Sensex closes 200 points higher, Nifty above 8200; M&M up 5%

03:30 pm Market Closing: The market closed higher for the sixth consecutive session on Friday. The Sensex gained 200.34 points or 0.74 percent at 27316.17 and the Nifty rose 50.35 points or 0.62 percent to 8224.95. About 1426 shares have advanced, 1236 shares declined, and 197 shares are unchanged on the BSE.

M&M, Maruti Suzuki, HDFC, Vedanta, ONGC, Bank of Baroda and NMDC topped the buying list, up 2-5 percent. However, Tata Motors plunged 2.7 percent. Tata Power, GAIL, Sun Pharma, BHEL, Zee Entertainment and Power Grid Corp declined 1-2 percent.

Dish TV, Reliance Industries, Tata Sponge, ICICI Bank, Tata Elxsi, Eicher Motors, HDFC, Axis Bank and Infosys were most active shares on exchanges.

02:55 pm Market Update: The Nifty touched 8250 level in last hour of trade, up 60 points at 8234.60 and the Sensex gained 234.87 points at 27350.70. About 1433 shares have advanced, 1142 shares declined, and 190 shares are unchanged on the BSE. Mahindra & Mahindra extended rally, up 5 percent.

John Lomax, HSBC said India is the most loved market and global emerging market (GEM) fund manager positioning is an extreme overweight. "The valuations are not expensive but nor are they very cheap," he added.

"We are underweight the market as it remains one of the most over-owned in the EM space and we think India's earnings growth is slowing, while there is little room for more rate cuts," Lomax said.

02:35pm Dr Reddy's acquisition: Drug firm Dr Reddys Laboratories said it has completed the acquisition of select portfolio of established brands of Belgian firm UCB in India.

"...with regard to acquisition of select portfolio of the established products business of UCB in India, Dr Reddy's Laboratories Ltd...has concluded the transaction," the company said in a filing to the BSE.

On April 1, the drug firm had said that it would acquire select portfolio of established brands of UCB in India, Nepal, Sri Lanka and Maldives for Rs 800 crore.

The company had entered into a definitive agreement with UCB which also entails absorbing 350 employees engaged in the operations of India business.

Dr Reddy's has said the acquired UCB portfolio would accelerate its presence in the high growth areas of dermatology, respiratory and pediatrics, with market leading brands such as Atarax, Nootropil, Zyrtec, Xyzal and Xyzal M.

02:20 pm Financial Tech in News: Financial Technologies India today said it has entered into a new share purchase agreement with four companies to sell 16.6 percent stake in Indian Energy Exchange Ltd (IEX) for Rs 357.06 crore.

The earlier agreement that was signed on November 5, 2014 "stands terminated" and the new agreement will be closed within 60 days, subject to certain technology-related conditions and regulatory approvals, it said in a BSE filing.

FTIL is divesting its stake in IEX following the direction from regulator Central Electricity Regulatory Commission's (CERC) in May last year in the wake of the Rs 5,600 crore payment scam at FTIL's group firm NSEL.

"We have entered into a new share purchase agreement with DCB Power ventures Ltd, Kiran Vyapar Ltd, Agri Power and Engineering Solutions Pvt Ltd, Aditya Birla Capital Advisors Pvt Ltd (for and on behalf of Aditya Birla Trustee Company Private Ltd, trustees to the Aditya Birla private Equity Fund I and Aditya Birla Pvt Equity Sunrise Fund) for sale of 16.6 percent stake for Rs 357.06 crore," FTIL said in the filing.

02:00 pm Market Check
The market continued to see strong uptrend in afternoon trade. The Sensex gained 229.69 points at 27345.52 and the Nifty added 60.15 points at 8234.75. The BSE Midcap Index gained 0.8 percent too but Smallcap index came off day's high, up 0.4 percent.

Mahindra & Mahindra topped the buying list, up more than 4 percent followed by HDFC, Wipro, Maruti Suzuki, Reliance Industries and Hindalco Industries with 2-3 percent upside.

Shares of ITC, TCS, Bharti Airtel, Hero Motocorp and Tata Steel gained 1 percent each.

Engineering and infrastructure major Larsen & Toubro rose over 1 percent after its construction subsidiary won orders worth Rs 2,278 cr in May & June.

ONGC climbed 2 percent as sources said the state-run oil company is no need to bear subsidy burden till crude is at the level of USD 60 a barrel but it has to pay 85 percent of incremental price as subsidy if crude is between USD 60-100 a barrel.

In the midcap space, Sun TV Network climbed 9 percent as attorney general submitted its opinion on w.r.t. security clearance to Sun TV, saying home ministry's denying security clearance to company is incorrect.

1:50 pm Asian markets: The Shanghai Composite Index fell into correction territory today on worries of a bubble in China's equity market. The benchmark index closed down 6.4 percent marking the biggest weekly.

Shaun Rein, China Market Research Group says the market fall is due to panic among investors.

"The prices in the market have gone way up as retail investors are exiting the market really fast," he says.

Rein believes the market may correct further by 5-10 percent.

1:30 pm Deal: Financial Technologies India Ltd (FTIL) today said it has entered into a new share purchase agreement with four companies to sell 16.6 per cent stake in Indian Energy Exchange Ltd (IEX) for Rs 357.06 crore. The

earlier agreement that was signed on November 5, 2014 "stands terminated" and the new agreement will be closed within 60 days, subject to certain technology-related conditions and regulatory approvals, it said in a BSE filing.

FTIL is divesting its stake in IEX following the direction from regulator Central Electricity Regulatory Commission's (CERC) in May last year in the wake of the Rs 5,600 crore payment scam at FTIL's group firm NSEL.

The market is still rallying with support from oil, IT and FMCG stocks. The Sensex is up 149.84 points or 0.5 percent at 27265.67, and the Nifty up 34.05 points or 0.4 percent at 8208.65.About 1246 shares have advanced, 1151 shares declined, and 195 shares are unchanged.

M&M, HDFC, Wipro, ONGC and Hindalco are top gainers in the Sensex. Among the losers are Tata Motors, BHEL, GAIL, HUL and HDFC Bank.

Drug firm Dr Reddy's Laboratories said it has completed the acquisition of select portfolio of established brands of Belgian firm UCB in India. "...with regard to acquisition of select portfolio of the established products business of

UCB in India, Dr Reddy's Laboratories Ltd...has concluded the transaction," the company said in a filing to the BSE.

On April 1, the drug firm had said that it would acquire select portfolio of established brands of UCB in India, Nepal, Sri Lanka and Maldives for Rs 800 crore.

12:50 pm IOC divestment: The government is planning to divest shares in IOC shortly after first quarter earnings announcement. Roadshows for the same may begin in August, reports CNBC-TV18 quoting sources.

The first quarter gross refining margins (GRMs), deregulation and LPG direct benefit transfer scheme are all being seen as positives for the divestment and hence the timing is considered to be right.

Another positive for IOC divestment is the government giving clarity on subsidy sharing mechanism prior to the end of the first quarter this fiscal year.

12:40 pm Shanghai Update: China's Shanghai Composite Index closed down 6.4 percent amid IPO woes. Reports suggested that around 25 IPOs are expected to list and that may lock up more than USD 1 trillion funds for subscription.

12:20 pm YES Bank in focus: Private sector lender Yes Bank, said that two of its directors - M R Srinivasan and Diwan Arun Nanda, will assume office from today.

In a filing to the BSE, it said: "In furtherance of the results declared at the 11th Annual General Meeting held on June 06, two directors on the Board of the Bank, namely M R Srinivasan and Diwan Arun Nanda, will be assuming office from June 19".

The company's scrip was trading at Rs 826.50 a piece, up 0.49 percent, on the BSE.

12:00 pm Market Check
The market continued to be strong and is headed towards positive closing for the sixth consecutive session today, led by index heavyweights like HDFC, Reliance Industries and ITC. The broader markets traded in-line with benchmark indices.

The 30-share BSE Sensex gained 217.84 points or 0.80 percent at 27333.67 and the 50-share NSE Nifty rose 57.10 points or 0.70 percent to 8231.70. About 1383 shares have advanced, 891 shares declined, and 186 shares are unchanged on the BSE.

Globally, Asian markets were mostly higher as the impressive lead from Wall Street helped to sooth market jitters concerning Greece's finances. But Shanghai underperformed Asia on IPO woes. In commodities, Brent crude traded above USD 64 a barrel.

Shares of HDFC, Mahindra & Mahindra and ONGC climbed more than 2 percent followed by Reliance Industries, ITC, L&T, SBI, Wipro and Tata Steel with more than 1 percent upside. However, Tata Motors underperformed, down more than 1 percent. BHEL and HUL slipped half a percent.

11:50 am Gold bond: The government is planning to issue sovereign gold bonds linked to the price of the yellow metal, a proposal aimed at reducing demand for gold and control trade deficit. In a draft outline, it said the sovereign gold bond scheme would help in shifting part of the estimated 300 tonne of physical bars and coins purchased every year for investment into 'demat' gold bonds. The bonds will be issued by RBI on behalf of the government.

11:30 am FII view: The current spell in market may not last for very long as there are too many global event causing uncertainties, says Pratik Gupta, Head of Equities, Deutsche Bank India. He cites the ongoing trouble with Greece that may result in blocking the up move in markets. He reminds investors of the massive erosion of wealth in emerging markets which saw and outflow of USD 20 billion in the month of May. However, it is a short term overhang; Gupta clarifies in an interview to CNBC-TV18.

The market is holding on to its early gains as the Sensex is up 214.09 points or 0.8 percent at 27329.92. The Nifty is up 53.70 points or 0.7 percent at 8228.30. About 1311 shares have advanced, 786 shares declined, and 152 shares are unchanged.

M&M, ONGC, HDFC, Hindalco and Hero Motocorp are top gainers in the Sensex. Among the losers are Tata Motors, HUL, Tata Power, GAIL and BHEL.

Oil prices drifted lower today in rangebound trading as dealers looked for fresh direction after the US central bank signalled it would keep its record-low benchmark interest rates on hold. US benchmark West Texas Intermediate (WTI) for July delivery fell 10 cents to USD 60.35 in Asian trade, while Brent crude for August eased 11 cents to USD 64.15 late-morning deals.

10:55 am L&T in focus: The construction arm of L&T has won orders worth Rs 2,278 crore in various business segments like power transmission & distribution and heavy civil infrastructure.

In power transmission and distribution business won orders worth Rs 1,258 crore in international markets.

"Subsidiary L&T Saudi Arabia LLC has bagged a contract from National Grid Saudi Arabia for engineering, procurement and construction of 132 KV cabling work in Hail city and a 132 KV double circuit transmission line in Turaif, Qaseem and Hail areas of Saudi Arabia. Another subsidiary L&T Oman LLC has received an order from Oman Electricity Transmission Company," it detailed.

Its heavy civil infrastructure segment has won orders worth Rs 1,020 crore. "The consortium of L&T and IHI Infrastructure Systems Company, Japan, has received an EPC order from the Dedicated Freight Corridor Corporation of India for the construction of special steel bridges over JNPT - Vadodara and Rewari-Dadri sections of the Western Dedicated Freight Corridor," L&T explained.

10:40 am Oil Update: Oil prices drifted lower today in rangebound trading as dealers looked for fresh direction after the US central bank signalled it would keep its record-low benchmark interest rates on hold.

US benchmark West Texas Intermediate (WTI) for July delivery fell 10 cents to USD 60.35 in Asian trade, while Brent crude for August eased 11 cents to USD 64.15 late-morning deals.

Oil prices rose modestly yesterday as dealers reacted to the US Federal Reserve's decision the previous day to leave its key interest rate unchanged. The world's most powerful central bank said it would adopt a cautious and methodical approach to raising them later in the year.

10:20 am Natco Pharma in focus: Company said US Court of appeals found Teva's 808 Copaxone patent invalid. "We are awaiting approval from the US Food and Drug Administration (US FDA) to launch the product," it added.

10:00 am Market Check
The market extended rally with the Sensex rising 188.70 points or 0.70 percent to 27304.53 and the Nifty climbing 50.40 points or 0.62 percent to 8225. Oil & gas, banking & financials, technology and select FMCG & capital goods stocks.

The broader markets, too, gained with the BSE Midcap and Smallcap indices rising 0.7 percent each. About 1170 shares have advanced, 606 shares declined, and 140 shares are unchanged on the BSE.

Shares of HDFC, Reliance Industries, L&T, ITC, ONGC, M&M, Wipro, Bharti Airtel, Vedanta and Tata Steel added 1-2 percent. Hindalco Industries jumped over 2 percent as LIC raised stake in company to 13.34 from 11.33 percent in last 2 months.

However, Tata Motors, HUL, Cipla and BHEL fell 0.3-1 percent.

09:35 am FII View: John Lomax, HSBC said India is the most loved market and global emerging market (GEM) fund manager positioning is an extreme overweight. "The valuations are not expensive but nor are they very cheap," he added.

"We are underweight the market as it remains one of the most over-owned in the EM space and we think India's earnings growth is slowing, while there is little room for more rate cuts," Lomax said.

09:15 am Market Check
The market gained further in early trade Friday. The Sensex rose 111.93 points to 27227.76 and the Nifty climbed 26.55 points to 8201.15. About 369 shares have advanced, 68 shares declined, and 57 shares are unchanged on the BSE.

Hindalco Industries, Wipro, SBI, HDFC and Infosys were early gainers, up 1-2 percent. However, HUL fell nearly 1 percent.

The Indian rupee opened with marginal gains of 5 paise at 63.68 per dollar today compared to previous day's closing value of 63.73 a dollar.

Asian shares outside Shanghai surged from the get-go on the final trading day of the week, as the impressive lead from Wall Street helped to sooth market jitters concerning Greece's finances. Meanwhile, investors are also awaiting the Bank of Japan's (BOJ) policy decision. The BOJ will conclude its two-day policy meeting later on Friday.

Stock markets around the world rallied on Thursday, while the US dollar fell, a day after the Federal Reserve signalled that interest rates would rise more slowly than many had expected.

US stocks hit session highs after the report, and the Nasdaq set a new intraday record, breaking one that had held since March 2000.

The Dow Jones industrial average rose 209.93 points, or 1.17 percent, to 18,145.67, the S&P 500 gained 22.4 points, or 1.07 percent, to 2,122.84 and the Nasdaq Composite added 69.92 points, or 1.38 percent, to 5,134.80.

The euro gained yesterday, rising to a one-month peak against the dollar on a German newspaper report that creditors would extend Greece's existing aid program until year's end, before fading after officials denied those reports.
 
The euro touched a session high of 1.14 against the dollar, its best since may 18, before easing back.