Nifty ends above 8650, RBI policy eyed; pharma, realty lead

03:30pm Market Closing: The market saw major buying interest in last couple of hours of trade today. The Sensex rallied 244.32 points or 0.86 percent to 28504.46 and the Nifty climbed 73.65 points or 0.86 percent to 8659.90.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices surging more than 1 percent. About 1818 shares have advanced, 917 shares declined, and 169 shares are unchanged on the BSE.

03:10pm BHEL Results: State-run power equipment maker Bharat Heavy Electricals (BHEL) disappointed street with its provisional numbers for the financial year 2014-15. According to its tentative financial results (flash results) net profit fell 62 percent to Rs 1,314 crore during the year compared to Rs 3,461 crore in previous year.

Profit before tax too dropped 62 percent to Rs 1,906 crore during the same period. Total turnover for FY15 stood at Rs 30,806 crore, down 23.6 percent compared to Rs 40,338 crore in FY14.

Flash order inflow during the year was Rs 30,814 crore, a growth of 10 percent compared to Rs 28,007 crore in previous year.

02:50pm Market Update: The Sensex climbed 210.88 points to28471.02 and the Nifty surged 66.45 points to 8652.70. About 1710 shares have advanced, 925 shares declined, and 164 shares are unchanged on the BSE.

02:45pm L&T in News: Larsen & Toubro (L&T) said its construction arm has bagged orders worth Rs 5,492 crore across various segments in March.

In the building and factories segment, L&T Construction has won projects, including a major order for construction of a mix use development complex in Mumbai, it said. "The scope involves civil, structural, architectural, finishes, mechanical, electrical and plumbing works," it said.

In the power transmission and distribution business it has bagged orders in both the domestic and international markets, including add-ons, it said.

"New orders and variations have been won from various reputed customers in the Middle East which includes engineering, procurement, and construction of 200 kv and 132 kv substations and power up-gradation works at certain facilities," the company said.

02:30pm RBI Policy expectations: JP Morgan economist Sajjid Z Chinoy expects the Reserve Bank of India to keep benchmark interest rates unchanged at Tuesday’s monetary policy review.

“We expect RBI to stay on hold at upcoming policy review as CPI inflation

rises and core-core inflation momentum accelerates,” says the JP Morgan note to clients.

Chinoy does expect the RBI to cut the cash reserve ratio (CRR) either but sees the central bank continuing with its relaxation of statutory liquidity ratio norms.

“We expect more easing later in the year, anticipating inflation will remain benign. Collapse of the current account deficit, and strong capital inflows allow RBI to focus on domestic dynamics,” says the JP Morgan note.

02:00pm Market Check

The market gained strength in afternoon trade with the Sensex rising more than 150 points led by pharma, FMCG, capital goods and recovery in select banks stocks.

The Sensex jumped 158.86 points to 28419 and the Nifty climbed 47.10 points to 8633.35. The BSE Midcap and Smallcap indices gained 0.9 percent and 1.2 percent, respectively.

About 1669 shares have advanced, 937 shares declined, and 173 shares are unchanged on the Bombay Stock Exchange.

Sun Pharma extended rally, up 6 percent on the day of ex-date for merger of Ranbaxy with the company and on settlement of litigation for generic Angiomax with The Medicines Company, US.

Shares of ITC, Tata Motors, ONGC, Dr Reddy's Labs, Mahindra & Mahindra, HUL, Cipla, NTPC, GAIL and Hindalco rallied 2-3 percent. For More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty rangebound; Geometric up 4%, Sun TV bleeds

01:40pm Market Expert: Fourth quarter earnings is likely to fall short of market expectations, feels Sanjeev Prasad, Senior Executive Director & Co Head (Strategy), Kotak Institutional Equities. In an interview with CNBC-TV18, Prasad sees risks to earning s estimates in the auto, metal, banking, energy and capital good sectors. He expects aggregate March quarter net profits of Sensex companies to grow 6.3 percent year-on-year.  Kotak Securities has already trimmed estimates for companies in the metals and mining sectors, says Prasad. Prasad says a pick up in investment cycle is still 3-4 quarters away, and making matters difficult for investors is that quality stocks are extremely expensive at current prices. 01:25pm NTPC in Focus: State-run NTPC is looking at bringing its coal import bill to 'zero' in the next five years and will rely on the fossil fuel made available by Coal India and the company's own mines. The power major is one of the country's largest consumers of coal. "Our aim is to have zero import of coal, and manage with the coal from Coal India sources or our own mines," NTPC CMD Arup Roy Choudhury told PTI. When asked about the timeframe in which the PSU plans to have nil coal imports, Choudhury said, "You can say in the next five years." NTPC ventured into coal mining as part of its backward integration process for fuel security. The company has been allotted 10 coal blocks including Chatti-Bariatu, Chatti-Bariatu (South) and Kerandari in Jharkhand, Dulanga in Odisha and Talaipalli in Chhattisgarh. Its another block -- Pakri-Barwadih -- in Jharkhand is likely to commence coal production by the end of this calender year and the remaining mines subsequently. 01:00pm Market Check The market remained rangebound in afternoon trade with the Nifty hovering around 8600 level. Healthcare and FMCG stocks gained strength while banking & financials stocks continued to see selling pressure. The Sensex climbed 72.67 points to 28332.81 and the Nifty rose 20.65 points to 8606.90. About 1553 shares have advanced, 933 shares declined, and 169 shares are unchanged on the BSE. Geometric shares rallied 4 percent as sources told CNBC-TV18 that private equity player General Atlantic is looking to pick up the Godrej Group’s 38.4 percent controlling interest in the IT company. Sun TV lost over 9 10 percent amid heavy volumes after the Enforcement Directorate issued an order to attach properties and assets worth Rs 742 crore belonging to Kalanithi and Dayanidhi Maran. For more information please visit this site www.bigprofitbuzz.com

Sensex, Nifty volatile; Midcap, Smallcap outperform

11:25am PMI eases: Growth in India's pivotal services industry lost some momentum in March as input prices rose at the fastest pace in nearly a year, a business survey showed on Monday.

The HSBC Services Purchasing Managers' Index eased to 53.0 in March from February's eight-month high of 53.9. A reading above 50 indicates growth, and March was the 11th straight month of expansion.

"India's service sector ended the first three months of 2015 with a strong performance, providing signals that much of the weakness seen in 2014 has been left behind," said Pollyanna De Lima, economist at Markit.

"Despite softening slightly since the prior month, growth of activity and new business in the country's dominant sector was robust," she said.

The input prices sub-index jumped to a nine-month high of 54.3 from February's 51.2 but as firms absorbed most of the added cost burden, they built up a bigger backlog of outstanding work.

11:00am: Market Expert

The market remained lacklustre but the broader markets continued their strong performance. The Sensex rose 18.67 points to 28278.81 and the Nifty advanced 3.10 points to 8589.35.

The BSE Midcap index gained 0.7 percent and Smallcap rallied over a percent. More than two shares advanced for every share declining on the Bombay Stock Exchange.

The market scenario is likely to turn more benign over the next few months, said Sandip Sabharwal of asksandipsabharwal.com. “Three months ago we were looking at several global concerns like the possibility of an early rate hike by the US Federal Reserve, Greek Crisis which would become uncontrollable and several others. However, last week we saw some positive developments, which would play out over the next few months,” he said.

He feels the Iran situation is very positive from India’s perspective — both in terms of keeping crude prices down and opening up of the export market for India. For the immediate short term, Sabharwal sees the RBI policy slated Tuesday to play an important role. For More information please visit this site www.bigprofitbuzz.com

Sensex up 303 pts, Nifty ends tad below 8600; banks rally

03:30pm Market Closing: The market staged spectacular performance on first day of the financial year 2015-16. The Sensex rallied 302.65 points or 1.08 percent to 28260.14 and the Nifty climbed 95.25 points or 1.12 percent to 8586.25. Banks led the market higher ahead of RBI policy next week.

About 2006 shares have advanced, 697 shares declined, and 161 shares are unchanged on the BSE.

Sun Pharma, Tata Motors, SBI, ICICI Bank, Hindalco Industries, PNB, IndusInd Bank, Yes Bank and Kotak Mahindra Bank surged 2-5 percent.

Shares of Zuari Agro Chemicals, Madras Fertiliser, FACT, NFL, Pipavav Defence and SpiecJet rallied 4-12 percent.

03:20pm Market Update: The Sensex rose 317.78 points or 1.14 percent to 28275.27, and the Nifty climbed 102.75 points or 1.21 percent to 8593.75.

About 2000 shares have advanced, 697 shares declined, and 151 shares are unchanged on the BSE.

03:10pm IT cos in focus: With a fortnight to go for the fourth quarter earnings announcements, tech companies have already indicated that they may face headwinds due to cross currency moves, the latest being HCL Tech. So now the big question is whether the sector headed for a deeper consolidation?

Shashi Bhusan, IT analyst at Prabhudas Lilladher says constant currency growth in Q4FY15 will be better year-on-year. He says the dollar strength will impact profitability by 30-60 basis points for IT companies.

03:00pm Market Update: Equity benchmarks extended rally in last hour of trade. The Sensex spiked 245.02 points to 28202.51 and the Nifty jumped 72.45 points to 8563.45, supported by banks, FMCG and pharma stocks. Reliance Industries recouped its losses, up over 1 percent. Bank Nifty shot up 350 points led by further gains in ICICI Bank, SBI and Axis Bank.

The BSE Midcap gained 1.4 percent and Smallcap surged over 2 percent. About 1885 shares have advanced, 727 shares declined, and 159 shares are unchanged on the BSE. 

02:45pm IPOs in action: Catholic Syrian Bank has filed draft papers with capital markets regulator Sebi to raise up to Rs 400 crore through an initial public offer (IPO) to shore up its capital base.

"The bank will issue equity shares aggregating up to Rs 4,000 million," according to draft documents available with Securities and Exchange Board of India (Sebi).

Besides, the mid-sized private lender is considering to garner up to Rs 150 crore via pre-IPO placement.

The proceeds of the issue would be utilised towards augmenting the bank's capital base to meet its future capital requirements. The issue is being managed by ICICI Securities and Kotak Mahindra Capital Company. This is the eighth draft document filed with Sebi to float an IPO, since January.

Among the firms that have already filed IPO papers are Amar Ujala Publications, AGS Transact Technologies, S H Kelkar and Company, Shree Shubham Logistics, Precision Camshafts, Pennar Engineered Building Systems and SSIPL Retail. 

02:30pm Maruti March Sales: Maruti Suzuki Ltd, India's top selling car maker, expects car sales to grow at a faster pace than the forecast of 5-6 percent growth for the industry in the fiscal year that started on April 1, a company executive told Reuters.

Maruti Suzuki, which sells about one in every two cars in India, reported its best-ever annual sales in the year to end-March but is yet to see a strong recovery in the passenger car market, executive director, RS Kalsi said today.

Sales growth in the 2014/2015 fiscal year was mainly helped by new product launches, an expansion of its dealer network and discounts, Kalsi said.

Maruti Suzuki sold 1.29 million passenger vehicles in the fiscal year ended March 31 - a 12 percent increase from a year ago and higher than its previous peak of 1.27 million in the year 2010/2011.

02:00pm Market Check

The market extended rally in afternoon trade with the Sensex trading above 28000 and Nifty above 8500 led by banks, pharma and FMCG stocks. The BSE Midcap and Smallcap indices rallied 1.2 percent and 1.9 percent, respectively.

The Sensex rallied 163.51 points to 28121 and the Nifty jumped 49.60 points to 8540.60. About 1829 shares have advanced, 723 shares declined, and 159 shares are unchanged on the BSE.

Adrian Mowat of JP Morgan that he maintained an overweight stance on the market, foreign investors positioning in India is still very low.

Banks led the rally with the Bank Nifty rising 250 points. ICICI Bank surged 1.8 percent and its rival HDFC Bank, SBI and Axis Bank climbed nearly 1 percent.

Global markets too were upbeat today, Shanghai and Hang Seng closed with gains of 0.5 percent to 1.5 percent while European markets were also in the green after a solid round of manufacturing data, euro zone PMI for March was revised upwards to 52.2 versus a reading of 51 in February. More information please visit this site www.bigprofitbuzz.com

Nifty above 8500; Ranbaxy Labs up 4%, auto stocks in focus

01:40pm Market Update: The Sensex gained 113.96 points at 28071.45, and the Nifty climbed 30.80 points to 8521.80. About 1774 shares have advanced, 719 shares declined, and 152 shares are unchanged on the BSE.

01:20pm Interview: Talking about the company’s overall sales performance RS Kalsi, ED-Mktg & Sales, Maruti Suzuki said the company despite adverse market condition has managed to achieve a double-digit growth of 11.1 percent. The overall annual figure stands at 11,70,000.

With regards to exports, which show a downtick in the March numbers, he said month-on-month the numbers could vary but one must look at the annual numbers where the growth trajectory is intact and have grown by more than 20 percent.

The export numbers for the month also get impacted if there is delay in shipments. The company is satisfied with the export growth and plan to further expand markets, said Kalsi.

SIAM has projected industry growth at 5-6 percent for FY16 but we aim to grow more than, Kalsi said.

01:00pm Market Check:

The market gained some strength amid consolidation in afternoon trade. The Sensex climbed 88.75 points to 28046.24 and the Nifty reclaimed 8500, up 21.90 points at 8512.90.

The broader markets extended rally with the BSE Midcap and Smallcap indices gaining 1-1.6 percent. The market breadth remained strong with the advance:decline ratio of 1727 to 718 on the BSE.

Sun Pharma and Ranbaxy Labs rallied 4 percent each as today is the last day of trading in shares of Ranbaxy before merger of both companies. Morgan Stanley raised target price on the stock to Rs 1,241 apiece from Rs 995 and estimated 24.6 percent CAGR for FY16-FY17 against 18.6 percent for the street.

Dr Reddy's Laboratories gained 1 percent on acquisition of select portfolio of the established products business of Belgium-based company in India for Rs 800 crore.

ITC, ICICI Bank, Bharti Airtel, HUL and Hindalco Industries were other gainers on Sensex, up 1-2 percent whereas HCL Technologies tanked 4 percent as the company warned of currency impact owing to the currency fluctuations. Adverse cross currency will impact dollar revenue by 280 basis points and EBIT margin by 80 basis points, said the company, adding it is now confident of achieving 21-22 percent EBIT margins which is lower than Q2FY15.

Infosys, TCS, Reliance Industries, BHEL and GAIL were down 0.5-1.5 percent. In auto space, Maruti Suzuki declined more than 1.5 percent on reporting weak sales for March. Total sales fell 1.6 percent and exports took a big knock, down 29 percent to 7836 units year-on-year.

Ashok Leyland gained 1 percent on reporting a 24 percent growth in March sales at 12,754 units year-on-year. Eicher Motors advanced 0.5 percent as its motorcycle sales grew 42 percent and exports jumped 58 percent. Mahindra & Mahindra gained 0.8 percent despite a 12 percent decline in sales but its exports jumped 28 percent.

Fertilser stocks gained 2-13 percent as cabinet approved gas pooling for the sector for 30 urea manufacturing units. Zuari Agro that its current gas cost will go down to USD 11-12 per mmbtu and will also reduce the working capital cycle. More information please visit this site www.bigprofitbuzz.com