Nifty ends at 8262, Sensex down; Vedanta dips 7%, Maruti up

3:30 pm Market closing: After a volatile day, the market has ended lower. The Sensex slipped 58.09 points or 0.2 percent at 27306.83 and the Nifty was down 13.40 points or 0.2 percent at 8261.65. About 1444 shares advanced, 1314 shares declined, and 176 shares were unchanged.

Vedanta, Tata Steel, Hindalco, ONGC and Cipla were among losers in the Sensex. Top gainers were TCS, Maruti, Tata Motors, Infosys and Axis Bank.

3:10 pm Results: Zee Media Corporation posted dismal July-September quarter results with net loss widening to Rs 17 crore from Rs 13.43 crore in year-ago period. The company had to incur an exceptional loss of Rs 6.15 crore due to sale of plant and machinery.

During the quarter, its topline fell 3.1 percent to Rs 127.04 crore compared to Rs 131.14 crore in corresponding quarter last fiscal. EBITDA, however, was up 9.8 percent at Rs 6.72 crore in Q2 against Rs 6.12 crore year-on-year. Finance cost was down 20 percent at Rs 10.2 crore in Q2 versus Rs 12.55 crore (Y-o-Y).

2:55 pm ONGC arm capex: The foreign investment arm of India's top oil explorer ONGC is targeting USD 10-USD 12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

ONGC Videsh (OVL) hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms.

"Earlier it was an asset-based (strategy) but now we are giving good consideration to M&A," Narendra K Verma, managing director of OVL, told the Reuters Global Commodities Summit.

"Our mandate is huge and we can acquire a larger portfolio through the corporate acquisition route," added Verma, who has overseen USD 7 billion in deals over four years.

OVL, which produces about 175,000-180,000 barrels per day (bpd) from its overseas assets, wants to double output by 2018 and increase it six-fold by 2030.

2:40 pm Market Update: Equity benchmarks extended losses in last hour of trade. The Sensex declined 95.82 points to 27269.10 and the Nifty fell 28.95 points to 8246.10.

About 1356 shares have advanced, 1331 shares declined, and 172 shares are unchanged on the BSE.

2:35 pm Earnings: Kajaria Ceramics reported a 47.79 percent increase in consolidated net profit at Rs 58.75 crore for the quarter ended September 30, 2015.

The company had posted a consolidated net profit of Rs 39.75 crore for the same quarter a year ago. Kajaria Ceramics follows July-June fiscal year.

The company's net sales in the quarter under review rose to Rs 607.45 crore, up 13.42 percent, from Rs 535.54 crore in the year-ago period, the company said in a BSE filing.

Its overall expenses stood at Rs 508.86 crore in the July-September quarter, up 7.89 percent compared with Rs 471.64 crore in the same period a year ago.

2:20 pm Vedanta's Goa capacity: Vedanta expects its iron ore exports from Goa to be much higher than its permitted mining capacity of 5.5 million tonnes in the fiscal year to March, as it bids for ore in government-run auctions.

The country's biggest private miner has resumed operations in Goa following a three-year gap after court action against illegal mineral extraction closed mining in the country's top iron ore exporting state.

Vedanta, a unit of metals tycoon Anil Agarwal's Vedanta Resources, is in the process of shipping 88,000 tonnes of the steelmaking ingredient to China, with other customers there eager for cargoes, said a company spokesman. That could stoke a global iron ore glut that has hit prices hard.

2:00 pm Market Check
The market continued to be volatile in afternoon trade. The Sensex declined 36.48 points to 27328.44 and the Nifty fell 11.65 points to 8263.40 while broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained 0.5 percent and 0.2 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1461:1165 on the BSE.

Bajaj Finance surged more than 5 percent after reporting more than 40 percent year-on-year growth in profit and net interest income for July-September quarter.

Adani Transmission also reacted strongly to its quarterly earnings, up 17 percent. Consolidated profit in Q2FY16 sequentially shot up to Rs 153 crore from Rs 29.6 crore and revenue increased to Rs 564.24 crore from Rs 468.15 crore.

1:55 pm Interview: New projects will help in improving capacity and increase income for SJVN , the company's Chairman & Managing Director (CMD) RN Misra said. In an interview with CNBC-TV18, Misra said the company plans to increase capacity by 300 megawatt (MW) by FY17 and aims to become a 10,000 MW company by FY22. SJVN is working on two projects – a 500 MW and a 600 MW – in Bhutan. Besides this, the company has a project in Nepal, one in India and shutdown project in Uttarakhand area, which will be revived soon, Misra said.

1:45 pm Results: Jyothy Laboratories has posted a good July-September quarter, beating street estimates on all counts. The midcap company's net profit jumped 54 percent to Rs 38.8 crore in Q2FY16 from Rs 25.1 crore in corresponding quarter last fiscal. During the period, revenues climbed 9 percent to Rs 401 crore compared to Rs 368 crore on annual basis.

According to a CNBC-TV18 poll, the company was expected to report net profit at Rs 30 crore on a revenue of Rs 397 crore in September quarter.

EBITDA in Q2 rose 47 percent at Rs 49.2 crore against Rs 33.5 crore while EBITDA margins was at 12.3 percent 9.1 percent (year-on-year). Margins were lifted by curtailed purchases and inventory costs. Soaps and detergent segment pushed overall revenues higher.

1:30 pm Shares of Nestle India rose 3 percent intraday on Tuesday after it has got clean chit from two states for its popular noodle brand Maggi. Both Gujarat and Karnataka have lifted ban on manufacturing and sale of Maggi.

Last week, the Indian arm of the FMCG major received favourable results from all three laboratories mandated by Bombay High Court to test noodles samples.

However, Nestle had said that it will start selling Maggi noodles only after the newly manufactured products are also cleared by the designated three laboratories.

The market is still in positive terrain, as the Sensex is up 43.74 points or 0.2 percent at 27408.66. The Nifty is up 12.10 points or 0.1 percent at 8287.15. About 1537 shares have advanced, 979 shares declined, and 177 shares are unchanged.

Tata Motors, NTPC, TCS, Infosys and SBI are top gainers in the Sensex while Cipla, Vedanta, OnGC, HUL and Hindalco are among losers.

Oil prices rebounded in Asian trade as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy.

Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.

China's GDP growth slowed to 6.9 percent in the third quarter, down on a 7-percent rise in the prior quarter, while implied oil demand was also lower, official figures and Reuters data on Monday showed.

1:55 pm Interview: New projects will help in improving capacity and increase income for SJVN , the company's Chairman & Managing Director (CMD) RN Misra said. In an interview with CNBC-TV18, Misra said the company plans to increase capacity by 300 megawatt (MW) by FY17 and aims to become a 10,000 MW company by FY22. SJVN is working on two projects – a 500 MW and a 600 MW – in Bhutan. Besides this, the company has a project in Nepal, one in India and shutdown project in Uttarakhand area, which will be revived soon, Misra said.

1:45 pm Results: Jyothy Laboratories has posted a good July-September quarter, beating street estimates on all counts. The midcap company's net profit jumped 54 percent to Rs 38.8 crore in Q2FY16 from Rs 25.1 crore in corresponding quarter last fiscal. During the period, revenues climbed 9 percent to Rs 401 crore compared to Rs 368 crore on annual basis.

According to a CNBC-TV18 poll, the company was expected to report net profit at Rs 30 crore on a revenue of Rs 397 crore in September quarter.

EBITDA in Q2 rose 47 percent at Rs 49.2 crore against Rs 33.5 crore while EBITDA margins was at 12.3 percent 9.1 percent (year-on-year). Margins were lifted by curtailed purchases and inventory costs. Soaps and detergent segment pushed overall revenues higher.

1:30 pm Shares of Nestle India rose 3 percent intraday on Tuesday after it has got clean chit from two states for its popular noodle brand Maggi. Both Gujarat and Karnataka have lifted ban on manufacturing and sale of Maggi.

Last week, the Indian arm of the FMCG major received favourable results from all three laboratories mandated by Bombay High Court to test noodles samples.

However, Nestle had said that it will start selling Maggi noodles only after the newly manufactured products are also cleared by the designated three laboratories.

The market is still in positive terrain, as the Sensex is up 43.74 points or 0.2 percent at 27408.66. The Nifty is up 12.10 points or 0.1 percent at 8287.15. About 1537 shares have advanced, 979 shares declined, and 177 shares are unchanged.

Tata Motors, NTPC, TCS, Infosys and SBI are top gainers in the Sensex while Cipla, Vedanta, OnGC, HUL and Hindalco are among losers.

Oil prices rebounded in Asian trade as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy.

Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.

China's GDP growth slowed to 6.9 percent in the third quarter, down on a 7-percent rise in the prior quarter, while implied oil demand was also lower, official figures and Reuters data on Monday showed.

12:58 pm Nifty eyes 8300: The market gained some strength. The Sensex rose 50.48 points to 27415.40 and the Nifty went up 13.85 points to 8288.90.

About 1551 shares have advanced, 963 shares declined, and 176 shares are unchanged on the BSE.

12:50 pm CIL issue defers: The government has for the third time extended deadline for appointment of merchant bankers for the mega Rs 21,000-crore share sale in Coal India after global investment banks flagged concerns over the company allegedly not meeting green commitments.

It plans to sell 10 percent stake in the world's largest coal miner, but got virtually no response from foreign merchant bankers over the company purportedly not complying with its own sustainability policy.

Coal India had in 2013 committed to a Sustainable Development Policy under which the Maharatna PSU has to pursue mining, integrating environmental, socio-cultural and economic factors.

"CIL has some sustainability plans that CIL committed in 2013. They have not been able to implement it. The foreign bankers have expressed concerns on that," a senior government official said.

12:40 pm Europe opens: European equities opened flat as investor sentiment is shaken by a renewed decline in oil prices on the back of weak China data and concerns over earnings.

All major European indices were mildly higher.

Asian equity markets traded mixed, with energy shares among the worst-hit as stubborn signs of weakness in the Chinese economy rekindled declines in oil prices.

US crude fell nearly 3 percent at USD 45.89 a barrel, while the front-month in Brent - the global crude benchmark - slid 3.7 percent at USD 48.80 on Monday. Global oil markets nudged up in early Asian trade, but gains were capped by concerns about oversupply and the health of the global economy.

12:30 pm Moody's on Reliance: Reliance Industries' refinery margins will continue to improve as it completes margin- enhancing projects, Moody's Investors Service said today.

The company earned USD 10.6 on turning every barrel of crude oil into fuel during the second quarter of the current fiscal, the highest in the last seven years. "Although RIL's refining margin only improved marginally compared to USD 10.4 per barrel during 1Q FY2016, it outperformed the Singapore refining benchmark that declined to USD 6.3 per barrel from USD 8.0 per barrel over the same period," it said.

RIL's gross refining margins will continue to improve as it completes margin-enhancing projects, the petcoke gasification project and refinery off gas cracker, which will enhance the recovery of petrochemicals from the refinery off gases that are currently being used as fuels.

"We expect RIL's margins will improve by at least USD 2 per barrel on completion of these projects," Moody's said. Gasoline forms a major proportion of RIL's product portfolio while that of fuel oil is negligible.

12:15 pm Earnings Poll: Biocon 's September quarter profit is seen rising 5.8 percent to Rs 108 crore and revenue may increase 13.7 percent to Rs 853 crore compared to year-ago period, according to average of estimates of analysts polled by CNBC-TV18.

Analysts feel revenue growth during the quarter may be led by clinical research organisation (CRO) division while capacity constraints in insulins, lower offtake in Fidaxomicin and adverse business environment in Middle East markets may impact Q2 earnings.

They expect around 25-30 percent growth in CRO division followed by 8-10 percent in biopharma. Licensing income is estimated at around Rs 6-10 crore.

12:00 pm Market Check
Equity benchmarks remained rangebound in noon trade with the Sensex rising 26.42 points to 27391.34 and the Nifty advancing 9.35 points to 8284.40. The broader markets continued to outperform benchmarks; the BSE Midcap and Smallcap indices gained more than 0.6 percent.

The market breadth remained strong as about 1457 shares advanced against 938 shares declining on the Bombay Stock Exchange.

Tata Motors topped buying list on Sensex, up 3 percent followed by TCS, Infosys, Axis Bank, NTPC, Maruti Suzuki and L&T with 0.5-1.5 percent.

Cipla fell more than 2.5 percent after media reports indicated that company's Indore SEZ plant received Form 483 or observations from USFDA.

HDFC, ITC, Reliance Industries, ONGC, HUL, Vedanta, Wipro and Hindalco declined 0.6-2 percent.

11:45 am Outlook on crude: With no expectation of increase in crude production, price is expected to remain in range on USD 50-55 per barrel in the current year, David Lennox of Fat Prophets told CNBC-TV18. The only bright spot in crude currently is the buying pattern of China, he said. As per the September imports data, China buys seven million barrels a day, a trend that will continue in the current year, Lennox said. Despite the slowing gross domestic product (GDP), China is quite comfortable in sourcing cheap western oil, he added.

11:30 am FII view on India: Ian Hui Global Market Strategist JPMorgan Asset Management is positive on India on back of government efforts to push through reforms and other things like ease of doing business etc. Overall too emerging markets are likely to benefit from the delay in US Fed rate hike. According to him the Fed hike looks like a story of 2016 than 2015. He rules out a hike in October, with only around 30 percent expecting it would happen in December. The foreign fund flows into India have mainly been on back of Fed uncertainty and China slow down, said Hui in an interview to CNBC-TV18. He is not expecting any major policy decisions from most of the Central Banks across the globe.

The market is still flat but traders continue to build positions in midcap.
The Sensex is up 38.18 points at 27403.10 and the Nifty is up 11.55 points  at 8286.60. About 1448 shares have advanced, 774 shares declined, and 133 shares are unchanged.

Both midcap and smallcap indices are up 0.7 percent each. Tata Motors, TCS, NTPC, L&T and BHEL are top gainers in the Sensex. Among the losers are Cipla, Vedanta, Hindalco, ONGC and Hero.

Hero MotoCorp is likely to report tepid September quarter results due to weak rural demand. According to a CNBC-TV18 poll, the two-wheeler manufacturer's net profit may slip 6 percent to Rs 717.2 crore in Q2FY16 from Rs 763.4 crore in year-ago period. Weak volumes are seen dragging revenue by 3.4 percent to Rs 6681 crore against Rs 6915.3 crore year-on-year.

The rupee trimmed its initial losses, but was still down 10 paise at 64.90 per dollar in late-morning deals in the midst of sustained demand for the US currency from importers amid lower dollar overseas.

Overseas,the dollar gave back some of its overnight gains against the euro today after marking a 10-day high ahead of this week's European Central Bank meeting, which some investors believe could set the stage for additional stimulus later this year.

10:55 am Market Update: The Sensex rose 28.28 points to 27393.20 and the Nifty advanced 10.25 points to 8285.30. About 1407 shares have advanced, 748 shares declined, and 122 shares are unchanged on the BSE.

10:46 am Earnings: Non-banking finance company SKS Microfinance reported strong earnings with September quarter profit rising 37.4 percent year-on-year to Rs 77.9 crore led by other income that increased 202 percent. Revenue grew by 53.2 percent to Rs 291.3 crore on 57 percent growth in loan disbursements during the same period.

SKS has raised its profit guidance for FY16 to Rs 290 crore against Rs 235 crore earlier.

With reiterating sell on the stock (SKS), Religare says earnings were ahead of estimates. The brokerage has remained cautious on stock as issuance of small bank licenses is likely to change face of MFI industry NBFC with 100 percent exposure to MFI cannot grow 30-40 percent perennially. This is when competition is expected to intensify. Hence, it makes a strong case for de-rating, it says.

10:37 am Gold Update: Gold extended losses to a fourth straight session today on a stronger dollar and fears the Federal Reserve could still raise US rates this year.

Spot gold had eased 0.2 percent to USD 1,168.40 an ounce, after losing about 1.2 percent in the past three sessions.

Gold touched a 3-1/2-month high last week on bets the Fed would not raise US rates amid concerns about the global economy. But the rally lost steam after robust US economic data, and as gold failed to break past the key USD 1,200-level.

The dollar was trading near its highest in over a week against a basket of major currencies. A stronger greenback makes gold expensive for holders of other currencies.

10:33 am FII View: Rakesh Arora, Macquarie says after a 9 percent bounceback from recent lows, the market is consolidating as it absorbs the ongoing weak earnings season.

Global risk-on trade is supportive of the Indian market but the sharp rally in ASEAN markets has diverted investor attention, he added.

"Nonetheless, our recent roadshow in Asia reveals increasing investor confidence in the India story. Buying on dips is recommended," Arora said.

10:20 am Indigo lowers IPO size: Low-cost carrier IndiGo's operator InterGlobe Aviation tonight lowered its IPO size by over Rs 200 crore to nearly Rs 3,000 crore with one promoter deciding to sell less number of shares in the public offer.

The reduction came on the first day of the roadshow for the much-awaited IPO, which is being seen as a test case for the revival of big-ticket share sales in the primary market.

The promoters of the company, which is among the few profitable airlines in the country, will now sell nearly 23 million shares, down from about 26.1 million they had earlier proposed for the Offer For Sale component of the IPO.

10:00 am Market Check

The market is flat with negative biases but the Nifty manages to hold 8250. The 50-share index is down 8.15 points at 8266.90 and the Sensex is down 24.37 points at 27340.55. About 1176 shares have advanced, 634 shares declined, and 96 shares are unchanged.

Tata Motors, TCS, NTPC, BHEL and Infosys are top gainers while Cipla, Bharti Airtel, ONGC, Hindalco, Vedanta are among losers in the Sensex.

Meanwhile, Ashutosh Raina, HDFC Bank says decline in commodity and energy prices after yesterday's China GDP data has dampened sentiment a bit amidst global growth concerns.

According to him, USD/INR currency pair after failing to break Rs 64.70/USD support on the back of strong central bank intervention is expected to break the Rs 65/USD figure and move towards Rs 65.50/USD level, helped by risk-off sentiment.

Crude oil fell after a tumble in gasoline futures added pressure to a market slumping on slower growth in China and signs that Iranian oil will return to the market soon following implementation of its nuclear deal. US crude inventories rose by 3.7 million barrels last week, which would be the fourth consecutive weekly increase, according to average expectations of analysts polled by Reuters.

9:55 am Result poll: Hero MotoCorp is likely to report tepid September quarter results due to weak rural demand. According to a CNBC-TV18 poll, the two-wheeler manufacturer's net profit may slip 6 percent to Rs 717.2 crore in Q2FY16 from Rs 763.4 crore in year-ago period. Weak volumes are seen dragging revenue by 3.4 percent to Rs 6681 crore against Rs 6915.3 crore year-on-year. Total volumes may fall 4.4 percent at 1.57 lakh units from 1.64 lakh units (Y-o-Y) due to subdued demand environment in rural markets.

During the period, EBITDA is seen up 7 percent at Rs 997.5 crore compared to Rs 934.7 crore while operating profit margin (OPM) may come in at 14.9 percent versus 13.5 percent (Y-o-Y).

9:45 am Market outlook: The 8 percent rally in the Indian stock market since its recent September 7 low has removed some of the "dislocations" that previously existed, says Sanjeev Prasad of Kotak Institutional Equities. Accordingly, the risk-reward ratio is now turning lower and market's upside remains capped from hereon, he told CNBC-TV18 in an interview. In light of the rally, Kotak has carried out certain changes to its model portfolio, within its overarching theme of playing on lower interest rates and higher financial savings.

9:35 am Results: International Business Machines (IBM) posted a bigger-than-expected drop in revenue and cut its full-year profit forecast, as a stronger US dollar accentuated weakness in demand from China and emerging markets. It was the 14th quarter in a row that IBM has posted a reduction in revenue, as the world's largest technology services company gets rid of low-margin businesses, but has so far failed to make up the shortfall with newer initiatives in the more lucrative area of cloud computing. Shares of IBM fell 4.8 percent in after-hours trading to USD 141.95.

9:25 am SREI in News: The American Tower Corp (ATC) is expected to announce its acquisition of telecom infrastructure company, Viom Networks, in the largest foreign direct investment (FDI) deal since coming of the Modi government.

Sources tell CNBC-TV18 that ATC will acquire 51 percent stake in the multi-tier deal at an enterprise value of Rs 20,000 crore. Kolkata-based Srei Infrastructure , which holds management control with minority stake, will offload its 18.5 percent stake to ATC. Singapore-based GIC and Oman Investment Authority too will exit the company, the sources reveal.

Oman Investment, GIC and IDFC Private Equity together hold 12 percent stake in Viom. Sources say that Srei Infra may get small management control via the deal.

Viom has nearly 42,000 towers and another 1,000 towers, which are under construction.

The market has opened on a flat note following mixed global cues. The Sensex fell 16.03 points to 27348.89 and the Nifty declined 5.95 points to 8269.10.

Lupin, Dr Reddy's Labs, TCS, Wipro, HDFC Bank, UltraTech Cement, BPCL and Asian Paints were early gainers, up 0.5-1.5 percent. ONGC, Vedanta, Bharti Airtel, Hero Motocorp, Tata Steel, ACC and Hindalco declined 0.6-1 percent.

The Indian rupee has opened lower today, falling 15 paise to 64.95 a dollar compared to 64.80 per dollar in previous session.

Ashutosh Raina, HDFC Bank says decline in commodity and energy prices after yesterday's China GDP data has dampened sentiment a bit amidst global growth concerns.

According to him, USD/INR currency pair after failing to break Rs 64.70/USD support on the back of strong central bank intervention is expected to break the Rs 65/USD figure and move towards Rs 65.50/USD level, helped by risk-off sentiment.

Sentiment is mixed for global equities at this point with China's 6.9 percent quarterly growth coming ahead of estimates yesterday but a fall in crude prices and mining stocks indicates worries over the health of the global economy persist.