Nifty ends above 8150, Sensex up 100 points; Bharti, TCS, HDFC gain

3:30 pm Market closing: The market has ended on a firm note with the Sensex up 100.45 points or 0.4 percent at 26625.91 and the Nifty was up 29.45 points or 0.4 percent at 8170.20. About 1240 shares advanced, 1333 shares declined, and 184 shares were unchanged.

Bharti Airtel, TCS, Tata Motors, HDFC and Coal India were top gainers while Sun Pharma, Dr Reddy's, Tata Steel, SBI and L&T are losers in the Sensex.

3:15 pm Gold: Gold plunged by Rs 600 to Rs 29,650 per ten grams at the bullion market today on fall in demand from jewellers at prevailing higher levels coupled with a weak trend overseas.

Silver followed suit, falling by Rs 950 to Rs 41,100 per kg on poor offtake by industrial units and coin makers.

Traders said sentiment dampened as demand from jewellers weakened amid a weak trend overseas where gold retreated from almost two-year highs as investors pared bets on the outcome of next week's UK vote on membership in the European Union, reducing demand for the metal as a haven.

2:55 pm Market Update: Equity benchmarks erased some gains in late trade. The Sensex rose 54.28 points to 26579.74 and the Nifty gained 7.50 points at 8148.25.

The market breadth turned negative as about 1318 shares declined against 1180 advancing shares on BSE.

2:40 pm Record tea production: India recorded its highest-ever tea production at 1,233 million kilos during 2015-16, while the exports crossed 230 million kilos during the period.

Tea production rose by three per cent in 2015-16, up from 36 million kilos in the preceding year, a Tea Board statement said today.

Exports during the last fiscal was the highest after 35 years and valued at Rs 4,493 crore, and a 17 per cent rise in terms of quantity, it said.

The last time exports crossed the 230 mkg mark was during 1980-81, it added.

The increase in production could be attributed to a rise in North India, while south suffered from adverse climatic conditions and labour issues in Kerala.

2:20 pm Interview: Ad revenues of DB Corp were almost flattish in the fourth quarter of FY16. This was due to the company's various efforts to improve its yield in the market, says Girish Agarwaal, Director,  DB Corp . He says DB, one of India's largest newspaper groups, has already started seeing double-digit growth in ad revenues of the first two months of the first quarter of FY17.

The demand for ads has been coming from the real estate, automobile and education sectors.

Agarwaal hopes to sustain the 38 percent margins coming from its radio business, saying anything less than 35 percent can be seen as a bad sign for the vertical.

The revenues from newsprint business is also expected to grow owing to increase in circulation strength especially from Rajasthan and Gujarat.

2:00 pm Market Check
Equity benchmarks consolidated with a positive bias in afternoon trade, supported by global cues and short covering after yesterday's sell-off.

The 30-share BSE Sensex rose 141.88 points to 26667.34 and the 50-share NSE Nifty gained 32.05 points at 8172.80 while the broader markets underperformed with the BSE Midcap rising 0.1 percent.

The market breadth was marginally positive as about 1303 shares advanced against 1133 declining shares on Bombay Stock Exchange.

European markets extended gains on the back of a positive trading session in Asia, a rally in banking stocks and a tick-up in oil prices. UK FTSE 100, French CAC and Germany's DAX rose over 1 percent.

Crude oil prices rose for the first time in seven days as markets took a breather from concerns about the impact of Britain's possible exit from the European Union. Brent crude futures were up 75 cents, or 1.59 percent, at USD 47.94 a barrel after slumping 3.6 percent in the previous session. US West Texas Intermediate crude futures rose 51 cents, or 1.1 percent, at USD 46.72.

1:45 pm Vodafone tax woes: Competition Commission has dismissed allegations that telecom operator Vodafone India abused its dominant position by imposing discriminatory charges for international roaming services.

After finding that the company is not a dominant position and there is enough competition in the relevant market - 'market for provision of international mobile data services in Mumbai' - the watchdog has rejected the complaint.

The complainant had alleged that the company charged exorbitant price for international mobile data services on roaming basis during his travel to Canada. In a recent order, Competition Commission of India (CCI) said the relevant market in the instant case appears to be competitive and customers therein have choices.

1:30 pm Monsoon: Despite expectations of an above-average monsoon, a delay of more than a week has already caused some concern over the future of the season. But N Chattopadhyay, Deputy Director General of the Agricultural Meteorology division at Indian Meteorological Department (IMD), today told CNBC-TV18 that rain showers will cover most regions of Goa and Maharashtra within two-three days. He, however, added that the worst drought-hit areas of Maharashtra may have to wait for another seven-eight days. "This time lag is because of the initial delay in the onset of season caused," he said.

The market holds its morning gains as the Sensex is up 128.84 points or 0.5 percent at 26654.30, and the Nifty is up 27.65 points or 0.3 percent at 8168.40. About 1345 shares have advanced, 1040 shares declined, and 157 shares are unchanged.

Tata Motors, Coal India, Bharti Airtel, TCS and HDFC are top gainers in the Sensex while Sun Pharma, Tata Steel, Asian Paints, L&T and Infosys are losers in the Sensex.

Gold prices fell Rs 199 to Rs 30,690 per 10 gram in futures trade today amid a weak global trend. Analysts attributed the fall in gold futures to a weak global trend where it retreated from the highest in almost two years as traders pared bets on the outcome of next week's UK vote on membership in the European Union, reducing demand for the metal as a haven.

12:58 pm Market Update: The Sensex gained 140.43 points at 26665.89 and the Nifty rose 31.85 points to 8172.60. About 1351 shares advanced against 1017 declining shares on BSE.

12:40 pm Europe opens: European markets opened higher, on the back of a positive trading session in Asia and a tick-up in oil prices.

The pan-European STOXX 600 jumped 0.8 percent around the open, with all sectors posting solid gains.

UK FTSE 100 popped 0.5 percent around the open, while the French CAC was up 0.7 percent, and Germany's DAX rose 0.8 percent.

12:20 pm JSPL in news:  Jindal Steel and Power Ltd (JSPL) has sought shareholders' nod to divest 1,000 mega watt (MW) power plant of a subsidiary company and sale of its 920 MW captive power plants.

In postal ballot notice, the company said "consent of the members be and is hereby accorded to divest the 1000 MW power plant of the subsidiary company viz. Jindal Power Ltd to JSW Energy Ltd, a related party through a process of scheme or other mechanisms including transfer through special purpose vehicle (SPV)."

It further said: "Consent of the members be and is hereby accorded to transfer the following plants of the company together with all rights, title, interest, contracts, liabilities, consents and licenses in the plants, on a going concern basis to Jindal Power Ltd through a process of scheme or other mechanism".

The company is looking to sell entire plant and machinery of 810 MW (6 x 135 MW) captive power plant located at Angul, Odisha and entire plant and machinery of 110MW (2 x 55 MW) captive power plant located at Raigarh, Chhattisgarh.

12:00 pm Market Check: The market continued to trade higher in afternoon trade, led by short covering. Private banking & financials and auto stocks led the market higher while pharma stocks were under pressure.

The 30-share BSE Sensex gained 114.85 points at 26640.31 and the 50-share NSE Nifty rose 23.60 points to 8164.35. The market breadth remained positive as about 1337 shares advanced against 904 declining shares on Bombay Stock Exchange.

Axis Bank climbed nearly 2 percent as it holds 5.99 percent stake in Max Life that is likely to be merged with HDFC Life.

Max Financial says the board of directors has agreed to evaluate merger of Max Life & Max Financial into HDFC Standard, adding the agreement provides for exclusivity period for due diligence & discussions. HDFC says HDFC Standard board also approved entering into agreement to evaluate Max Life and Max Financial proposal.

HDFC was up 1.5 percent and Max Financial Services surged more than 13 percent.

Tata Motors, Maruti Suzuki, Bharti Airtel and Coal India gained 1-2 percent while Sun Pharma and Tata Steel declined 1 percent each.

11:55 am Market outlook: Global equity markets are likely to remain volatile in the near term in the wake of concerns over events such as Brexit, says Madhu Kela, Chief Investment Strategist at Reliance Capital.

But the former star fund manager believes that Indian stocks will give plenty of returns to the patient, discerning investor.

Speaking to CNBC-TV18 in an exclusive interview, Kela said the Indian economy was growing at 7.5 percent in a world mired in deflation. Over the long term, this would lead to tremendous creation of new businesses and wealth.

Kela -- who called the bottom of the market around its 6,800 lows in February--  added that near-term returns, especially in stocks that have bounced sharply since (such as public sector banks), may be subdued.

11:45 am Steel woes: On February 5, the government imposed minimum import prices (MIP) on steel products for a period of six months in a bid to stop the deluge of cheap imports.

But an extension of the MIP come at the risk of India being dragged to the World Trade Organisation (WTO) on charges of being anti-trade.

The MIP ensures landed steel import steel prices trade at a floor price, typically on par or at a premium to domestic prices.

In an interview with CNBC-TV18, Chintan Mehta, Metal Analyst, Sunidhi Securities, said the industry realizes that MIP was a temporary measure but expressed hope the government would replace it with anti-dumping duty when it expires.

11:30 am Business plan: GMR Infrastructure denied selling controlling stake in Hyderabad Airport but added that it is exploring opportunities to raise funds.

"We completely deny sale of controlling stake in Hyderabad Airport. We wish to submit that GMR Group has been continuously exploring opportunities to raise necessary funds for the group," GMR Infrastructure said in a clarification to the BSE.

The company was reacting to speculations about the company being in advanced negotiations regarding sale of controlling stake in Hyderabad Airport.

The market continues to rise on bank and auto stocks support. The Sensex is up 125.91 points or 0.5 percent at 26651.37, and the Nifty is up 27.35 points or 0.3 percent at 8168.10. About 1330 shares have advanced, 725 shares declined, and 133 shares are unchanged.

Coal India, HDFC, Axis Bank, Maruti and Tata Motors are top gainers while Tata Steel, Sun Pharma, Infosys, HUL and NTPC are losers in Sensex.

Oil prices rebounded with share markets in Asia after a six-session sell-off with the
dollar softening against most other currencies on easing concerns over Britain's EU future.

After yesterday's sharp losses, equities pushed higher today on bargain-buying while analysts said the killing of a pro-EU lawmaker had increased the odds Britons will vote to stay in the European Union next week.

World markets have been in a tailspin for the past week as recent polling had indicated the exit camp would win the June 23 ballot.

10:40 am FII View: The Indian market does offer a positive risk-reward ratio for investors at current levels, says Gautam Chhaochharia, Head of India Research at UBS.

In an interview with CNBC-TV18, Chhaochharia said the economy was seeing incipient signs of recovery but that had been priced into stocks following their recent rally.

"I would be a buyer of Nifty at 7,500, seller at 8,400," he said.

Chhaochharia also weighed in on the delay in monsoon, saying that its positive impact is overestimated ("it directly impacts 3 percent of the GDP") but added that, on the flip side, a third straight year of weak rains would be a cause of worry, if forecasts of a strong monsoon do not play out.

10:20 am Sugar stocks in focus: In a bid to rein in sugar prices, the government yesterday announced a 20 percent import duty on the sweetener. The duty, which works to around Rs 7,000 per tonne, will likely bring exports to a halt, said ISMA Director General Abinash Verma.

"There was a small margin of about Rs 500-1,000 that we used to get on imports," he said.

Going forward, Indian sugar prices will depend on local demand-supply situation.

"For the next year, sugar production and consumption may match, leading to prices to remain stable," Verma said.

10:00 am Market Check: The market continued to be in positive terrain with the Sensex rising 130.06 points to 26655.52 and the Nifty climbing 28.85 points to 8169.60, tracking recovery in global peers after yesterday's sell-off.

The broader markets also joined the party with the BSE Midcap and Smallcap indices rising 0.4-0.6 percent. The market breadth remained positive as about two shares advanced for every share falling on BSE.

Max Financial Services shares rallied 20 percent and HDFC gained 2 percent intraday after a media report indicated there are merger talks between companies for their life insurance business. Axis Bank also gained over a percent as the bank holds 5.99 percent stake in Max Life.

Tata Motors, Maruti Suzuki, Dr Reddy's Labs and Coal India added a percent while Infosys, Sun Pharma, L&T and Tata Steel were marginally lower.

9:55 am Market outlook: The Indian market does offer a positive risk-reward ratio for investors at current levels, says Gautam Chhaochharia, Head of India Research at UBS.

In an interview with CNBC-TV18, Chhaochharia said the economy was seeing incipient signs of recovery but that had been priced into stocks following their recent rally.

"I would be a buyer of Nifty at 7,500, seller at 8,400," he said.

Chhaochharia also weighed in on the delay in monsoon, saying that its positive impact is overestimated ("it directly impacts 3 percent of the GDP") but added that, on the flip side, a third straight year of weak rains would be a cause of worry, if forecasts of a strong monsoon do not play out.

9:45 am Sugar gone sour: Sugar stocks are down with Bajaj Hindusthan,Balrampur Chini, Mawani Sugars, Sakthi Sugars and Shree Renuka falling 2-5 percent. Government today imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.

The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses. A decision has been notified by the Central Board of Excise and Customs (CBEC), it said.

9:30 am Will monsoon arrive? Despite expectations of an above-average monsoon, a delay of more than a week has already caused some concern over the future of the season. But N Chattopadhyay, Deputy Director General of the Agricultural Meteorology division at Indian Meteorological Department (IMD), today told CNBC-TV18 that rain showers will cover most regions of Goa and Maharashtra within two-three days. He, however, added that the worst drought-hit areas of Maharashtra may have to wait for another seven-eight days. "This time lag is because of the initial delay in the onset of season caused," he said. The Met is sticking to its forecast of 106 percent of long-period-average (LPA) rainfall in the country, indicating that it expects monsoons to make up for the shortfall seen so far.

The market opened in green riding high on positive global markets. The Sensex is up 140.51 points or 0.5 percent at 26665.97, and the Nifty up 35.90 points or 0.4 percent at 8176.65. About 393 shares have advanced, 82 shares declined, and 28 shares are unchanged.

Dr Reddy's Labs, Tata Motors, HDFC, Maruti and Tata Steel are top gainers in the Sensex.

The Indian rupee opened flat at 67.20 per dollar on Friday versus previous close of 67.21. The yen is headed for a 2.4 percent advance in the week after the Bank Of Japan standing pat on stimulus furthered a rally ignited by a tick-up in risk aversion. The dollar index rebounds to 94.4 levels

Pramit Brahmbhatt of Veracity said, "Rupee to trade with a positive bias for the day. A little recovery in domestic equity market will help the rupee to move higher."

Asia markets opened higher on Friday marked by volatility amid concerns. Investor sentiment in Asia also received a boost after US stocks ended a five-day losing streak to close higher. Japanese shares received a boost from a relatively weaker yen, as the benchmark Nikkei 225 was up 1.54 percent. Across the Korean Strait, the Kospi was up 0.82 percent.

Wall Street closed higher as investors digested the implications of a British lawmaker's death on the country's impending referendum on whether to leave the European Union. The benchmark S&P 500 index snapped a five-day losing streak, after erasing sharp losses earlier in the session.

A British Member of Parliament was shot dead in the street in northern England, causing the temporary suspension of campaigning for next week's referendum on EU membership. The lawmaker, Jo Cox, had been a vocal supporter of Britain remaining in the European Union.