Nifty above 8000 ahead of GDP data, Sensex flat; GAIL up 2%

GAIL, Lupin, Cipla, Sun Pharma and Axis Bank are top gainers while Bharti Airtel, BHEL, Vedanta, Tata Steel and Bajaj Auto are among losers in the Sensex.

The market is flat as the Sensex is up 15.84 points at 26408.22. The Nifty is up 8.10 points at 8010.05. About 1101 shares have advanced, 961 shares declined, and 89 shares are unchanged.

GAIL, Lupin, Cipla, Sun Pharma and Axis Bank are top gainers while Bharti Airtel, BHEL, Vedanta, Tata Steel and Bajaj Auto are among losers in the Sensex.

India's first quarter gross domestic product (GDP) will be released in the evening. It is expected to come in at 7.5 percent versus 6.7 percent in the year-ago period. But economists these days look at the GVA, that is the gross value added, which is expected to fall to 6.7 percent from around 7.4 percent in the first quarter of the previous year.

Oil prices fell in Asia today, coming under pressure as dealers took profits from huge gains in the previous session and tried to gauge the outlook for the US economy and its taste for crude. Oil has been on a roller-coaster ride in recent weeks over fears of a harder-than-expected slowdown in China, the world's top energy importer, at a time when world markets are awash with supplies.

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Friday Morning Stocks News For Traders

IFII view on market crash : With volatility appearing to ebb a bit following the Black Monday that hit global markets this week, leading market experts are now saying a major part of it was driven more by technicals than fundamentals. "There was forced selling on the part of momentum traders. And selling begets more selling," Bob Doll of Nuveen Asset Management told CNBC-TV18. While admitting that there have been growth concerns in emerging markets, Doll said the intensity of the crash -- which wiped off as much as USD 5 trillion off investor wealth globally -- meant there was more to it than fundamentals. However, Doll said he was underweight most emerging markets -- barring exceptions such as India -- and said strong economic data out of the US could mean the Federal Reserve could hike rates in September

RBI on stressed loans : Reserve Bank Governor Raghuram Rajan came down heavily on promoters of some large distressed companies taking advantage of banks' fear of an asset turning dud and making unjustified demands. "Some large promoters take advantage of bankers fear about assets turning non-performing to extract unwarranted concessions, without any sacrifice in the value of their stake," Rajan wrote in his Overview on the 2014-15 Annual Report of the central bank release on Thursday. The Reserve Bank follows a July-July financial year. 

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Nifty holds 7900, Sensex firm; pharma, oil stocks lead

The market has made a smart recovery led by pharma and oil stocks. The Sensex is up 360.03 points or 1.4 percent at 26074.69 and the Nifty is up 115.50 points or 1.5 percent at 7907.35. About 1653 shares have advanced, 467 shares declined, and 61 shares are unchanged. HDFC, Vedanta, Lupin, Cipla and Tata Steel are top gainers while BHEL, Bajaj Auto, Hero MotoCorp, Coal India and TCS are among laggards. Brent crude climbed by more than USD 1 a barrel on Thursday on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains. In other financial markets, a rebound on Wall Street helped soothe investors' tattered nerves, while the dollar rallied as risk aversion eased. Regaining confidence after a sharp rebound on Wall Street where investors had been hit by worries over China's faltering economy, London copper futures also strengthened on Thursday. Data released on Wednesday showed US non-defense capital goods orders excluding aircraft, which is a proxy for business investment, increased 2.2 percent in July, the biggest rise since June last year and handily beating expectations.

The market has maintained its strong uptrend following relief rally across global peers post temporary easing of nervousness in China. The Sensex gained 315.61 points or 1.23 percent at 26030.27 and the Nifty climbed 98.05 points or 1.26 percent to 7889.90, aided by banking & financials, healthcare, oil and metals stocks. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.6-1.9 percent. About four shares advanced for every share declining on the Bombay Stock Exchange. Vedanta and Cairn India topped the buying list on Sensex, up 6-7 percent followed by HDFC, Infosys, Lupin and Tata Steel with 2.5-3 percent. ICICI Bank, Reliance Industries, SBI, Sun Pharma, Axis Bank and ONGC climbed 1.5-2 percent. However, Tata Motors, BHEL and Bajaj Auto saw selling pressure, down 1.6-3.5 percent.

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Choppy Sensex, Nifty under pressure; Europe extends losses

New Listing  :

State Bank of India, ICICI Bank, HDFC, Axis Bank, Bharti Airtel, Dr Reddy's Labs, Cipla, Vedanta and Tata Steel dropped 1-3 percent. BHEL slipped 2.5 percent after Goldman Sachs downgraded stock to sell from neutral earlier with a target of Rs 207 per share as it believes that the new ordering momentum is unsustainable.


Gold Update :

 Gold edged up today after falling the most in five weeks the session before as global equities were revived after China cut interest rates and bank reserve requirements to support a flagging economy. But China's move appears to have only boosted equities temporarily, with US stock futures resuming their descent and Asian shares slightly lower. Further losses in equities could switch appetite back to safe-haven assets such as gold.


Market Check :

The market slipped again amid consolidation in afternoon trade, tracking further fall in European markets. France's CAC, Germany's DAX and Britain's FTSE extended losses, losing 2-2.7 percent. The 30-share BSE Sensex dropped 122.05 points or 0.47 percent to 25910.33 and the 50-share NSE Nifty slipped 24.75 points or 0.31 percent to 7855.95. The BSE Midcap also wiped its gains, trading flat. The rupee, too, depreciated by 20 paise to 66.30 against US dollar.

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LIVE: Sensex, Nifty trim losses; banks rebound

Movers & Shakers : NTPC bounced back very rapidly, up more than 4 percent after seeing more than 6 percent fall in morning session. ICICI Bank, Reliance Industries, Axis Bank, SBI, Tata Motors, M&M, Coal India, Vedanta, Tata Steel and GAIL gained 1-3 percent. However, Infosys, ITC, L&T, HDFC, Maruti Suzuki, Lupin, Sun Pharma, BHEL, Bharti Airtel, Hero Motocorp and Bajaj Auto dropped 1-3 percent.

Market trims losses : Equity benchmarks cut down losses in noon trade with the Sensex falling 155.93 points to 25585.63. The Nifty clawed back above the 7700 level, down 47.95 points to 7761.05. The market breadth remained weak as about 438 shares have advanced against 2032 shares declined on the Bombay Stock Exchange.


Rupee Outlook : It is sentiment that is driving the current market and not the fundamentals, says Divya Devesh, ASIA FX strategist at Standard Chartered Bank. In an interview with CNBC-TV18, Devesh says: “the fundamental problem still has not been solved, which means that the INR could still remain under pressure in the near-term.” He says this will continue till some fiscal or monetary measures are announced by the Chinese government. Devesh believes that “India is more insulated than the other Asian markets” and will bounce back in the long run. “66-67 per dollar looks like a reasonable range at least for this week,” says Devesh. He added that “if this equity turmoil continues, we could see a break of 67 per dollar.” With low commodity prices and reduced chances of US Federal Reserve rate hike, the year-end dollar INR forecast remains stable at 65, he says. 

Market Extends Losses : Equity benchmarks extended losses with the Nifty falling below 7700, down 110 points or 1.39 percent to 7698. The Sensex plunged 353.14 points or 1.37 percent to 25388.42. The broader markets, too, were under pressure as the BSE Midcap lost 1.5 percent and Smallcap tumbled 2.6 percent. About five shares declined for every share advancing on the Bombay Stock Exchange. The rupee erased all its morning gains, down 2 paise to 66.66 a dollar. 

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Sensex, BankNifty, Midcap fall over 3%; Tata Motors down 6%

Shares of Astra Microwave Products gained 1 percent on the back of formation of joint venture (JVC) with Rafael Advanced Defence Systems, Israeli. The company has signed a term sheet for joint production and supply of Tactical Radio Communication systems, Electronic war-fare systems and Signal intelligence systems.

The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About USD 20 million is expected to be invested in the first two years in the JVC, as per BSE Release. ASTRA and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals.
 

Market Update: The Sensex crashed 1,053.64 points or 3.85 percent to 26312.43 and the Nifty plunged 321.10 points or 3.87 percent to 7978.85. About 233 shares have advanced, 1895 shares declined, and 36 shares are unchanged on the BSE.
 

Bank Nifty lost over 900 points. 10:20 am Crude below $40/bbl: Crude prices dived in Asia today, with US oil hovering below the key USD 40 a barrel mark amid deepening concerns about weak Chinese economic growth and global oversupply, analysts said. US benchmark West Texas Intermediate (WTI) for October delivery fell USD 1.04 to USD 39.41 while Brent crude for October eased 91 cents to USD 44.55. WTI extended losses after briefly dipping to USD 39.86 on Friday in New York -- breaking USD 40 for the first time in six years after data showed an increase in US oil rigs despite ample global supplies. "Soft manufacturing data from China and continued increase in weekly rig count led to the sharp sell-off" in oil prices, said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at consultancy EY. A much weaker-than-expected manufacturing report on Friday also added to concerns energy demand is also waning in China. 

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The Market Continues To Bleed With The Nifty

The market continues to bleed with the Nifty below 8250. The 50-share index is down 120.70 points or 1.4 percent at 8252.05. The Sensex is down 398.86 points or 1.4 percent at 27208.96. About 436 shares have advanced, 1789 shares declined, and 65 shares are unchanged. Midcaps see sharp losses with the likes of Mastek, Motherson Sumi, Central Bank seeing pressure. Vedanta, Tata Motors, Hero MotoCorp, GAIL and SBI are among major losers while Infosys, Sun Pharma, Lupin, TCS and HUL are top gainers. Rupee falls further testing 66 levels. Oil is headed for its eighth straight weekly decline in Asia, as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market. Asian shares fell continuing a global sell-off in equities that hit Wall Street overnight and saw the Dow reach its lowest level this year as concerns about the health of the world economy snowballed. Analysts fear a slowdown in China, the world's second-biggest economy, could drag on global growth and curb energy demand bad news for oil prices at a time when markets are already oversupplied with crude. 10:00

                             Shares of Tata Communications outperformed the equity market, rising 3.5 percent intraday as two big multinational companies are in race to buy the telecommunications and internet service provider's data centre business. "Search engine giant Google Inc and ecommerce behemoth Amazon are among those in talks with the Tata Group to buy the data centre business of Tata Communications in a deal expected to fetch about Rs 4,261.4 crore to Rs 4,589.2 crore ($650-700 million)," said a media report 

 

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Sensex is down 10.32 points at 27821.22 and the Nifty is up

It is a quite start to trade as global markets see sharp cuts. The Sensex is down 10.32 points at 27821.22 and the Nifty is up 0.75 points at 8467.30. About 359 shares have advanced, 207 shares declined, and 34 shares are unchanged. ONGC, Hero, SBI, Tata Steel and Coal India are major laggards while Dr Reddy's Labs, Cipla, Wipro, Infosys and Sun Pharma are top gainers in the Sensex. The Indian rupee has touched a fresh two-year low in early trade. It has opened lower by 10 paise at 65.40 per dollar against Monday's closing value of 65.32 a dollar. The currency market was shut on Tuesday. Ashutosh Raina of HDFC Bank said, "The impact of the Chinese Yuan depreciation is still being felt across global markets. The USD-INR currency pair has been no exception with the pair finally breaching the psychological 65/dollar figure tracking other Asian peers." The dollar rose, getting a lift from data showing US housing starts neared an eight-year peak, which raised expectations that the Fed will raise interest rates as soon as next month. China stocks continued their sell-off following a whopping 6 percent plunge in the previous session, underscoring that it won't be an easy return to good times for the country's equity market. The market plunge yesterday was attributed to traders cutting back on expectations of more stimulus for the economy - on the back of better housing market data – and support for the stock market – after the China Securities Finance Corporation said it would not intervene further in the market unless there was unusual volatility and systemic risk. Tumble in Chinese shares and weak earnings from Walmart pressured US stocks and copper prices saw six year lows. Investors will look to US inflation data and minutes of last month's Federal Reserve monetary policy meeting on Wednesday, as they seek for further clues as to when the Fed will begin raising interest rates. Oil prices fell again after a brief rise in the previous session, as the United States enters the lower demand autumn season and Asia's leading economies slow down. 

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Sensex loses steam, Nifty below 8500;

The market lost its early momentum as banking & financials and metals & mining saw profit taking after sudden fall in Chinese market. However, technology stocks gained. The 30-share BSE Sensex fell 88.56 points to 27789.71 and the 50-share NSE Nifty declined 30.20 points to 8447.10. About 1362 shares have advanced, 1084 shares declined, and 155 shares are unchanged on the BSE. China's Shanghai Composite index tanked 6 percent, leading led losses in Asia as nerves over China's struggling economy and a deadly bomb explosion in Thailand sent investors scrambling for safety. Infosys gained 1.9 percent as BNP Paribas gave thumbs up to the company after investor meetings with the CFO. The brokerage maintained its buy rating with the target price raised to Rs 1,320 on the back of a Q1 beat and a weaker rupee. TCS, too, rallied 1.9 percent. Moody's cut India's 2015 GDP forecast to 7 percent in light of a drier than average monsoon. The agency, however, retained its 2016 GDP forecast to 7.5 percent. 

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Nifty struggles below 8500; Midcap, Smallcap outperform

Oil prices resumed their decline in Asia as a global glut of crude supplies showed no signs of abating in the face of sluggish demand, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to USD 41.87 a barrel in late-morning trade, the lowest since March 2009. Brent crude for October, a new contract, was down 65 cents to USD 48.54. WTI and Brent's September contract rose in New York on Friday after closing at their lowest level in six and a half years in the prior session. But oil came under renewed pressure in Asia after the latest data showing the number of rigs drilling for US oil increased last week, the sixth rise in seven weeks, analysts said. The news added to fears of a prolonged global surplus as output from the Organization of the Petroleum Exporting Countries and the US remains robust despite the tumbling prices. 10:00 am Market Check The market remained under pressure in morning trade, dragged by profit booking in private banking & financials, technology and oil stocks. The rupee, too, see selling pressure, down 21 paise ot 65.21 a dollar. The Sensex fell 247.64 points or 0.88 percent to 27819.67 and the Nifty declined 62.60 points or 0.73 percent to 8455.95. However, the broader markets outperformed benchmarks, trading flat. Cipla topped the selling list, falling 4 percent on fears that Esomeprazole sales may slow down from Q2FY16 onwards. However, its Q1 numbers were strong, led by Esomeprazole sales. Shares of HDFC declined 1.7 percent. The housing finance company said it would sell 17.95 crore of HDFC Life to Standard Life at Rs 95/share (9 percent equity). Post stake sale in HDFC Life, company’s holding in HDFC Life will be 61.65 percent and Standard Life will hold 35 percent in HDFC Life. Infosys, Reliance Industries, ONGC, Tata Motors and Axis Bank dropped 1-3 percent while PSU banks continued to see buying interest after the government launche revamp plan 'Indradhanush' for PSU banks.

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Today stock Market update 14 Aug 15

Reliance Communications' first quarter net profit is seen rising 22.8 percent sequentially to Rs 280 crore but revenue may dip 1 percent to Rs 5,644 crore as its subscriber additions remained weak compared to peers. The telecom operator will announce its earnings on August 14. Analysts expect volume growth of around 2 percent compared to Idea Cellular's 5.8 percent in June quarter. Key factors to watch out for would be its commentary on the progress of sale of non-core assets (towers etc.) to deleverage the balance sheet and merger with Sistema. It has debt of USD 6 billion at the of March quarter. 10:30 am July WPI poll: The real kicker has already come from the consumer price index (CPI) data which was much better than what the street was working with and hence there is heightened expectations that may be the Reserve Bank of India (RBI) could move even before the policy date of September 29. Now, in terms of the wholesale price index (WPI) data, it is expected to increase in terms of deflation this time to 2.76 percent minus versus minus 2.4 percent and the range again is quite wide. It is minus 2.3 all the way to 3.46 percent minus. In terms of core as well non-core WPI which also gives the trend in terms what manufacturing is doing at this point in time, what businesses are doing at this point is expected to decline 1.1 percent versus a decline of 0.9 percent. It is interesting because despite it giving an indication of manufacturing one of the key reasons why WPI or core inflation is declining is also because of lower global commodity price. Don't miss: Devalued yuan biggest threat to global economy, says Marc Faber The market is going steady as the Sensex is up 140.10 points or 0.5 percent at 27689.63. The Nifty is up 46.65 points or 0.6 percent at 8402.50. About 1050 shares have advanced, 800 shares declined, and 105 shares are unchanged. Bharti Airtel is up over 2 percent while Sun Pharma, Cipla, Lupin and Vedanta are top gainers in the Sensex. Among the losers are Axis Bank, GAIL, HUL, Tata Motors and Tata Steel. Oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh six-year lows as investors worried a global supply glut is set to last. Oil is traded in the US currency and any uptick in the dollar will make the commodity more expensive, hurting demand. Some analysts expect the US Federal Reserve to hike interest rates as early as next month, but others say China's sudden move to devalue the yuan this week could prompt the Fed to delay a rise.

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Sensex is up 144.42 points or 0.5 percent at 27656.68

The devaluation of the yuan should not be seen as a sign of China wanting to wage a currency war, but it is more to do with China's ambitions to facilitate yuan's inclusion in Special Drawing Rights (SDR), says Dennis Tan, Fx Strategist, Barclays. He adds that it should be seen more as a liberalisation or a reform measure to improve he fixing mechanism so that it reflects the market rates. 11:40 am Market check: The Sensex is up 144.42 points or 0.5 percent at 27656.68 and the Nifty is up 44.05 points or 0.5 percent at 8393.50. About 1347 shares have advanced, 1073 shares declined, and 127 shares are unchanged. Cipla, Bharti Airtel, Lupin, Cipla, SBI and Coal India are top gainers in the Sensex. Among the losers are Vedanta, Tata Steel, Hindalco, GAIL and Wipro. 11:30 am Nestle India: Bombay High Court has set aside FSSAI order banning Maggi noodles. However, Nestle will not manufacture or sell Maggi till testing is completed. The stock is up 5 percent. Don't miss: India's rates too high; will draw hot money amid falling yuan: Fin Secy The market has bounced back after four days of losses led higher by the bank Nifty as global markets stabilised and sentiment is boosted by the CPI data for July that came in much better than estimates at 3.78 percent versus 5.4 percent in June. Rupee, however, slipped to the day's low after a decent start. The Sensex is up 129.66 points or 0.5 percent at 27641.92, and the Nifty up 38.25 points or 0.5 percent at 8387.70. About 1311 shares have advanced, 980 shares declined, and 117 shares are unchanged. Bharti Airtel, Cipla, Lupin, SBI and Hero MotoCorp are top gainers in the Sensex. Among the losers are Tata Steel, Vedanta, GAIL, Hindalco and Wipro. China's central bank said that there was no basis for further depreciation in the yuan given strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week. As the yuan fell for the third straight day, the People's Bank of China (PBOC) said the country's strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the exchange rate. China's decision to devalue the currency on Tuesday by pushing its official guidance rate down 2 percent sparked fears of a "currency war" and roiled global financial markets, dragging other Asian currencies to multi-year lows.

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Sensex weak, Midcap down 1%; steel stocks up

The People's Bank of China (PBOC) on Tuesday morning allowed its currency yuan to depreciate close to 2 percent against the dollar. The development sent most global markets into a tizzy with all of them closing significantly in the red. US' Dow index, European markets and German shares saw strong hammering on the yuan devaluation as it raised concerns about the Chinese economy and the likelihood of a currency war. Eshwar Prasad, former IMF China chief says the Chinese central bank is using every tool in its arsenal to crop up growth, but other monetary measures such as cuts in banks' reserve ratios, interest rates are not seeing enough traction. With the Chinese government's focus on restricting outflows, there will be a significant pressure on the yuan to depreciate further, suspects Prasad. He expects the PBOC to allow yuan to fall further 3- 4 percent, but in a more gradual way. 12:00 pm Market Check The market continued to be weak in noon trade with the Sensex falling more than 100 points weighed down by metals, auto and cement stocks. The BSE Midcap underperformed benchmarks, down 1 percent. The 30-share BSE Sensex declined 114.42 points to 27751.67 and the 40-share NSE Nifty slipped 44.85 points to 8417.50. About 847 shares have advanced, 1692 shares declined, and 139 shares are unchanged on the BSE. Yuan devaluation weighed on global equities. Asian markets declined with Japan's Nikkei down over 1 percent. Former IMF China chief Eswar Prasad says that the PBOC may allow yuan to depreciate 3-4 percent from current levels. Chief economic advisor Arvind Subramaniam believes that devaluation of yuan is aimed at reducing spreads between onshore & offshore rates. The rupee fell to a two-year low against the dollar after yuan devaluation extended a sell-off in most Asian and emerging market currencies. Ananth Narayan, Standard Chartered Bank says that rupee depreciation to 65-65.50 levels will be good for economy. Coal India plunged more than 4 percent as sources say the finance ministry will seek the cabinet's nod for the 10 percent stake sale which could fetch nearly Rs 25,000 crore. Also the company will report its numbers today. Steel stocks gained after reports indicated that the government will raise import duty on some base metals including iron & steel by 2.5 percent, though there has been no official confirmation yet.


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The market continued to be weak in noon trade with the Sensex falling more than 100 points weighed down by metals, auto and cement stocks. The BSE Midcap underperformed benchmarks, down 1 percent. The 30-share BSE Sensex declined 114.42 points to 27751.67 and the 40-share NSE Nifty slipped 44.85 points to 8417.50. About 847 shares have advanced, 1692 shares declined, and 139 shares are unchanged on the BSE. Yuan devaluation weighed on global equities. Asian markets declined with Japan's Nikkei down over 1 percent. Former IMF China chief Eswar Prasad says that the PBOC may allow yuan to depreciate 3-4 percent from current levels. Chief economic advisor Arvind Subramaniam believes that devaluation of yuan is aimed at reducing spreads between onshore & offshore rates. The rupee fell to a two-year low against the dollar after yuan devaluation extended a sell-off in most Asian and emerging market currencies. Ananth Narayan, Standard Chartered Bank says that rupee depreciation to 65-65.50 levels will be good for economy. Coal India plunged more than 4 percent as sources say the finance ministry will seek the cabinet's nod for the 10 percent stake sale which could fetch nearly Rs 25,000 crore. Also the company will report its numbers today. Steel stocks gained after reports indicated that the government will raise import duty on some base metals including iron & steel by 2.5 percent, though there has been no official confirmation yet.

Read more at: http://www.moneycontrol.com/news/local-markets/sensex-weak-midcap-down-1-steel-stocks-up-rupee-nears-6536_2469741.html?utm_source=ref_article

The market continued to be weak in noon trade with the Sensex falling more than 100 points weighed down by metals, auto and cement stocks. The BSE Midcap underperformed benchmarks, down 1 percent. The 30-share BSE Sensex declined 114.42 points to 27751.67 and the 40-share NSE Nifty slipped 44.85 points to 8417.50. About 847 shares have advanced, 1692 shares declined, and 139 shares are unchanged on the BSE. Yuan devaluation weighed on global equities. Asian markets declined with Japan's Nikkei down over 1 percent. Former IMF China chief Eswar Prasad says that the PBOC may allow yuan to depreciate 3-4 percent from current levels. Chief economic advisor Arvind Subramaniam believes that devaluation of yuan is aimed at reducing spreads between onshore & offshore rates. The rupee fell to a two-year low against the dollar after yuan devaluation extended a sell-off in most Asian and emerging market currencies. Ananth Narayan, Standard Chartered Bank says that rupee depreciation to 65-65.50 levels will be good for economy. Coal India plunged more than 4 percent as sources say the finance ministry will seek the cabinet's nod for the 10 percent stake sale which could fetch nearly Rs 25,000 crore. Also the company will report its numbers today. Steel stocks gained after reports indicated that the government will raise import duty on some base metals including iron & steel by 2.5 percent, though there has been no official confirmation yet.

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Sensex dropped 130.53 points to 27971.19

The Sensex dropped 130.53 points to 27971.19 and the Nifty slipped 40.85 points to 8484.75. About 889 shares have advanced, 1632 shares declined, and 127 shares are unchanged on the BSE. Metals & tyre stocks lost ground, reacting to Chinese central bank's decision to devalue yuan, stoking fears of Chinese exports becoming cheaper. The Tyre Manufacturing Association told CNBC-TV18 that dumping of cheaper tyres by China will hurt the Indian tyre industry. MRF, Ceat, Apollo Tyres and Goodyear dropped 2-4 percent. Tata Steel and Hindalco plunged 3 percent each. In key earnings today, SBI's profit may slow down to single digit. Street will watch out for bank's slippage trend and 5 by 25 restructuring for June quarter. For Sun Pharma, revenue is seen up 1.7 percent to over Rs 6,200 crore quarter-on-quarter. And Tata Steel is expected to report a poor set of numbers with margin contracting 400 basis points due to weak global pricing and sharply lower domestic realisations may be the big drag. Infosys rallied 2 percent and TCS gained 1 percent as sources told CNBC-TV18 that TCS and Infosys emerged as frontrunners for GST IT contract.

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Sensex is up 173.96 points or 0.6 percent at 28410.35

The market is surging ahead after initial hiccup. The Sensex is up 173.96 points or 0.6 percent at 28410.35, and the Nifty is up 54.70 points or 0.6 percent at 8619.30. About 1340 shares have advanced, 601 shares declined, and 105 shares are unchanged. HDFC, Dr Reddy's Labs, TCS, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Motors, ONGC, NTPC, Sun Pharma and M&M. 9:45 am Houseview: Maintaining a buy rating on Tata Motors, CLSA says that While FY16 will be a weak year, FY17 should see a strong rebound in JLR’s volumes and profits as the ‘transition effect’ fades and platform rationalisation benefits start flowing through. It has set a target price of Rs 550 per share but slashed FY16-18 earnings per share (EPS) by 9-19 percent. It says that JLR's FY16 margins will be under pressure due to lower share of China in UK volumes, weaker product-mix, new model launch costs and China pricing pressures. Margins are expected to improve in FY17 on platform rationalisation benefits, weak commodity price, operating leverage benefits from higher volumes in engine plant and lower new model launch spend. 9:30 am FII view: Rakesh Arora, Macquarie said after a smart rally, the market is looking for further triggers. "RBI kept interest rates unchanged which somewhat dampened spirits. The ongoing Parliament tussle is also not adding to confidence," he added. According to him, on a positive note, monsoon is on track to be normal and India may be in for a likely bumper crop. Arora said earnings season, too, is delivering on muted expectations. Overall, there's nowhere to go, except to follow liquidity, he feels. Don't miss: Global dairy prices at a 13-year low, NZ PM sees perfect storm brewing The market has kick-started the week on flat note. The Sensex is down 5.02 points at 28231.37 and the Nifty is up 2.85 points at 8567.45. About 677 shares have advanced, 306 shares declined, and 78 shares are unchanged. Hindalco, GAIL, Dr Reddy's Labs, Vedanta and Tata Steel are top gainers in the Sensex. Tata Motors loses 1 percent while BHEL, ITC, ICICI Bank and L&T are among laggards. 

 

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Top ten calls of the day in derivative analysis

1-Sensex, Nifty gain for 4th day; banks soar, RBI policy

eyed

2-Rate panel row twist: 'Public' owns RBI guv veto proposal

3-RBI likely to cut rate by 0.25% tomorrow: Moody's Analytics

4-Bharti Airtel Q1 net seen up 6%, Africa may remain sluggish

5-HCL Tech Q4 net up 5.9% to Rs 1783 cr, revenue meets street

6-Britannia Q1 net seen up 40%, volume may grow 7 10%: Poll

7-Hope to wipe off Q1 losses in Q2: Andrew Yule

8=Peripheral business districts get attractive across cities

9-FinMin to give Rs 1,300 cr kerosene subsidy

10-All eyes on Aug 4 RBI policy meet: Is another rate cut due ?

The market has recovered. The Sensex is down 91.12 points at 28095.94 and the Nifty is down 22.45 points at 8520.60. About 1292 shares have advanced, 1046 shares declined, and 125 shares are unchanged. Banks are recovering. GAIL, ONGC, Infosys, Tata Motors and Reliance are among laggards. The market fell marginally in early trade Tuesday. The Sensex declined 76.18 points to 28110.88 and the Nifty slipped 24.80 points to 8518.25. About 848 shares have advanced, 587 shares declined, and 89 shares are unchanged on the BSE. All eyes will be on the key event of the day- the Reserve Bank of India's monetary policy. A CNBC-TV18 poll shows 85 percent of market watchers are anticipating RBI Governor Raghuram Rajan to leave key policy rates unchanged in the monetary policy. The Indian rupee opened marginally lower by 5 paise at 64.09 per dollar today against previous close of 64.04. Tirthankar Patnaik of Mizuho Bank said, "We are expecting a pause today given inflation outlook especially on food. We expect the rupee to remain tight near the 64/dollar levels." He further added, "We could see some stress on the rupee in the near to medium term especially given the heightened risk-off environment." In global cues, the US stocks closed lower on the first trading day of August as investors weighed mostly lacklustre economic data and a renewed decline in oil. Asian markets were trading mixed following a negative handover from Wall Street. In other asset classes, commodities, the US dollar held steady against the euro and yen. Crude prices declined 4 percent, slipping to six-month lows with brent crude falling below USD 50 per barrel on sluggish US and Chinese economic data. Precious metal gold slipped to USD 1080 an ounce on dollar gains.

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Mondays Update on Bank nifty And Nifty futures

Bank Nifty –Bank Nifty Index opened up at 18489.85 with 49.45 points up from the previous day closing at 18440.40 and closed positive at 18729.85. From the opening we saw continuous buying in Bank Index, Bank Index opened with day low of 18474.80 and moved up near closing of the market Bank Index made a day high of 18828.85 and closed positive at 18729.85 with +1.45%, +268.20 points up. At the end of the market day Bank Nifty futures Gained +1.45%, +268.20 points up to close at +18804.05 from the previous day closing at 18535.85 with discount of 74.20 points and percent change in open interest of 9.49%.

Nifty Futures- Nifty futures opened up at 8483.40 with +21.65 point from the previous day closing at 8461.75. From the opening we saw continuous buying in Nifty Futures, Nifty Futures opened with day low of 8477.65 and moved up near closing of the market Nifty Futures traded with day high of 8579.95 and closed positive at 8571.70 with +1.30%, +109.95 points up. And the full day Nifty Index traded between 8579.95-8477.65. At the end of the day Nifty futures Gained +1.30%, +109.95 points up to close at +8571.70 from the previous day closing at 8461.75 with premium of 38.85 points and percent change in open interest of +6.62%. 

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