Market Live: Sensex up 100 pts, Nifty nears 10,600 on Asian cues; metals melt

10:05 am Jubilant Life Sciences in focus: Jubilant Life Sciences share price gained 3.5 percent after the company has issued commercial papers (CPs) of Rs 75 crore on April 23.

9:59 am Buzzing: Gati share price rallied more than 9 percent ahead of board meeting on Thursday.

"A meeting of the board of directors of the company will be held on Thursday, April 26, 2018 to review, consider and pass the enabling resolution for exploring the possibility of inducting a new financial/strategic partner to augment the future growth of the company," the logistic company said in its filing.

9:50 am Results today: Coromandel International, GIC Housing Finance, HUDCO, ICICI Prudential Life, IDFC Bank, Network18 Media, Oberoi Realty, Persistent Systems, Raymond, TV18 Broadcast,

Zensar Technologies, DCM Shriram, India Grid Trust, Pioneer Distilleries, Reliance Home Finance, Sadbhav Engineering, Supreme Petrochem and Tejas Networks will announce March quarter earnings.

9:40 am Market Update: The market is trading higher, with the Sensex rising more than 100 points, tracking positive Asian cues.

Banking & financials, FMCG stocks and Reliance Industries are supporting the market while the correction in metals and technology stocks cap gains.

The Nifty Metal index is down around 2.5 percent on fall in global commodity prices. Vedanta, Hindalco and Tata Steel declined up to 7 percent.

The 30-share BSE Sensex was up 127.18 points at 34,577.95 and the 50-share NSE Nifty rose 10.80 points to 10,595.50.

About two shares advanced for every share falling on the BSE.

9:35 am Karnataka Elections in focus: Global brokerage house Citi feels the market will await results of Karnataka election to assess stability.

Opinion polls for Karnataka suggest a hung assembly, according to the research firm.

It is unclear which way JD(S) could lean post-poll as party's role is crucial.

"Win for BJP would increase its Upper House seats (currently 68) while Congress win in Karnataka, could embolden the opposition," it said.

Ahead of the general elections in 2019 the risk of populism is Congress, it added.

9:29 am Thomas Cook Restructuring: The board of Thomas Cook (India) (TCIL) approved a corporate restructuring exercise by way of a composite scheme of arrangement and amalgamation, aimed at streamlining its businesses into four key verticals namely: Travel (outbound, domestic, business travel & MICE), Foreign Exchange, Destination Management

Services & Portfolio Investments such as Sterling Holiday Resorts Ltd.

The restructuring also involves consolidating the human resource services business into Quess Corp.

Pursuant to the composite scheme, TCIL shareholders will receive 1889 equity shares of Quess (of Rs 10 each) for every 10000 equity shares (of Re 1 each) held in TCIL.

9:22 am Reliance Naval falls 6%: Reliance Naval's auditor report said the statement regarding preparation of standalone financial results of the company on going concern basis and also recognition of deferred tax assets (DTA) on tax losses notwithstanding the fact that the company has been incurring cash losses, its net worth has been substantially eroded as on 31st March, 2018, loans have been called back by secured lenders, current liabilities are substantially higher than current assets, applications have been made to National Company Law Tribunal (NCLT), Ahmedabad, under section 9 of the Insolvency Bankruptcy Code and winding up petitions been filed before Gujarat High Court for recovery of their dues by few operating creditors, for the reasons stated in the said note.

The company is also of the view that no impairment of its non-current assets is required. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as going concern.

The appropriateness of assumption of going concern, recognition of DTA and evaluation of recoverable value of its non-current assets is critically dependent upon the approval of company's resolution plan by the secured lenders, the company's ability to raise requisite finance generate cash flows in future to meet its obligations and to earn profits in future.

9:18 am Buzzing: Alembic Pharma rallied 4 percent after zero observations from USFDA for Panelav plant.

The company informed exchanges that the United States Food and Drug Administration (US FDA) has conducted an inspection at Alembic Pharmaceuticals API Facility located at Panelav during April 16-23.

This was a scheduled inspection and at the end of the inspection, there were zero 483s observations, it said.

9:15 am Market Update: Benchmark indices opened higher, following positive lead from Asian stocks.

The 30-share BSE Sensex was up 101.63 points at 34,552.40 and the 50-share NSE Nifty rose 14.20 points to 10,598.90.

Nalco, Hindalco Industries, Vedanta, JSPL, JSW Steel and SAIL fell up to 9 percent.

Tech Mahindra, BPCL and IOC were under pressure.

Bharti Infratel, Indiabulls Housing Finance, ONGC, Zee Entertainment, TCS and Yes Bank were early gainers.

Ashok Leyland, Shriram Transport, Cholamandalam Finance, GNFC, Delta Corp, Gati, Swaraj Engines and Thomas Cook rallied up to 5 percent.

LIC Housing, 3i Infotech and Ujjivan Financial fell up to 9 percent.

9:10 am Rupee Update: The Indian rupee recovered by 10 paise to 66.38 against the US dollar today.

The rupee on Monday ended at its lowest level against the dollar since March 10, 2017, at 66.48.

9:06 am Technical Recommendations: We spoke to HDFC Securities and here’s what they have to recommend:

Thomas Cook: BUY| Target Rs. 325 | Stop-loss Rs 260 | Return 15%

NRB Bearing: BUY| Target Rs195 | Stop-loss Rs 168 | Return 10%

TAKE Solutions: BUY| Target Rs. 230 | Stop-loss Rs 190 | Return 12%

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

9:03 am Stocks in news: Bharti Infratel: Company's Q4 net profit rises 2 percent to Rs 606 crore

CEAT: The company’s management will meet on April 30, 2018 and consider financial results as well as dividend issue.

Coal India: The company is considering Rs 6,500 crore provision for gratuity payout

Tech Mahindra: The company has tied up with Andhra Pradesh Govt To Establish Cyber Security Operations Centre In Vijaywada

Bharti Airtel: Company plans network expansion in Gujarat with 6000 new sites and 2,000 kilometres of optic fiber in FY19 to strengthen mobile broadband footprint.

Thomas Cook: Shareholders to get 1,889 shares of Quess Corp for every 10,000 shares held

Shilpi Cables: Company gets 90-day extension for corporate insolvency resolution

Jet Airways: Company signs codeshare pact with Aeromexico

9:01 am Market Check: The market was higher in pre-opening trade, following recovery in Asian stocks.

The 30-share BSE Sensex was up 167.06 points at 34,617.83 and the 50-share NSE Nifty rose 2.30 points to 10,587.

Ujjivan Financial plunged 10 percent, Nalco fell 7 percent, Hindalco declined 6 percent and Vedanta lost 4 percent.

GNFC and Delta Corp gained 4 percent each while Balrampur Chini rose 2 percent. Thomas Cook rallied 6 percent.

Wall Street ended mixed on Monday as concerns about soft smartphone demand weighed on tech stocks and pulled the Nasdaq lower while earnings optimism protected against deeper losses, said a Reuters report.

Asian stocks recovered after morning losses, with the China's Shanghai Composite rising 2 percent and Hong Kong's Hang Seng rising 1.2 percent. Japan's Nikkei and Australia's ASX 200 gained more than half a percent each.