Nifty slips below 8300, Sensex down; Bharti, M&M, SBI drag

The market is losing its grip as the Sensex is down 93.18 points at 27397.41 and the Nifty is down 33.15 points at 8298.80. About 1226 shares have advanced, 1256 shares declined, and 159 shares are unchanged.

Vedanta, Tata Steel, ONGC, Hindalco and TCS are top gainers in the gainers while Cipla, Bharti Airtel, M&M, NTPC and SBI are laggards.

Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund said. Oil prices have shed half of their value since June 2014, and are expected to be lower than the breakeven point for Gulf countries in the next three to four years

Sensex, Nifty consolidate; Vedanta, Tata Steel top gainers

12:59pm Market Update: The Sensex rose 12.47 points to 27503.06 and the Nifty slipped 3.55 points to 8328.40. About 1273 shares have advanced, 1181 shares declined, and 152 shares are unchanged on the BSE. 12:55pm Tata Communications in News:  Tata Communications today announced that it has been chosen by Formula One Management (FOM) to provide broadcast services for the GP2, GP3 and Porsche Supercup racing series. It will provide a fully diverse end-to-end fibre and satellite solution to broadcasters from across the globe at the 12 race locations in 2015. With this agreement broadcasters will have access to a provider with knowledge and experience in motor racing and the infrastructure capability to provide specific media management and movement services that go above and beyond the core technology. 12:25pm IT companies growth: TV Mohandas Pai, Chairman, Manipal Universal said the key issues for IT are weakness in euro and pricing contamination. Adding to the discussion, Sudin Apte, CEO and Research Director, Offshore Insights said client decision making has slowed down over the past couple of months. He believes TCS is better placed to transform itself into new age technology. According to Pai, management transformation is the key to success for the IT companies now. Execution is a challenge Infosys has to face, he added. He expects the companies to grow in low double digits going forward. 12:00pm Market Check The market continued to consolidate above 8300 level in noon trade. Metals, select IT and oil stocks gained while banks and select auto stocks remained under pressure. The Sensex gained 2.64 points at 27493.23 while the Nifty slipped 5.45 points to 8326.50. The BSE Midcap and Smallcap indices outperformed, up 0.4-0.5 percent. Kotak Mahindra Bank gained 1.7 percent ahead of its Q4 numbers. A CNBC-TV18 poll sees 19 percent profit growth on a standalone basis helped by a low base. Asset quality is expected to be stable. ING Vysya Bank numbers will be merged into Kotak from Q1FY16 onwards. Metals stocks extended rally with the BSE Metal Index rising more than 2 percent. Vedanta surged over 5 percent and Tata Steel gained more than 4 percent followed by Hindalco with 2 percent upside. Realty stocks like Oberoi Realty, HDIL etc gained 1-2 percent as the Real Estate Bill is scheduled to be taken up by Rajya Sabha members. Sources suggest that the government may send Real Estate Bill to standing panel today. Also GST Bill is lined up for discussion in Lok Sabha today. Finance Minister said he is reasonably confident of passage of the GST Bill in the Budget session. He is bullish on the India growth story, saying issues like MAT need to be resolved at the earliest. For more information please visit this site www.bigprofitbuzz.com

Bulls at D-St: Sensex, Nifty surge; Future Retail up 15%

1:30 am Buzzing: Shares of BHEL rose 2.5 percent intraday. The company has successfully commissioned a 195 MW thermal unit in Bihar. It says that this is the first 195 MW unit to be commissioned by BHEL at the 2X195 MW Muzaffarpur Thermal Power Station (TPS) Plant of Kanti Bijlee Utpadan Nigam (KBUNL), a joint venture of NTPC and MSPGCL, Bihar. The second 195 MW is expected to be commissioned in FY2015-16. Earlier, in the first week of March 2015, a 660 MW supercritical thermal unit was commissioned by BHEL at Barh in Bihar.

Don't miss: ONGC, OIL rise 4-5% as govt to bear entire fuel subsidy

The market is still on its northwards journey as the Sensex is up 343.83 points or 1 percent at 27355.14. The Nifty is up 107 points or 1 percent at 8288.50. About 1790 shares have advanced, 711 shares declined, and 139 shares are unchanged.

ONGC, Bajaj Auto, M&M, Cipla and Hindalco are top gainers in the Sensex. Among the top losers are Tata Motors, L&T, Wipro and ICICI Bank.

Meanwhile, both Future Retail and Future Consumer Enterprise are up 15 percent each on hopes of a possible merger with Bharti Retail.

Meanwhile, Hartmut Issel, Head of Equity & Credit for Asia Pacific at UBS continues to feel India is on track and bases the premise of his optimism on oil prices. Issel, who is also CIO, the Wealth Management at UBS says low oil prices may have been good for the economy but also impacted corporate profits. A lot of earning downgrades is a result of that factor, Issel says.

He says oil prices have since moved up and expects that to firm up a bit more resulting in wiping out the main source of downgrades. Once that is taken care of, Issel sees the domestic story picking up again. 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 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