Benchmark indices were strong in pre-opening trade despite weakness in Asian stocks.
12:52 pm Market Update: The market continued to be volatile in afternoon as investors await Federal Reserve rate decision due tonight.
Sugar stocks gained up to 4 percent after the Cabinet Committee approved subsidy for sugar mills.
Metal and PSU Bank indices fell more than 2 percent while Kotak Mahindra Bank extended rally, rising nearly 6 percent after stable quarterly earnings.
ICICI Bank extended losses to nearly 3 percent while HCL Technologies also fell further to nearly 5 percent after earnings slightly miss analyst expectations.
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The 30-share BSE Sensex rose 73.11 points to 35,233.47 and the 50-share NSE Nifty gained 9 points at 10,748.40.
12:47 pm Sugar Stocks in focus: Bajaj Hindusthan, Balrampur Chini, Dalmia Sugar, Dhampur Sugar, Dwarikesh Sugar, EID Parry, KM Sugar Mills, Kothari Sugars, Mawana Sugars, Rana Sugars, Triveni Engineering, Ugar Sugar and Uttam Sugar rallied up to 4 percent after the Cabinet Committee has approved subsidy for sugar mills.
12:29 pm Ramco Systems in focus: Western Australian member owned retail bank, P&N Bank (Police and Nurses Limited) has signed an agreement with global enterprise software provider Ramco Systems to launch a digital HR transformation with Ramco HCM integrated with Global Payroll.
Ramco will implement its award-winning end-to-end HCM solution across all P&N Bank branches in Western Australia, including its Head Office and customer support centre in Perth.
12:16 pm Contract Win: Mastek has received a contract to providestrategic DevOps capability for the Home Office Biometrics (HOB) Programme.
As part of the HOB Programme contract, Mastek will develop robust and resilient solutions that comply with law enforcement and immigration user requirements. Users of this service may include those in law enforcement, immigration, Border Force and HMPO staff who need to use biometrics in any number of situations and locations including custody suites, mobilelocations, borders, passport offices and visa application centres.
12:08 pm Moody's on Banks' NPAs: Moody's Investors Service said that the final stage of a multi-year initiative by RBI to push banks to recognise problem assets more accurately will reduce profitability for the sector in the near term, but produce benefits over the longer term.
While this push will increase the already-high non-performing assets (NPAs) ratios and provisioning burdens for India's banks, and strain their profitability in the near term, cleaner balance sheets in the long run will be credit positive for the sector, Moody's said in a statement.
The Reserve Bank of India's (RBI) rules are credit positive because they provide a clearer, time-bound process for resolving stressed assets and will prevent a future buildup of problem loans in the system, it said.
Here are the top headlines at 12:00 pm from Moneycontrol News' Sakshi Batra
11:55 am Manufacturing PMI: Indian factory growth accelerated in April on strong domestic demand and output, a business survey showed, while price pressures were subdued in a comforting sign for the central bank as it seeks to temper inflation without hurting the economy.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 51.6 last month from March's 51.0, as predicted by a Reuters poll and above the 50-point mark that separates growth from contraction for a ninth straight month.
11:50 am Crude Oil Update: Oil prices rose, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring US supplies capped gains.
Brent crude oil futures were at USD 73.23 per barrel, up 0.14 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 0.49 percent, at USD 67.58 per barrel.
11:40 am Market Update: The market continued to consolidate around previous closing levels as investors globally await Federal Reserve meeting outcome due tonight.
The 30-share BSE Sensex was up 10.51 points at 35,170.87 and the 50-share NSE Nifty fell 11.90 points to 10,727.50.
The Nifty Midcap underperformed frontliners, falling half a percent while Nifty IT, Metal and PSU Bank indices are down 1.5-2 percent.
Kotak Mahindra Bank was the biggest gainer among Nifty50 stocks, rising 5 percent after stable earnings in March quarter while HCL Technologies fell nearly 4 percent after earnings slightly miss analyst expectations
11:25 am Drug Approval: Strides Shasun said its wholly owned subsidiary Strides Pharma Global Pte Limited has received final approval for CinacalcetHydrochloride tablets from the United States Food & Drug Administration (US FDA).
Cinacalcet Hydrochloride Tablets is a generic version of Sensipar tablets of Amgen Inc.
According to IQVIA data, the US market for Cinacalcet Hydrochloride tablets is approximately USD 1.8 Billion.
Here are the top headlines at 11:15 am from Moneycontrol News' Sakshi Batra
11:15 am Rupee Update: The rupee depreciated 7 paise to 66.73 against the US dollar on fresh demand for the greenback from importers and banks ahead of US Federal Reserve's two-day policy meet outcome.
Dealers attributed the rupee's fall to fresh demand for the US dollar and sustained foreign fund outflows.
On Friday, the rupee had gained 9 paise to close at 66.66 on dollar-selling by exporters and a stellar rally in local equities.
Forex market remained closed on Monday and Tuesday on account of 'Buddha Purnima' and 'Maharashtra Day', respectively.
11:05 am Buzzing: Shares of InterGlobe Aviation fell more than 3 percent ahead of its March quarter earnings which is scheduled to be announced later in the day.
In a regulatory filing, the company had said that a meeting of the board of directors of InterGlobe Aviation is scheduled to be held today to consider the approval of audited standalone financial results of the company for the quarter and year ended March 31, 2018.
On April 27, IndiGo announced that Ghosh would step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.
10:55 am Allcargo Approves Development of Logistics Park: Allcargo Logistics informed exchanges that the board has approved development of the logistics park in Haryana, connected to Dedicated Freight Corridor and a rapidly growing National Capital Region.
Initially, the company would set up warehouse(s) and Inland Container Depot(s) through special purpose vehicles companies viz. Allcargo Multimodal Private Limited and Allcargo Inland Park Private Limited, being wholly owned subsidiaries of the company.
10:43 am Market Update: The market continued to be rangebound amid weak Asian cues. Technology, FMCG, metals stocks and ICICI Bank were under pressure while auto stocks, Reliance Industries, Kotak Mahindra Bank and HDFC Bank continued to support the market.
Nifty IT, Metal and PSU Bank indices were down more than 1 percent.
HCL Technologies was top loser among Nifty50 stocks, falling more than 3 percent after earnings slightly miss analyst expectations while Ashok Leyland fell 1 percent despite stellar April sales performance
10:30 am Auto Sales: Ashok Leyland share price fell up to 2 percent intraday despite April sales grew by 79 percent year-on-year to 12,677 versus 7,090 units.
Medium & heavy commercial vehicle sales increased 98 percent year-on-year to 8,968 units and light commercial vehicle sales shot up 45 percent to 3,709 units in April.
10:18 am Market Update: Benchmark indices wiped out early gains following correction in Asian stocks. The 30-share BSE Sensex was down 35.64 points at 35,124.72 and the 50-share NSE Nifty fell 17 points to 10,722.40, dragged by technology and banking & financials stocks.
Here are the top headlines at 10:15 am from Moneycontrol News' Sakshi Batra
10:08 am USFDA Approval: Cipla has received final approval for its abbreviated new drug application (ANDA) for Phenylephrine Hydrochloride injection from the United States Food and Drug Administration (USFDA).
Phenylephrine Hydrochloride Injection USP, 50 mg/5 mL (10 mg/mL) and 100 mg/10 mL (10 mg/mL) Pharmacy Bulk Package, is an AP-rated generic equivalent of Avadel’s Vazculep.
The drug is indicated for the treatment of clinically important hypotension resulting primarily from vasodilation in the setting of anesthesia.
The products are manufactured at the company’s Goa plant.
10:02 am Results Date: Jindal Steel & Power informed exchanges that the meeting of the board of directors of the company is scheduled to be held on May 9, 2018 to consider and approve, the audited financial results of the company, for the quarter/ year ended on March 31, 2018, both on standalone and consolidated basis.
9:56 am Fortis Clarification: While clarifying on a media report saying Malvinder Mohan Singh and Shivinder Mohan Singh hold majority stake in RHT Health Trust, the company said it categorically denied the statement and confirmed that as on date Malvinder and Shivinder do not hold any share.
9:45 am Order Win: NBCC share price gained 1 percent after it has received letter of appointment from Ministry of External Affairs, Govt. of India for the construction of Mahatma Gandhi Convention Centres (MGCC) in nine (9) African Countries namely Niger, Uganda, Malawi, Zambia, Liberia, Gambia, Burkina Faso, Togo and Gabon amounting Rs 2,000 crore.
9:41 am Market Update: The market is trading mildly higher amid consolidation and weakness in Asian stocks. Auto, infra, select banks stocks and Reliance Industries supported the market while technology stocks were under pressure after HCL Tech earnings.
HCL Technologies is the biggest loser with more than 3 percent loss after Q4 earnings slightly missed analyst expectations while Auto index was up 1 percent after strong April sales.
InterGlobe Aviation and Jet Airways were under pressure after IOC hiked jet fuel prices.
The 30-share BSE Sensex was up 48.72 points at 35,209.08 and the 50-share NSE Nifty rose 6.60 points to 10,746.
9:32 am Rim Sales: Steel Strips Wheels achieved total rim sales of 12.82 lakh in April 2018 against 11.50 lakh units in April 2017, representing a growth of 12 percent.
The growth in April was all round segments, the company said which expects this to continue going ahead with firm schedule indication 1O-11 percent volume growth.
The tractor and truck segments volume sales running at record high levels, it said which expects to maintain that going ahead.
In terms of value, the company has achieved gross turnover of Rs 211.79 crore in April 2018 against Rs 115.73 crore in April 2017, thereby recording a growth of 83 percent.
9:22 am Results Date: Akzo Nobel India informed exchange that a meeting of the board of directors of the company is scheduled to be held on May 10, 2018 to consider the audited financial results for the year ended March 31, 2018 and recommend Dividend for the said financial year, if any.
9:18 am Fortis Deal: The Manipal-TPG alliance said it is "evaluating" its bid for Fortis Healthcare after IHH Healthcare and Munjal-Burmans raised their respective offers on Tuesday, the last day for submitting binding bids.
Manipal-TPG still have one more chance to get back into the bidding race as the agreement they signed with Fortis has a right-to-revise clause.
IHH raised its bid by 9.4 percent to Rs 175 per share, compared to its earlier quote of Rs 160 per share. The Munjal-Burmans raised their bid by 7.2 percent to Rs 172 per share, from Rs 160 earlier. Munjal-Burmans have offered to invest Rs 1800 crore directly without seeking due diligence.
KKR backed Radiant Life Care has put in its bid valuing Fortis at Rs 165 per share.
9:15 am Market Check: Benchmark indices opened higher despite weakness in Asian stocks, backed by auto sales data and strong GST collection data.
The 30-share BSE Sensex was up 116.70 points at 35,277.06 and the 50-share NSE Nifty rose 30.50 points to 10,769.90.
Tata Motors, Bajaj Auto, Eicher Motors, M&M, Maruti Suzuki, Reliance Industries and L&T gained up to 3 percent.
Wipro, HUL, HCL Technologies and Hindustan Zinc lost up to
Nifty Midcap was up 12 points and Nifty Bank gained 80 points.
Fortis Healthcare, Container Corporation, Transformers & Rectifiers, Arvind Smartspaces, Munjal Showa, Ceat and Dabur India gained up to 8 percent while Lanco Infratech, HDIL and Jet Airways were under pressure.
9:07 am Auto Sales: Bajaj Auto has reported strong set of sales for the month of April 2018, with the total sales rising 26 percent year-on-year to 4.15 lakh units against 3.29 lakh units in year-ago month.
Total motorcycle sales increased 19 percent to 3.49 lakh units while total 3-wheeler sales jumped 83 percent to 65,551 units compared to year-ago.
Total domestic sales rose 29 percent to 2.29 lakh units while total exports were the highest ever on monthly basis, growing by 22 percent to 1.85 lakh units YoY.
9:05 am Earnings: IT services company HCL Technologies' fourth-quarter profit rose 7.46 percent sequentially to Rs 2,230 crore, meeting analysts' estimates.
Analysts polled by Reuters, on average, expected the company to report a net profit of Rs 2270.6 crore for the quarter under review, along with a revenue of Rs 13,199.1 crore.
The company reported a revenue of Rs 13,178 crore, 2.88 percent higher than in the December quarter. It said that its constant currency revenue is expected grow by 9.5-11.5 percent in FY19.
HCL Technologies also said that it expects full year operating margins in the range of 19.5-20.5 percent, the same as last year's forecast.
9:04 am Technical Recommendations: We spoke to HDFC Securities and here’s what they have to recommend:
Marico: BUY| Target: Rs 365 | Stop loss: Rs 312 | Return 10%
IRB Infrastructure Developers Ltd: BUY| Target: Rs 325 | Stop loss: Rs 250 | Return 15%
Crompton Consumers: BUY| Target: Rs 260 | Stop loss: Rs 217 | Return 10%
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his 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 Results Today: Hero Motocorp, HCL Technologies, Welspun Corp, Siemens, Tata Power, Marico, InterGlobe Aviation, Century Textiles and Ajanta Pharma will announce quarterly earnings today.
9:02 am Stocks in news: Fortis Healthcare: Received a letter from Munjal's Office and Burman's Office with a proposal to invest in the company Received revised offer from IHH Healthcare Berhad with a proposal to invest in the company
Cipla receives final approval for Phenylephrine Hydrochloride Injection
Maruti Suzuki April total sales up 14.4% at 1.72 lakh units against 1.51 lakh units in April 2017
Mahindra’s auto sector sells up 22% at 48,097 vehicles during April 2018
Mahindra to establish Ag Tech Center at Virginia Tech Corporate Research Center
Tata Motors sells 53,511 units in April 2018 against 28,844 units April 2017
Eicher Motors total motorcycle April sales up 26.7% at 76,187 units versus 60,142 units
9:01 am Market Check: Benchmark indices were strong in pre-opening trade despite weakness in Asian stocks.
The 30-share BSE Sensex rose 327.85 points to 35,488.21 and the 50-share NSE Nifty gained 116.30 points or 1.08 percent at 10,855.70.
PC Jeweller gained a percent on short covering. Dabur India rose 1.5 percent.
HCL Technologies corrected 5 percent after rallying 7 percent in pre-0pening.
The S&P 500 edged higher on Tuesday after comments from a Trump administration official on trade with China and the Mexican economy minister on the renegotiation of the North American Free Trade Agreement provided cause for optimism, said a report.
Asian equities held steady while the dollar traded near a four-month high as investors await the Federal Reserve’s upcoming policy statement for clues on the future pace of US monetary tightening, it said.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, while Japan's Nikkei eased 0.2 percent and South Korea's KOSPI slipped 0.3 percent.