Record closing: Nifty ends at 8322, Sensex soars 519 pts

03:30 Market closing:

The market ended at record closing levels with mighty gains. The Sensex was up 519.50 points or 1.9 percent at 27865.83 and the Nifty ended up 153.00 points or 1.9 percent at 8322.20. About 1770 shares advanced, 1214 shares declined and 128 shares were unchanged.

GAIL, Tata Power, HDFC, L&T and Tata Steel were top gainers in the Sensex. Deagged by Q2 results, Bharti and ITC were major losers.

03:15 pm Market check: 

 The Sensex is up 534.47 points or 1.9 percent at 27880.80 and the Nifty is up 153.55 points or 1.9 percent at 8322.75. About 1768 shares have advanced, 1203 shares declined, and 122 shares are unchanged. 

03:00 pm Results: Multiplex operator PVR today reported a decline of 66.60 per cent in its consolidated net profit to Rs 9.20 crore for the quarter ended September 30. The company had reported a consolidated net profit of Rs 27.55 crore for the July-September quarter of last fiscal.

However, PVR's total consolidated income from operations during the second quarter increased 9.41 per cent to Rs 400.20 crore as against Rs 334.45 crore in the same period a year ago, the company said in a BSE filing.

02:50 pm Market check:  

The market is on fire with the Nifty hitting 8300 and 27803.30. Currently, the Sensex is up 433.13 points or 1.6 percent at 27779.46 and the Nifty is up 124.75 points or 1.5 percent at 8293.95.  About 1764 shares have advanced, 1132 shares declined, and 126 shares are unchanged.

Gail,  HDFC, L&T, Tata Steel and Maruti are top gainers and Bharti, ITC and BHEl were among the laggards.

02:30pm Brokerages reaction on ITC earnings

FMCG major ITC announced its Q2 numbers that came inline with analysts’ expectations. The company’s net profit climbed 8.7 percent year-on-year to Rs 2,425 crore supported by other income and higher revenue.

While analysts say the numbers are on expected lines, Suruchi Jain of Morningstar believes the company should address the cigarette business’ fall in profitability. 

“The fact that they have started spending more on the FMCG front is bad for the company as that is utter bad use of capital. It has taken the company so long to start showing good results,” says Jain.

Jain believes the profits could reflect in the profit and loss accounts if the company stopped spending on FMCG.

Naveen Kulkarni, co-head-research, Phillip Capital says the company’s hotel and agriculture business EBITDA margins are highly uninspiring.

02:15pm HUL in News

More than 450 workers and their families staged demonstrations outside Hindustan Unilever headquarters in Mumbai on Friday. This protest is called by Hindustan Unilever Employees Federation. The workers are from the Amli and Dapada factories.

The workers are protesting on a whole host of issues including low wages. They claim that the wages received by them are not on par with those received by their peers at Nestle and Colgate. Workers further allege that no compensation was paid after an accident at the company's Kodaikanal factory in 2003.

Workers also say that all efforts to unionise are always met with hostile reaction from the management and alleged the management of creating sponsored unions with whom settlements are reached and these terms of settlements are forced upon the workers. The workers demand that this victimization must stop.

HUL management on its part told CNBC-TV18 that it has always encouraged unions and that it always leaves it upto the workers to decide whether to join a particular union. They say the company is following the due process for discussions with the unions and will continue to engage with the workers to resolve the issue. 

02:00pm Market Check 

The spectacular rally continued in afternoon trade with the Sensex rising more than 400 points and the Nifty inching towards the 8300-mark supported by banking & financials, oil & gas, technology and capital goods stocks.

The 30-share BSE Sensex climbed 423.86 points or 1.55 percent to 27770.19 and the 50-share Nifty jumped 123.85 points or 1.52 percent to 8293.05. Advancing shares outnumbered declining ones by a ratio of 1747 to 1110 on the BSE.

Christopher Wood, CLSA says India remains by far the most promising stock market story in Asia and emerging markets, and indeed the world, on a five-year view.

Gail India topped the buying list, rising over 7 percent after stellar performance in bottomline. Profit in September quarter more than doubled to Rs 1,303 crore compared to Rs 621.4 crore in previous quarter.

Large buying was seen in blue chip names like HDFC (up 4 percent), L&T (up 3 percent), SBI (up 2 percent), Infosys (up 2 percent), Reliance Industries (up 1.9 percent) and HDFC Bank (up 1.7 percent) while selling was seen in Bharti Airtel post a weak performance in the Africa business. In earnings today, ITC reported a decent quarter with a 9 percent growth in profits to Rs 2,425 crore in second quarter.

The biggest talking point globally is the 5 percent surge in the Japan's Nikkei after the Bank of Japan, in an unexpected move today, expanded the pace of its quantitative easing to 80 trillion yen against 50 trillion earlier. This sent the Japanese yen slumping to a 6-year low versus the dollar. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty flex muscles with hefty gains; ITC falls

1:20 pm Results: Cigarette-FMCG-hotel major ITC matched street expectations with the second quarter net profit climbing 8.7 percent year-on-year to Rs 2,425 crore supported by other income and higher revenue. The profit in the year-ago period was Rs 2,230.5 crore. Net sales jumped 14.8 percent (lower than expected) to Rs 8,930 crore in the quarter ended September 2014 compared to Rs 7,776 crore in same quarter last year.

Profit was estimated at Rs 2,458 crore on revenue of Rs 9,063 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Don't miss: Titan slips 7% on cautious growth outlook; analysts bearish 

Left over fire crackers of Diwali are still lighting up Dalal Street with some bumper gains. The Sensex is up 380.34 points or 1 percent at 27726.67 and the Nifty is up 110.75 points or 1.4 percent at 8279.95. About 1732 shares have advanced, 976 shares declined, and 105 shares are unchanged.

HDFC, Maruti, L&T, Tata Steel and Hindalco are top gainers in the Sensex. Among the losers are Bharti Airtel, HUL, ITC and ICICI Bank.

Japan's Nikkei stock average surged to a seven-year high and the yen tumbled to its lowest since early 2008 against the dollar on Friday as the Bank of Japan caught markets flat-footed with its surprise monetary easing decision.

The Bank of Japan surprised global financial markets by expanding its massive monetary easing as economic growth and inflation have not picked up as expected after a sales tax hike in April. The jolt from the BOJ, which had been expected to maintain its level of asset purchases, came as the government signalled its readiness to ramp up spending to boost the economy and as the government pension fund, the world's largest, was set to increase purchases of domestic and foreign stocks. More information please visit this site www.bigprofitbuzz.com

Record high: Sensex gains 300 pts, Nifty above 8250

10:55am Market Check

The 30-share BSE Sensex rose 297.82 points or 1.09 percent to 27644.15 and the Nifty jumped 89.10 points or 1.09 percent to 8258.30. About 1595 shares have advanced, 654 shares declined, and 88 shares are unchanged.

HDFC, Maruti Suzuki, Hero Motocorp, SBI, ONGC, IDFC and HCL Technologies gained 2-2.5 percent.

10:45am Interview

Hindustan Construction Company (HCC) reported second quarter standalone net profit at Rs 6.8 crore versus Rs 31.6 crore in the year-ago period. But the previous year’s profit figure included a big other income figure of Rs 116 crore, which led to a bottomline profit of Rs 31.6 cr for Q2FY14.

Praveen Sood, CFO of HCC says the company is trying to maintain profitability at these levels. He hopes that the next two quarters will be as good as the last six quarters.

He says the profitability margins are coming from efforts to bring down costs. The company is not seeing any major push on the order inflow side and the good margins reported is despite that. Order inflows from the government side has not picked up yet, says Sood. He expects government order inflows to pick up only from next year.

He says: "Realised Rs 400 crore of claims in the last two quarters which helped push margins." He hopes to realise similar claim amounts in the second half of the year.

HCC has Rs 4,000 crore stuck in arbitration. He expects the government to pay its dues in the next few months.

The company is seeing order inflow momentum only in the road sector as of now. But sectors such as hydro and nuclear power saw no pick up in order inflows. Sood hopes to end year with Rs 14500-15000 crore order book position.

10:30am Market Update

The market remained at record high. The Sensex rose 260.01 points or 0.95 percent to 27606.34 and the Nifty jumped 77.60 points or 0.95 percent to 8246.80.

About 1537 shares have advanced, 595 shares declined, and 88 shares are unchanged.

Titan Company, Tech Mahindra, IDFC, SBI, Maruti Suzuki, Bharti Airtel, TCS and Shriram Transport were the most active shares on exchanges.

In the midcap space, Relaxo Footwear, Gujarat Pipavav, Sintex Industries, HCC and SKS Microfinance jumped 5-6 percent while SRF, Responsive Industries, eClerx Services, Hindustan National Glass and FAG Bearings lost 2-4 percent.

10:15am Market Expert

There is a confluence of positives in India right now and that’s the reason things are turning constructive for the Indian market, says Dipen Sheth of HDFC Securities.

In an interview to CNBC-TV18, Sheth says the Nifty is currently in a multi-year, multi-themed, multi-faceted bull run.

On his sectoral prefences, Sheth says he likes special restautants and great fine-dining franchises. He also believes the midcap space has a lot of talented companies that can be invested into right now.

10:00am Market Check

Equity benchmarks continued to trade around their record highs with the Sensex rising 235.50 points to 27581.83 and the Nifty climbing 68.20 points to 8237.40 following strong US cues.

The broader markets too gained momentum with the BSE Midcap and Smallcap indices adding 1 percent each. About three shares advanced for every share declining on the Bombay Stock Exchange.

Technical Analysts Rajat Bose is bullish on the Indian market. He says that Nifty is in an uptrend and it could touch 8,250-8,300 going ahead. He recommends market participants to buy on dips.

Major largecaps like Reliance Industries, Infosys, HDFC, ITC, HDFC Bank, TCS, Larsen and Toubro, ONGC, State Bank of India and Axis Bank gained 1-1.6 percent.

Hero Motocorp, Tata Steel, Wipro, Tata Power, Dr Reddy's Labs, Coal India and Sesa Sterlite too climbed 1-1.6 percent.

However, Bharti Airtel (post Q2 earnings), Hindustan Unilever, ICICI Bank and Hindalco Industries were only losers in the Sensex. More Information please visit this site www.bigprofitbuzz.com

Record opening: Nifty hits 8200, Sensex strong; IT leads

9:50 am Result poll: Utility vehicle maker Mahindra and Mahindra (M&M), which will announce its second quarter earnings on Friday, is expected to report a profit of Rs 946 crore as against Rs 989.5 crore in the year-ago period, according to the average of estimates of analysts polled by CNBC-TV18. Revenue is likely to be Rs 9,292 crore during the quarter compared to Rs 8,929.5 crore in same quarter last year. 

Operating profit expected to be at Rs 1,167 crore as against Rs 1,144 crore and margin may be at 12.5 percent compared to 12.8 percent during the same period.

Results are not comparable on year-on-year basis due to merger of loss making truck business. The company will provide the merged entity comparable numbers in the press release as they do every quarter.

9:40 am Nomura report: The government's austerity drive announced today , would lead to a saving of up to Rs 40,000 crore or 0.3 percent of the Gross Domestic Product (GDP) but poses risks to growth, Japanese brokerage Nomura has said. "On our estimates this would amount to a saving of Rs 35,000 to Rs 40,000 crore or 0.3 percent of the GDP," it said in a note issued here today. The finance ministry issued a circular today instructing government departments to cut discretionary spending by 10 percent. As part of these measures, it banned first class travel by government officials, meetings in five-star hotels, purchase of cars and froze new appointments.

Nomura said that the move may have been initiated as a precaution against potential shortfall in capital receipts, mainly disinvestment proceeds, where the government target is to raise 0.5 percent of GDP or over Rs 43,000 crore.

9:30 am Marlet outlook: India has been one of the biggest outperformer among the emerging market basket and its macros are seeing a sudden improvement, says Sanjeev Prasad of Kotak Institutional Equities. And it is this positivity that makes Prasad confident of India logging in 7 percent growth in 2017. In an interview to CNBC-TV18, Prasad says the new government has unleashed a lot of bold economic reforms in the past few days. “I expect the interest rates to come down sooner than is expected and India continues to grow fast,” he adds. On sectoral preferences, Prasad is bullish on private banks and autos and picks Maruti Suzuki and Hero MotoCorp as his best bets.

9:20 am Winners & losers: IT stocks are still leading the rally with Infosys, TCS and Wipro as major gainers in the Sensex. Among the losers are Bharti Airtel, HUL, ICICI Bank, Tata Motors and NTPC.

The market starts November series on a stellar note. The Nifty hit 8200 for the first time, up 32.15 points while the Sensex is up 92.73 points at 27439.06. About 499 shares have advanced, 91 shares declined, and 15 shares are unchanged.

Bhart Airtel, Infosys, ONGC, Cipla and Maruti are top gainers while Hindalco, HUL and Tata Motors are among the losers.

The Indian rupee opened marginally higher at 61.39 per dollar versus 61.45 Thursday.

The dollar held at four-week highs against a basket of major currencies, getting another boost from encouraging growth data a day after the Federal Reserve gave an upbeat assessment on the economy.

Pramit Brahmbhatt of Veracity said, "The positive sentiment in the equity market may support the currency. The rupee is expected to trade positively, though month-end dollar demand from oil importers will keep it under pressure. See the range for rupee between Rs 60.90-61.90/dollar."

Asian stocks rose on the final trading day of the week following positive US data overnight, with focus on developments in Japan.

US stocks jumped on Thursday with the Dow leading gains by over 1 percent following strong data releases. Third-quarter gross-domestic product (GDP) rose 3.5 percent, beating expectations, while a separate report showed that the underlying trend for first time weekly jobless claims is at its lowest level since 2000.

Brent crude was marginally lower as traders saw little chance of OPEC cutting output at its November meeting. From precious metals space, gold traded around USD 1200 an ounce its lowest level in nearly 4 weeks. More information please visit this site www.bigprofitbuzz.com

Sensex at new closing high, Nifty ends Oct expiry at 8169

03:30 pm Market closing

The market ended with hefty returns. The Nifty ended at 8169.20 up 78.75 points or 0.9 percent, after breaking the all-time high of 8180. The Sensex was at record closing high, up 248.16 points or 0.9 percent at 27346.33. About 1569 shares advanced, 1354 shares declined and 120 shares were unchanged.

Reliance gained 3 percent while TCS, Hindalco, Infosys and GAIL were top gainers. On the losing side were Sesa Sterlite, M&M, Cipla, Tata Power and Hero.

03:16 pm Market data 

Nifty Put Call ratio is at 1.25 versus 1, highest in this series. Total market turnover above is Rs 10 lakh crore for first time ever. All IT stocks on Nifty trading in the green in range of 1-4 percent. NSE F&O turnover above Rs 5 lakh crore. ICICI Bank, Axis Bank are biggest contributors to Bank Nifty gain.

03:07 Market breaks record

The Nifty has hit record high on October F&O expiry day. The Nifty broke its all-time high of 8180. The 50-share index is up around 90 points. The Sensex is up 290.22 points or 1 percent at 27388.39. The Sensex is up 290.22 points or 1 percent at 27388.39. The market turnover is at record high.

02:30pm Interview

In an interview to CNBC-TV18 Gurunatha Reddy, CFO, said that Astra Microwave’s strong order book led to business growth and it executed a huge order in the quarter which had higher margins.

The company has won fresh orders worth Rs 50 crore in this quarter, he said.

The company’s net profit surged to Rs 23.4 crore in Q2 FY15 versus Rs 11.6 crore seen in the same quarter a year ago. Its net sales also rose to Rs 190.1 crore versus Rs 115.3 crore, on a year-on-year basis. The company maintains 12 percent PAT guidance for FY15.

02:00pm Market Check

Equity benchmarks continued to see strong buying interest in afternoon trade supported by oil & gas, FMCG, technology and HDFC group stocks. The Sensex rose 241.27 points to 27339.44 while the Nifty climbed 74.65 points to 8165.10.

About 1493 shares have advanced, 1318 shares declined, and 118 shares are unchanged.

In key earnings today, Maruti Suzuki hit a new high of Rs 3,297 after reporting a solid 28 percent growth in profit while ICICI Bank reported a 15 percent growth in profit to Rs 2,709 crore with weak asset quality. The stock declined marginally.

From the midcaps, YES Bank reported a strong quarter with 30 percent profit growth and Jubilant Foodworks disappointed with a 13 percent fall in profit.

Mark Mobius of Templeton EM says India has seen a revival in spirits, with GDP growth expanding at a robust 5.7 percent in the quarter ended June 30. He says, optimism surrounding Narendra Modi has been reflected in the equity market. More information please visit this site www.bigprofitbuzz.com

Sensex up 200 pts, Nifty hits 8150; YES Bank at new high

12:30pm Coal e-auction The government has begun the process of shortlisting agencies to develop e-auction platform for de-allocated blocks and it will approach information technology companies for the same. Agencies will be invited to give infrastructure proposal of e-auction method. Sources told CNBC-TV18 that Mjunction and MSTC will be amongst few companies that will be approached to prepare the e-auction platform. Meanwhile, the coal ministry is working on collecting database of mines and assets. Compensation will have to be made to prior allottees on investment made until March 2014. Letters have already been issues to allottees asking for details of assets. Watch accompanying video for further details 12:00pm Equity benchmarks extended gains in noon trade with the Sensex rising 205.05 points to 27303.22 and the Nifty climbing 62.75 points to 8153.20. About 1393 shares have advanced, 1167 shares declined, and 113 shares are unchanged. Technology stocks rallied after stellar performance reported by Tech Mahindra that surged 4.30 percent. Tech Mahindra surprised the street with scond quarter dollar revenue growth at 5.2 percent and a constant currency growth higher than peers. HCL Technologies too gained 4 percent followed by Infosys and TCS with 2 percent rally. Dr Reddy's Labs, Gail, Reliance Industries, DLF, HDFC, and Larsen and Toubro jumped 1-3 percent followed by ICICI Bank, ITC, HDFC Bank, ONGC, Axis Bank, HUL and Wipro with more than 0.5 percent upmove. However, Mahindra and Mahindra, Tata Motors, SBI, Tata Power, Bajaj Auto, BHEL and Sesa Sterlite fell 0.2-0.8 percent. In the midcap space, DCM Shriram, Symphony, Puravankara Projects, Emami (post Q2 earnings) and Jaypee Infra rallied 6-7 percent while State Bank of Bikaner, Pipavav Defence, Raymond, HMT and State Bank of Travancore fell 4-6 percent. YES Bank hit a record high of Rs 655.10, up more than 2 percent after reporting 30 percent growth in profit and 27.4 percent growth in net interest income in second quarter Y-o-Y. More information please visit this site www.bigprofitbuzz.com

Sensex holds 27100; Dr Reddy's, Tech Mahindra, DLF rally

10:30am Interview

 

Raymond reported a drop in margin and profit despite rise in revenue in the second quarter of current fiscal year. Its apparel growth too continued to be stagnant. M Shiv Kumar, CFO, Raymond says the textile segment was hit due to higher store renovation cost.

He, however, expects to see better times in the textile segment going forward. The company has planned huge ad spends in this fiscal year.

Raymond did not hike prices during the quarter. 

10:00am Market Check

Equity benchmarks remained volatile with a positive bias on expiry day for October derivative contracts. The Nifty rose 25 points to 8115.45 while the Sensex climbed 71.57 points to 27169.74.

About 1069 shares have advanced, 776 shares declined, and 76 shares are unchanged on the Bombay Stock Exchange.

The October F&O series, which expires today, is seen ending in the range of 8,000-8,100. Vineet Bhatnagar, MD, PhillipCapital says that foreign investors have been buying index futures, which is a positive sign and one can see strength in the index as move into the next series.

He sees immediate resistance for the Nifty at 8180 and firm support at 8030. He recommends market participants to buy 8100 Call and sell both 8200 Call and 8300 Call.

Tech Mahindra surprised the street with its Q2 results with a dollar revenue growth of 5.2 percent and a constant currency growth higher than peers. EBIT margin improved 220 basis points on a sequential basis. Nomura raised target price to Rs 2,760 while Citi says the revenue beat could help the stock near term, especially given the disappointment from peers. The stock surged 4.5 percent.

Real estate stocks get a leg up as the government relaxed FDI norms for construction and real estate. The government reduced minimum built up area by 60 percent to 20000 square metre from 50000 square metre and reduced minimum capital requirements to USD 5 million from USD 10 million earlier. This was already decided in the budget, now clearance has come. DLF surged 4 percent.

Dr Reddy's Labs bounced back today with 2 percent gains as brokerages are still bullish on the pharma major (post disappointing earnings in Q2) with UBS maintaining a buy rating with target price of Rs 3,400/share as it believes US revenues should pick up from here with focus on non-orals. Credit Suisse maintains outperform and raised target to Rs 3,600/share as it expects October 2014-March 2015 EBITDA to be better than April-September 2014. More information please visit this site www.bigprofitbuzz.com

Sensex surges 217 pts, Nifty ends at 8090 ahead of expiry

03:30 Market closing

The market ended with smart gains ahead of October F&O expiry tomorrow. The Nifty was up 62.85 points at 8090.45 while the Sensex ended up 217.35 points at 27098.17.

About 1589 shares advanced, 1374 shares declined, and 115 shares were unchanged.

Hindalco was up 6 percent while Tata Steel, Tata Motors, Infosys and Bajaj Auto were other major gainers in the Sensex. Among the losers were NTPC, Sun Pharma, Dr Reddy's Labs, Bharti Airtel and SBI.

03:15 pm Buzzing

Investors of SRF are rejoicing as its shares hit record high at Rs 805.85, up 20 percent intraday. The manufacturer of chemical-based industrial intermediates reported a 60.87 percent increase in net profit at Rs 76.85 crore for the second quarter ended September 2014. The company had posted a net profit of Rs 47.77 crore for the corresponding quarter a year ago. Total income from operations during the quarter under review increased 9.98 percent to Rs 928.17 crore as against Rs 843.89 crore a year ago, SRF said in a filing to the BSE.

"The overall operations performed well this quarter. The company's strategy of growing the chemicals business is paying dividends. Our traditional business should pick once economy rebounds," SRF managing director Ashish Bharat Ram said.

02:50 pm LPG rate hike

Subsidised cooking gas (LPG) rates have been hiked by Rs 3 per cylinder after the government raised the commission paid to dealers.

The commission paid to dealers was last week hiked by Rs 3 per 14.2-kg cylinder to Rs 43.71. Consequently, retail selling price of subsidised LPG too have been increased in the same proportion, officials said.

Dealers' commission was last revised in December 2013 when it was hiked by Rs 3.46 per cylinder to Rs 40.71. The increase in commission - which as per practice is passed on to consumers - has been effected from October 23.

Subsidised LPG in Delhi now costs Rs 417 per 14.2-kg cylinder as against Rs 414 previously. In Mumbai, subsidised LPG will cost Rs 452 per 14.2-kg cylinder as against Rs 448.50 previously. Prior to the December hike in LPG rates, price of cooking gas was raised in October 2012 when because of an increase in dealers' commission the rates were raised from Rs 399 per cylinder to Rs 410.50.

02:30pm Moody's on domestic banks

International rating agency Moody's today retained its negative outlook on the domestic banking system, citing high leverage in the corporate sector that may prevent any meaningful recovery in asset quality.

"Our outlook for the country's banking system remains negative, as it has been since November 2011. The negative outlook reflects our view that high leverage in the corporate sector could prevent any meaningful recovery in asset quality, notwithstanding a moderate rebound in economic growth," the agency Moody's Investors Service said in a note issued from Singapore.

The report further said continuing poor asset quality, wherein the NPAs levels are set to touch 4.5 percent of the system, will require continued provisioning and strengthened capital buffers. After provisions, profitability of public sector banks will generate insufficient internal capital for loan growth, the report added.

The negative outlook pertains mainly to the public sector banks as they represent more than 70 percent of total banking system assets. These banks have experienced higher growth rates in non-performing and restructured loans, as well as greater weakening in profits, than their private sector peers, Moody's said.

The report says while these trends are unlikely to improve for public sector banks, in contrast, private sector banks have stronger margins, reserves, and capital levels, which serve as buffers against conditions that remain challenging.

On growth, which inched up to surprising 5.7 percent in the first quarter of the current fiscal after logging in sub-5 percent growth in the past two fiscals, Moody's said GDP will pick up moderately this fiscal, but remains constrained by the high interest rates due to inflation.

02:00pm Market Check

Equity benchmarks maintained morning gains supported by auto, metals, FMCG, oil and technology stocks. The Sensex rose 144.26 points to 27025.08 and the Nifty climbed 39.55 points to 8067.15.

About 1527 shares have advanced, 1297 shares declined, and 108 shares are unchanged.

Hindalco Industries, DLF, JSPL and Tata Steel topped the buying list, up 4-5 percent followed by Tata Motors, M&M and Bajaj Auto with 2-3 percent.

However, Dr Reddy's Labs reported a weak Q2 earnings as profit fell 16 percent year-on-year to Rs 574 crore while Grasim Industries reported pressure in its viscose staple fibre business, standalone profit dropped 28 percent to Rs 299 crore while Oriental Bank of Commerce shares lost 5 percent as bad loans increased in second quarter.

Global markets remained in fourth gear as investors are convinced that Fed will stay the course and end the third round of bond buying but also wait a “considerable time “ before hiking short term rates. Hong Kong closed up almost 300 points while European markets were trading with almost 1 percent gains.

Meanwhile, the NDA government today submitted a list comprising 627 names of Indians having accounts in foreign banks to the Supreme Court. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty maintain uptrend; OBC, DRL fall post Q2 nos

The market maintains its uptrend with support from global cues. The Sensex is up 148.73 points at 27029.55 and the Nifty is up 37.05 points at 8064.65. About 1473 shares have advanced, 1225 shares declined, and 101 shares are unchanged.

Hindalco, Tata Motors, M&M, Tata Steel and Infosys are top gainers in the Sensex. Among the losers are, BHEL, GAIL and Sun Pharma.

Dr Reddy's is under pressure on disappointing September earnings. Its topline missed estimates while margins declined on account of higher R&D spends. Oriental Bank of Commerce falls 4 percent on deteriorating asset quality in Q2.

The US Federal Reserve is expected to shutter its bond-buying programme, closing one controversial chapter in its crisis response even as it struggles to manage a full return to normal monetary policy.

The Fed is likely to announce at the end of a two-day meeting that it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, halting the final USD 15 billion in monthly purchases under a program that at its peak pumped USD 85 billion a month into the financial system.

An important symbolic step, the end of the purchases still leaves the Fed far from a normal posture. Its balance sheet has swollen to more than USD 4 trillion, interest rates remain at zero, and, if anything, recent events have increased the risk the US central bank may need to keep propping up the economy for longer than had been expected just a few weeks ago. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty strong; Tata Motors surges, Sesa declines

10:30am Oil Update

Oil prices rose in Asia today as dealers await the outcome of a US Federal Reserve meeting and the latest US supply report.

US benchmark West Texas Intermediate for December delivery rose 26 cents to USD 81.68 while Brent crude for December was up 20 cents at USD 86.23 in mid-morning trade.

A statement on the meeting's outcome will be released at 1800 GMT tomorrow.

The US central bank is expected to announce an end to its vast asset-buying programme, which was credited with propping up the world's biggest economy after the 2008 financial crisis.

Traders, having already discounted an end to the "quantitative easing" programme, are more interested in what bank policy makers say about the future direction of US interest rates.

Dealers meanwhile are also eyeing the latest US stockpiles report for clues about demand in the world's top crude consumer, reports PTI.

10:00am Market Check

Equity benchmarks maintained strong momentum in morning trade with the Sensex rising 163.50 points to 27044.32 and the Nifty climbing 45.85 points to 8073.45 supported by auto, FMCG, oil and banks stocks.

The broader markets gained too with the BSE Midcap and Smallcap indices adding 0.6 percent and 0.9 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1394 to 551 on the Bombay Stock Exchange.

Commercial vehicle maker Tata Motors climbed nearly 3 percent after a 4 percent rally in its ADR on the NYSE. Mahindra and Mahindra jumped over 1.5 percent.

Two-wheeler maker Hero Motocorp gained 1.5 percent as RBI said FIIs/RFPIs can now invest up to 49 percent in company. Hero sees retail scooter sales at 90,000 units in October. "We are raising scooter production capacity to 1 lakh units/month by January and are confident of double digit growth in scooters this year," it added.

However, Sesa Sterlite declined 0.8 percent as the metals and mining company is likely to report a 37 percent decline in second quarter profit after tax due to Cairn's subdued numbers in Q2. More information please visit this site www.bigprofitbuzz.com

Sensex ends up 128 pts; Ranbaxy & Sensex rise 5-6%

03:30 Market closing

The market ended with some smart gains as trading picked up pace in the last few hours. The Sensex closed up 127.92 points at 26880.82 and the Nifty was up 35.90 points at 8027.60. About 1509 shares advanced, 1371 shares declined and 111 shares were unchanged.

Sun Pharma was up 5 percent. Cipla, SBI, Tata Power and GAIL were top gainers in the Sensex. Among the losers are Hero MotoCorp, Bahrti Airtel, HUL, Dr Reddy's Labs and Reliance.

03:20 pm Results

Power and automation technologies major ABB India missed street expectations on every parameter in third quarter of current calendar year 2014. Net profit rose by 25 percent to Rs 45 crore during the quarter from Rs 36 crore in the year-ago period.

"The company maintained a healthy double digit growth in profit on the back of improved execution, better productivity and continued savings from operational excellence initiatives while tight market liquidity conditions and high cost of capital continue to weigh on earnings," said ABB in its filing.

The company follows calendar year (2014) as its financial year.

3:00 pm Oil import

Hit by uncertainty over oil supplies from West Asia, India is keen to diversify its imports and wants to buy crude from the US, Oil Minister Dharmendra Pradhan has said.

The new strategy is being planned to guard against disruption in supplies from its biggest sources in the Middle East -- Iraq and Syria -- as they are caught in problems relating to Islamic State movement.

Asia's second-biggest energy user, which spent USD 143 billion on import of crude oil in 2013-14, wants the US to extend its policy of allowing gas exports to crude oil as well.

"I met officials from the US recently and asked them to allow oil exports to India. We are keen to import oil from the US, which currently does not allow oil exports," Pradhan told PTI. India wants to reduce its reliance on the Middle East nations for meeting its oil needs and instead wants to tap Latin American countries including Mexico and Russia. 

02:30pm Interview

Sharad Sharma, Managing Director, State Bank of Mysore expects the public sector lender’s NII growth to improve to 12-14 percent in the second half of FY15.

Speaking to CNBC-TV18 about the financial performance of the bank in the quarter gone by, he said that the bank is now focussed on retail growth and its net interest margin is stable at 3-3.1 percent.

The bank is looking at gross NPA of around 4 percent by FY15-end, he said. Further, there has been a steady reduction in slippages over last three quarters.

Meanwhile, the bank is not planning to move on rates in the next three months. Also, it has no merger plans in the foreseeable future, he added.

02:00pm Market Check

Equity benchmarks extended gains in afternoon trade with the Sensex rising 109.70 points to 26862.60 and the Nifty climbing 34.15 points to 8025.85 supported by banking & financials, healthcare and Tata group stocks.

About 1396 shares have advanced, 1336 shares declined, and 115 shares are unchanged.

Ranbaxy Labs surged 7 percent after reporting a profit of Rs 478 crore in September quarter compared to loss of Rs 454 crore in the year-ago period due to no settlement provision, lower expenses and higher sales. Sun Pharma, which is going to become the owner of Ranbaxy soon, rallied 5 percent.

India's largest lenders State Bank of India and ICICI Bank rallied 2 percent each. Cipla, Gail India and Tata Power too gained more than 2 percent followed by HDFC, Tata Motors and Mahindra & Mahindra with over a percent gain.

However, Hero Motocorp, Bharti Airtel, BHEL and HUL fell 1-2 percent. Reliance Industries, Infosys, ONGC, Axis Bank, Dr Reddy's Labs and Maruti declined over 0.5 percent. More information please visit this site www.bigprofitbuzz.com