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.appsmine.org

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.appsmine.org

Sensex, Nifty drag 1%; rupee weak, infra & FMCG stocks skid

1:30 pm Big bull: The Indian stock market has corrected enough over the past few weeks and the thesis remains that local equities are in a sustainable long-term run, as compared to countries like China where shares have seen a ‘poor quality’ rally.

That’s the view of Samir Arora of Singapore-based Helios Capital, who has upped the net exposure of his long-short hedge fund by 5-7 percent. (Arora’s current net long exposure is not known but in February this year, he said his position then stood at 63-64 percent.)

“As opposed to 2014, which was a long-only year, we expect this year to be long-short,” he said, while maintaining that investors should expect 12-15-18 percent kind of returns from stocks this year.

On the issue that has had investors the most worried, Arora said that even if earnings were muted in the current fiscal year (at about 10-12 percent growth), they will likely make up for it in the following year and that on a 2016-17 basis, shares were priced at a reasonable 16-17 times earnings.

Don't miss: Axis Bank rises 5%, brokerages say 'buy' post Q4 nos

The market is slipping away, as the Sensex is down 295.90 points or 1 percent at 26930.03. The Nifty is down 85.35 points or 1 percent at 8154.40. About 1031 shares have advanced, 1369 shares declined, and 147 shares are unchanged.

Bharti, Tata Power, HDFC, Coal India and Dr Reddy's Labs are among major laggards while Axis Bank, Vedanta, Cipla, Reliance and ONGC are top gainers in the Sensex.

The rupee pared its initial losses, but was still down by 17 paise at 63.47 against the American currency in late morning trade on sustained bouts of month-end dollar demand from banks and importers amid weak equities.

The dollar was lower against its major rivals in early trade over the doubts about the strength of the US economic recovery. For more information please visit this site www.appsmine.org  

Nifty holds 8150 amid pressure; HDFC, Bharti, HUL plunge

10:40am Biocon reaction to Q4 nos: Biocon's fourth quarter profit after tax climbed 78 percent year-on-year to Rs 201 crore led by exceptional gains of Rs 105.06 crore (on account of sale of shares of Syngene).

Overall it was a pleasant surprise on earnings as the street was expecting another dismal quarter but numbers were better than expectations. Though the profit was fueled by exceptional inflow, the topline indicated pure organic improved performance.

Revenue grew by 14.5 percent to Rs 854 crore during January-March quarter compared to Rs 746 crore in the year-ago period and expectations of Rs 791.1 crore.

"Biocon closed the year with a stronger performance in Q4 on the back of a record quarterly performance by our Research Services subsidiary, Syngene and an improved performance of our Biopharma business," said Kiran Mazumdar-Shaw, chairman and managing director. 

10:25am FII View: Sakthi Siva, Credit Suisse said, "In our recent client visits in Singapore, a question that is coming up often is whether foreign investors are selling India/ASEAN to buy North Asia. For April, foreigners are now net sellers of India, Indonesia & Philippines, while they are net buyers of Korea & Taiwan."

"Year to date, foreigners are now net sellers of Indonesia, Thailand & Malaysia," she added.

10:00am Market Check

The market remained under pressure on the day of expiry of Nifty April derivative contracts. The Sensex fell 234.98 points to 26990.95 and the Nifty declined 69.05 points to 8170.70, dragged by FMCG, banking & financials and technology stocks.

The BSE Midcap and Smallcap indices outperformed benchmarks, down marginally. About 813 shares have advanced, 1045 shares declined, and 117 shares are unchanged on the BSE.

Shares of HDFC, TCS, HUL, Bharti Airtel, Mahindra & Mahindra, Dr Reddy's Labs and Coal India topped the selling list, down 2-3 percent. ITC, HDFC Bank, Infosys and L&T declined over 1 percent.

However, Axis Bank bucked the trend, up 5 percent following good set of numbers in Q4. CLSA, which has maintained buy rating on the stock, expects earnings to grow at 21 percent CAGR over FY15-17. For more information please visit this site www.appsmine.org

Sensex ends 170 pts lower; Axis Bank up 5%, Bharti falls 4%

3:30 pm Market close: The market ended a volatile session on a weak note. The Sensex was down 170.45 points or 0.6 percent at 27225.93, and the Nifty slipped 45.85 points or 0.5 percent at 8239.75. About 1526 shares  advanced, 1186 shares declined and 157 shares were unchanged.

Bharti Airtel fell 4 percent while ITC, HDFC, Vedanta and Reliance were major laggards in the Sensex. Axis Bank gained 5 percent. Among the top gainers were Wipro, GAIL, Sun Pharma and ICICI Bank.

3:10 pm Market chcek: The market is slipping away as the Sensex is down 180.62 points or 0.7 percent at 27215.76, and the Nifty slips 51.05 points or 0.6 percent at 8234.55. About 1504 shares have advanced, 1127 shares declined, and 165 shares are unchanged.

Bharti Airtel is down 4 percent while ITC falls 3 percent. Vedanta, HDFC and Tata Motors are top losers in the Sensex. Among the gainers are Axis Bank, GAIL, Wipro, Sun Pharma and ICICI Bank.

1:50 pm Market outlook: Straddled with long positions, market participants are looking to exit at higher levels and "so we are seeing selling each time index moves up, says Sanjay Dutt of Quantum Securities. He sees further 3-5 percent downside from current levels.

He continues to believe that individuals should look at bargains rather than entering at specific Nifty levels to make hay. He suggests looking at stocks falling under capital goods, engineering and steel sectors. He actively suggests Reliance Industries is a definite largecap buy for the next two years.

Speaking of revenues of corporate India that have either shrunk or remain flat, Dutt says the rupee-dollar equation remain a critical parametre and is going to play out for next few weeks or months. The government is taking right steps but recovery of macro economics take time. He sees revenue picking up after two quarters when the festive season dawns.

1:30 pm Results: Housing Development Finance Corporation's (HDFC) standalone profit increased 8 percent year-on-year to Rs 1,862.43 crore in March quarter, impacted by deferred tax liability.

The housing finance company said the deferred tax liability during January-March quarter was Rs 119.77 crore against Rs 87.29 crore in December quarter and nil in the year-ago period.

Total income from operations grew by 12.5 percent to Rs 7,448 crore for the quarter ended March compared to Rs 6,620.3 crore in the corresponding quarter of last fiscal.

Don't miss: Investors dump Idea post firm Q4; analysts still bullish

The market continued to be choppy but the broader markets outperformed equity benchmarks. The Sensex fell 62.67 points to 27333.71 and the Nifty declined 9.80 points to 8275.80.

The BSE Midcap and Smallcap indices gained 0.5-1 percent. About 1535 shares have advanced, 1011 shares declined, and 167 shares are unchanged on the BSE.

Sanjay Dutt of Quantum Securities said he sees another 3-4 percent downside from current levels. Sectors like capital goods and infra are a good bet right now, he believes.

Global markets remained mixed as investors are eyeing US Federal Reserve's statement. The dollar hovered near an 8-week low.

Axis Bank topped the buying list on Sensex, up 3 percent as a poll expects bank's net interest income growth at 18 percent and asset quality is expected to be better than FY15 total guidance. For HDFC, analysts expect gross NPAs to be steady this quarter.

Motherson Sumi climbed 3.5 percent as it got orders from Daimler to supply exterior & interior systems to Mercedes-Benz vehicle generations. The current orders will generate sales revenue of approximately Rs 15,400 crore and will support Daimler's expansion activities, the company said.

Sugar stocks like Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Rana Sugars, Triveni Engineering, Uttam Sugar and Shree Renuka gained 1-5 percent as the government will raise sugar import duty to 40 percent from 25 percent to prevent influx of cheap imports. Additionally, sources told that the government cleared waiving off 5 percent excise duty on ethanol for blending with petrol. For more information please visit this site www.appsmine.org