Nifty ends below 8550, Sensex up 93 points; SBI, HUL down 1%

3:30 pm Market closing: The market ended higher but the Nifty was below 8550. The 50-share was up 31.10 points or 0.4 percent at 8541.20. The Sensex is up 92.72 points or 0.3 percent at 27803.24. About 1490 shares have advanced, 1187 shares declined, and 190 shares are unchanged.

Tata Motors, HDFC, L&T, Cipla and Lupin were top gainers while Bajaj Auto, SBI, HUL, Sun Pharma and Wipro.

3:00 pm Market Update: Equity benchmarks remained higher amid consolidation. The Sensex was up 81.78 points at 27792.30 and the Nifty gained 29.60 points at 8539.70.

About 1463 shares advanced against 1148 declining shares on the BSE.

2:50 pm Syngene capex:  Biocon 's contract research arm Syngene International has lined up USD 200 million (around Rs 1,342 crore) capex to bolster its manufacturing capabilities over the next three years.

The company plans to invest USD 100 million (around Rs 665.27 crore) in a greenfield facility at Mangalore, the first phase of which would be operationalised by financial year 2018-19.

Besides, it has also earmarked another USD 100 million to create additional infrastructure at its existing facility at Bangalore.

"We have acquired a site at Mangalore. We plan to come up with a manufacturing base there in line with long term strategy of the company. The unit, when functional, would support our existing Bangalore complex," Syngene International Ltd CEO Jonathan Hunt told reporters during a conference call.

The first phase of the facility is expected to be completed by 2018-19, he added.

2:40 pm Bonus issue:  Nava Bharat Ventures , a firm engaged in power, mining and ferro alloys business, today said that its board has approved issuance of bonus shares in the ratio of 1:1.

"The board of directors of the company, at its meeting held on July 22, has approved the issuance of bonus shares in the ratio of 1:1 i.e. one bonus equity share of Rs 2 each for every one existing equity share of Rs 2 each, by capitalising a part of the general reserves," Nava Bharat Ventures Ltd said in a filing to BSE.

However, the issuance of bonus shares is subject to the approval of shareholders at the annual general meeting to be held on August 24.

Nava Bharat Ventures is a diversified organisation with interests in power generation, ferro alloys, mining and agri-business.

2:30 pm Moody's on PSB: Government's Rs 23,000-crore equity infusion will provide some respite to the public sector banks (PSBs), but their capital needs are significantly higher than the budgeted amount, Moody's Investors Service has said. The firm estimates that the 11-rated PSBs need Rs 1.2 lakh crore capital to shore up their balance sheets, which far exceeds the Rs 45,000-crore budgeted for disbursal to the banks by March 2019. "The capital infusion will provide some respite for the recipient banks, especially those with weak capitalisation," Moody's said, adding the infusion is positive for banks, but their capital needs remain elevated.

The market has started to gradually pick up pace with the Nifty nearing 8550. The 50-share index is up 30.10 points or 0.3 percent at 8540.20 while the Sensex is up 88.84 points or 0.3 percent at 27799.36.

Auto, capital goods, metals, oil & gas stocks are rallying. Tata Motors, GAIL, HDFC, NTPC and L&T are gainers while Bajaj Auto, HUL, Sun Pharma, SBI and Infosys are losers in the Sensex.

India's crude oil production fell 4.5 percent in June following a sharp drop in output at fields operated by private firms.

Crude oil production at 2.96 million tons in June was lower than 3.1 MT produced in the same month last year, an official statement said here.

While state-owned Oil and Natural Gas Corp produced 2.75 percent less crude oil at 1.85 MT, fields operated by private companies saw output drop by almost 8 percent to 975,890 tons.

1:50 pm Boardroom: Biocon Chairman and Managing Director Kiran Mazumdar Shaw attributes the company's improved quarterly earnings mainly to the performance of the biologics business and better margin contribution from other verticals as Biocon moves into the value added business. "Our insulin and biosimilar Trastuzumab in emerging markets is also a reason why we are seeing very good margin growth and sales growth and of course as you know our biologics business has grown 53 percent on a like for like basis compared to last year," she said in an interview to CNBC-TV18. Shaw said the insulin Glargine is doing quite well in the markets it is already present in.

1:30 pm International Results: Vodafone reported a better-than-expected 2.2 percent rise in first-quarter organic service revenue, marking an eighth consecutive quarterly rise in its main growth measure, aided by a strong performance in Spain and Germany.

The world's second-largest mobile operator confirmed its outlook for the full year on Friday, saying its European markets - which only returned to growth in the final quarter of 2015/2016 - were stable, with growth of 0.3 percent despite the impact of cuts in roaming charges.

Analysts had predicted a flat result in Europe.

The market is slightly higher with the Nifty still below 8550. The Nifty is up 24.65 points or 0.3 percent at 8534.75 while the Sensex is up 68.53 points or 0.2 percent at 27779.05. About 1481 shares have advanced, 997 shares declined, and 187 shares are unchanged.

Tata Motors, GAIL, NTPC, BHEL and L&T are top gainers while Bajaj Auto, HUL, Infosys, Sun Pharma and SBI are losers in the Sensex.

Gold prices drifted lower by Rs 51 to Rs 31,347 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.

Analysts said a weak trend in the overseas markets where gold dropped, weighed on gold futures. The metal lost 0.26 percent to USD 1,327.20 an ounce in Singapore.

12:58 pm Market Update: Equity benchmarks continued to consolidate in afternoon trade. The Sensex was up 37.82 points at 27748.34 and the Nifty gained 15.25 points at 8525.35.

About 1438 shares advanced against 989 declining shares on the BSE.

12:45 pm Europe opens: European stocks opened lower as markets digest the latest decision from the European Central Bank (ECB).

The pan-European Stoxx 600 index opened 0.28 percent lower with most sectors in negative territory bar telecoms and construction and material.

12:35 pm Buzzing: Reliance Defence and Engineering has signed sub-concession agreement with Gujarat Maritime Board and Gujarat Pipavav Port at Gandhinagar, Gujarat.

The sub-concession agreement is for a period of 30 years expiring in June 2016. "The sub-concession agreement term may be further extended," the company said.

The stock gained 3 percent.

12:20 pm Earnings: Vodafone reported a better-than-expected 2.2 percent rise in first-quarter organic service revenue, marking an eighth consecutive quarterly rise in its main growth measure, aided by a strong performance in Spain and Germany.

The world's second-largest mobile operator confirmed its outlook for the full year on Friday, saying its European markets - which only returned to growth in the final quarter of 2015/2016 - were stable, with growth of 0.3 percent despite the impact of cuts in roaming charges.

Analysts had predicted a flat result in Europe.

Faster growing markets in Africa, Middle East and Asia-Pacific (AMAP) grew by 7.7 percent in the three months to end-June, beating analyst forecasts of a 7 percent rise.

12:00 pm Market Check: Equity benchmarks gained marginal strength in noon trade while the broader markets outperformed with the BSE Midcap and Smallcap indices rising 0.8 percent each.

The 30-share BSE Sensex was up 69.50 points at 27780.02 and the 50-share NSE Nifty rose 24.05 points to 8534.15. About 1463 shares advanced against 879 declining shares on the Bombay Stock Exchange.

Nitin Jain of Kotak UK said investors should be cautious in the short term.

The first quarter earnings season has not been somewhat weak compared to expectations but the market had run ahead pricing in an immediate recovery, he believes.

Tata Motors, L&T, NTPC, Tata Steel, GAIL and BHEL gained over a percent while HUL and Bajaj Auto lost over 1 percent.

11:30 am Result poll: Private sector lender Axis Bank 's first quarter (April-June) earnings are expected to be muted due to high credit cost. Profit is seen falling 2.3 percent to Rs 1,933.4 crore on yearly basis, according to average of estimates of analysts polled by CNBC-TV18. The private sector lender will announce its earnings on July 22. Net interest income, the difference between interest earned and interest expended, is likely to increase 13 percent to Rs 4,582.4 crore from Rs 4,056.2 crore in same period. Key things to watch out for would be asset quality movement, slippages from watchlist and net interest margin.

The market continues to remain sluggish with index heavyweights like HUL, Bajaj Auto, Infosys adding pressure. The the Sensex is down 21.13 points at 27689.39 and the Nifty down 3.90 points at 8506.20. About 1212 shares have advanced, 907 shares declined, and 157 shares are unchanged.

GAIL, BHEL, Tata Motors, L&T and Adani Ports are top gainers while HUL, Bajaj Auto, Infosys, Coal India and Wipro are down 1 percent.

State-owned Oil and Natural Gas Corp (ONGC) will have to shell out Rs 392 crore and Oil India Ltd over Rs 1100 crore after the government ordered them to pay royalty at gross crude oil price and not the net rate they actually realise.

Of the Rs 392.50 crore, about Rs 300 crore would go to Assam and another Rs 91.86 crore to Andhra Pradesh.

ONGC is already paying royalty at revised terms to Gujarat - the third major oil producing state. For Oil India, which produces most of its crude oil in Assam, the liability would be Rs 1,100 crore to Rs 1,150 crore.

10:55 am Market Update: Equity benchmarks remained volatile with the Nifty hovering around 8500.

The 30-share BSE Sensex was down 23.44 points at 27687.08 and the 50-share NSE Nifty declined 4.70 points to 8505.40.

About 1198 shares advanced against 910 advancing shares on the BSE.

10:40 am Moody's on PSU banks capital infusion: Government's Rs 23,000-crore equity infusion will provide some respite to the public sector banks (PSBs), but their capital needs are significantly higher than the budgeted amount, Moody's Investors Service has said.

The firm estimates that the 11-rated PSBs need Rs 1.2 lakh crore capital to shore up their balance sheets, which far exceeds the Rs 45,000-crore budgeted for disbursal to the banks by March 2019.

"The capital infusion will provide some respite for the recipient banks, especially those with weak capitalisation," Moody's said, adding the infusion is positive for banks, but their capital needs remain elevated.

Earlier this week, the government announced a Rs 22,915 crore capital infusion into 13 PSBs. This is the first tranche of infusion and more funds would be provided based on their performance.

10:20 am Earnings: Microfinance company Bharat Financial Inclusion (erstwhile SKS Microfinance) has maintained its trajectory of reporting strong performance in April-June quarter as well. Profit beat analysts' expectations, surging 286.9 percent to Rs 236 crore on yearly basis, boosted by MAT credit of Rs 97 crore.

The company has an un-availed deferred tax benefit of Rs 308 crore which will be available to offset tax on future taxable income, Bharat Financial said.

Net interest income, the difference between interest earned and interest expended, grew by 70.7 percent to Rs 198 crore in the quarter ended June 2016 compared with Rs 116 crore in year-ago period, which was in-line.

Loan disbursements increased by 59 percent year-on-year to Rs 3,769 crore during the quarter.

10:00 am Market Check
Equity benchmarks continued to consolidate for the fifth consecutive session today, especially after rally in the previous week. Investors waited for more corporate earnings and GST Bill.

The 30-share BSE Sensex was up 4.90 points at 27715.42 and the 50-share NSE Nifty fell 2.40 points to 8507.70 while the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent each.

The market breadth remained positive as about 1013 shares advanced against 782 declining shares on Bombay Stock Exchange.

Bharat Financial, Tata Metaliks, Bodal Chemicals, Biocon, Wockhardt, ITC and Ashok Leyland were most active shares on exchanges.

9:35 am Maket check: The Sensex is down 20.99 points at 27689.53, and the Nifty down 11.30 points at 8498.80. About 825 shares have advanced, 640 shares declined, and 76 shares are unchanged.

GAIL, Asain Piants, Tata Motors, ITC and M&M are top gainers in the Sensex.

9:30 am Big voice: Billionaire investor Warren Buffett told CNBC on Thursday that companies should stop issuing earnings guidance because it can lead to "a lot of malpractice" and "bad results."

The chairman and CEO of Berkshire Hathaway appeared on "Squawk Box" to run down the ideas for reforming corporate governance that he and other powerful business and investment leaders discussed in a series of quiet meetings over the past year or so.

"[Earnings] guidance can lead to a lot of malpractice," Buffett said. "I've seen guidance produce some bad results."

The market has opened flat on Friday. The Sensex is up 28.29 points or 0.1 percent at 27738.81 and the Nifty is up 9.55 points or 0.1 percent at 8519.65. About 286 shares have advanced, 121 shares declined, and 25 shares are unchanged.

ITC, Cipla, Adani Ports, BHEL and Sun Pharma are top gainers while TCS, ONGC, Infosys, NTPC and Wipro are losers in the Sensex.

The Indian rupee opened flat at 67.18 per dollar on Friday versus previous close of 67.17.Yen held steady after appreciating over 1 percent overnight, dollar index pared some of its gains, slipped below 97 mark.

Bhaskar Panda of HDFC Bank said, "The USD-INR pair is boxed in a range for some time now and I expect similar behaviour going forward." According to him, support level of 67/dollar will hold and the trading range is seen between 67.10-67.50/dollar.

Asia markets opened lower, following losses in the US as oil prices weighed and the market consolidated ahead of next week's Fed meeting. The Nikkei 225 in Japan was down 0.93 percent, with stocks likely under pressure from a relatively stronger yen.

The Japanese yen strengthened against the dollar overnight, with the currency pair trading at 105.79 on Friday morning, compared to levels near 107.15 traded on Thursday afternoon local time and near 100 two weeks earlier.

Wall Street cooled off as disappointing quarterly reports from tech stalwart Intel and from transportation companies stalled momentum in a US corporate earnings season that has been better than feared.

Yen held steady after appreciating over 1 percent overnight. Dollar index pared some of its gains, slipped below 97-mark. Crude prices fell more than 1 percent overnight, after a rise in US gasoline inventories.