Sensex turns flat; Tata Motors, Bharti, ITC extend losses

The BSE Sensex and NSE Nifty turned flat amid eurozone concerns and volatility in rupee. Shares of ITC, Tata Motors and Bharti extended losses. Even ICICI Bank turned negative while RIL, L&T, SBI and TCS stayed supportive.

The BSE benchmark went up just 10 points to 15,998.49 and the NSE benchmark was up 5 points at 4,853.05.

On the global front, Germany's DAX lost 1% and Athex Composite tanked over 2% whereas CAC was flat after data about services purchasing managers' index.

The Indian rupee depreciated by 17 paise to 53.83 a dollar. Crude oil prices dropped in international market; Brent crude fell 0.81% to USD 98 a barrel and NYMEX crude was down 0.34% to USD 83.69 a barrel.

Cigarette major ITC and top telecom operator Bharti Airtel tumbled 2% each. Country's largest commercial vehicle maker Tata Motors plunged 3%, which has been falling since last week after results and monthly sales numbers.

Shares of HUL, ICICI Bank, ONGC and Tata Steel were down 0.2-0.6%.

However, index heavyweight Reliance Industries and top software services exporter TCS stayed 1% higher.

Engineering and construction major by sales L&T and top lender State Bank of India were up 2% and 1.65%, respectively.

State-owned capital goods major BHEL and private sector lender HDFC Bank rose 1% each.

At 13:40 hours IST: Sensex, Nifty trim gains as rupee marches towards 56/$

The BSE Sensex and NSE Nifty trimmed gains in afternoon trade due to fall in rupee and weak economic data in eurozone. The Indian rupee fell 18 paise to 55.84 a dollar, which gained more than 30 paise in morning trade.

The BSE benchmark was up 60.19 points at 16,048.59 and the NSE benchmark rose 24.30 points to 4,872.45. The broader markets too pared gains; the BSE Midcap and Smallcap indices were up 0.5% each.

India's largest lender State Bank of India went up 1.9% while its rivals ICICI Bank and HDFC Bank gained 0.5% and 1%, respectively.

Index heavyweight Reliance Industries climbed 1.2% and top engineering and construction company by sales Larsen & Toubro rose 1.8%.

TCS, country's No. 1 software services exporter rallied over 1% and housing finance company HDFC was up 0.8%.

Shares of Hindalco, Hero Motocorp, GAIL, BHEL, Sterlite and Cipla were up 1-1.7%.

However, India's largest commercial vehicle maker Tata Motors topped the selling list, losing 3% and top telecom operator Bharti Airtel fell 1.75%.

Shares of ITC, HUL, ONGC, Tata Power and DLF were down 0.4-1.4%.

Germany's DAX turned flat after services purchasing managers' index fell to 51.8 in May from 52.2 in the previous month. France's CAC was up 0.6%; its final services purchasing managers' index was at 45.1 as against 45.2 during the same period. Spain and Italy's services purchasing managers' index too declined while eurozone services PMI dropped to 46.7 in May from 46.9 in April.

At 12:27 hours IST: Nifty eyes 4900 on strong service sector growth in May

The 50-share NSE Nifty rose nearly 1% and was inching towards the 4900 level after India's services sector grew at its fastest pace in three months during May. Banks, capital goods and technology stocks extended gains in afternoon trade.

The BSE benchmark gained 120.32 points at 16,108.72 and the NSE benchmark was up 43 points at 4,891.10.

HSBC's services purchasing managers' index, compiled by Markit, went up almost two points to 54.7 in May from 52.8 in the previous month. It has posted an above-50 growth reading since November. (Above 50 reflects expansion while below 50 represents contraction.)

The index measuring business expectations jumped to a 15-month high of 76.7 last month from 73.8 in April, more than 14 points above its March level. HSBC's composite purchasing managers' index rose to 55.3 in May from 53.8 in April.

Country's largest lender State Bank of India rallied over 2.5% while its rivals ICICI Bank and HDFC Bank gained over 1%.

Engineering and construction major by sales Larsen & Toubro jumped over 2% and state-owned capital goods major BHEL was up 1.8%.

Index heavyweight Reliance Industries moved up 1.2%. Country's largest software services exporters TCS, Infosys and Wipro were up around 1%.

Reliance Infrastructure topped the buying list among Nifty 50, rising 3.5%.

Shares of Hindalco and NTPC climbed 2-2.5% whereas Tata Motors, ITC, Bharti, HUL and DLF went down 0.5-1.5%.

On the global front, European markets opened higher - France's CAC and Germany's DAX were up 0.7% and 0.4%, respectively

At 11:17 hours IST: Sensex holds 16000; Asian markets extend gains

Indian equity benchmarks extended gains following further upmove in Asian markets. Hang Seng, Nikkei and Straits Times were up 0.8% each; Kospi and Taiwan jumped 1-1.5% while Shanghai turned positive. Index majors Reliance Industries, Larsen & Toubro and State Bank of India advanced further.

The 30-share BSE Sensex climbed 107.54 points to 16,095.94 and the NSE benchmark rose 37 points to 4,885.25.

Ridham Desai, Managing Director, Morgan Stanley feels the domestic market is likely to do well in the next 12 months. He said that the valuations are currently attractive as market participants are well hedged for volatility.

Reliance Industries, India's most valued stock jumped 1.2% and country's largest software services exporter TCS rose 0.9%.

Engineering and construction major by sales Larsen & Toubro went up 1.6% while state-owned capital goods major BHEL was up nearly 2%.

Top lender State Bank of India rallied 2% while rivals HDFC Bank and ICICI Bank gained 1.5% and 0.85%, respectively.

However, shares of Tata Motors, Bharti Airtel, Tata Power and DLF were down 1% each. Infosys and ONGC were moderately lower.

The broader markets continued to outperform benchmarks - BSE Midcap and Smallcap indices were up 0.9% each. Even the market breadth was positive - about three shares advanced for every share falling on the National Stock Exchange.

At 10:12 hours IST: Sensex, broader markets stay up; SBI, Reliance, TCS lead

The 30-share BSE Sensex stayed higher due to consistent buying interest in banks and metals stocks. Index heavyweights Reliance Industries and TCS too were quite supportive, both rising 0.7% each. However, the fall in Tata Motors, Bharti, ONGC and ITC has limited the upside.

The BSE benchmark gained 90 points at 16,078.42 and the NSE benchmark moved up 32.90 points to 4,881.05. The broader markets outperformed benchmarks - the BSE Midcap Index rose 1% and Smallcap went up 0.75%.

Asian markets too maintained upmove - Hang Seng and Nikkei rose 0.5% each; Straits Times, Kospi and Taiwan Weighted were up 0.6-1.1% whereas Shanghai was flat.

Back home, country's largest lender State Bank of India and private sector lender HDFC Bank rallied 1.7% each while rival ICICI Bank was up 0.7%.

Among metals stocks, Hindalco, Sterlite Industries and Tata Steel moved up 1-3%.

However, top commercial vehicle maker Tata Motors dropped 1.4% and top telecom operator Bharti Airtel was down 0.7%.

In the second line shares, Future Capital Holdings gained 2% and Pantaloon Retail went up 4.5% after Kishore Biyani, CEO, Pantaloon said that Future Group had decided to sell its stake of 54% in Future Capital Holdings. The sale will be conducted in two tranches. In the first tranche 40% will be sold followed by an open offer of 26% by Warburg Pincus at a price of Rs 162 a share. This will give Future Group an equity value of Rs 1,050 crore and helped to reduce debt burden.

Jaypee Infra climbed 10% and Jaiprakash Associates rose 2% as Yamuna expressway is close to being operationalised and UP government is expected to finalise toll rates soon.

Advancing shares outnumbered declining by 1118 to 481 on the BSE.

Most active stocks on the BSE were Pipavav Defence (up 0.7%) with 31,45,626 equity shares, Tube Investment (up 2%) with 18,10,217 shares and Indraprastha Gas (down 0.2%) with 5,62,275.

At 9:20 hours IST: Sensex opens 80 pts higher; banks, capital goods gain

The BSE Sensex and NSE Nifty opened 0.6% higher on Tuesday following positive Asian cues and recovery in rupee. Asian markets (except Shanghai) were up 0.5-1.5%. The Indian rupee rose 30 paise to 55.36 a dollar today.

The BSE benchmark gained 73.49 points or 0.46% at 16,061.89 and the NSE benchmark was up 24.65 points or 0.51% to 4,872.80.

Infrastructure stocks gained ahead Finance Minister's meeting to discuss issues about the sector on Wednesday. Reliance Infrastructure and BHEL were up 1.5-2%, Larsen & Toubro was up 0.5%.

Jaiprakash Associates gained 2% as Yamuna expressway is close to being operationalised. UP government is expected to finalise toll rates soon. Jaypee Infra rallied 7.5%.

Hero Motocorp rose 1% as company said it would invest Rs 2,575 crore in two new plants. It will also set up new plant in Neemrana in Rajasthan with initial capacity of 750,000 units.

JSPL, Sterlite, SBI, ITC, ICICI Bank, HDFC Bank, HDFC, TCS and Tata Steel were other gainers.

However, CCI Chairman said final orders on tyre and cement cartels would be in next 2-3 weeks. ACC and Ambuja Cements were down 0.5-1%

However, Tata Motors, ITC, Coal India, ONGC and Infosys were under pressure.

The CNX Midcap went up 40 points to 6,809.  About two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, Insecticides India rose 1.5% as The Hindu Business Line reported that company is planning to dilute equity this financial year by 7% - 8% to raise Rs 100 crore for expansion plans.

Hindustan Copper increased cathode copper price by Rs 3,594/kg; the stock was up 2%.

Future Capital Holdings jumped over 2%. Pantaloon Retail was up 2.5%

EIH Associated Hotels shot up 6% and Hindustan Motors surged 8%.

NFL, RCF, FACT and Chambal Fertiliser were up 1.5-3.5%.