Nifty ends at 8683, Sensex gains 364 points; Bharti, Sun Pharma drag

3:30 pm Market closing: The market has ended on a strong note with the Nifty above 8650. The 50-share index is up 132.05 points or 1.5 percent at 8683.15. The Sensex is up 363.98 points or 1.3 percent at 28078.35. About 1820 shares have advanced, 915 shares declined, and 171 shares are unchanged. Hero MotoCorp, Bajaj Auto, M&M, Axis Bank and Tata Motors are top gainers while Bharti, Sun Pharma, Infosys, TCS and Wipro are losers in the Sensex.

2:59 pm Market Update: The Sensex surged 361.91 points or 1.31 percent at 28076.28 and the Nifty gained 126.85 points or 1.48 percent at 8677.95.

About 1785 shares advanced against 879 falling shares on the BSE.

2:50 pm Auto sales: Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles, reported its July retail sales of 44,486 vehicles, up 34 percent compared to July 2015. The month's record performance has been driven by strong sales of the Land Rover Discovery Sport, the Jaguar XE and the F-PACE.

Jaguar Land Rover sold 336,052 vehicles in the first seven months of 2016, up
23 percent on the same period in the prior year.

In July, Jaguar Land Rover has delivered a particularly solid performance in China and North America with retail sales increasing by 64 percent and 51 percent, respectively compared to the previous year.

Retail sales were up year-on-year across all other regions: 38 percent in the UK, 24 percent in Europe and 2 percent in other overseas markets.

2:35 pm Bonus issue: 8K Miles Software Services said the meeting of board of directors will be held on August 24 to consider sub-division of shares and the issue of bonus shares.

2:20 pm Bharat Forge up 13%: Defence and auto products manufacturer Bharat Forge 's first quarter (April-June) earnings disappointed the street with profit falling 37.8 percent year-on-year to Rs 122 crore, impacted by exports business.

However, the stock rallied more than 13 percent because it already priced in bad results and weakness in exports by falling nearly 40 percent in the last one year. Even the company expects the demand in July-September quarter to be slightly higher on sequential basis.

The company already estimated bad Q1 results in May 2016 when it declared FY16 earnings.

Revenue for the quarter declined 19.3 percent to Rs 957 crore on yearly basis as exports plunged 40 percent to Rs 407.9 crore. Shipment tonnage slipped 5.6 percent YoY.

"Continuing weak demand and inventory destocking in the commodities space, especially in oil & gas space and severe downturn in the North American truck market have resulted in a weak performance during the quarter," Baba N Kalyani, chairman and managing director said in a filing.

He expects challenging demand environment in the export industrial sector to continue for some more time but he anticipates demand in Q2 to be slightly higher compared to Q1FY17 with positive demand in India across automotive and industrial.

2:00 pm Market Check
Equity benchmarks maintained uptrend in afternoon trade with the Sensex rising 239.43 points at 27953.80 and the Nifty up 90.45 points at 8641.55, led by banks, infra and oil stocks.

The broader markets also rallied 1 percent as about 1740 shares advanced against 894 declining shares on the BSE.

Both in India and globally, markets are becoming more expensive. Markets have run up since February, says Jyotivardhan Jaipuria, Founder & MD of Veda Investment Managers.

It is getting tougher to find stocks as markets become more expensive, he says, adding that any pull-back in the market or individual stocks will be an opportunity.

''It is a market, which will give you good and positive returns,'' said Jaipuria. Making easy money is no longer an option.

1:45 pm Result: Defence and auto products manufacturer Bharat Forge 's first quarter (April-June) earnings disappointed the street with profit falling 37.8 percent year-on-year to Rs 122 crore, impacted by exports business. However, the stock rallied more than 3 percent because it already priced in bad results by falling 44 percent in the last one year and even the company expects the demand in July-September quarter to be slightly higher on sequential basis. Revenue for the quarter declined 19.3 percent to Rs 957 crore on yearly basis as exports plunged 40 percent to Rs 407.9 crore. Shipment tonnage slipped 5.6 percent YoY.

1:30 pm RBI poll: Outgoing Reserve Bank of India Governor Raghuram Rajan is likely keep interest rates on hold, leaving it to his successor to decide if inflation is subsiding enough after the monsoon season to make another cut, according to a Reuters poll. All but five of the 43 economists polled this week said the RBI would leave rates unchanged at 6.50 percent at Rajan's last policy review before he steps down on September 4. The other five economists expected a 25-basis-point cut. The RBI was likely to leave the cash reserve ratio unchanged at 4.00 percent, according to the poll.

The market continues to rise with the Sensex up 252.09 points or 0.9 percent at 27966.46. The Nifty up 94.90 points or 1.1 percent at 8646. About 1705 shares have advanced, 771 shares declined, and 163 shares are unchanged.

Tata Steel, Tata Motors, Bajaj Auto, Hero MotoCorp and Adani Ports are top gainers while Infosys, Asian Paints, ITC and TCS are losers in the Sensex.

Gold futures were up 0.13 percent to Rs 31,820 per 10 grams as traders raised bets amid positive cues from global markets.

Analysts attributed the rise in gold prices to a firming trend overseas as investors focus on a key jobs report in the US due Friday, following Thursday's Bank of England stimulus package that included its first interest-rate cut in seven years. Meanwhile, gold was trading 0.1 percent higher at USD 1,361.80 an ounce in Singapore.

12:59 pm Market Update: The Sensex gained 261.51 points or 0.94 percent at 27975.88 and the Nifty rose 97.60 points or 1.14 percent to 8648.70.

More than two shares advanced for every share falling on the BSE.

12:45 pm Europe opens: European stocks opened higher after the Bank of England (BoE) unleashed a fresh stimulus package, but some caution remains ahead of US jobs numbers later in the day.

The pan-European STOXX 600 was up 0.18 percent at the open.

12:35 pm RBI policy poll: Outgoing Reserve Bank of India Governor Raghuram Rajan is likely keep interest rates on hold on Tuesday, leaving it to his successor to decide if inflation is subsiding enough after the monsoon season to make another cut, according to a Reuters poll.

All but five of the 43 economists polled this week said the RBI would leave rates unchanged at 6.50 percent at Rajan's last policy review before he steps down on September 4.

The other five economists expected a 25-basis-point cut.

The RBI was likely to leave the cash reserve ratio unchanged at 4.00 percent, according to the poll.

Expectations were running high, however, for a 25 basis point cut in the repo rate to 6.25 percent in the final three months of this year, with the RBI holding steady thereafter until at least the end of 2017.

12:20 pm FII View: Laurence Balanco of CLSA says the Nifty continues to hesitate at resistance provided by the upper boundary of the newly formed uptrend channel which coincides with the July/October 2015 highs.

He further says, there are short-term signs of slowing momentum which at some point should lead to a correction back to the 50-DMA and lower boundary of the uptrend channel, currently at 8,238-8,330. Such a move should be seen as a buying opportunity, he feels.

12:00 pm Market Check
Equity benchmarks as well as broader markets remained strong in noon trade, rising 1 percent each on broadbased buying after a consolidation for previous five sessions.

The 30-share BSE Sensex gained 279.54 points at 27993.91 and the 50-share NSE Nifty surged 92.45 points to 8643.55. About 1675 shares advanced against 720 declining shares on the BSE.

Finance ministry official said the government has kept inflation target at 4 percent for next five years (with +/- 2 percent).

Sajjid Chinoy of JP Morgan says India won't be in a situation where CPI will be elevated for years at around 7-8 percent, adding there is no space to cut interest rates in near-term.

11:45 am Interview: Speaking to CNBC-TV18 Amrit Kiran Singh, Chief Advisor for USL & Diageo, said alcohol is the second largest contributor to a state's revenue.

"We wanted to be in GST for unselfish reasons. The mass and branded industry wanted there to be a larger degree of transparency. Once in GST, there is a transparency."

''It contributes 13-30 percent to a state's revenue,'' he said.  It gives them a degree of financial independence, he added. Liquor will not be subject the unified tax under the Goods and Services Tax.

11:30 am Exclusive: Vedanta, in a bid to up its stake from the current levels, has stepped up efforts to buy out government's stake in Hindustan Zinc (HZL), learns CNBC-TV18 sources.

Vedanta is likely to increase its offer to buy out government's stake in the company. Currently, Vedanta holds 64.92 percent and government 29.54 percent in Hind Zinc.

CNBC-TV18's Kritika Saxena learns that Vedanta may have appointed advisors to advise on revised pricing.

However, before making any revised offer with respect to Hindustan Zinc stake, nod from Vedanta PLC is required. In 2013, Vedanta had offered about USD 3,482 mllion to buy out government's stake in HZL and Balco.

The market continues to rally with support from index heavyweights. The Sensex is up 293.82 points or 1 percent at 28008.19, and the Nifty is up 94.70 points or 1 percent at 8645.80. About 1648 shares have advanced, 643 shares declined, and 121 shares are unchanged.

Tata Steel, Tata Motors, Adani Ports, Hero MotoCorp and Bajaj Auto are top gainers while Infosys and Asian Paints are losers in the Sensex.

Speaking to CNBC-TV18 Vibhav Kapoor, Director, IL&FS said that liquidity will continue to drive markets. He said domestic factors are positive. "We have had the GST, the Seventh Pay Commission hikes and a good monsoon. Over all it is a good atmosphere for equities."

However, globally, if the US were to go into a recession, then things could become bad. ''If the US does well, for some time, this liquidity will stay,'' he said.

10:45 am Market Outlook: Vibhav Kapoor of IL&FS said that liquidity will continue to drive markets. He said domestic factors are positive. "We have had the GST, the Seventh Pay Commission hikes and a good monsoon. Over all it is a good atmosphere for equities."

However, globally, if the US were to go into a recession, then things could become bad. ''If the US does well, for some time, this liquidity will stay,'' he said.

Regarding the Indian market, he said that things are expensive. One has to look at it relatively. Yields and interest rates are low everywhere, he pointed out. ''The point is if interest rates remain low everywhere, valuations go up.''

He believes earnings growth has started in India and it will move the floor of the market. If you have 12-13 percent growth this year, to that extent valuations will become comfortable at higher levels, he said. "The floor will move up."

10.30 am Market Update: The Sensex rallied 320.56 points or 1.16 percent to 28034.93 and the Nifty jumped 93.95 points or 1.10 percent to 8645.05.

About 1589 shares advanced against 495 declining shares on the BSE.

10:20 am Earnings: Defence and auto products manufacturer Bharat Forge's first quarter (April-June) earnings disappointed the street on Friday with profit falling 37.8 percent year-on-year to Rs 122 crore, impacted by exports business. However, the stock rallied more than 3 percent because it already priced in bad results by falling 44 percent in the last one year and even the company expects the demand in July-September quarter to be slightly higher on sequential basis.

Revenue for the quarter declined 19.3 percent to Rs 957 crore on yearly basis as exports plunged 40 percent to Rs 407.9 crore. Shipment tonnage slipped 5.6 percent YoY.

However, domestic business grew by 10.8 percent to Rs 533.5 crore in the quarter ended June 2016 compared with Rs 481.6 crore in year-ago period.

10:00 am Market Check
Equity benchmarks remained strong in morning trade with the Sensex inching towards 28000 level, aided banks and infra stocks. The market rebounded after five-day consolidation.

The 30-share BSE Sensex was up 248.13 points or 0.90 percent at 27962.50 and the 50-share NSE Nifty rose 75.15 points or 0.88 percent to 8626.25.

The broader markets also traded in line with benchmarks on positive breadth. The BSE Midcap and Smallcap indices gained nearly a percent as about 1421 shares advanced against 446 declining shares on the BSE.

Banks stocks were the leading gainers with Nifty Bank index gaining over a percent while Infosys was the only loser among Sensex 30 stocks.

Hindustan Zinc and Vedanta rallied 4 percent each after sources told CNBC-TV18 that Vedanta has stepped up efforts to buy out government's stake in Hindustan Zinc and is likely to increase offer. The company may have appointed advisors to help in revising prices and is awaiting nod from Vedanta Plc before revising offer. It holds 64.92 percent stake and government 29.54 percent in Hindustan Zinc.

9:55 am Big stock bets on GST: Nomura expects the GST to be positive for consumption-related  sectors and the cement sector, given the potential reduction in tax incidences. Logistics should benefit from the removal of inter-state taxation inefficiencies, while streamlined logistics may reduce truck demand. Its  top GST plays are: Hindustan Unilever, Maruti Suzuki , Eicher Motor, Crompton Consumer and Concor while ITC and Ashok Leyland will be negatively affected, in our view.

9:45 am Result: Engines manufacturer Cummins India reported 13.62 percent decline in net profit at Rs 181.18 crore for the first quarter ended June 30, 2016-17.

The company had posted a consolidated net profit of Rs 209.9 crore in the same period of last fiscal, Cummins India said in a BSE filing.

Net sales during the quarter under review were down 3.89 percent to Rs 1,228.41 crore, as against Rs 1,278.23 crore in the same period of 2015-16 fiscal.

Cummins India Chairman and Managing Director Anant J Talaulicar said: "In this quarter, the company achieved strong domestic revenue growth as compared to the same quarter last year as well as prior quarter, as our major markets improved led by government driven infrastructure investments accompanied by solid management execution."

9:30 am Market outlook: A 'crisis of yield' underway in global bond markets has driven investors to chase high yields elsewhere, says Raamdeo Agrawal, Joint MD, Motilal Oswal. In an interview with CNBC-TV18, the noted value investor was talking about valuations of percieved expensive shares in India, such as private banks and NBFCs, which he said continue to offer prospects of high returns on equity. He added that he wouldn't sell such shares. "You don't come in front of a speeding truck," Agrawal said.

The market has opened fairly strong. The Sensex is up 231.03 points or 0.8 percent at 27945.40, and the Nifty up 71.75 points or 0.8 percent at 8622.85. About 643 shares have advanced, 107 shares declined, and 32 shares are unchanged.

Tata Steel, Tata Motors, Bharti Airtel, Adani Ports and BHEL are top gainers while Infosys, Asian Paints, Lupin, Coal India and M&M are losers in the Sensex.

The Indian rupee opened higher by 6 paise at 66.85 per dollar against previous close 66.91. The pound held near a one-week low following the Bank Of England's first interest-rate cut in more than seven years.

The dollar, meanwhile, gained against a basket of currencies as investors continue to balance positions ahead of today's crucial US nonfarm payrolls report for July.

Asian shares joined a rise in global stock prices after the Bank of England (BoE) launched a potent post-Brexit stimulus campaign, but some caution before a big US jobs report limited gains.

An overnight rally in crude oil prices also sharpened risk appetites, while sterling nursed deep losses after sliding on news of the BoE stimulus plan. The Bank of England said it would take "whatever action is necessary" to achieve stability in the wake of Britain's vote to leave the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, headed for a 0.9 percent weekly gain. MSCI's world stocks index rose 0.3 percent.

The BoE's quarter point rate cut to a record low 0.25 percent sent already low global bond yields even further down with British yields hitting record lows as gilt prices rose.

Wall Street ended little changed ahead of the July US nonfarm payrolls report which will be scoured for clues to whether it is strong enough to support a Federal Reserve rate hike as early as September.