Sensex, Nifty end lower amid volatility; metals surge

03:30pm Market ends: After a volatile session, the market has ended in negative terrain. The Sensex ended down 50.45 points at 27440.14 and the Nifty was down 11.25 points at 8320.70. Metal stocks jumped with top gainers like Vedanta and Tata Steel. ONGC, Hindalco and HUL were other gainers in the Sensex.

Among the losers were M&M, Bajaj Auto, HDFC, SBI and Coal India.

02:50pm South Indian Bank falls: South Indian Bank disappointed street on Tuesday with the fourth quarter net profit falling sharply to Rs 16.3 crore compared to Rs 124.6 crore in the year-ago period due to higher provisions.

Net interest income too declined 4.8 percent to Rs 347.1 crore from Rs 364.7 crore during the same period.

Provisions for bad loans jumped 4.9 times to Rs 137.7 crore during January-March quarter compared to Rs 28.3 crore in the corresponding quarter of last fiscal.

02:25pm Welspun Projects in focus: Welspun Projects today said Merrill Lynch Capital has raised its stake in the company to 7.55 percent . Prior to acquisition, Merrill Lynch Capital Markets Espana's stake in the company was 3.80 percent , Welspun Projects said in a regulatory filing.

The mode of acquisition was market purchase, it further said, adding that the buyout of 15 lakh shares by Merrill Lynch Capital took place on April 30.

Welspun Projects (WPL), formerly known as MSK Projects (India) and part of the Welspun Group, is into engineering, procurement and construction (EPC) projects across sectors like roads, water and industrial structures. 

02:00pm Market Check

The market remained volatile with the Sensex falling 84.39 points to 27406.20 and the Nifty declining 21.90 points to 8310.05.

About 1237 shares have advanced, 1391 shares declined, and 182 shares are unchanged on the Bombay Stock Exchange.

Neelkanth Mishra of Credit Suisse says their FY16/17 Nifty EPS estimates have been cut by 2 percent & 1.3 percent, respectively, with bulk of the cuts from energy stocks like Cairn, industrials like BHEL & cement. Second half of earnings season will be weaker than first half in FY16, he adds.

Asian market hit by weakness today. Shanghai closed with a 4 percent cut, its biggest loss in the last 4 months on news reports that several Chinese brokerages have tightened requirements for margin financing. Hang Seng lost more than 350 points today.

In stock action, Kotak Mahindra Bank surged 5 percent post reporting earnings better than estimates with profits of Rs 527 crore, a growth of 30 percent. The bank also announced bonus issue of 1:1. NIIT Technologies gained 4 percent on fourth quarter earnings. For more information please visit this site www.sharemarket259.blogspot.in  

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Sensex & Nifty volatile, Midcap outperforms; metals shine

10:25am SKS Microfinance rallies 5%: SKS Microfinance has registered over 49 percent rise in its net profit at Rs 40.54 crore for the last quarter ended March 2015 compared to Rs 27.11 crore in the corresponding last quarter in the previous fiscal.

"Total income increased from Rs 147.38 crore for the quarter ended March 31, 2014 to Rs 226.20 crore for the quarter ended March 31, 2015," it said in a filing to the BSE.

For the full fiscal ended March 31, 2015, company's net profit rose by over two-and-a half times to Rs 187.66 crore. It had earned net profit of Rs 69.85 crore in 2013-14. Full year income increased from Rs 544.84 crore for the year ended March 31, 2014 to Rs 803.07 crore for the year ended March 31, 2015, it said.

10:00am Market Check

The market continued to see profit booking amid consolidation. The Sensex fell 37.40 points to 27453.19 and the Nifty declined 15.90 points to 8316.05.

However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.4 percent each. Advancing shares outnumbered declining ones by a ratio of 1052 to 754 on the BSE.

HDFC, ITC, Infosys, Mahindra & Mahindra, Bharti Airtel, Bajaj Auto, Cipla, NTPC and Coal India lost 1-2 percent while Tata Steel topped the buying list on Sensex, up 3.4 percent.

TCS, Larsen & Toubro, ONGC, HUL, Vedanta and Hindalco gained 1-2 percent. For more information please visit this site www.sharemarket259.blogspot.in

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D-St on fire: Sensex soars 479 pts, Nifty ends above 8300

03:30 pm Market close: The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 percent at 27490.59 and the Nifty scaled the 8300-level. The 50-share index closed up 150.45 points or 1.8 percent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged.

ONGC was up 8 percent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex. Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses

03:20 pm Big fall: Shares of Shriram Transport slumped 16 percent intraday after it announced disappointing March quarter results. Its net profit declined 73 percent to Rs 84.23 crore in Q4 of FY15. During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year.

Morgan Stanley has also downgraded the stock to underperform from equalweight. The brokerage has slashed target price to Rs 900 per Rs 1230 per share. “Non-performing loan (NPL) ratio at the equipment finance subsidiary is likely to almost double in F1H16, after increasing 5 times in Q4 FY15. A weak monsoon could delay growth and asset quality recovery in the parent vehicle financing business. We view risk-reward as poor with valuation above mean,” it says in a report to clients.

03:05pm Market Update: The Sensex jumped 475.77 points or 1.76 percent to 27487.08 and the Nifty rose 148.60 points or 1.82 percent to 8330.10. About 1890 shares have advanced, 821 shares declined, and 152 shares are unchanged on the BSE.

02:50pm IPOs in focus: PNC Infratech's up to Rs 488-crore initial public offer (IPO) will open on Friday, making the infrastructure firm sixth company to hit the capital markets this year. The Agra-based firm's issue will open on May 8 and closes on May 12, PNC Infratech said in a statement.

The company, which specialises in construction of highways, bridges, flyovers and airport runways, is making a public issue of up to 12,921,708 equity shares of face value of Rs 10 each including a share premium per equity share.

The price band is fixed from Rs 355 to Rs 378 per equity share. The infrastructure-firm would raise around Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.

Meanwhile, apparel and lifestyle accessories firm Numero Uno Clothing has approached capital markets regulator Sebi to float an initial public offer (IPO). The proposed public issue comprises fresh issue worth Rs 65 crore and an offer for sale up to 84 lakh from its promoter and AA India Development Capital Fund.

02:30pm Brent crude update: China, the world's second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday.

The sub-50 point level indicates a contraction compared with the previous month.

The data came on the heels of a top government think tank's forecast that China's economic growth could slow further to 6.8 percent in the second quarter.

Oil supplies from the Organization of the Petroleum Exporting Countries, which produces about 40 percent of oil supplies, climbed 0.2 percent to a more than two-year high in April, a Reuters survey showed.

02:00pm Market Check

The Sensex continued to rally more than 300 points and the Nifty gained more than 100 points led by banking & financials, FMCG, healthcare, select auto and oil stocks.

The Sensex jumped 341.71 points or 1.27 percent to 27353.02 and the Nifty rose 103.20 points or 1.26 percent to 8284.70. About 1839 shares have advanced, 789 shares declined, and 155 shares are unchanged.

In market opinion, Ridham Desai of Morgan Stanley says the government's biggest achievement in the last one year is control on inflation while Ramesh Damani says investors should continue focussing on buying good businesses.

The fiscal has started off on a strong note with auto sales growth across OEMs picking up in April. Maruti registered a solid 30 percent growth in sales while Bajaj Auto saw rise in sales for the first time in 4 months.

ONGC, Cipla and Bajaj Auto topped the buying list, up 5.5-6.5 percent followed by HDFC, Dr Reddy's Labs, Bharti Airtel, Hindalco, GAIL, ITC, Reliance Industries, Infosys and SBI with 1-2.5 percent upside. However, ICICI Bank and Tata Motors fell over a percent.

Future Retail and Bharti Retail have announced the merger of their retail businesses. They said the combined entity will have over 570 retail stores in 243 cities. The stock rallied 14 percent. For more information please visit this site www.sharemarket259.blogspot.in

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Sensex, Nifty up 1%; banks lead, ONGC & Oil India rally

10:50am Market Update: The Sensex jumped 320.59 points or 1.19 percent to 27331.90, and the Nifty rallied 94.90 points or 1.16 percent to 8276.40.

About 1642 shares have advanced, 486 shares declined, and 113 shares are unchanged on the BSE. 

10:20am FII View: Chris Wood, CLSA said Greed & Fear is going to make some small adjustments in the Asia Pacific (ex-Japan) relative-return portfolio this week.

The weightings in India and Vietnam will be increased by 1 percentage point each, with the money being raised by shaving 1 percent point each from Hong Kong and Indonesia, he added.

10:00am Market Check

The market remained strong in morning trade, rising over a percent led by short covering in banking & financials, FMCG, healthcare, select auto and oil stocks.

The Sensex climbed 284.54 points to 27295.85 and the Nifty jumped 79.45 points to 8260.95. Nearly four shares advanced for every share declining on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices gained 0.5 percent and 1.2 percent, respectively.

ONGC and Oil India gained 3.5-4 percent after finance ministry official said the government will bear entire fuel subsidy from now and upstream oil companies will not have to share fuel subsidies anymore. They see fuel subsidy for entire fiscal at Rs 40,000 crore. For more information please visit this site www.sharemarket259.blogspot.in

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Nifty ends April series below 8200, Sensex skids 215 pts

03:30 pm Market check: After a volatile session, the market ended April F&O expiry below 8200-level. The 50-share index was down 58.25 points or 0.7 percent at 8181.50. The Sensex also slipped 214.62 points or 0.8 percent at 27011.31. About 1314 shares advanced, 1376 shares declined, and 193 shares were unchanged.

Axis Bank, BHEL, Reliance, Cipla and Vedanta were top gainers in the Sensex. Among the losers, M&M, Tata Motors, Coal India, Tata Steel and ITC.

03:10 pm New kid in the block:  Shares of Bosch jumped 6 percent intraday as it will be soon added on the National Stock Exchange's benchmark index Nifty. Infrastructure financing firm IDFC will move out of the Nifty and will be replaced by auto component major Bosch.

The changes will come into effect from May 29, according to the changes announced today by India Index Services & Products Ltd (IISL), an NSE group firm which manages Nifty and other indices.

A host of changes have also been made in various other NSE indices such as CNX Nifty Junior Index, CNX 100 Index, CNX 200 Index CNX 500 Index and CNX Service Sector Index by its Index Maintenance Sub-Committee during a periodic review. The stocks being excluded from Nifty Junior index are Adani Enterprises and Bosch while Britannia Industries and MRF would be included in the index.

02:40pm Interview: Biocon's March quarter revenues rose 15 percent versus estimate of 6 percent growth and profits surged 78 percent. The bottomline was boosted by an exceptional inflow of Rs 105 crore from sale of Syngene. Speaking to, Kiran Mazumdar Shaw, CMD, Biocon said the company delivered a robust earnings for Q4 and FY15.

The pharmaceutical company addressed all capacity constraints from last fiscal. It also got approvals from Mexican authorities for insulin drug. Biocon’s Malaysian facility has also commenced operations.

Shaw said the company deliberately took a hit on its topline in order to rationalize products. Biocon is focusing towards being a specialized products player.

Biocon strengthened its biopharma and contract research and manufacturing services (CRAMS) business and is seeing a lot of visibility in targets as the company advances in the biosimilar pipeline. The company has the largest potfolio of biosimilars globally, highlighted Shaw.

The company has increased its research and development (R&D) spends, which according to Shaw, is a positive signal for its growth. The R&D spend of the company is around 8-9 percent of its biopharma revenue and is sustainable. 

02:20pm Global markets: World stock markets and the dollar remained in a sharp sell-off mode today, having been jolted sharply lower by weak US growth data and cautious comments from the Federal Reserve.

Asian and European stocks continued a two-day decline for equity markets worldwide with Europe's FTSEurofirst 300 down 0.8 percent and heading for its worst week of the year.

The slide of more than 3.5 percent is being compounded by this week's jump in bond yields and a more than 2 percent surge in the euro to above USD 1.12, all of which are threatening to extinguish hopes for the region's recovery prospects.

Benchmark German Bund yields kept on climbing, having posted their biggest daily rise in two years on Wednesday on robust German inflation and a pick-up in ECB bank lending figures. Euro zone inflation data is due out at 0900 GMT.

02:00pm Market Check

The sell off continued on Dalal Street with the Sensex down more than 100 points in afternoon trade, though there was some recovery from day's low. The index lost 119.07 points to 27106.86 and the Nifty declined 31.60 points to 8208.15.

About 1213 shares have advanced, 1346 shares declined, and 164 shares are unchanged on the BSE.

S Naren of ICICI Pru said this correction is healthy for the market. There is a compelling case to invest into markets now. However, the capex cycle is not expected to pick up for next 6 months.

It has been a weak day for most global equities. Nikkei ended with a whopping 540-point loss while markets in Europe also fell significantly. Brent crude prices continued to inch higher, now at 6-month highs of USD 66 a barrel.

Shares of ITC, HDFC, Tata Motors, HUL, Bharti Airtel, M&M, Dr Reddy's Labs, Coal India, Tata Steel and Hero Motocorp lost 1-2 percent while Axis Bank remained firm, up 3 percent post Q4 earnings. Reliance Industries, Cipla and Vedanta gained 1-1.5 percent followed by ICICI Bank and ONGC with 0.5 percent gains.

It was a stellar debut for VRL Logistics, listing at a 40 percent premium to its issue price of Rs 205 per share despite a weak market sentiment. The management expects margins to be at historic levels of 18 percent going ahead. For more information please visit this site www.sharemarket259.blogspot.in

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