Market Live: Sensex gains 150 pts, Nifty reclaims 10,050; L&T, Kotak Bank lead

L&T was top gainer among Sensex stocks, up 2.2 percent followed by Lupin, ICICI Bank, Vedanta, Kotak Mahindra Bank with moderate gains. HDFC rebounded after initial fall.

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2:02 pm Interview: Sixty percent of the non-microfinance institution (MFI) book grew by 36 percent in Q1, PN Vasudevan, MD & CEO, Equitas Small Finance Bank said.

He further said that gross non-performing asset (NPA) of the non-MFI book has remained steady at 4.5-4.6 percent.

On farm loan front, he said MFI loans don’t form part of the farm loan waiver announced in Maharashtra.

 

Speaking about expansion, he said branch expansion has led to increase in operational expense. However, do not expect significant branch expansion over next 12-18 months, he added.

He said that lending rates in new products are lower.

He expects improvement in return on assets (ROA) due to healthy profile of new products. Equitas have made extra provisions in Q1 of worth Rs 23 crore.

1:42 pm Buzzing: Shriram Transport Finance's Q1 profit grew by 20 percent year-on-year to Rs 448.7 crore from Rs 374.1 crore.

Total income increased 7.9 percent to Rs 2,898.4 crore from Rs 2,686.7 crore YoY.

At 13:42 hours IST, the stock price was quoting at Rs 999.55, up Rs 29.85, or 3.08 percent on the BSE.

1:22 pm Earnings: Shree Cement's first quarter profit fell 13.3 percent to Rs 440.1 crore compared with Rs 507.7 crore in year-ago quarter despite lower tax rate. Weak operational performance hit profitability but revenue aided bottomline.

Revenue during the quarter surged 16.1 percent year-on-year to Rs 2,864.5 crore, with cement business registering a 22.4 percent growth but power segment degrew by 11.3 percent.

Operating profit fell 7 percent to Rs 680 crore compared with Rs 730.9 crore in same quarter last year due to increase in depreciation (up 50 percent YoY), power & fuel (up 39.5 percent) and freight & forwarding expenses (up 42.8 percent).

1:05 pm Market Check: Equity benchmarks extended gains in afternoon trade, with the Sensex up 157.01 points at 32,466.89 and the Nifty up 40.50 points at 10,055.

The rally was driven by banks, infra, technology and auto stocks but selling continued in healthcare, FMCG and HDFC group stocks.

The market breadth remained positive as about 1,330 shares advanced against 1,179 declining shares on the BSE.

 

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Market Live: Sensex, Nifty under pressure but Midcap outperforms; DRL tanks 5%

ICICI Bank, Dr Reddy's Labs, HUL, Lupin, Bharti Airtel, Hindalco, ONGC, Vedanta and Sun Pharma fell up to 5 percent while ITC and L&T gained.

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1:05 pm Buzzing: Shares of Idea Cellular today dived by nearly 6 percent after the company posted a loss of Rs 815.9 crore in the first quarter ended June 30.

The telecom company yesterday posted a loss of Rs 815.9 crore in the first quarter ended June 30, impacted by sustained pressure from disruptive tariffs of Reliance Jio.

This is the third straight quarter loss for the Aditya Birla group firm as it has not been able to recover from the pressure of aggressive tariff war triggered by Mukesh Ambani-led Reliance Jio Infocomm.

Idea Cellular had posted a profit of Rs 217.1 crore in the same period a year ago. Total revenue of Idea also declined by about 14 percent to Rs 8,181.7 crore in the reported quarter from Rs 9,552.4 crore in the corresponding period of 2016-17.

 

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

12:58 pm Earnings: Tanla Solutions' first quarter consolidated profit jumped significantly to Rs 11.9 crore from Rs 4 crore and revenue grew by 89.3 percent to Rs 185.5 crore compared with year-ago quarter.

Operating profit surged 46.9 percent year-on-year to Rs 16.3 crore but margin contracted by 260 basis points to 8.8 percent in June quarter.

The stock rallied 7 percent.

12:40 pm Europe opening: European bourses opened lower after US tech shares retreated from recent highs and investors reacted to a deluge of earnings reports.

The pan-European Stoxx 600 was 0.67 percent lower shortly after the opening bell with all sectors and major bourses in negative territory.

12:20 pm Interview: Confirming the news that Wilmar Sugar would be infusing around Rs 813 crore into Shree Renuka Sugars via convertibles at Rs 16.27 per share, Managing Director Narendra Murkumbi told CNBC-TV18 said the main intention behind this to reduce the debt of the company.

The standalone debt currently is around Rs 3,600 crore and consolidated is around Rs 9700 crore. Post the deal, it is expected that the India debt would reduce to Rs 1500 crore (standalone) in addition to about Rs 580 crore of 0.01 percent interest coupon NCDs, said Murkumbi.

He further added that that the total debt would shrink to around Rs 2080 crore of which Rs 1500 crore will be regular interest paying debt.

Interest costs has been the problem area for the company and post this restructuring it is expected to fall to Rs 200 crore from Rs 400 crore, said Murkumbi.

The target is to turn profitable as soon as possible and the idea is to grow the company.

12:00 pm Shares sale: Indiabulls Real said IBL Scheme Trust sold its holding of 95 lakh shares in company for Rs 220.4 crore.

Sale is made by the company of its treasure shares and no share sale is done by the founder of the company.

"Sale proceeds would be used for meeting company’s funding requirements," Indiabulls Real said.

11:45 am Earnings: Escorts' profit in June quarter increased sharply by 33.4 percent year-on-year to Rs 62.6 crore, driven by revenue and other income.

Revenue during the quarter grew by 11 percent to Rs 1,163 crore while operating profit increased 8.3 percent to Rs 97.5 crore but margin contracted by 20 basis points to 8.5 percent compared with year-ago quarter.

Other income doubled to Rs 20.5 crore from Rs 10.2 crore on YoY basis.

Agri Machinery revenue jumped 9.7 percent to Rs 942.1 crore, with its EBIT growing 5.2 percent at Rs 102 crore.

Escorts said orderbook of Rs 150 crore for railway products would be executed in 6-7 months.

11:30 am Market Check: Equity benchmarks continued to trade lower in morning trade, with the Sensex down 149.10 points at 32,234.20 but the broader markets outperformed.

The Nifty continued to struggle below 10,000 level, down 31.50 points at 9989.05 while the BSE Midcap and Smallcap indices gained 0.5 percent.

Dr Reddy's Labs was biggest loser among Sensex stocks, down more than 5 percent after disappointing earnings. Lupin, ICICI Bank, HUL and Sun Pharma were down 2-4 percent.

HDFC, Infosys, ITC, Maruti Suzuki and Adani Power were only gainers.

11:17 am Buzzing: Panacea Biotec shares rallied nearly 10 percent intraday on joint collaboration with the US firm for development of 7 complex generics.

"... has entered into joint collaboration for development, license, manufacturing, supply and sales of 7 complex generic pharmaceutical products with Bionpharma Inc, a generic pharmaceutical company based in the United States," the New Delhi-based pharma company said in its filing.

The seven abbreviated new drug applications are currently under development at Panacea Biotec, representing a total estimated market potential of more than USD 800 million.

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Market Live: Nifty extends rally, Sensex up 200 pts post JD(U)-BJP alliance in Bihar

HCL Technologies and Yes Bank rallied up to 2.5 percent post earnings while ICICI Bank, Idea Cellular, ITC and Maruti Suzuki gained up to 1 percent ahead of earnings.

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10:40 am Earnings Estimates: India's largest private sector lender ICICI Bank is all set to announce its first quarter earnings today.

Net profit for the quarter is expected to fall by 10.2 percent to Rs 2,005.3 crore compared with Rs 2,232.4 crore in same quarter last year, according to average of estimates of analysts polled by CNBC-TV18.

Sequentially, earnings are expected to remain under pressure due to high provisions.

Net interest income, the difference between interest earned and interest expended, may grow by 11.6 percent to Rs 5,758.4 crore in Q1 compared with Rs 5,158.5 crore in corresponding quarter of last fiscal.

This NII growth could be highest in last six quarters.

10:15 am Buzzing: Share price of Orient Cement rose 10 percent intraday as the company turned profitable in the quarter ended June 2017.

The company in Q1FY18 (April-June) has posted net profit of Rs 39 crore against the loss of Rs 7.6 crore, in a year ago period.

Revenue of the company increased 30 percent at Rs 657 crore versus Rs 505 crore.

The operating profit (EBITDA) was up 189 percent at Rs 117 crore and EBITDA margin was up 980 bps at 17.8 percent.

During the quarter, the company signed definitive agreement for the acquisition of 74 percent shares of Bhilai Jaypee Cement from Jaiprakash Associates and its nominees and for the business transfer of Nigrie Cement Grinding unit of Jaiprakash Power Ventures for an enterprise value of Rs 1,450 crore and Rs 496 crore respectively.

10:06 am Market Check: Equity benchmarks extended rally in morning, with the Sensex up 222.91 points at 32,605.37 and the Nifty up 71.50 points at 10,092.15.

About 1,168 shares advanced against 775 declining shares on the BSE.

9:58 am Market Outlook: The Indian market continued its bullish momentum, backed by steady earnings and strong political stability cues from the developments in Bihar on Wednesday. In the opening tick, indices surged to fresh highs.

Having said that, there are experts who still continue to be wary of the rally as it is not commensurate with the fundamentals. UBS Securities believes that from a fundamental perspective, the risk reward is unattractive.

“Political stability will help the market in the short term

there is a confidence that global investors have on this regime,” Gautam Chhaochharia, Head-India Research, UBS Securities told CNBC-TV18 in an interview.

So, what lies in store for global investors then? “From a long term perspective, these are not levels to be entered into. Valuations are not justified some of them (investors) have trimmed positions in India,” he told the channel.

9:38 am Buzzing: Shares of Indiabulls Real Estate rose nearly 9 percent intraday as investors cheered a ratings initiation on the stock.

While the stock rallied post its removal from the F&O ban, CLSA too initiated coverage on the stock with a buy rating and a target price of Rs 282.

CLSA said that the portfolio shift towards office income should double the lease income over the next five years.

The company, the brokerage added, will complete 20 msf of ongoing residential development projects over 3-4 years.

The recent steps for reorganization should lead to value discovery, it added.

The stock has multiple triggers to gain 50 percent over the next two years.

9:25 am Earnings: Software solutions provider HCL Technologies' first quarter profit fell sharply by 6.6 percent sequentially to Rs 2,171 crore, impacted by lower revenue growth but better operational performance capped degrowth.

Revenue during the quarter grew by 0.8 percent to Rs 12,149 crore and dollar revenue rose by 3.7 percent to USD 1,884.2 million on sequential basis.

9:15 am Market Check: The market hit fresh record highs in early trade on Thursday, with the Nifty opening above 10,000 level on expiry day after US Federal Reserve meet and ahead of corporate earnings.

The 30-share BSE Sensex was up 126.76 points at 32,509.22 and the 50-share NSE Nifty rose 40.55 points to 10,061.20.

HCL Technologies and Yes Bank rallied up to 2.5 percent post earnings while ICICI Bank, Idea Cellular, ITC and Maruti Suzuki gained up to 1 percent ahead of earnings.

Tech Mahindra, Cipla, Hindalco and Bosch were moderately lower.

Nifty Midcap was up 0.5 percent as about seven shares gained for every two shares falling on the NSE.

Bharat Financial, Manappuram Finance, Ujjivan Financial and L&T Finance Holdings gained up to 3 percent while Indiabulls Real surged 8 percent. Shree Renuka Sugars and Parsvnath Developers also rallied.

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Market Live: Sensex extends gains, Nifty eyes 10000 again; Asian Paints, Axis Bank fall post Q1

Adani Ports, Dr Reddy’s Laboratories, Vedanta and Hindalco gained the most, while Asian Paints and Axis Bank were the top losers.

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10:01 am Market Check: Equity benchmark indices extended their gains from the opening tick, with the Nifty inching towards reclaiming the historic 10,000-mark.

The Sensex was up 68.05 points at 32296.32, while the Nifty was up 23.05 points at 9987.60. The market breadth was healthy as 1279 shares advanced against a decline of 622 shares, while 72 shares were unchanged.

Tata Steel, Mahindra and Mahindra, Vedanta and Tata Steel gained the most on both the indices, while Asian Paints, Axis Bank and Bharti Infratel were the top losers.

 9:45 am Investors react to NFL offer for sale: Shares of National Fertilizers declined 7 percent in the early trade on Wednesday as the government announced a stake sale through an offer for sale (OFS).

Government of India will sell up to 7,35,86,760 equity shares of the company, representing 15 percent of the total paid up equity share capital of the company in next two days.

The floor price for the offer shall be Rs 72.80 per equity share.

Having said that, the share price has advanced more than 110 percent in the last one year.

9:30 am Buzzing Stock: Shares of Axis Bank fell over 2 percent intraday on Wednesday as investors reacted to the lender's the June quarter performance.

The country’s third-largest private sector lender’s profit contracted 16 percent year-on-year to Rs 1,306 crore for the quarter ended June 2017, which was slightly ahead of estimates but grew by 7 percent QoQ.

The profitability was impacted by slow growth in net interest income, lower operating income and higher provisions but other income and lower tax cost limited degrowth.

Brokerages highlighted the asset quality issues that were posted by the bank in the June quarter. They added that slippages outside its watchlist was a cause for concern. Having said that, there are expectations of profitability increase going forward.

9:15 am Market Opens: A day after the Nifty hit the historic figure of 10,000, benchmark indices on Wednesday opened marginally in the green.

The Sensex was up 28.89 points at 32257.16, while the Nifty was up 18.35 points at 9982.90. The market breadth was positive as 318 shares advanced against a decline of 110 shares, while 32 shares were unchanged.

Midcap stocks were trading strong, while metal stocks surged on the back of global commodity rally.

Adani Ports, Dr Reddy’s Laboratories, Vedanta and Hindalco gained the most, while Asian Paints and Axis Bank were the top losers.

Globally, Asian stocks edged up early after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.

The Fed concludes a two-day meeting later on Wednesday, and is widely expected to keep interest rates unchanged.

With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT.

In the US, the S&P 500 climbed to an all-time high on Tuesday on a heavy day of corporate results highlighted by well-received reports from McDonald's and Caterpillar and gains for bank shares.

The Nasdaq also managed to set a record high despite declines in Google parent Alphabet after its results. Alphabet shares ended down 2.9 percent.

Shares of McDonald's rose 4.8 percent after the fast-food chain reported strong global sales. Caterpillar shares surged 5.9 percent after the heavy equipment maker raised its full-year outlook for the second time this year.

Those stocks spurred the Dow industrials, leaving the index close to record territory.

Back home in the currency market, the he Indian rupee opened at 64.42 to the dollar dollar, down from its previous close of 64.38 on Tuesday.

Pramit Brahmbhatt of Veracity said, "We have a neutral stance on the USD-INR pair in absence of any directional cues and expect it to trade in a range of 64.20-64.40 today."

Dhawal Dalal of Edelweiss AMC said, "We expect bond prices to consolidate ahead of the FoMC meeting outcome and keep an eye on the China front. We expect the 10-year benchmark bond yield to trade in the 6.40-6.45 percent range this week."

The dollar languished near a 13-month low against a basket of currencies, with traders skeptical that this week's US Federal Reserve meeting would do much to alter the greenback's recent weak trend.

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Market Live: Sensex, Nifty, Midcap see profit booking; RIL up 3% on 1:1 bonus issue

Balaji Telefilms was up 5 percent as Reliance Industries picked up 24.9 percent stake in the company.

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1:41 pm Analyst's take telecom stocks post RIL AGM: Jimeet Modi, CEO, SAMCO Securities said the predatory strategy of Reliance Industries to capture telecom space is quite aggressive and highly disruptive.

Considering the size and scale of Reliance it will capture a lion’s share of the market pie and therefore will disrupt many other ancillary businesses also. The bigger threat will be the dominance that the company will enjoy over many business processes which will be offered digitally will be a cause of concern from the country’s point of view.

The bargaining power that the company will enjoy once the competition is marginalised would be immense which is good for the investors in their long term wealth creation journey but may not he appreciated by the government, but that will take some time to happen, till that time, it is a great opportunity for the Reliance investors to enjoy the telecom wave plus the added 1:1 bonus advantage in the short term.

 One man’s gain is other’s loss is the reality in the telecom space. The pricing and launch of smart phone at effective zero cost will certainly impact and erode long term profitability of companies in telecom and cable segment.

The stock prices of these companies which are impacted due to Jio, are likely to underperform in the near to medium term, better to avoid them and not to do bargain hunting till the time predatory strategies are alive.

1:33 pm CAG Audit of telecom cos: Comptroller and Auditor General audited 6 private telecom companies and found understatement of adjusted gross revenue of Rs 61,064 crore between FY11-15.

CAG audited Airtel, Vodafone, Reliance Communications, Idea Cellular and SSTL.

Short payment of Rs 7,698 crore revenue to government is due to adjusted gross revenue understatement. Interest due on short payment of revenue upto March 2016 is Rs 4,532 crore, CAG said.

1:27 pm Reliance Retail: Mukesh Ambani said this year, Reliance Retail crossed Rs 33,000 crore which is a significant milestone in journey, a growth of 60 percent year-on-year.

And turnover for the 4th quarter was in excess of Rs 10,000 crore – the first time any retailer in India has achieved this milestone.

371 new retail stores were opened last year.

Over the next 12 months, network of stores will scale up rapidly to penetrate into Tier 2 and Tier 3 cities of India.

1:25 pm Results: Atul's first quarter profit fell sharply by 57.3 percent to Rs 34.4 crore as EBITDA declined 35.4 percent to Rs 76.2 crore and margin plunged 690 basis points to 11.7 percent YoY.

However, revenue grew by 2.2 percent to Rs 690 crore from Rs 675.1 crore YoY.

1:19 pm CMD Mukesh Ambani said Reliance Industries at its 50th year will be amongst top 50 companies in the world.

Next 10 years of growth will surpass last 40 years of value creation. Energy and materials business will have Rs 1 lakh crore EBITDA while Jio is a jewel among many assets of Reliance Industries.

1:10 pm Earnings: DHFL shares fell 5 percent despite profit increased 29.3 percent year-on-year to Rs 260.5 crore and stable asset quality.

Gross non-performing assets increased moderately to 0.97 percent from 0.94 percent QoQ and net interest margin improved to 3.05 percent from 3.04 percent.

Disbursements grew by 32.5 percent to Rs 8,237 crore and asset under management increased 22.5 percent to Rs 88,236 crore YoY.

1:02 pm Market Check: Equity benchmarks erased morning gains, with the Sensex down 5.90 points at 31,898.50 and the Nifty down 7.40 points at 9,865.90.

Even the Nifty Midcap index declined 0.8 percent.

All sectoral indices barring IT were in red. Nifty Bank lost 0.4 percent.

12:55 pm Results: Indian Bank posted 18.1 percent growth in net interest income and 21.2 percent growth in profit YoY.

Asset quality improved during the quarter as gross non-performing assets declined to 7.21 percent from 7.47 percent and net NPAs declined to 4.05 percent from 7.39 percent.

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Market Live: Nifty hovers around 9900 as investors await corporate earnings

HPCL was down 4 percent while ONGC gained 1.6 percent after cabinet gave ONGC in-principle approval to buy government’s stake in HPCL.

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12:55 pm Bajaj Auto in focus: Two-wheeler and three-wheeler maker Bajaj Auto has reported mixed set of earnings on Thursday. Profit fell by 5.6 percent year-on-year to Rs 924 crore in the quarter ended June 2017, which was almost in line with expectations. Bottomline was partly supported by other income.

Revenue was ahead of estimates, though it fell 3.9 percent to Rs 5,854 crore compared with Rs 6,089 crore in same quarter last year following decline in sales volumes.

The company sold 8.88 lakh units during the quarter, which slipped 10.7 percent compared with 9.94 lakh units sold in year-ago quarter.
 

The company missed expectations on operational front. Operating profit dropped 20.2 percent year-on-year to Rs 938.3 crore and margin declined 330 basis points to 17.2 percent in June quarter, which was much lower than CNBC-TV18 poll estimates of Rs 1,075 crore and 20 percent, respectively.

12:25 pm Earnings: ABB India has reported a solid earnings performance as profit grew by nearly 35 percent year-on-year to Rs 75 crore in April-June quarter, backed by strong operational growth. The stock price rallied 6.6 percent intraday.

Revenue during the quarter increased 6 percent to Rs 2,361.50 crore compared with Rs 2,226.2 crore in same quarter last fiscal, with order inflow growth of 13 percent YoY.

Operating profit shot up 29.7 percent year-on-year to Rs 147.3 crore and margin expanded by 120 basis points to 6.6 percent in June quarter.

12.02 pm Market Check: Equity benchmarks continued to trade in a tight range in noon, with the Nifty hovering around 9900 level and the Sensex around 32000-mark. Investors look for more corporate earnings. Reliance Industries, Wipro and Bajaj Auto will announce June quarter earnings later today.

The 30-share Sensex was up 15.53 points at 31,970.88 and the 50-share NSE Nifty fell 1.60 points to 9,898.

The market breadth was moderately positive as about 1,251 shares advanced against 1,146 declining shares on the BSE.

Axis Bank topped the buying list among Sensex stocks, up 3 percent followed by L&T, Reliance Industries, HDFC Bank and ONGC while Infosys, Asian Paints, TCS, Tata Steel, HDFC and ITC were under pressure.

Kotak Mahindra Bank trimmed gains to 0.4 percent from 2 percent after missed analysts' expectations on profit front.

11:45 am Earnings Estimates: Reliance Industries is all set to announce its earnings for the quarter ended June 2017 today.

The Mukhesh Ambani Group company is expected to report consolidated net profit at Rs 7,960 crore for the quarter against Rs 8,053 crore in previous quarter. Appreciation in rupee against US dollar may hurt net numbers, analysts feel.

According to average of estimates of analysts polled by CNBC-TV18, gross refining margin is seen at USD 11 a barrel for the quarter against USD 11.5 a barrel in March quarter, impacted by a reduction in light-heavy differential.

11:26 am IPO: HDFC Life, the part of country's largest housing finance company HDFC, has filed a draft for initial public offering with Insurance Regulatory and Development Authority, according to CNBC-TV18 reports quoting unnamed sources.

The insurance regulator is likely to issue in-principle approval to HDFC Life IPO by next week.

Both shareholders mortgage lender HDFC & Standard Life Plc are likely to dilute stake in ratio of 3:1 through IPO.

HDFC owns 61.65 percent stake and Standard Life holds 35 percent in HDFC Life Insurance.

After failure to get approval from shareholders as well as insurance regulator for the merger of HDFC Life and Max Life, HDFC decided to go for IPO of its life insurance business.

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Market Live: Sensex continues to trade higher on strong breadth; Grasim down 22%

Healthcare stocks were in demand as Aurobindo Pharma rallied 7.5 percent followed by Lupin, Sun Pharma after USFDA approvals.

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10.18 am Market Check: Equity benchmarks continued to trade higher in morning, with the Sensex rising over 100 points, backed by ITC, Reliance Industries and HDFC Bank.

The 30-share BSE Sensex was up 130.13 points at 31,841.12 and the 50-share NSE Nifty gained 39.25 points at 9,866.40 on strong market breadth.

About 1,444 shares advanced against 584 declining shares on the BSE.

The broader markets continued to outperform benchmarks, with the BSE Midcap and Smallcap indices rising 0.6 percent and 0.8 percent, respectively.

Grasim Industries shares fell more than 22 percent in morning trade Wednesday on account of demerged of Aditya Birla Capital (formerly known as Aditya Birla Financial Services).

9:55 am Tie-up: Shares of Ashok Leyland gained 2 percent intraday as the company has entered into strategic alliance for electric mobility solutions with Sun Mobility.

Sun Mobility is promoted by Chetan Maini, Founder of Reva and Uday Khemka, Vice Chairman of SUN Group.

This global partnership between Ashok Leyland and Sun Mobility will leverage India's innovation and engineering potential to develop world class electric mobility solutions.

Ashok Leyland has been pioneer in electric buses, hybrid buses, in both CNG as well as diesel, including those that do not require a plug-in.

Sun Mobility aims to be the leading provider of universal energy infrastructure and services to accelerate mass electric vehicle usage.

Sun Mobility plans to revolutionlise the transportation sector by deploying a unique open-architecture ecosystem built around their proprietary smart batteries and a network of quick interchange battery stations. These stations, predominantly powered by renewable energy, will refuel electric vehicles at cost lower than and speed faster than conventional diesel/petrol pumps.

9:38 am FII View: Surendra Goyal of Citi said midcaps have been at the forefront of Indian markets' performance for the past couple of years, and the trend has so far sustained in CY17, although there has been some reversal in relative performance over the past three months.

The BSE Midcap Index rallied more than 25 percent this year against 20 percent for Sensex.

Goyal sees downside risks to aggregate bottom-up FY18 earnings estimates for coverage universe.

"We have Sensex target of 32,200 and remains selective on midcaps," he said.

9:27 am Buzzing: Shares of Aurobindo Pharma gained over 7.5 percent in morning trade as investors cheered a product approval by the US drug regulator.

The US Food and Drug Administration (FDA), late on Tuesday, gave an approval to Sevelamer Tablets. These are used to treat patients with chronic kidney diseases.

“The approved product has an estimated market size of US$ 1.9 billion for the twelve months ending May 2017 according to IMS,” the company said in a filing to the exchanges.

The company further informed that the product will be launched immediately from its Hyderabad facility. “This is the 124th ANDA (including 21 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad,” the company further added.

Also read - From Narayanan to Mukherjee, Sensex jumped upto 40% in last four presidential poll years

9:15 am Market Check: Equity benchmarks rebounded on Wednesday after yesterday's steep fall, backed by short covering in beaten down stocks.

The 30-share BSE Sensex was up 104.05 points at 31,815.04 and the 50-share NSE Nifty rose 33.90 points to 9,861.05.

Healthcare stocks were in demand as Aurobindo Pharma rallied 7.5 percent followed by Lupin, Sun Pharma after USFDA approvals.

HUL gained nearly a percent post better-than-expected earnings. ITC rebounded 1 percent after yesterday's 13 percent correction.

Eicher Motors, ACC and Zee Entertainment gained 1 percent whereas Bajaj Auto and UltraTech Cement were under pressure.

Nifty Midcap was up 0.4 percent as about five shares advanced for every share falling on the BSE.

Lakshmi Electrical Control Systems surged 10 percent.

JM Financial, Sintex Industries, Federal Bank, Amtek Auto, Ashok Leyland, Sundaram Finance, Jubilant Life and Jet Airways gained up to 2 percent while Sasken Communications, KPIT Tech and Havells India were down.

Asia markets were mixed as dimmed prospects for US healthcare reform led to the dollar wallowing near 10-month lows.

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Market Live: Sensex, Nifty continue to fall only on correction in ITC, RIL

ITC crumbled nearly 14 percent as brokerage houses downgraded the stock after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. 

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10:35 am MF AUM performance: Overall, fund manager remains upbeat on markets as domestic mutual fund (MF) industry average AUM increased for the 15th consecutive quarter in 2QCY17 to a new high of Rs 19.6 lakh crore.

On a YoY basis, average AUM saw a 35 percent rise, primarily on account of inflows in growth (equity), income and liquid funds, backed by increased participation of domestic investors in equity schemes, said a Motilal Oswal report.

Equity AUM rose for the seventh consecutive month in June scaled to a new high of Rs 5.9 lakh crore (+1.3% MoM and +38% YoY). The increase in equity AUM was led by a rise in equity scheme sales while redemptions rose 38 percent on a MoM basis to Rs183 bn, it said.

10.15 am Market Check: The market continued to fall in morning trade, with the Nifty struggling below 9900 due to correction only in Reliance Industries and ITC.

The 30-share BSE Sensex was down 200.73 points at 31,874.05 and the 50-share NSE Nifty fell 42.95 points to 9,873 but the broader markets outperformed benchmarks, rising 0.2 percent on recovery in market breadth.

About 1039 shares advanced against 965 declining shares on the BSE.

Reliance Industries slipped 1.5 percent on profit booking after rising more than 12 percent in previous 11 consecutive sessions.

ITC shares lost 11 percent after the GST Council hiked cess on cigarettes that contributed more than 45 percent to total revenue. ITC alone contributed 335 points to Sensex' fall followed by Reliance Industries with 47 points.

However, other stocks, including index heavyweights continued to support the market and helped benchmark indices trim losses.

10:00 am Earnings Estimates: FMCG major Hindustan Unilever, which is set to declare its June quarter earnings today, is expected to report flat growth in profit at Rs 1,175 crore against Rs 1,174 crore in same quarter last fiscal.

In June quarter 2016, the company had reported an exceptional gain of Rs 70.8 crore.

Topline and operational performance will be key to watch out for while the Street is divided on volume growth given uncertainty post GST rollout.

According to analysts polled by CNBC-TV18, revenue is seen rising 2.7 percent year-on-year to Rs 9,040 crore while operating profit may increase 4 percent to Rs 1,700 crore and margin may expand 20 basis points to 18.8 percent compared with year-ago quarter.

Underlying volume growth is seen in the range of 2 percent degrowth to 2 percent growth against 4 percent each in year-ago quarter and previous quarter.

9:45 am Buzzing: Share price of cement maker ACC touched 52-week high of Rs 1,798.85, rising nearly 3 percent intraday on robust numbers declared by the company for the quarter ended June 2017.

The company's consolidated profit grew by 32.6 percent year-on-year to Rs 326.2 crore despite higher tax expenses. The growth was driven by strong operating income and revenue.

Revenue during the quarter increased 20.5 percent to Rs 3,959 crore compared with Rs 3,286 crore in same quarter last fiscal as cement sales volume increased 10.1 percent to 6.74 mt from 6.12 mt on year-on-year basis.

9:35 am MS downgrades ITC: Morgan Stanley downgraded the stock to equal-weight from overweight and reduced target price to Rs 285 from Rs 395.

According to the research house, the company will need 12-13 percent weighted average cigarette price hike hereon and will need 20 percent price increase in KSFT segment to offset tax increase.

Morgan Stanley expects 3 percent volume decline in FY18 versus earlier estimate of 5 percent growth and expects 6 percent cigarette business EBIT growth versus 20 percent earlier.

9:15 am Market Check: Equity benchmarks opened sharply lower on Tuesday, with the Nifty falling below 9900 level, dragged by ITC after cess on cigarette hiked by the GST Council.

The 30-share BSE Sensex was down 239.02 points at 31,835.76 and the 50-share NSE Nifty fell 56.55 points to 9,859.40.

ITC crumbled nearly 14 percent as brokerage houses downgraded the stock after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. Other stocks like Godfrey Phillips (down 10 percent) and VST Industries (down 5 percent) also caught in bear grip.

HDFC, Infosys, TCS, Wipro and ACC gained up to 1.5 percent while Bharti Airtel surged 5 percent.

About two shares declined for every share rising on the NSE.

Shree Digvijay Cement, Linde India, Max Financial and Jubilant Foodwors lost up to 5 percent while Fortis Healthcare and Aditya Birla Nuvo gained up to 5 percent.
 

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Closing bell: Sensex, Nifty close lower after rangebound trade; Infosys loses shine

ITC, TCS, HDFC, HDFC Bank and Tata Motors were top contributors to Sensex' loss whereas Kotak Mahindra Bank, Infosys and SBI outperformed.

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3:30 pm Market Closing: Equity benchmarks closed moderately lower after rangebound trade on Friday, dragged by technology, HDFC Group, metals and select auto stocks.

The 50-share NSE Nifty failed to hold 9,900 level, down 5.35 points at 9,886.35. The 30-share BSE Sensex was down 16.63 points at 32,020.75 on weak breadth.

About 1,685 shares declined against 1,006 advancing shares on the BSE.

Infosys lost ground in last hour of trade, down 0.6 percent after trading higher for most part of the session.

3:05 pm Market Outlook: ICICI Securities believes the Nifty is eventually moving towards 10500. However, this up move could see intermediate profit bookings, according to the research firm.

The current Nifty up move is primarily driven by private banking, NBFC and the FMCG space. As more than 65 percent contribution has come from these sectors, it is logical to have concern regarding some cool-off in their prices.

On the other hand, there are sectors like cement, PSU banking, telecom and auto, which have seen in line performance. Thus, the leadership baton may be passed on to other sectors in case of profit booking in the outperforming space, which is likely to restrict Nifty declines.

Hence, the current lower volatility period is also expected to continue, it feels.

2:45 pm CLSA on Infosys: Infosys has clearly put out stronger numbers compared to the disasters in Q3 and Q4. However, revenue momentum in core markets (US, FS, Retail) lacks conviction to suggest that this will continue.

While it was good to see healthy variable payouts across this quarter, the business appears to be operating under extreme cost control thanks to good work under CFO Ranga and Dy COO Ravi. Infosys needs revenue growth to pick up to sustain margins and retain the ability to invest in talent.

What’s surprising is the relatively low margin increase despite flexing several levers. We are somewhat surprised that Infosys hasn’t seen the benefit of FTE release on easing the utilisation pressures.

We fear that extremely high utilisation may constrain future growth and feel limited incremental margin levers to recover from wage hikes. With lack of conviction on sustaining growth, limited margin levers and likely pricing pressure from legacy contracts we remain unconvinced of differentiation and stay underperform.

2:15 pm Infosys Vs TCS: IT giants TCS and Infosys delivered their much awaited first quarter earnings, which were mixed in performance. Quantam wise both are not comparable but in growth terms Infosys beat TCS.

Infosys on Friday surprised the Street by reporting better-than-expected 2.7 percent growth in constant currency revenue and lower-than-expected 3.3 percent fall in profit.

At the same time, however, the Tata Group firm lagged Infosys as it posted 2 percent revenue growth in constant currency and 10 percent fall in bottomline.

1:45 pm Infosys attrition: Attrition rate at IT bellwether Infosys registered 21 percent increase on an annualised consolidated basis from 17.1 percent in March 2017 and the same on standalone basis rose to 16.9 percent from 13.5 percent QoQ.

Attrition in business can mean the reduction in staff and employees in a company through normal means, such as retirement and resignation, the loss of customers or clients to old age or growing out of the company's target demographic, investor education portal Investopedia explained.

Against 800 personnel added to its staff in March 2017, around 1800 people had quit the firm for the June quarter.

The company further added that utilisation (excluding trainees) grew by 2 percent to 84 percent and utilisation (including trainees) increased to 80.2 percent from 78.2 percent on sequential basis.

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Market Live: Sensex soars over 200 pts, Nifty eyes 9900; TCS, Cyient in focus

HPCL surged more than 6 percent on hopes of big dividend before merger with ONGC.

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10:33 am Market Outlook: Even as the market soars to new highs with every passing day, there are voices from the space that see the momentum slowing down.

DSP BlackRock Investment Managers believes that the market will now remain rangebound going forward.

“In terms of valuations, we are at the upper level of it. Making a case now for a big upside from this point is difficult,” Atul Bhole, VP & Fund Manager, DSP BlackRock Invst Managers told CNBC-TV18.

Having said that, Bhole does not expect a big correction in the market as macros are falling in place and interest rates have come down. So, how does one play this market? Bhole believes there is a lot of scope for stock selection. “If the stock selection is right in the large cap space, there is good money to be made in 2-3 years,” he told the channel.

10.11 am Market Check: Equity benchmarks continued to trade at record highs, with the Sensex holding its 32,000 level, backed by banking & financials, infra and FMCG stocks.

The 30-share BSE Sensex was up 223.29 points at 32,028.11 and the 50-share NSE Nifty rose 63.40 points to 9,879.50.

The broader markets also continued to trade in line with benchmarks, with the BSE Midcap up 0.7 percent as about two shares advanced for every share falling on the exchange.

Jayant Manglik, President, Retail Distribution, Religare Securities has reiterated bullish view on markets and suggests maintaining buy on dips approach.

TCS and Cyient will be in focus ahead of quarterly earnings later today.

10:00 am Earnings Estimates: According to average of estimates of analysts polled by CNBC-TV18, TCS' profit in Q1 is seen falling 6.2 percent sequentially to Rs 6,195 crore and revenue may decline 0.2 percent to Rs 29,580 crore compared with previous quarter.

Dollar revenue growth during the quarter is expected to be 2.9 percent at USD 4,581 million QoQ; and constant currency growth is estimated to be around 2-2.5 percent, which may be lower compared with 3.1 percent in Q1FY17, 3.5 percent in Q1FY16 and 4.8 percent in Q1FY15.

Seasonally June quarter is always a strong quarter for the company but that is not likely to happen this time.

The key reason is expected recovery in BFS (banking and financial services) doesn't seem to have materialised and structural challenges continued in retail, analysts said.

9:46 am Low inflation impact: Neelkanth Mishra of Credit Suisse said the decline in headline inflation has been much faster than expected.

It supports overweight call on beneficiaries of lower interest rates like mortgage providers and metals, he added.

At the same time, low food inflation could hurt consumption, according to him. The research house stayed underweight on staples, Mishra said.

9:35 am Buzzing: Shares of Specialty Restaurants, the operator of Mainland China chain of restaurants, soared nearly 5 percent intraday as investors cheered the company’s expansion plans.

“The company entered into a franchise agreement on July 11 with Resolute Restaurant Management LLC, granting the right to the Franchisee to open three franchise restaurants under its brand ‘Mainland China Asia Kitchen’ in the United Arab Emirates within the time stipulated in the Franchise agreement,” it told the exchanges in a notification.

Further, it added, that the restaurant will be opened in BurJuman Mall, New Wing, in Dubai, UAE.

“The Company will manage the day to day operations of restaurant and charge Franchise Fees and Management Fees, in accordance with the terms of the Franchise Agreement,” the exchange notification added.

9:25 am FII View: Sanjay Mookim of Bank of America Merrill Lynch said MSCI India trades at a large P/E premium to Emerging Market (EM) even though earnings growth is not materially higher. This is driven by consumer facing stocks and only partly explained by higher Indian return on equities.

There is also significant 'faith' foreign investors seem to have in the Indian consumption story, he feels.

He said Indian stocks have a 'visibility premium' rather than a 'growth premium'.

"We measure this as the number of years of high return on equity built into consumer stock prices and with the recent rally that is also now at cyclical highs," he said.

He feels there is little room for further upside, while market is susceptible to reversal of the global tide.

Mookim stayed cautious on market in the near term, saying December 2017 Sensex target is at 30,000.

Also read - Buy, Sell, Hold: 5 stocks and 1 sector that analysts are tracking today

9:15 am Market Check: Equity benchmarks started off the session with yet another record high on Thursday, with the Sensex gaining nearly 200 points and the Nifty inching towards 9,900 level on hopes of rate cut after fall in retail inflation and on positive global cues.

The 30-share BSE Sensex was up 189.99 points at 31,994.81 and the 50-share NSE Nifty rose 56.50 points to 9,872.60 on strong breadth.

About five shares advanced for every share falling on the BSE. Vedanta, Tata Steel, Tata Motors, SBI, Infosys and GAIL were early gainers.

The broader markets also participated in the rally, with the Nifty Midcap 100 up 0.5 percent.

HPCL surged more than 6 percent on hopes of big dividend before merger with ONGC.

Sintex Industries, HUDCO, AU Small Finance Bank, CDSL and Ujjivan Financial rallied 3-6 percent while PC Jeweller, Rico Auto and Biocon fell over a percent

India's retail inflation cooled down to 1.54 percent in June from 2.18 percent in May, mainly due to goods and services tax-induced discounts. Core inflation rate was at 3.8 percent versus 4.2 percent month on month and food inflation came in at -1.17 percent versus -1.05 percent MoM.

Meanwhile, India's industrial output also fell to 1.7 percent in May from 3.1 percent in April. However, April IIP was revised to 2.8 percent from 3.1 percent.

Most Asia markets advanced as markets parsed through Federal Reserve Chair Janet Yellen's comments during her testimony before congress. Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi rallied 1 percent each.

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Market Live: Sensex, Nifty consolidate ahead of TCS, Infosys Q1 earnings

Biocon surged 8 percent while Tilaknagar Industries, Globus Spirits, United Breweries and United Spirits rose 1-10 percent.

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12:18 pm Market Check: After the recent rally, equity benchmarks started consolidation ahead of earnings of IT bellwethers TCS and Infosys.

The 30-share BSE Sensex was down 5.43 points at 31,741.66 and the 50-share NSE Nifty rose 7.25 points to 9,793.30.

TCS declined 0.7 percent and Infosys was flat after rising 6 percent and 4.5 percent in previous two sessions, respectively.
 

Brokerage houses expect slowdown in banking & financial services and weak retail business to impact revenue growth of these companies while wage hikes and visa cost may hit margin performance.

TCS, which is scheduled to report its first quarter earnings on July 13, is expected to report revenue growth in the range of 2.2-2.5 percent for the quarter while IT bellwether Infosys, which will announce numbers on July 14, is likely to perform better than TCS in terms of revenue growth.

12:00 pm Monsoon worries: The southern states of India are about to face yet another rain deficit year as South West monsoons have come to a standstill for a week after a spectacular beginning for the initial two weeks. Downpours have primarily come to a standstill in states such as Karnataka, Kerala, Maharashtra and Madhya Pradesh.

According to six meteorological subdivisions in the country, the quantum of rainfall fell considerably as monsoons entered the second week of July, which is reportedly the month of highest rainfall.

However, the overall rainfall deficit in the country still stands at 1 percent as the north-west region received a surplus rainfall of 31 percent and the Eastern region of Assam is experiencing severe floods.

11:33 am Buzzing: Shares of Aksh Optifibre rose nearly 10 percent intraday as it has been awarded Jaipur smart city project.

The company has been awarded with the Letter of Acceptance (LOA) from Jaipur Smart City, who invited a bid for development of smart road in ABD areas of Jaipur.

The order includes deployment of the OFC network to install the smart city wi-fi network, smart led lighting system for energy efficiency, ip based surveillance system with vehicle identification & counting, environment sensors for monitoring the environment, smart parking system, and smart communication.

11:18 am Order Win: Share price of Steel Strips Wheels advanced nearly 2 percent intraday as the company has won an export order for EU aftermarket.

The company has bagged another exports order for supply of 20000 steel wheels for EU aftermarket.

The total order includes supplies of over 20000 wheels in a period of 3 months, and this to be dispatches from company’s Chennai plant from this month onwards.

The company expects repeat order of 10000 more wheels by end of September 2017. This order will further augments company’s strong presence in the extremely competitive EU aftermarket.

11:06 am Merger: Oil Minister Dharmendra Pradhan said the merger between ONGC and HPCL will be completed in current financial year, reports CNBC-TV18 quoting agencies.

PSU oil & gas stocks gained more than 2 percent, pushing the Nifty Oil & Gas index higher by 1.5 percent.

MRPL also rose 3 percent as ONGC holds 71.63 percent stake in the company and HPCL has 16.96 percent shareholding.

Brokerage houses believe this merger will create Indian oil giant like global peers (Shell, BP etc).

11:00 am NPAs divergence: In its latest annual report, IDBI Bank reported that its gross non-performing assets (NPAs) of Rs 24,875 crore in FY16 were lower than the Reserve Bank's estimate of Rs 31,691 crore.

This indicates that the public sector bank may have under-reported its GNPAs by Rs 6,816 crore.

In the report, the bank also mentioned that there was a divergence in the bank's provisions for FY16. IDBI had kept aside Rs 10,232 crore in provisions, while the RBI had estimated it to be around Rs 12,292 crore — a difference of Rs 2,061 crore.

In the month of April, the RBI directed banks to disclose the state of their bad loan divergence in their financial statements if it exceeded 15 percent.

In the case of IDBI Bank, the divergence in GNPAs stood at 27 percent.

10:44 am Buzzing: CCL Products shares fell more than 7 percent intraday after disappointing earnings performance of the company in April-June quarter.

Profit during the quarter plunged 32.9 percent to Rs 27.03 crore compared with Rs 40.3 crore in year-ago quarter, largely hit by weak operational performance.

Revenue from operations also fell 1.9 percent to Rs 246.8 crore from Rs 251.5 crore on year-on-year basis, the company said in its filing.

Weak quarter as Margins dented due to higher cost of raw materials

Operating profit margin contracted to 18.5 percent in June quarter 2017 from 24.9 percent in same quarter last year due to higher cost of raw material and employee expenses. Gross margin during the quarter slipped to 37.6 percent from 43 percent YoY.

10.33 am Market Check: Equity benchmarks continued to trade with moderate gains, with the Nifty hovering around 9,800 level. Auto, FMCG, Metal and Pharma indices gained whereas IT and Bank indices were under pressure.

The 30-share BSE Sensex gained 28.83 points at 31,775.92 and the 50-share NSE Nifty rose 12.45 points to 9,798.50.

The broader markets were also moderately higher as about 1,221 shares advanced against 949 declining shares on the BSE.

10:00 am Buzzing: Shares of Biocon gained over 8.5 percent intraday as investors turned bullish ahead of the regulator meeting to discuss its breast cancer drug filing.

The US drug regulator’s Advisory Committee (Adcom) will be meeting on July 13 to disucss trastuzumab filing done by Mylan, Biocon’s partner. Trastuzumab is used to treat metastatic (spread) breast cancer. It is effective against tumors that overexpress the HER2/neu protein, according to chemocare.com.

According to Sharekhan, investors could monitor the outcome of this meet closely and if the product is approved by the US Food and Drug Administration, it will be the first Herceptin biosimilar in the US market.

Further, it highlighted that Roche’s Herceptin brand generated global sales of USD 6.7 billion in last calendar year and is slated to lose US patent exclusivity in 2019.

9:50 am USFDA action: Vista Pharmaceuticals shares were locked at 5 percent lower circuit at Rs 32.75 after the US health regulator issued warning letter to company's Telangana unit.

At 09:48 hours IST, there were pending sell orders of 88,188 shares, with no buyers available on the BSE.

The US Food and Drug Administration has issued two observations for Telangana unit that inspected between September 19 and September 23, 2016, according to CNBC-TV18 reports.

The USFDA said there have been significant violations of current good manufacturing practice regulations for finished drugs.

Vista has been failed to clean, maintain equipment & utensils at appropriate intervals, and also failed to establish procedures to assure drug strength, identity & quality.

9:40 am Earnings Estimates: Saion Mukherjee of Nomura said the Q1FY18 earnings season is likely to be challenging.

For the ex-banks and oil and gas universe, he forecasts a revenue growth of 3.1 percent (YoY).

This is the weakest YoY revenue growth recorded in the past 3 years and the disruptions due to the implementation of GST, rupee appreciation, rising overheads and the impact of higher commodity prices are the factors that are hurting earnings growth in the quarter, he said.

Mukherjee expects a revival in Q2FY18, but the results season is unlikely to drive any earnings upgrade, according to him.

9:20 am Rupee: The Indian rupee opened higher by 8 paise at 64.51 per dollar versus previous close 64.59.

Pramit Brahmbhatt of Veracity said, "The rupee has seen resistance at 64.50/dollar. The trading range for the spot USD-INR pair is seen between 64.50-64.75 for the day."

The dollar fell to a more than one-week low against a basket of major currencies after US President Donald Trump's eldest son released an email chain citing Russian support for his father before last year's US election.

Also read - Buy, Sell, Hold: 2 stocks and 1 sector are on the radar of analysts today

9:15 am Market Check: Equity benchmarks opened moderately higher on Wednesday, with the Nifty climbing above 9,800 level despite weak Asian cues, backed by Reliance Industries, healthcare and auto stocks.

The 30-share BSE Sensex was up 62.75 points at 31,809.84 and the 50-share NSE Nifty gained 25.45 points at 9,811.50.

IndusInd Bank, ACC, Ambuja Cements, Bharti Airtel, Idea Cellular and IOC were early gainers.

The broader markets also participated in uptrend on positive breadth. About 761 shares advanced against 244 declining shares on the BSE. Nifty Midcap 100 gained 0.5 percent.

Biocon surged 8 percent while Tilaknagar Industries, Globus Spirits, United Breweries and United Spirits rose 1-10 percent.

HUDCO, CDSL, AU Small Finance and PNC Infratech continued to rally, up 2-6 percent whereas CCL Products and Vista Pharma were down 4-6 percent.

Asian equities were mostly lower as markets stateside digested the release of a series of emails from the son of President Donald Trump.

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Market Live: Sensex, Nifty continue to trade near all-time highs; Cipla down

Lupin, Tata Power, SBI, BPCL, Bajaj Auto, Aurobindo Pharma and Sun Pharma were early gainers while Bharti Airtel lost 0.8 percent after yesterday's 5 percent rally.

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11:45 am Stake sale: Donear Industries share price rallied more than 7 percent intraday after its group company bought polyester-viscose fabric maker from Grasim.

Grasim Industries informed exchanges that it has entered into a definitive agreement for divesting its total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics Private Limited, Mumbai (part of Donear Group).

GBTL is primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric.

"Given the size of Grasim's total operations, GBTL's divestment will have negligible impact on company's financials," Grasim said in its filing.

 11:15 am Buzzing: State Bank of India shares gained more than 1 percent intraday after the central board of directors approved dilution of bank's stake in its life insurance subsidiary.

The country's largest lender is going to dilute stake in life insurance business through an initial public offer.

Once it lists on exchanges, SBI Life Insurance would become the second insurer after ICICI Prudential Life to go public.

"The executive committee of the central board of the bank at a meeting held on Monday, accorded the final approval for divestment of SBI's stake in SBI Life through an IPO," SBI said in an exchange filing.

10.49 am Market Check: Equity benchmarks continued to trade near record highs but the Nifty Bank was under pressure due to correction in private banks.

The 30-share BSE Sensex rose 90.56 points to 31,806.20 and the 50-share NSE Nifty was up 31.10 points at 9,802.15.

The market breadth continued to be positive as about six shares advanced for every five shares falling on the BSE.

State Bank of India gained a percent but private banks - ICICI Bank, HDFC Bank and Axis Bank were moderately under pressure on profit booking.

10:25 am Earnings estimates: Private sector lender IndusInd Bank is all set to announce its earnings for the quarter ended June 2017. According to analysts polled by CNBC-TV18, profit is likely to increase 25.3 percent to Rs 828.7 crore compared with year-ago period.

Net interest income, the difference between interest earned and interest expended, may grow 27.4 percent to Rs 1,728.2 crore from Rs 1,667.5 crore in corresponding quarter of last fiscal.

Loan growth is expected at 25 percent during the quarter against 28 percent in Q4FY17.

Analysts say if net interest margin comes above 3.8 percent (which was 4 percent in Q4FY17), gross non-performing assets below 1 percent (0.93 percent) and credit cost below 20bps (23bps) then that will be considered positive.

10:00 am Buzzing: Cadila Healthcare shares gained over a percent in morning trade Tuesday on tentative approval from the US health regulator for Lurasidone Hydrochloride tablets.

Lurasidone is a generic version of Latuda that is used to treat schizophrenia.

9.43 am Market Update: Equity benchmarks continued to trade at record highs, with the Nifty hitting 9800 level for the first time today, especially ahead of earnings.

The 30-share BSE Sensex was up 78.55 points at 31,794.19 and the 50-share NSE Nifty rose 29.40 points to 9,800.45.

About 1,129 shares advanced against 633 declining shares on the BSE.

9:41 am Earnings expectations: Gautam Duggad of Motilal Oswal said positive macro factors notwithstanding, the quarter would be faced with several sector-specific headwinds and GST-related de-stocking in some B2C sectors.

Hence, he expects Q1FY18 to be a lacklustre quarter from earnings growth perspective.

9:29 am Buzzing: Torrent Pharmaceuticals fell over 3.5 percent intraday as investors turned cautious after CNBC-TV18 report of US Food and Drug Administration (FDA) issuing five observations for its Dahej plant.

The Dahej plant of the company was inspected by the US drug regulator between June 26 and 30. The unit is a relatively new one for the US business of the company, the channel reported.

The five observations listed by the FDA are as follows:

1. Failure to review any unexplained discrepancy on batch distribution

2. Responsibilities, procedures applicable to quality unit not fully followed

3. Acceptance criteria for sampling & testing by quality control not adequate

4. Equipment, utensils not cleaned & maintained at proper levels

5. Written procedures not established for cleaning & maintenance of equipment

9:15 am Market Check: Equity benchmarks extended yesterday's gains in the opening on Tuesday, hitting fresh record highs.

The 30-share BSE Sensex was up 86.39 points at 31,802.03 and the 50-share NSE Nifty rose 25.55 points to 9,796.60. About three shares advanced for every share falling on the BSE.

Lupin, Tata Power, SBI, BPCL, Bajaj Auto, Aurobindo Pharma and Sun Pharma were early gainers while Bharti Airtel lost 0.8 percent after yesterday's 5 percent rally.

NSE Midcap 100 and BSE Smallcap gained 0.4 percent each.

Sugar stocks like Rana Sugar, Bajaj Hindusthan, Balrampur Chini surged 3-8 percent. Donear Industries was up 5 percent.

CDSL rallied 4 percent, taking total gains to 150 percent from issue price. Brigade Enterprises, Jet Airways and Divis Labs gained over a percent but Torrent Pharma and SpiceJet were under pressure.

Most Asian indexes made gains despite the Dow Jones industrial average ending its Monday session slightly down.

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