Nifty ends at 7749, Sensex up 75 points; Sun Pharma, TCS fall 2%

3:30 pm Market closing: The market has ended in green. The Sensex closed 75.11 points or 0.3 percent at 25305.47 and the Nifty was up 17.80 points or 0.2 percent at 7748.85. About 906 shares have advanced, 1598 shares declined, and 182 shares are unchanged. NTPC, ICICI Bank, Tata Motors, Tata Steel and Asian Paints were top gainers while Sun Pharma, Bajaj Auto, TCS, GAIL and BHEL.

2:58 pm Market Update: The Sensex rose 71.65 points to 25302.01 and the Nifty increased 16.20 points to 7747.25 but the market breadth remained weak as about two shares declined for every share rising on BSE.

Meanwhile, New Delhi-based weather forecaster Skymet raised monsoon forecast to 109 percent of LTA against 105 percent earlier.

2:50 pm Interview:  NCC,  which has had a good fourth quarter, has said that the company's asset monetisation strategy has helped bring down interest costs.

The company's debt levels stand at Rs 1,182 crore and it received a cash consideration of Rs 200 crore from the stake sale to Sembcorp in the fourth quarter, YD Murthy, Executive VP, Finance, NCC, told CNBC-TV18.

The company plans to reduce its debt to Rs 100 crore in FY17, he said.

Going forward in FY17, NCC expects a 7-10 percent revenue growth and clock EBIDTA margins of about 9 percent, Murthy said.

In the March-2016 quarter, NCC's topline grew 11 percent to Rs 2,452 crore from Rs 2,210 crore in the year-ago period.

2:35 pm NCL exits CDR:  NCL Industries today successfully exited from the Corporate Debt Restructuring (CDR) mechanism, said K Ravi, Managing Director, NCL Industries. "Now there are no more capex restrictions levied and we are free to grow," he told CNBC-TV18.

Ravi says cement prices are very encouraging and the company plans to expand its cement business.

The company's interest costs are at 16 percent, according to Ravi.

2:20 pm Earnings: Maharashtra-based IT product distributor Redington India's fourth quarter consolidated profit increased 24.8 percent sequentially to Rs 137.6 crore, supported by other income and revenue.

Revenue increased 16.3 percent to Rs 10,474 crore in quarter ended March 2016 compared to Rs 9,004 crore in preceding period, driven by third party business that doubled.

Operating profit (earnings before interest, tax, depreciation and amortisation) rose 6.2 percent to Rs 221.9 crore but margin declined 20 basis points to 2.1 percent compared to Q3.

Other income nearly doubled to Rs 17.33 crore from Rs 9.8 crore in same period.

2:00 pm Market Check
Equity benchmarks remained listless in afternoon trade but the broader markets extended losses with BSE Midcap and Smallcap indices falling over 0.7 percent each. The market breadth continued to be negative as about two shares declined for every share rising on Bombay Stock Exchange.

The Sensex gained 52.93 points at 25283.29 and the Nifty rose 8.50 points to 7739.55.

Jubilant Foodworks was the most active stock on exchanges after CSR report saying the bread available in India could be laced with toxic chemicals and may have toxic chemicals that can lead to thyroid disorders and cancer. The stock shed 5 percent despite clarification by the company saying it uses ingredients that are approved by FSSAI in all preparations and flour used by co is not treated with potassium bromate or potassium iodate.

Aurobindo Pharma plunged over 5 percent followed by BPCL, Idea Cellular, Bank of Baroda, Bajaj Auto, Sun Pharma, BHEL, ONGC and Lupin with 1-3 percent loss while NTPC, Tata Motors, ICICI Bank, Reliance Industries, Tata Power, UltraTech Cement and ACC gained 1-3 percent.

1:30 pm Exclusive interview: Chairman of transport and logistics firm VRL Logistics Vijay Sankeshwar is planning to start a regional airline alongwith the company's Managing Director Anand Saneshwar.

Reacting to the news of promoters going into the airline business, the stock today tanked 20 percent.

Speaking to CNBC-TV18, Vijay Sankeshwar said that aviation is his passion and he intends to follow it. The investment for the project is expected to come partly from dilution of his shares in VRL and the rest from other sources.

''We will enter the airline business with a small investment of Rs 1,400 crore,'' he said, adding that he will dilute Rs 300-400 crore worth shares in VRL over the next three to four years. He hopes to still hold a majority stake in VRL post dilution.

The market continues to be sluggish with pharma, oil, IT stocks. The Sensex is up 73.09 points or 0.3 percent at 25303.45 and the Nifty is up 14.45 points or 0.2 percent at 7745.50. About 766 shares have advanced, 1526 shares declined, and 174 shares are unchanged.

NTPC, Tata Motors, ICICI Bank, HDFC and Reliance are top gainers in the Sensex while Bajaj Auto, ONGC, Sun Pharma, TCS and Adani Ports are major losers.

Gold futures today fell 0.30 percent to Rs 29,860 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices.

Analysts attributed fall in prices to weak trend overseas where gold held four days of losses as investors weighed the prospects for a US interest rate rise, strengthening the outlook for the dollar and denting the metal's allure.

12:57 pm Market Update: The Sensex rose 56.58 points to 25286.94 and the Nifty gained 11.85 points at 7742.90 while the market breadth was weak as about two shares declined for every share advancing on BSE.

12:50 pm Demerger: Sterlite Technologies today announced demerger of its power business into Sterlite Power Transmission to become a pure-play telecom firm.

"The demerger scheme was earlier approved by the High Court of Mumbai on April 22, 2016, post approval by all relevant stakeholders of Sterlite Tech on December 15, 2015," Sterlite Technologies said in a BSE filing.

"The demerger of power transmission business is a strategic decision that provides a well-deserved value-building opportunity for the telecom business."

Sterlite Tech also announced completion of Elitecore Technologies' merger, which is a global provider of Operation Support Service (OSS) and Business Support Service (BSS) solution. Sterlite Tech had acquired Elitecore Technologies in 2015.

12:40 pm Earnings estimates: Bangalore-based textile company Page Industries ' fourth quarter profit is seen rising a whopping 25 percent to Rs 59 crore and revenue by 16.4 percent to Rs 442.2 crore compared to year-ago period, according to analysts polled by CNBC-TV18.

Operating profit (earnings before interest, tax, depreciation and amortisation) may increase 21.6 percent year-on-year to Rs 93.5 crore and margin may expand 90 basis points to 21.1 percent in Q4.

Analysts expect volume growth at 16-18 percent and realisation to grow by 4-6 percent during the quarter.

12:20 pm Interview: Chairman of transport and logistics firm VRL Logistics  Vijay Sankeshwar is planning to start a regional airline alongwith the company's Managing Director Anand Saneshwar.

Reacting to the news of promoters going into the airline business, the stock today tanked 20 percent.

Speaking to CNBC-TV18, Vijay Sankeshwar said that aviation is his passion and he intends to follow it. The investment for the project is expected to come partly from dilution of his shares in VRL and the rest from other sources.

''We will enter the airline business with a small investment of Rs 1,400 crore,'' he said, adding that he will dilute Rs 300-400 crore worth shares in VRL over the next three to four years. He hopes to still hold a majority stake in VRL post dilution.

12:00 pm Market Check
Equity benchmarks continued to be volatile in noon trade while the broader markets underperformed with the BSE Midcap and Smallcap indices falling over half a percent.

The 30-share BSE Sensex gained 15.92 points at 25246.28 and the 50-share NSE Nifty fell 2 points to 7729.05. The market breadth was negative as more than two shares declined for every share rising on Bombay Stock Exchange.

Tata Motors and NTPC topped buying list on Sensex, up 1.8 percent and 2.9 percent, respectively. Reliance Industries, ITC and ICICI Bank gained nearly a percent while TCS, L&T, Sun Pharma, Bajaj Auto and ONGC declined over a percent.

Asian markets traded broadly lower today, led by declines in Japan and China, as investors await further cues from next month's US Federal Reserve monetary policy meeting.

11:30 am  Market outlook: Expectation of a possible US Fed rate hike and weak domestic cues have weakened the market rally. Nifty once again failed to breach the 7950 mark as profit booking in the last couple of trading sessions has led to a fall in the index.

In the midst of turmoil, companies that can beat global and regulatory setbacks will create wealth for investors and outperform their peers, said Nilesh Shah, CEO and MD of Envision Capital.

In an interview with CNBC-TV18, Shah said that every correction in the market due to global volatility results in a good buying opportunity.

Speaking on the economy, he said that we don't have a V-shape economy and the uptick has just started.

The market continues to be rangebound with the Nifty still below 7750. The 50-share index is up 5.35 points at 7736.40 while the Sensex is up 16.53 points at 25246.89. About 783 shares have advanced, 1195 shares declined, and 114 shares are unchanged.

BHEL, Sun Pharma, TCS, Adani Ports and SBI are losers in the Sensex while NTPC, Tata Motors, Reliance, ICICI and ITC are gainers.

Oil extended losses as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices. Hawkish remarks by US Federal Reserve officials hinting at a June interest rate hike pushed up the greenback against major currencies.

A stronger US dollar makes dollar-priced commodities like oil more expensive, curtailing demand. Prices have rebounded since plunging to near 13-year lows below USD 30 in February but are still well short of peaks of more than USD 100 a barrel reached in June 2014.

10:55 am Market Update: Equity benchmarks continued to be volatile. The Sensex rose 5.62 points to 25235.98 and the Nifty gained 2.50 points at 7733.55.

The market breadth was weak as about 1145 shares declined against 792 advancing shares on BSE.

10:50 am Buzzing: The poor fourth quarter numbers have brought down share prices of Archies by 9.5 percent intraday.

The company's Q4 net profit plunged 83 percent at Rs 40 lakh against Rs 2.4 crore, in the same quarter last fiscal.

The total income was down 6.8 percent at Rs 53.5 crore versus Rs 57.4 crore.

10:30 am Earnings Estimates: Software services provider Tech Mahindra's fourth quarter profit is seen falling 1 percent sequentially to Rs 751 crore, according to average of estimates of analysts polled by CNBC-TV18.

Rupee revenue is likely to increase 1.9 percent to Rs 6,831 crore but dollar revenue may be flat at USD 1,014 million compared to preceding quarter.

The Pininfarina acquisition is likely be be completed in April/May and hence will not contribute to Q4 revenue.

Earnings before interest and tax (EBIT) are expected to decline 0.7 percent to Rs 955 crore and margin to fall by 35 basis points to 14 percent compared to Q3.

10:00 am Market Check
The market continued to be volatile in morning trade with the Nifty hovering around 7740 level despite weak global cues.

The 30-share BSE Sensex rose 29.30 points to 25259.66 and the 50-share NSE Nifty was up 8.20 points at 7739.25. The market breadth was marginally positive as about 866 shares declined against 790 advancing shares on Bombay Stock Exchange.

Gautam Shah of JM Financial feels the level, 7,700, is critical and till the index sustains above it on a closing basis one should buy the dips. On the upside, 7,810-7,880 now turns into resistance, he says.

Shah believes, overall, one should not throw in the towel as yet as the market has not done anything to indicate a breakdown.

Index heavyweights Reliance Industries, HDFC and ITC gained over half a percent. Tata Motors, ICICI Bank, NTPC and Cipla climbed 1-2 percent while Infosys, L&T, TCS, Sun Pharma, ONGC and Bharti Airtel were down 0.5-1 percent.

Jubilant Foodworks lost 8 percent and Britannia fell 1 percent despite companies' denial of using potassium bromate or iodate in bread/flour.

Britannia said all bread products are in compliance with food safety norms while Jubilant said the company uses ingredients that are approved by FSSAI in all preparations and flour used by co is not treated with potassium bromate or potassium iodate.

Yesterday CSE report indicated that bread available in India could be laced with toxic chemicals. Bread may have toxic chemicals that can lead to thyroid disorders and cancer.

9:55 am Race for acquisition: Nirma is in fray to buy Lafarge's Indian assets, CNBC-TV18 reports quoting sources. The French cement maker had earlier shortlisted bidders for its 11 million tonne (MT) cement assets in India.

The company expects a valuation of Rs 10,000 crore for its 11 MT capacity.

Besides Nirma, companies like Mexico-based Cemex and China's Conch are also in talks to but cement units of the company.

Back home, Piramal Group, which has backing from Goldman Sachs, is also vying for Lafarge's assets. JSW Group is another contender which is backed by CVC. Sources say that the bidders will conduct due diligence before submitting their bids by July 2016.

9:45 am Upcoming IPO: L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received capital markets regulator SEBI's approval for its proposed initial public offering (IPO). The company had filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in April. The regulator issued its final 'observations' on the draft offer documents on May 20, which is necessary for any company to launch a public offer. The company's IPO comprises an offer-for-sale of up to 17,500,000 equity shares of the subsidiary by L&T Ltd. The issue is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities. L&T Infotech, the IT services unit of L&T, figures among India's top 10 IT service providers.

9:30 am Market outlook: India is a long-term growth story, and is a strong bet for Rashesh Shah, Chairman and CEO, Edelweiss Group. Speaking to CNBC-TV18, he said there has been a clear improvement in businesses across industries. "There are greenshoots visible," he said, "even in power sector." However, bank NPA issues still persist. But things have improved post October, he said. He believes that monsoon will play a key role and if it is good, then we can have a good year ahead. The fourth quarter earnings of India Inc have been good. He expects FY17 is the year when the companies will make a comeback. The Indian market, he said, is fairly valued. As a country it is strong. India is never cheap, but always cheap from a long-term perspective, he said.

The market has opened flat with the Nifty still below 7750. The 50-share index is at 7731.05 and the Sensex is down 11.44 points at 25218.92. About 267 shares have advanced, 156 shares declined, and 33 shares are unchanged.

NTPC, ITC, ICICI Bank, Cipla and Tata Motors are top gainers while M&M, TCS, Hero MotoCorp, SBI and Bharti Airtel are losers in the Sensex.

The Indian rupee opened lower by 14 paise at 67.63 per dollar on Tuesday against its previous close of 67.49.

Ashutosh Raina of HDFC Bank said, "A hawkish surprise from April FOMC minutes has increased the probability of Fed rate hike sooner than later. This coupled with Brexit fears has kept the markets on tenterhooks."

The US dollar gained against the euro after Federal Reserve officials made hawkish remarks on monetary policy, while the dollar slipped against the yen on Japanese trade data that came out yesterday and US resistance to currency intervention from Tokyo.

Asian markets opened lower, taking cues from a soft finish in US stocks, as investors await further cues from the US Federal Reserve. Japanese stocks came under pressure on the back of fresh strength in the yen against the dollar, with the benchmark Nikkei 225 down 0.77 percent in early trade. Across the Korean Strait, the Kospi was off by 0.33 percent.

Wall Street ended lower on Monday as a bounce in Apple failed to offset concerns that the US Federal Reserve could raise interest rates sooner than later.

The timing of future Fed rate hikes in the face of a sluggish economy is a major focus among stock investors who have benefited from historically low borrowing costs since the 2008 financial crisis. The Dow Jones industrial average and the Nasdaq Composite traded higher for much of the session but they made a pronounced dip in the final few minutes.