Sensex closes flat amid parliament deadlock, EU PMI data

First session of the September was completely lacklustre for the Indian shares despite positive global cues. The 30-share BSE Sensex gained as much as 80 points in early trade after the Parthasarathy Shome panel (set up by the Finance Ministry) recommended the General Anti-Avoidance Rule (GAAR) should apply from assessment year 2017-18.

But the disruption of parliament's monsoon session for the ninth consecutive day due to CAG report on coal allocation dented sentiment after initial couple of hours of positive trading. As a result, the market remained lower for rest of the session. The index fell 45.16 points to close at 17,384.40.

Meanwhile, the 50-share NSE Nifty touched an intraday low of 5,243.15, before closing 4.75 points lower at 5,253.75.

European markets like France's CAC, Germany's DAX and Britain's FTSE gained more than 0.5% (at 15:31 hours IST) after smart improvement in Eurozone, UK and Germany's August manufacturing purchasing managers' index (PMI) on month-on-month basis. In an initial trade, these markets were down after the world's second largest economy China's HSBC PMI fell (lowest since March 2009) to 47.6 in August as against 53.1 in previous month.

US Federal Reserve Chairman Ben Bernanke left the door open on Friday for further stimulus if needed and investors are waiting for the European Central Bank's meeting on Thursday. The ECB could cut rates and is also due to detail a new bond-buying plan to ease the funding pressures on Spain and Italy. (With inputs from Reuters)

Back home, country's largest private sector lenders ICICI Bank and HDFC Bank were down 0.6-0.8% while their rival State Bank of India was up 0.2%.

Oil & gas producers Reliance Industries and ONGC fell 1% each. Technology majors TCS, Infosys and Wipro declined 0.2-0.8%.

All Tata group stocks were under pressure; Tata Motors, Tata Steel and Tata Power were down 1-2%. FMCG major Hindustan Unilever lost 0.6%.

Utility vehicle (UV) manufacturer M&M went down 1% as its UV sales were strong in August but tractors sales remained weak. Two-wheeler maker Bajaj Auto rallied 3%; its domestic motorcycle numbers continued to be weak but exports were slightly ahead of expectations, indicating normalcy returning to Sri Lanka and Egypt markets.

Two-wheeler major Hero Motocorp gained 0.5% despite weak numbers. Top car maker Maruti Suzuki gained 1.8%; its auto sales numbers in August were very weak, which was expected because of strike at Manesar plant.

TVS Motors tanked 6.5% due to sharp decline seen in export, scooter and motorcycle sales.

Capital goods majors Larsen & Toubro were up nearly 1%. Drug producer Cipla was up 1.8% and country's largest coal mining company Coal India gained 2%.

The broader markets were flat as the market breadth was neutral.

In the second line shares, Shree Renuka Sugars, Bajaj Hindusthan and Balrampur Chini rallied 2-5%.

JSW Ispat tanked 4% after the JSW Steel said the board approved JSW Ispat merger in the ratio of 1:72.

Kalyani Steels rose 9% after the Supreme Court lifted the ban on category A mines in Karnataka. Everest Kanto Cylinder surged 10% as the company is considering various options to restructure its obligations under the outstanding bonds.

The NSE Nifty was moving in a tight range around its previous closing value due to lack of domestic and global cues. The market already priced in the news like consistent deadlock in parliament, the positive Eurozone economic data and hopes of fiscal stimulus by central bankers.

The 30-share BSE benchmark dropped 38.5 points to 17,391.11 and the 50-share NSE benchmark declined 3 points to 5,255.40.

Two-wheeler majors Bajaj Auto and Hero Motocorp gained 2.76% and 0.6%, respectively. Top car maker Maruti Suzuki rallied 1.6% while commercial vehicle major Tata Motors was down 1%.

Drug producer Cipla jumped nearly 2% whereas Dr Reddy's Labs was down close to 1%.

Country's largest coal mining company Coal India rose 1.6%. Engineering and construction major Larsen & Toubro was up 0.5% and power equipment manufacturer BHEL went up 1%.

Public sector lender State Bank of India and telecom operator Bharti Airtel moved up 0.5%.

Private sector lenders ICICI Bank and HDFC Bank lost 0.4% each. Index heavyweights Reliance Industries and ONGC were down nearly 0.8%.

Shares of Tata Power, Tata Steel and Jindal Steel fell 1-1.7%.

The market breadth remained in favour of advances; about 790 shares gained as against 621 shares declined on the National Stock Exchange.
 
Most active shares on exchanges were Bharti Airtel, United Spirits, SBI, JSW Steel, Axis Bank and HDFC.

In the second line shares, Aurobindo Pharma, Jindal Stainless, Glodyne Tech, Amtek Auto and Shree Renuka gained 5-7% while TVS Motor, Jubilant Life, Tulip Telecom, Responsive Industries and Edelweiss Financial lost 5-7%.

Indian shares cut losses following a positive trend in European markets, but the market was directionless. The disruption of parliament continued for the ninth consecutive monsoon session by the opposition party BJP over CAG report on coal allocation.

The BSE benchmark fell 21 points to 17,409 while the NSE benchmark rose 2 points to 5,261.

Index heavyweight Reliance Industries declined 1% and state-owned oil & gas producer ONGC was down 0.6%.

Commercial vehicle maker Tata Motors and utility vehicle manufacturer Mahindra & Mahindra slipped 1.5% and 0.9%, respectively.

Country's largest IT services exporter TCS and private sector lender ICICI Bank fell 0.4% each.

Housing finance company HDFC and public sector lender State Bank of India gained 0.5%. Shares of Cipla, NTPC and Maruti rallied 1.6% each.

Telecom operator Bharti Airtel and aluminium major Hindalco Industries were up 0.6% each. Two-wheeler maker Bajaj Auto rallied 3% after sales numbers for August.

European markets opened lower after weak data from world's second largest economy China. But the market immediately recovered early losses on hopes of stimulus from central banks and the improvement in Germany, UK and Eurozone's PMI data (MoM). France's CAC went up 0.7% while Germany's DAX and Britain's FTSE gained 0.5% each.

US Federal Reserve Chairman Ben Bernanke left the door open on Friday for further stimulus if needed and investors are waiting for the European Central Bank's meeting on Thursday. The ECB could cut rates and is also due to detail a new bond-buying plan to ease the funding pressures on Spain and Italy.

Indian equity benchmarks extended losses amid volatile trade, weighed down majorly by Reliance Industries, ICICI Bank and Tata Motors. The logjam in parliament over CAG report continued for the third consecutive week today, which indicated that there won't be any immediate solution to the same, say experts.

UR Bhat, Dalton Capital Advisors feels an immediate solution in sight is not likely, but the solution needs to be found.

The BSE benchmark lost 64.5 points to 17,365.07 and the NSE benchmark fell 11 points to 5,247.70. European markets opened marginally lower.

Oil & gas producers Reliance Industries and ONGC were down 1.4% and 0.6%, respectively. Tata group's stocks too were under pressure - Tata Motors, Tata Steel and Tata Power tanked 1-2% while TCS fell 0.7%.

Fast moving consumer goods majors ITC and Hindustan Unilever moved down 0.3-0.9%. Engineering conglomerate Larsen & Toubro was down 0.4%.

Country's largest private sector lender ICICI Bank slipped 1% while its rival State Bank of India was flat.

Top car maker Maruti Suzuki, drug producer Cipla and state-run power producer NTPC gained 1% each.

Housing finance company HDFC and state-owned power equipment manufacturer BHEL were up 0.4-0.6%.

Two-wheeler maker Bajaj Auto rallied over 2% after sales numbers for August.

Advancers outnumbered decliners by 759 to 601 on the National Stock Exchange.

The 30-share BSE Sensex erased gains due to further weakness in oil & gas and FMCG stocks. Private sector lender ICICI Bank too extended losses whereas its rival State Bank of India gained 0.4%.

The BSE benchmark was down 16 points to 17,410.96 while the NSE benchmark rose 4 points to 5,262. However, the broader markets outperformed benchmarks with 0.3% gains.

Index heavyweight Reliance Industries, FMCG major Hindustan Unilever and state-run oil & gas producer ONGC declined 1% each.

Private power producer Tata Power and software services exporter Wipro fell 0.9% each. Jindal Steel topped the selling list with 2% losses.

Two-wheeler maker Bajaj Auto rallied 2% despite weak sales numbers in August. Drug producer Cipla, top car maker Maruti and state-owned power producer NTPC were up 1-1.8%.

Telecom operator Bharti Airtel, housing finance company HDFC and Infosys, India's No. 2 IT services exporter moved up over 0.6%.

In the second line shares, Aurobindo Pharma, S Mobility, South Indian Bank, Glodyne Tech and Bajaj Corp rallied 3.5-6% while Jubilant Life, TVS Motor, Tulip Telecom, Jain Irrigation and Motilal Oswal lost 3-6%.

Among smallcap stocks, Kalyani Steels shot up nearly 12% as the Supreme Court has lifted ban on category A mines in Karnataka.

Everest Kanto Cylinder gained 11% as the company is considering various options to restructure its obligations under the outstanding bonds.

Selan Exploration, Ram Kaashyap and Commex Tech were up 10-11% whereas Network 18 and TV18 Broadcast fell 6% each after the companies fixed rights issue price.

Indian shares continued to trade marginally higher, supported by Infosys and Tata Motors. State Bank of India, ITC and TCS were other key stocks that helped the market. However, the weakness in Reliance Industries, HUL, L&T and ICICI Bank has limited the upside.

The 30-share BSE Sensex was up 55.21 points to 17,484.77 and the 50-share NSE Nifty gained 26.10 points at 5,284.60. The broader markets outperformed benchmarks; the BSE Midcap Index was up 0.6% and Smallcap rose 0.5%.

Country's largest IT services exporters TCS and Infosys were up 0.4% and 1%, respectively. Cigarette major ITC moved up 0.4%.

Housing finance company HDFC and public sector lender State Bank of India jumped 0.8% each while private sector lender ICICI Bank was flat.

Auto stocks after their sales numbers for August, Tata Motors and Maruti Suzuki were up 1.4% and 0.9%, respectively. Mahindra & Mahindra went up 0.5% while Hero Motocorp fell 0.6%. Two-wheeler maker Bajaj Auto rallied nearly 2%.

State-run power producer NTPC, gas transmission services provider GAIL and power equipment manufacturer BHEL gained 0.6-1.6%.

Index heavyweight Reliance Industries and FMCG major Hindustan Unilever fell 0.5-0.8%. Jindal Steel lost 2.5% ahead of hearing on Karnataka mining case today.

The market breadth remained in favour of advances; about two shares advanced for every share declining on the National Stock Exchange.

The BSE Sensex and NSE Nifty bounced back on Monday morning with marginal gains on hopes that General Anti Avoidance Rules (GAAR) may be deferred by three years. The team of Shome Panel (set up by the Finance Ministry for GAAR issue) in its recommendations report said the GAAR should apply from assessment year 2017-18.

Even some hopes of political logjam may get removed today helped the market. On the global front, Federal Reserve chairman Ben Bernanke commentary was along expected lines on Friday. There was no immediate action but easing options remain open by the Fed.

The 30-share BSE benchmark was up 69 points to 17,498.38 and the 50-share NSE benchmark rose 31.5 points to 5,289.95.

Sanjay Dutt of Quantam Securities feels September would be better month if there is political stability, some positive development towards Eurozone debt crisis and acceptance of Shome panel recommendations on GAAR issue.

Metals stocks like Sesa Goa, Sterlite Industries, Hindalco and Tata Steel gained in early trade as easing options by Federal Reserve remain open.

After auto stocks for the month of August, Tata Motors and M&M gained whereas TVS Motor and Maruti were down.

DLF, ICICI Bank, IDFC, Axis Bank, Kotak Mahindra Bank, Power Grid, ONGC and Ambuja Cements were other gainers among largecaps.

Reliance Industries, HCL Tech, Coal India and BPCL were under pressure.

The CNX Midcap Index moved up 36 points to 7,101 as about two shares advanced for every share declining on the National Stock Exchange.

In the second line shares, JSW Steel gained 0.5% as the board of directors approved JSW Ispat merger and fixed the ratio at 1:72.

Jet Airways and SpiceJet fell 1.5-2% after the oil public sector undertakings hiked aviation turbine fuel prices by 7.6%.

EIH Associated Hotels rose 1.4%. The company approved rights issue price at Rs 100/share and fixed the ratio of 5 shares for every 9 shares held.

Munjal Auto was up 4%. Arvind, Delta Corp, Suzlon Energy, Shree Renuka and Lanco Infratech were up 2-3%.

IFCI rebounded with 2% gains after a big fall in last week.