelled India was the most preferred emerging market across all financial centres in Europe at the end of 2014, says Deutsche Bank in a research report. But now global as well as emerging markets investors are looking at a tactical reallocation of aggressively overweight positions towards other EM's like China, Russia and Brazil, the report says. Deutsche Bank met as many as 34 investors last week across key financial centers in Europe. The brokerage house further says: "Many global investors we met – who were first time investors into India, through the rally last year, are currently focused on European equity markets, following improving economic data and QE in Europe." Focusing on India, the report says, the ongoing tactical correction is a healthy consolidation and investors waiting on the sidelines should use this as an opportunity to realign their portfolios. Deutsche Bank maintains its year-end Sensex target of 33,000. 10:00am Market Check The market continued to see marginal gains in morning trade led by banking & financials, FMCG and select oil stocks. The Sensex rose 71.09 points to 27747.13 and the Nifty climbed 12.20 points to 8389.95. The BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively. More than two shares advanced for every share declining on the Bombay Stock Exchange. Sun Pharma rebounded with 2 percent gains after a 9 percent fall in previous session. JP Morgan has maintained overweight rating on the stock with a target price of Rs 1030. "Large correction was driven by supply from Daiichi’s stake sale (down 19 percent over last 2 weeks including correction yesterday)," said the brokerage, adding he will use the weakness as a buying opportunity. He believes the base Sun Pharma business (ex-Ranbaxy) can grow at more than 15 percent over medium term and sees significant upside from integration / turnaround of Ranbaxy acquisition, manufacturing related synergies. HUL also rallied 2 percent followed by ICICI Bank, ITC, Reliance Industries, Axis Bank, M&M, HDFC Bank, HDFC, Dr Reddy's Labs and Hero Motocorp with 0.3-1.3 percent. However, Wipro tanked 4 percent post disappointing earnings and weak guidance. TCS and Infosys too were under pressure, down 0.4-0.9 percent. For more information please visit this site www.bigprofitbuzz.com