Sensex ends up 115; Sun Pharma, BHEL, Bajaj Auto gainers

3:52 pm Midcap gainers: Anant Raj (up 8.9 percent), Apollo Tyres (up 4.7 percent), Bajaj Electric (up 6 percent), Balrampur Chini (up 4.6 percent), Clariant (up 11.3 percent), Educomp Solution (up 10 percent), Karnataka Bank , TTK Prestige are midcap gainers of the day.

3:47 pm Gainers and losers: Sun Pharma (up 3.6 percent), BHEL (up 2.2 percent), Bajaj Auto (up 2.1 percent), Sterlite Industries (up 1.8 percent) and Dr Reddys Labs are major gainers in the Sensex. Among the top losers are Jindal Steel , M&M, ONGC , HUL and Maruti Suzuki.

3:45 pm Market closing: The Sensex ends the day at 19439.48, up 114.71 points while the Nifty closes up 47.45 points at 5859. About 1304 shares have advanced, 997 shares declined, and 144 shares are unchanged.

3:35 pm Update: Malaysian budget carrier AirAsia, which has a joint venture with the Tata Group in the country that is planning to launch operations by October, on Tuesday said it has appointed Amisha Sethi as the chief commercial officer of AirAsia India.
 
Prior to this, Sethi had worked in the telecom industry and was associated with BlackBerry and Airtel .

"I am thrilled to have someone of her experience and energy to join us and realise our vision to revolutionise the aviation industry in the country," AirAsia India Chief Executive Mittu Chandilya said in a statement.

3:30 pm Update: Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres, reports PTI.

Banks, mostly public sector lenders, began publishing pictures of wilful loan defaulters in newspapers and at other places around the areas of residence of such borrowers earlier this year to induce them to pay up.

3:25 pm Management speaks: In an interview on CNBC-TV18 , Shekhar Bajaj, CMD, Bajaj Electricals , says the company has no choice but to pass on the impact of rupee depreciation to consumers. Giving a break-up, Bajaj says for Morphy Richards, 40 percent of its total turnover is imported products, for Bajaj Appliances it is about 20 percent and in case of fans and lighting, it is about 10 percent. The company plans to undertake a price hike this month.

Bajaj says the company is targeting an 18-20 percent growth in the lighting segment and a 20-22 percent growth in consumer durables. He further says they have not lost market share in lighting or consumer durables sector. In fact, he expects a 100 bps improvement in consumer durables margins.

In FY14, the company is targeting Rs 4,200 cr revenues and 20-25% growth.

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The market is trading smoothly in last trading hour of the day. The Sensex is up 122.25 points at 19447.02, and the Nifty adds 47.45 points at 5859.00. About 1251 shares have advanced, 934 shares declined, and 138 shares are unchanged.

Shriram City Union Finance's trading volumes spiked nearly 22 times today to 6,02,293 equity shares as compared to its five-day average of 27,679 shares after block deals worth Rs 47 crore on National Stock Exchange.

Strides Arcolab dropped nearly 6 percent. More than Rs 29 crore worth of equity shares changed hands at an average price of Rs 790 apiece via three block deals in afternoon trade.

02:59pm LIC Chairman SK Roy says total investment in FY14 will be Rs 2.25 lakh crore. He expects growth of 13 percent in premium collection in FY14.

Roy is looking at FMCG and banking with great deal of interest.

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02:50pm Shriram City Union Finance's trading volumes spiked nearly 22 times today to 6,02,293 equity shares as compared to its five-day average of 27,679 shares after block deals worth Rs 47 crore on National Stock Exchange.

Strides Arcolab dropped nearly 6 percent. More than Rs 29 crore worth of equity shares changed hands at an average price of Rs 790 apiece via three block deals in afternoon trade.

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02:40pm Power Grid Corporation shares topped the buying list among Nifty 50, rising 4.37 percent followed by Sun Pharma and Bank of Baroda with 3-3.6 percent gains.

Eicher Motors' volumes jumped after a block deal worth Rs 23.70 crore on the National Stock Exchange. The stock rose 1 percent and 64,672 equity shares changed hands at Rs 3,665 apiece.

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02:30pm Anant Raj soared nearly 13 percent amid hefty volumes after the real estate developer received licence from Haryana government to set up residential colony.

The company says residential colony will have saleable area of 2.8 million square feet.

Anant Raj further says it also gets licence to set up commercial projects at Gurgaon, which will have saleable area of 0.8 million square feet.

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02:20pm Karnataka Bank shares gained nearly 6 percent. The bank has joined hands with Reliance Capital by entering into a Memorandum of Understanding (MOU) for financing the micro, small and medium enterprises (MSMEs) through co-financing arrangement.

02:15pm Equity benchmarks gained strength again in afternoon trade following further upmove in European markets on Greek deal.

The BSE Sensex is up 129.71 points or 0.67 percent at 19454.48, and the Nifty is up 48.10 points or 0.83 percent at 5859.65.

Britain's FTSE and Germany's DAX rallied over 1 percent while France's CAC rose 0.8 percent. The european union finance ministers agreed to give greece some cash, but the 6.8 billion euro sum was not as much as Athens had hoped for. European finance ministers said this month they will give greece 2.5 billion euros with the rest coming later, after the greek government pushes forward on public sector reforms.

Indian rupee gained 50 paise to 60.10 per dollar after the Reserve Bank of India and Securities and Exchange Board of India (Sebi) clamped down on open positions that banks and non banks can take in the currency futures market.

According to Ananth Narayan of Standard Chartered Bank , combination of these measures has helped the rupee some extend. Though these measures can be painful in the short term they may restrict liquidity, increase volatility and transaction cost for market participants, but such controls help in the medium to long run, he added.

1:50 pm Earnings preview: Aggregate net profit for BSE Sensex constituents is expected to grow by 1.5 percent and revenue by 3.85 percent for the April-June quarter, according to a median estimate of 12 brokerages, reports Reuters.

Earnings from the first quarter of a new fiscal year that begins this week when Infosys unveils its June-quarter results on July 12. Analysts expect the strongest earnings growth for energy, healthcare and consumer staples.

1:45 pm Market news: Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors, reports PTI.

Sahara group, on its part, has said that it would fully cooperate with the market regulator to verify the credentials of its over three crore bondholders.

Supreme Court had asked two Sahara firms -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to refund through Sebi more than Rs 24,000 crore to over three crore bondholders with interest. Saharas were also asked to provide Sebi with details of these bondholders, so that Sebi could refund their money after verifying their credentials.

1:40 pm Management speaks: In the recent past, some PSU banks have moved on bank rates. In an interview on CNBC-TV18 , SS Mundra, CMD of Bank of Baroda said, the bank will relook at base rates if there is a softening in the cost of deposits. In a bid to curb rupee's fall, the Reserve Bank of India (RBI) on Monday banned banks from proprietary trading in domestic currency futures and the exchange-traded options market.

Sharing views on this measure, Mundra pointed out that PSU banks were never involved with proprietary trading too much. "Maybe when the Future was introduced in the initial phases probably volumes were higher and there might have been an elementary or proprietary trading at that point of time."

Meanwhile, he does not expect any RBI action on repo rate, but sees a possibility of a CRR cut depending on how liquidity scene pans out in the next few days.

He further added that corporate requests for debt restructuring hasn't completely gone off, but the intensity has certainly reduced.

1:35 pm Gainers: Sun Pharma (up 4.24 percent), BHEL (up 2.55 percent), Bajaj Auto (up 2.10 percent), NTPC (up 1.78 percent) and Dr Reddys Labs are gainers in the Sensex.

1:30 pm Update: Prime Minister holds meeting on reviving manufacturing sector, reports CNBC-TV18. The PM says action plan to hike production capacity is in advanced alloys while pilot projects on electric and hybrid cars are to be worked out.  He also said that the government will take all steps to boost textile industry and exports.

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It is a stable day for the market with the Nifty trading close to 5850 levels led by banks, pharma and capital goods. The Sensex is up 81.35 points at 19406.12, and the Nifty is at 5844.50. About 1166 shares have advanced, 933 shares declined, and 131 shares are unchanged.

The mid and small caps too see brisk buying.  Education stocks are on fire today. Everonn Education is locked at 20 percent upper circuit while Core Education gained 10 percent and Aptech rallied 6 percent.

Educomp Solutions rallied 10 percent. The company has initiated discussion with its lenders and has approached the corporate debt restructuring forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet.

Among midcaps, Havells India jumped 4 percent for the second straight day today. Bajaj Electricals and TTK Prestige rallied 5.7 percent.

Globally it's a firm run for most of Asia with the Japanese markets clocking 2 percent plus gains.

12:59pm European markets extended gains after euro zone finance ministers decided to grant 6.8 billion euros worth of aid (a last substantial tranche of aid) to Greece.

Germany's DAX and Britain's FTSE rose 1 percent each while France's CAC gained 0.65 percent.

12:50pm The BSE Sensex is up 89.36 points at 19414.13, and the Nifty is up 34.55 points at 5846.10. Advancing shares outpaced declining ones by 1132 to 895 on the Bombay Stock Exchange.

12:40pm Prayesh Jain of IIFL said he has maintained its buy rating on the Maruti Suzuki with a target price of Rs 1,750 a share. "Maruti's volume growth is likely to remain muted in FY14," he added.

Education stocks are on fire today. Everonn Education is locked at 20 percent upper circuit while Core Education gained 10 percent and Aptech rallied 6 percent.

Educomp Solutions rallied 10 percent. The company has initiated discussion with its lenders and has approached the corporate debt restructuring forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet.

12:30pm European markets opened higher Tuesday. France's CAC rose 0.4 percent and Britain's FTSE gained 0.6 percent, tracking positive US and Asian cues. Germany's DAX climbed 0.7 percent.

Among midcaps, Havells India jumped 4 percent for the second straight day today. Bajaj Electricals and TTK Prestige rallied 5.7 percent.

12:20pm Equity benchmarks erased nearly half of early gains with the Nifty trading below 5850 level. The midcap and smallcap too came off day's high.

Anup Maheshwari of DSP Blackrock says pace of interest rate correction may be slower than expectation & market may stabilise at around current levels.

The BSE Sensex is up 68.29 points at 19393.06, and the Nifty is up 28 points at 5839.55.

The rupee is trading higher by 46 paise at 60.15 per dollar after the RBI and SEBI clamped down on open positions that banks and non banks can take in the currency futures market. Globally the dollar has retreated somewhat against emerging market currencies.

Also Read - See rupee at 59.50/$, Sebi move to hurt in long run: Nomura

Maruti Suzuki lost 1.5 percent after sources indicate that the passenger car maker has decided to shut down one shift at its Manesar plant. The company says the cut is to align with low demand. It has also asked over 200 contract workers to go on indefinite leave.

Reliance Power surged nearly 3 percent. The 100 mega watt Rajasthan solar power project received carbon credits approval. The project will generate 2.15 million carbon credits in first 10 years of operations.

Alstom T&D jumped 4 percent. The company has bagged order worth Rs 200 crore from Bajaj Infra.

Sugar stocks gained between 1-4 percent, as the government notifies the hike in sugar import duty from 10 percent to 15 percent.

Sun Pharma topped the buying list, rising 3.5 percent followed by Dr Reddys Labs and Cipla with 0.5 percent gains.

ICICI Bank shares erased all its morning gains while its rival HDFC Bank gained 1.5 percent.

11:55 am Gold update:  Gold rates have increased, pressured by a sharp fall in holdings in bullion-backed exchange traded funds and persistent fears over the end of easy central bank money, reports Reuters.

11:50 am FII on rupee: Neeraj Gambhir, managing director and Co-head, Fixed Income India, Nomura India believes the measures taken by the Reserve Bank and Sebi will help the rupee recover in the short run. However,  in the long run, it will make currency trading illiquid while increasing the impact cost and volatility.

In an interview to CNBC-TV18, he says the currency can appreciate at around 59.50 levels and after that the market will revert back to looking at how fundamentally things are and what happens to dollar and rest of the emerging market (EM) currency space.

11:45 am: Sugar stocks are rallying today as government has notified hike in sugar import duty to 15 percent from 10 percent.

11:40 am Houseview: Goldman Sachs upgrades Titan Industries to "buy" from "neutral", saying the jewellery retailer is "sufficiently" capitalised to buy gold without too much leverage, while its growth is being supported by additional stores and "resilient" wedding and discretionary demand, reports Reuters.

Titan's policy of hedging gold fully protects it from volatile gold prices, while it offers "a strong competitive position" due to its high capital efficiency, adds Goldman.

11:30 am Alert: Kirit Parikh Panel on export parity pricing (EPP) of petro products is likely to meet today, reports CNBC-TV18 quoting sources.  It is learnt that oil marketing companies (OMCs) say switching to EPP will them sick and the regime will make it difficult to retain FDI.  The panel is also likely to decide on subsidy sharing formula.

11:25 am Buzzing: Reliance Power surges over 3 percent as its 100-mega watt Rajasthan project gets carbon credits approval. The project is likely to generate 2.15 m carbon credits in first 10 years.

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The market has managed to maintain momentum supported by strength in capital goods, pharma, power and consumer durables. The Sensex is up 112.18 points at 19436.95 while the Nifty is at 5850.70, up 39.15 points. About 1126 shares have advanced, 669 shares declined, and 109 shares are unchanged.

Bajaj Auto rallies around 3 percent as 600 Chakan unit workers reported to work yesterday. The company hopes to meet 95 percent of demand for Pulsar, KTM Bikes by Saturday.
 
Sun Pharma , Bajaj Auto, HDFC Bank,  BHEL and L&T are other gainers in the Sensex.

The rupee is higher versus the dollar after the RBI and Sebi clamped down on open positions that banks and non banks can take in the currency futures market. Globally as well the dollar has retreated somewhat against emerging market currencies.

Indian bonds are higher recovering some of their steep losses of yesterday following the recovery in the rupee. Dealers say sentiment has improved because of the resolve shown by the regulators and policy makers to support the rupee.

The Asian markets are trading with a positive bias taking cues from overnight Wall Street gains. China June CPI comes out largely within expectations, up 2.7 percent (YoY) vs forecast of 2.5 percent. Nikkei is up over a 1 percent.

There is very mild retreat in the commodities, Brent is still above USD 107 per barrel, gold has bounced back on dollar drop. The dollar index still strong above 84,3, US 10-yr bond yield at 2.65 percent. Yen stands at 101 to the dollar, while euro is hovering around 1.285.

10:55am: Shares of telecom operator Reliance Communications fell 1.5 percent after IIFL has a reduce call on the stock with a target price of Rs 120. "The success of the IPO of the spun-off real estate entity will be critical to realisations and following the strong rally, the stock looks expensive," IIFL report said.

Glenmark Pharma gained 0.6 percent. Macquarie has an outperform rating on the stock. The brokerage house raised its target to Rs 770 on the stock. Key catalysts for the stock include niche approval in the US and new chemical entity data points in FY14, Macquarie says.

10:45am Goldman Sachs recommended buying Titan Industries with a target price of Rs 278. "The company is sufficiently capitalized to purchase gold outright without needing too much leverage. Also, its policy of hedging gold fully protects it from sharp gold price movements," Goldman Sachs report said.

Deutsche Bank advised buying UltraTech Cement with a target price of Rs 2,000. UltraTech is its preferred large cap sector pick given its strong balance sheet, timely capacity adds and low cost of operations.

10:35am Goldman Sachs cut 12-month target price for Tata Communications to Rs 150 a share from Rs 208/share. Management indicates continued price fall at 15-20 percent per year on data. The stock fell 0.35 percent.

10:25am Reliance Power shares gained 2 percent after the power producer's 100 MW Rajasthan project received carbon credits approval. The project will generate 2.15 million carbon credits in first 10 years.

Expert talks - Nirmal Jain of IIFL says one needs to be cautious at this point. Today's market upward movement looks temporary, he adds.

"Political uncertainty remains a major concern. Measures on rupee are temporary and don't solve structural problem," Jain says.

According to him, the Reserve Bank of India is most likely to refrain from rate cuts in near-term.

10:15am Indian equity benchmarks continue to hold early gains on positive global cues while Indian rupee also appreciated by 43 paise to 60.18 per dollar.

The BSE Sensex is up 127.90 points or 0.66 percent at 19452.67, and the Nifty is up 43.95 points or 0.76 percent at 5855.50.

The broader markets outperformed benchmarks with the Midcap and Smallcap indices rising 0.75 percent each. Advancing shares outnumbered declining ones by 860 to 330 on the Bombay Stock Exchange.

Capital goods major Larsen & Toubro rose more than 1.5 percent. State-owned BHEL extended gains further, rising 1.7 percent today; the stock had rallied more than 2 percent in late trade Monday.

Index heavyweight Reliance Industries gained over 1 percent.

Shares of software services exporter Infosys climbed one percent ahead of first quarter earnings that scheduled to be announced on Friday. Experts don't expect strong numbers from the company.

9:55 am Midcap Buzzer: Alstom T&D India is up around 3 percent as the company has bagged order worth Rs 200 crore from Bajaj Infra.

9:45 am Gold update: Gold slipped a touch on Tuesday, pressured by a sharp fall in holdings in bullion-backed exchange traded funds and persistent fears over the end of easy central bank money.

Spot gold was down USD 1 at USD 1,234.89 an ounce by 0025 GMT, after gaining 1 percent on Monday as the dollar eased from three-year highs.

Comex gold was down slightly at USD 1,234.50.

9:40 am Loser: Shares of Maruti Suzuki dropped 1.65 percent in initial trade after the country's largest passenger car maker decided to shut down its third shift at its diesel engine plant in Manesar on severe shortfall in demand, reports CNBC-TV18 quoting sources.

It is learnt that the company has asked 200 contract workers to go on indefinite leave. This is the first large scale downsizing by Maruti since violence and strike at its Manesar plant last year.

9:35 am Mover: Educomp Solutions shares gained 10 percent in early trade Tuesday after the leading education company is planning a long term debt restructuring. The education company said, "The debt-restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments."

The restructuring exercise will also allow the company to focus on and strengthen its core operations.

9:30 am Expert view: Anup Maheshwari, Executive Vice President and Head of equities, DSP Black Rock Investment Managers says that many stocks are trading below book value at this point. Expecting the market to stabilise at around current levels, he feels that India is better placed compared to other emerging market peers. As an investment strategy, he prefers private sector banks over PSU banks. Meanwhile, Maheshwari is cautious on auto space as demand remains weak.

9:22 am Gainers: Bajaj Auto , SBI,Infosys, BHEL and Tata Power are top gainers in the Sensex.

Read what Udayan says about the market 

After deep cut seen in the last trading sessions, the market has finally managed to gather some steam Tuesday. The Sensex is up 132.01 points at 19456.78 while the Nifty is at 5834.60, up 23.05 points. About 381 shares have advanced, 62 shares declined, and 21 shares are unchanged.

The rupee opened higher by 83 paise at 59.79 per dollar against 60.62 Monday. Regulators have toughened rules for derivatives trading in the currency market in a bid to arrest the steep decline of the rupee.

Jayesh Mehta, Bank of America said, "US yields have softened and brent crude has not rallied overnight. Hence, the volatility in rupee will be stemmed and it could move in a narrow range. The range for the day is seen between 60.85-61.25/USD." The dollar index was off Monday's high, but still above the 84 mark. The dollar-yen stood at 101 level.

Brent crude hovered around USD 107 a barrel. From precious metals space, gold gained slightly at USD 1240 an ounce as a weaker US dollar triggered bargain hunting after the yellow metal's two-day slide.

Asian markets opened in the green on Tuesday.

The European Union has agreed to give Greece some cash, but the 6.8 billion euro sum was not as much as Athens had hoped for. European finance minister said this month they will give Greece 2.5 billion euros with the rest coming later after the Greek government pushes forward on public sector reforms.

Portugal's government made moves to end its political turmoil, with a cabinet reshuffle agreed by the two coalition partners and the prime minister.