Volatile Sensex ends up 43 points despite weak global cues

The BSE Sensex snapped three-day losing streak and closed with moderate gains on Tuesday, though overall it was a consolidation session. The fall was arrested by Reliance Industries, ITC, SBI, and metals stocks while the upside was capped by ICICI Bank, L&T and Infosys.

The 30-share Sensex rose 42.81 points, to close at 17,316.18 after trading in a range of 17,211.73-17,410.13. Meanwhile, the 50-share Nifty gained 17.80 points at 5,274.85, even after fall in global markets.

Jyotivardhan Jaipuria, head of research at Bank of America Merrill Lynch expects markets to be rangebound, but he feels a further upmove in oil prices could lead to a sharper correction.

Global markets were down today; Asian markets like Shanghai and Hang Seng fell 1% each. European markets too were down 1%.

Back home, auto stocks were under pressure today - the BSE Auto Index tanked 1.5%. Tata Motors plunged 4.2% after reports that luxury car dealers in China were offering aggressive discounts and China contributes nearly 1/5th to revenues of Jaguar & Land Rover (owned by Tata Motors). Audi, BMW and Mercedes were selling at 20% below sticker price.

CLICK TO HEAR moneycontrol.com's Santosh Nair and Shishir Asthana, Investment Editor, firstpost.com, discuss the markets.

Shares of Bajaj Auto, M&M, Hero Motocorp and Maruti Suzuki were down 0.4-1.2%.

Index heavyweight and oil & gas producer Reliance Industries rose 0.7% whereas rival ONGC was down 0.2%.

Among banks, HDFC Bank shot up 2% while ICICI Bank fell 0.12%. State Bank of India, country's largest lender gained 1% after shareholders approved raising Rs 7900 crore via share issue to the government and set the issue price at Rs 2191.69/share as against current market price of Rs 2,184.

Cigarette major ITC continued its upmove for third consecutive session especially after the Budget. The stock rose 1.3% today while shot up 7% in three days because the hike in excise duty on cigarette was on expected lines.

Tata Consultancy Services, India's largest software services exporter gained 1% on short covering, which had fallen 4% yesterday.

Country's largest healthcare company by market cap Sun Pharma rallied 2.7% whereas Cipla rose 1%.

State-run capital goods major Bharat Heavy Electricals was up 0.7% while engineering and construction company Larsen & Toubro dropped 0.5%.

The market breadth was moderately lower; about 1340 advanced while 1524 shares declined on the BSE.

Liquor baron Vijay Mallya's Kingfisher Airlines crashed 5% post the company stopped its international operations. CNBC-TV18 reported quoting sources that the government may consider cancelling company's licence if norms are not met. However, Jet Airways shot up 5% on hopes that the company may increase its market share post this news.

At 15:01 hours IST: Sensex up 65 pts; SBI rises on pref allotment approval

The BSE Sensex gained momentum again, rising 65 points led by support from banks. The BSE Bankex rose 1.15% and SBI shot up 1.4% as shareholders approved raising Rs 7900 crore via share issue to the government and set the issue price at Rs 2191.69/share as against current market price of Rs 2,196.

Private sector lenders ICICI Bank and HDFC Bank climbed 0.4% and 1.5%, respectively. Housing finance company gained 0.6%.

The BSE benchmark was up 65 points at 17,338.59 and the NSE benchmark rose 25 points to 5,281.70.

India's most valued stock Reliance Industries was up 0.7% and cigarette major ITC climbed 1.27%.

Shares of Sun Pharma topped the buying list, moving up 2.3% on short covering.

However, Tata Motors tanked over 4% as reports suggest that luxury car dealers in China were offering aggressive discounts. Audi, BMW and Mercedes were selling at 20% below sticker price while China contributes nearly 1/5th to Jaguar & Land Rover (owned by Tata Motors) revenues.

Shares of IRB Infrastructure rallied 6% after company's Sindhudurg airport received environmental clearance.

At 14:29 hours IST: Sensex recoups losses; Tech Mahindra, Mah Satyam up 3.5%

The BSE Sensex continued to move around its previous closing value, though it recouped its losses. Tech Mahindra and Mahindra Satyam shot up 3.5% each after CNBC-TV18 reported quoting sources that both companies' board members will meet today to consider merger details.

Reliance Industries, and healthcare, power and banks stocks were supporting the market while auto and capital goods stocks weighed down.

The BSE benchmark was up just 39 points at 17,312.66 and the NSE benchmark advanced 12 points to 5,269.40.

Private sector lender HDFC Bank rose 1.6% while rivals SBI and ICICI Bank gained 1.25% and 0.66%, respectively. Housing finance company HDFC was up 0.5%.

Index heavyweight Reliance Industries went up 0.6% and TCS, India's No. 1 software services exporter rallied 1.6%.

Among healthcare stocks, Sun Pharma jumped over 2% and Cipla rose 1%.

However, shares of Tata Motors plunged 4.6%. Infosys and Larsen & Toubro were down 0.4-0.7%.

Coal India, Bajaj Auto, Maruti Suzuki, Hindalco and Hero Motocorp dropped 1-2%.

At 13:49 hours IST: Sensex consolidates; Cairn India, Sun Pharma gain 2%

The BSE Sensex drifted lower amid volatility led by fall in auto and capital goods stocks. Index heavyweights Reliance Industries, Infosys, ICICI Bank and Bharti Airtel too were under pressure, falling moderately.

The BSE benchmark was down 4.44 points at 17,268.93 and the NSE benchmark slipped 6.5 points to 5,250.60. The broader markets too were under pressure. On the global front, European markets were down 0.5%.

Tata Motors, country's largest commercial vehicle maker tumbled nearly 4%. Shares of Maruti Suzuki and Bajaj Auto dropped over 2% while M&M and Hero Motocorp were down 0.5-0.8%.

Shares of mining company Coal India plunged 2%. Engineeing and construction major Larsen & Toubro was down 0.4% and state-run Bharat Heavy Electricals down 0.8%.

However, Sun Pharma, India's largest healthcare company by market cap continued to gain on short covering. The stock rose over 2%. Cairn India too gained 2%.

ITC, TCS, Jindal Steel, Hindalco, Cipla, Tata Steel, HDFC Bank, HDFC and Tata Power among the other largecaps moved up 0.5-1.5%.

The market breadth weakened further - about 545 shares advanced while 834 shares declined on the BSE.

In the second line shares, Amtek India rallied 11%. Zydus Wellness, IRB Infra, Amara Raja Batteries and TV18 Broadcast were up 4-5% while HOEC, Shoppers Stop, Delta Corp, Jubilant Foodworks and Shree Renuka lost 3-4%.

At 12:52 hours IST: Choppy Sensex turns flat; Tata Motors tops sell list

The BSE Sensex wiped out all its gains in afternoon trade, weighed down by ICICI Bank, SBI and Infosys. Capital goods stocks too came off day's high while shares of Tata Motors topped the selling list, falling 3%.

Maruti Suzuki, country's largest car maker fell 2% and Bajaj Auto, second largest two-wheeler maker too lost 2%. Hero Motocorp was down 1.25% whereas M&M was flat.

The BSE benchmark went up 28 points to 17,301.40 and the NSE benchmark rose 4.75 points to 5,261.80.

Shares of Infosys, software services exporter dropped 0.65% while rivals Wipro and TCS gained 0.35% and 1.25%, respectively.

Private sector lender ICICI Bank declined 0.4% whereas competitor SBI was flat. HDFC Bank jumped 1% and HDFC rose 0.3%.

Metals stocks like Jindal Steel, Tata Steel, Hindalco and Sterlite Industries climbed 0.5-1.5%.

Index heavyweight and oil & gas producer Reliance Industries continued to stay in a positive terrain, rising 0.5%.

Declining shares outnumbered advancing by 1400 to 1140 on the BSE.

Global markets too were down. Shanghai was down 1.4%. Hang Seng and Taiwan Weighted fell 0.8% each.

European markets like DAX, CAC, FTSE futures too were down 0.3%.

At 12:17 hours IST: Nifty in narrow range; SBI, Mah Satyam, HDIL most active

The NSE Nifty was trading in a narrow range of 5265-5290 amid positive trend since early trade. Most active shares on exchanges were SBI, Mahindra Satyam and HDIL.

The BSE benchmark was up 69 points at 17,342.55 supported by 18 stocks. Meanwhile, the NSE benchmark gained 19 points at 5,275.80.

Bank of America Merrill Lynch expects markets to be rangebound, but they feel a further upmove in oil prices could lead to a sharper correction.

Reliance Industries, India's most valued stock rose 0.9% while rival ONGC was down just 0.2%.

Shares of Tata Consultancy Services climbed 1.75% whereas Wipro gained 0.5% and Infosys fell 0.2%.

Cigarette major ITC rallied 7% in three days especially after Budget. The stock rose 1% today.

Stocks in news

Bharat Petroleum Corporation gained 1.6% after the management says that while a hike in diesel prices may not come through, it is looking to raise petrol prices soon. Company believes maintaining oil subsidy at Rs 43,000 crore will be a tough task for the government and it will be left with no option but to raise prices of petroleum products.

Kingfisher lost 6% after the aviation minister Praful Patel says the government may consider cancelling company's licence if norms are not met. Kingfisher officials may meet DGCA today or tomorrow, says sources. After this news, its rivals Jet Airways and SpiceJet moved up 3% and 1%, respectively on hopes that their market share may increase.

Hindustan Motors rose 6% post reports that the promoter group firms have increased their stake in the company to around 32% by adding nearly 7% stake through preferential allotment.

Gujarat Nre Coke fell 2% after Australia passed a new law imposing 30% tax on iron-ore and coal mining profits.

Unitech gained 2% after CNBC-TV18 reported quoting sources that the company seeks fair & reasonable price for 33% stake in Uninor. The company invested Rs 700 crore in Uninor JV so far, say sources.

At 11:16 hours IST: Sensex off day's high; auto stocks skid

The BSE Sensex shed half of its early gains on the back of profit booking in SBI and ICICI Bank. Auto stocks were under pressure since early trade. Shares of Tata Motors, Bajaj Auto, Hero Motocorp and Maruti Suzuki fell 1-2%, while M&M gained a percent.

The BSE benchmark was up 71 points at 17,344.73 and the NSE benchmark was trading at 5,275.05, up 18 points.

Index heavyweight and oil & gas producer ONGC dropped 0.6% while rival Reliance Industries rose 0.7%.

Shares of SBI and ICICI Bank, country's largest lenders turned flat after trading with 1-1.5% gains in early trade while rival HDFC Bank was up 1%. Housing finance company HDFC gained 0.7%.

Coal India, India's largest mining company tumbled 1.4%.

However, cigarette major ITC moved up over 1% and FMCG major HUL rose 0.3%. Among the technology stocks, TCS gained 1.3% while rival Infosys and Wipro were flat with positive bias.

Capital goods majors L&T and BHEL climbed just 0.6%.

Advancing shares outnumbered declining by 743 to 536 on the National Stock Exchange.

Jet Airways gained 3.36% on hopes that its market share may increase as sources indicate that the government has prepared ground for suspension of Kingfisher's license. Kingfisher tanked 5.5%.

In the second line shares, Zydus Wellness shot up 11%. VIP Industries, TV18 Broadcast and Videocon Industries were up 3% each whereas Vaarad Ventures, Shoppers Stop, Kirloskar Oil, Shree Global and Info Edge lost 3-4.5%.

At 10:14 hours IST: Sensex climbs over 100 pts; Kingfisher falls 4.5%

The BSE Sensex extended gains led by somewhat short covering after a sharp fall in previous three sessions. The NSE Nifty was inching towards the 5300 level.

Kingfisher Airlines fell 4.5% after CNBC-TV18 reported quoting sources that the government has prepared ground for suspension of company's license. Most active shares on the BSE were SBI, Mahindra Satyam, Vikas WSP, Container Corporation and Axis Bank.

The BSE benchmark rose 124 points or 0.7% to 17,397.36, supported by 25 components. Meanwhile, the NSE benchmark gained 37 points at 5,294.20, helped by banks, capital goods, oil & gas and metals stocks.

Index heavyweight and India's most valued stock Reliance Industries moved up 1.3% to Rs 764.60.

Country's largest lenders State Bank of India and ICICI Bank climbed 1.4% and 1%, respectively while rival HDFC Bank was up 1%.

Engineering and construction major Larsen & Toubro went up 1.4% while state-run Bharat Heavy Electricals jumped 2%.

India's largest software services exporter Tata Consultancy Services was up 1.4% whereas Wipro rose 0.5% and Infosys was flat.

Metals stocks like Sterlite Industries, Tata Steel, Jindal Steel and Hindalco were up 1-2.4%.

However, shares of ITC, Bajaj Auto, Hero Motocorp and Maruti were down 0.3-0.9%.

The market breadth too was positive; about 1191 shares advanced while 639 shares declined on the BSE.

At 9:19 hours IST: Sensex bounces back after 3-day fall; Reliance supports

The BSE Sensex opened flat on Tuesday, but immediately gained momentum as it had fallen 646 points in previous three sessions. Capital goods, banks, metals and technology (barring Infosys) stocks were supporting the market. Index heavyweight Reliance Industries too gained 1%.

The BSE benchmark rose 70 points to 17,343.81 and the NSE benchmark gained 19 points at 5,275.85.

Reliance Industries, BHEL, L&T, SBI, ICICI Bank, HDFC Bank, TCS, Wipro, HUL, Sun Pharma (Taro Listing on NYSE), JSPL, Sesa Goa, Ambuja Cements and ACC were on buyers' radar.

TCS, country's largest software services exporter rebounded with 1% gain after falling 4% on Monday.

However, Infosys, ITC, Tata Power, Maruti, Coal India and Hindalco were down.

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

In the second line shares, Kingfisher Airlines tanked 7.5% to Rs 18.5 a share after sources reclaimed that the government prepared ground for suspension of company's license. The government summoned Vijay Mallya to explain airline position, say sources. United Spirits too fell 2%.

HCC lost 3% after The Economic Times reports that company's loans are on the brink of becoming NPA (non-performing asset) for banks.

Educomp Solutions down nearly 1% and Zee Learn tumbled 5%.

Adani Enterprises, TVS Motors, Adani Power, Canara Bank, Zee Entertainment and Delta Corp dropped 1-2%.

However, Jet Airways rose 2%.

HDIL, IFCI, Voltas, Sintex Industries, VIP Industries and Mahindra Satyam were up 1-2%.