Choppy Sensex ends 74 pts up; Midcap, Smallcap rise 1-1.7%

The BSE Sensex stayed higher for major part of the first session of April, adding more than 70 points amid choppy trade. It gained as much as 126 points intraday, but the fall in European markets post PMI data erased some gains. Even the Nifty managed to hold the 5300 level quite nicely, supported by banks, capital goods, power stocks, and TCS.

The fall in index heavyweight Reliance Industries , India's most valued stock, too limited the upside as brokers expect the company will report lower earnings in Q4FY12. Emkay, in its research report on earnings, said it expects Reliance to post a decline of 35% year-on-year in EBIDTA at Rs 6,372.8 crore and a fall of 25% in net profit at Rs 4,012 crore. The stock lost 1%.

The BSE benchmark rose 73.95 points or 0.42%, to close at 17,478.15 led by 18 components, but the broader markets outperformed benchmarks today. The BSE Midcap and Smallcap indices moved up 1-1.7%. Meanwhile the NSE benchmark gained 22.35 points at 5,317.90.

Prashant Jain of HDFC Mutual Fund is confident that the stage is set for the market to move higher. However, crude prices could play a spoiler, he says.

Engineering and construction major Larsen & Toubro fell 2% while state-owned Bharat Heavy Electricals was down 1.3%.

State Bank of India, country's largest lender moved up 1.6% after the bank decided to allot 3.6 crore shares at Rs 2191.7/share to government of India on preferential basis. In fact, all public sector banks were up after they allotted equity shares to LIC and government on preferential basis. Private banks namely HDFC Bank and ICICI Bank gained 1.4% and 0.4%, respectively.

Tata Consultancy Services, software services provider shot up 2% while rival Infosys dropped 0.4%. Shares of NTPC, top power generation company climbed nearly 3%. Bharti Airtel and ONGC gained nearly 1%.

However, Bajaj Auto declined 1.5% after Sri Lanka government raised import duty on 3-wheeler (petrol based) from 51% to 100% and on 3-wheeler (diesel based) from 61% to 100%, which will impact company as Sri Lanka contributes 15% of company's total exports, estimated at 5% of revenues.

Coal India declined 0.7% after reports that a shareholder TCI decided to launch legal action against the company.

M&M gained 1.66% after highest ever sales recorded by the company while Maruti Suzuki lost 1% post lower than expected sales numbers for March. TVS Motor rallied 5% as its total sales for March increased to 1.82 lakh units from 1.72 lakh in previous month.

PTC India shot up 10% while PFC and REC gained 5% each after the Tamil Nadu Electricity Regulatory Commission has approved 37% tariff hike which will generate additional Rs 78,700 crore for the state utility in FY13.

In the second line shares, Lanco Infratech, Firstsource Solutions (Rajesh Subramaniam elevated to MD and CEO), BGR Energy and Titan Industries gained 4-10%.

However, Kingfisher Airlines fell nearly 9% post pilots and engineers threatened to go on strike starting 8 pm on Tuesday. They want 2-month salary to be paid by tomorrow while Vijay Mallya said the salary would be paid between April 5 and April 9.

Advancing shares outnumbered declining by 1070 to 392 on the National Stock Exchange.

At 14:32 hours IST: Sensex off day's high but Nifty holds 5300; RIL, Infy down

The BSE Sensex gave up some gains as European markets turned negative after an upmove in early trade. India's most valued stock Reliance Industries, which turned positive, fell 0.5% while other heavyweights shed somewhat gains.

The BSE benchmark rose 61 points to 17,465.10 and the NSE benchmark gained 15 points at 5,310.85, but the broarder markets remained strong. The BSE Midcap and Smallcap indices were up around 1%. On the global front, European markets, which gained 0.5-1% in initial hour of trade, lost 0.2-0.4%.

Back home, high beta stocks like Reliance Power, Reliance Infrastructure, DLF and Jaiprakash Associates rallied 2-4%.

State Bank of India, top lender rose 1.5% while its rival ICICI Bank turned negative. HDFC Bank moved up 0.76%. Housing finance company HDFC was up 1%.

Capital goods majors Larsen & Toubro and BHEL were up 1.2-1.6%. TCS, country's largest software services provider climbed over 1% whereas rival Infosys slipped 0.5%.

Telecom stocks like Bharti Airtel, Idea Cellular and Reliance Communications went up 0.7-1%.

However, shares of HUL, Bajaj Auto, Sterlite Industries, Hindalco, Maruti and Coal India were down 0.7-1.5%.

In the second line shares, PTC India, Godrej Industries, Hathway Cable, Eicher Motors (after auto sales numbers for March) and Eros International (partent company Eros International PLC filed IPO papers with SEC in US) rallied 6-8%. However, Aurobindo Pharma and BEML fell over 4%.

At 13:45 hours IST: Sensex rises 100 pts; SBI, L&T, TCS lead

The BSE Sensex gained 100 points in afternoon trade due to buying interest in index heavyweights Larsen & Toubro, State Bank of India and TCS. Bharti Airtel, ICICI Bank and ONGC too were up.

The BSE benchmark climbed 120.60 points to 17,525 led by 22 components. Meanwhile, the NSE benchmark rose 34.50 points to 5,330. European markets like FTSE, CAC and DAX gained 0.5-1%.

Engineering and construction company Larsen & Toubro rallied 2% and state-owned Tata Consultancy Services was up 1.7%.

State Bank of India, country's largest lender rose 2% while rivals HDFC Bank and ICICI Bank were up 0.5-1%. Housing finance company HDFC moved up 1%.

State-owned oil & gas producer ONGC and telecom major Bharti Airtel climbed 1% each.

However, shares of Bajaj Auto declined 1.65% after Reuters reported that Sri Lanka newspapers reported the government had hiked duties on auto imports as of March 31, sparking fears sales in a key export market for the Indian auto maker would be hit. Sri Lanka accounts for around 10% of Bajaj's sales and about 12-13% of EBITDA, according to a Deutsche Bank research report out on Monday.

HUL and Coal India were down more than 1%.

The broader indices continued to outperform benchmarks and the market breadth too was robust. The BSE Midcap Index was up 1.2% and Smallcap up 1.6%; about 1845 shares advanced while 769 shares on the BSE.

Power finance companies (also known as non-banking finance companies) like Power Finance Corporation, Rural Electrification Corporation and PTC India rallied 4-8% after The Tamil Nadu Electricity Regulatory Commission has approved 37% tariff hike which will generate additional Rs 78,700 crore for the state utility in FY13.

Shares of oil marketing companies are under pressure on profit booking as hopes of petrol prices hike eased. BPCL and HPCL fell 1.5-2% while IOC lost 0.5% as these companies are losing Rs 48 crore per day on petrol sale. IOC chief said company has been losing Rs 7.67/litre on petrol sale currently.

At 12:43 hours IST: Sensex up 0.5%; DLF, Rel Infra, R Power top gainers

The BSE Sensex and Nifty extended gains in afternoon trade amid volatility, rising 0.5% with support from capital goods, banks, realty and power stocks. However, the fall in Reliance and Infosys capped somewhat gains. On the global front, European markets started off trade with moderate gains on first day of April.

Back home, the BSE benchmark was up 82 points at 17,485.8 and the NSE benchmark rose 21 points to 5,316.15.

Anu Jain of IIFL sees Nifty in a narrow trading range of 300 points, 5,160 to 5,460. She said that she doesn't expect a major breakout till Nifty breaks 5,160-5,170 or crosses 5,460 levels.

"I would not be very bullish if 5,460 is taken out because that is a 50% between the top and the bottom we made last year," she added.

Among frontliners, Reliance Infrastructure topped the buying list, rising 3.5%. DLF and Reliance Power surged 3% each.

SAIL, NTPC and NTPC climbed 2-2.7%. M&M, Larsen & Toubro and State Bank of India gained 1.5% each.

Country's largest private sector lender ICICI Bank gained 0.5% while rival HDFC Bank was up 0.8%. Housing finance company HDFC rallied 1%.

However, shares of Ranbaxy Labs, a second largest company by total assets fell 2% on profit booking, which had rallied over 14% in last five days.

Bajaj Auto, Coal India, Ambuja Cements, Sterlite Industries, Coal India and HUL were down 1-1.7%. Infosys, country's No. 2 software services exporter was down 0.48% and index heavyweight Reliance Industries fell 0.3%.

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IVRCL rallied 2.5% as the company bagged two orders worth Rs 4,081 crore.

Maruti Suzuki was under pressure, falling 0.3% post lower than expected sales numbers for March. The company sold 1.26 lakh units in March as against 1.21 lakh units in the corresponding month of previous year. CNBC-TV18 poll had expected sales at 1.32 lakh units.

In the second line shares, TV18 Broadcast shot up over 12%. PTC India, Hathway Cable, Eicher Motors and Eros International were up 6-8% while Aurobindo Pharma, Vaarad Ventures, BEML, Ballarpur Industries and DB Corp were down 2.5-5%.

Advancing shares outnumbered declining by 1726 to 743 on the BSE.

At 11:30 hours IST: Nifty hovers around 5300; broader markets outperform

The NSE Nifty was moving in a narrow range around 5300 level after a rally of 117 points on Friday. It seemed to be consolidating ahead of events like fourth quarter earnings, fuel price hike and RBI policy (schedule to be announced on April 17).

CLSA's senior economist, Rajeev Malik feels the RBI is not going to be dovish in the upcoming policy meet on April 17. He expects RBI to deliver a rate cut this time.

The BSE benchmark rose 29 points to 17,433.11 and the NSE benchmark was up just 2.5 points at 5,298 while the broader markets continued to outperform benchmarks. The BSE Midcap and Smallcap indices were up around 1%.

Shares of Larsen & Toubro and Tata Consultancy Services shot up 1.5%. Realty major DLF gained more than 2%.

HDFC, HDFC Bank, Tata Motors, Bharti Airtel, Tata Steel and Tata Power were up 0.5-1% while Reliance Industries, Infosys and Hero Motocorp fell 0.5-1%.

Bajaj Auto lost over 2% ahead of sales numbers for March. Coal India was down 2% after TCI decided to launch legal action against the company.

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Public sector lenders were witnessing buying interest after these banks allotted shares on preferential basis to LIC and the government of India. State Bank of India, country's largest lender, is going to allot 3.6 crore shares at Rs 2191.7/share to GOI on preferential basis.

Bank of India, United Bank of India, Union Bank of India and Indian Overseas Bank gained over 1.5% as they allotted shares. Bank Of Baroda rose just 0.4% as the bank allotted 1.95 crore shares at Rs 840/share to LIC.

Power finance companies like PTC India, Rural Electrification and Power Finance Corporation gained 3-7% after the Tamil Nadu Electricity Regulatory Commission hiked 37% in power tariff.

Eros International Media rallied nearly 7% after the Eros Plc, the holding company of Eros India, plans to raise USD 250 million in NYSE and to delist from AIM market.

Titan Industries jumped 6% as The Financial Express reported that the company was allowed by DGFT to import gold directly, which will save around 1% cost.

Gujarat High Court admitted petition filed by UCO bank for winding up of Electrotherm, which tanked 4%.

Kemrock Industries gained 1% as the company will raise USD 100 million via FCCB's and initial conversion price will be at Rs 529/share.

JHS Svendgaard rose close to 9% to Rs 43.95/share after the company decided to allott 5 lakh shares on preferential basis to promoter Nikhil Nanda at Rs.97.75/share.

Ranbaxy lost 1.7% on profit booking. The stock had rallied more than 10% in three days. The company received approval to market RAN?-ROSUVASTATIN in Canada.

At 10:16 hours IST: Sensex choppy; PTC India, PFC, REC on buyers' radar

The BSE Sensex continued to trade higher amid volatility, rising over 50 points due to consistent buying in capital goods, banks, metals and power stocks.

Non-banking finance companies, which provide finance to power projects, were on buyers' radar today; PTC India shot up 6.5% while Power Finance Corporation and Rural Electrification Corporation gained 4% each. The Tamil Nadu Electricity Regulatory Commission has approved 37% tariff hike which will generate additional Rs 78,700 crore for the state utility in FY13. CLSA said this is a big relief for private players.

The BSE benchmark gained 55 points at 17,459 and the NSE benchmark was up 12 points at 5,307.40 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices rose 1% each.

Engineering and construction major Larsen & Toubro jumped 1.7% and state-owned Bharat Heavy Electricals was up 1.5%.

Country's largest lender State Bank of India moved up 1% while rivals HDFC Bank gained 0.6% and ICICI Bank was flat.

TCS, top software services exporter and Bharti Airtel, India's largest telecom operator were up nearly 1%. However, India's most valued stock Reliance Industries fell 0.7%. FMCG majors ITC and HUL were down 0.4% and 1%, respectively.

Bajaj Auto, second largest two-wheeler maker, dropped 1.6% ahead of auto sales numbers for March.

The market breadth was strong; about 4 shares advanced for every share falling on the BSE.

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Tata Motors rose 1% after company's total sales for March jumped 20.4% to 1 lakh units year-on-year.

Mahindra and Mahindra gained 1.4% as the company posted 25% growth year-on-year in vehicle sales for March at 47,001 units.

Eicher rallied 2.6% as it sold 6,051 units (trucks and buses) in March as against 5,065 in same month of previous year.

Coal India fell 1.65% after the TCI decided to launch legal action against the company.

IVRCL management was supposed to meet over the weekend to discuss Essel group buying 10%. The stock rose 2%.

Varun Shipping surged 8.6% after the company decided to demerge shipping management business and investment business.

HCC gained 2.5% after the company sold its 7% stake in Jyoti Ltd.

Zee Entertainment surged close to 3% ahead of board meeting on April 4 to again consider a buy-back. In the last buy back, the company has managed to buy back shares worth only Rs 232 crore versus Rs 700 crore. The Business Standard reported that Subhash Chandra promoted Zee Group is close to buying out Dainik Bhaskar.

Yes Bank was up 1.55% amid heavy volume after the Economic Times reported that the company raised Rs 380 crore from IFC and will raise USD 400 million via GDR. Even it was the most active stock today.

At 9:19 hours IST: Sensex opens with moderate gains; banks, auto support

The BSE Sensex gained more than 50 points in early trade amid volatility after opening flat on first day of April. Banks and auto stocks were on buyers' radar while index heavyweight Reliance Industries was under pressure. It will be truncated week for the market due to holiday on Thursday and Friday.

The BSE benchmark was up 75 points at 17,479.14 and the NSE benchmark rose 16 points to 5,311.50.

Coal India was down 2% after TCI said it would launch legal action against the company and instructed its lawyers Luthra & Luthra to begin legal process against CIL.

BPCL fell 1.3% as hopes of fuel price hike eased for the time being.

Sterlite Industries, Axis Bank, ICICI Bank, HUL, Reliance Industries, L&T, Ranbaxy Labs, Infosys, Sesa Goa, ONGC, ACC, DLF and Ambuja Cements gained 0.5-1%.

However, Tata Motors and M&M gained more than 1% after better than expected sales numbers in March 2012. Tata Motors' sales went up 20.4% to 1 lakh units YoY and M&M's sales rose 25% to 47,001 units.

Kotak Mahindra Bank, TCS, Bajaj Auto, Reliance Power, Bharti Airtel, SBI and ITC too were supporting the market.

The CNX Midcap Index rose 17 points to 7,728.

In the second line shares, Aurobindo Pharma tanked 6% amid heavy volume.

Dhanlaxmi Bank lost 1.5%. Kingfisher Airlines was down 2%.

Power financing companies (non banking finance companies) PTC India, PFC and REC shot up 3-4%.

Titan Industries was up 4% as The Financial Express reported that the company was allowed by DGFT to import gold directly, which will save around 1% cost.

IVRCL gained 1.5%. TVS Motor jumped 2.5% ahead of auto sales numbers for March.

Manappuram Finance rebounded with 1.6% gains after losing more than 15% in last week.

JHS Svendgaard shot up for third consecutive session today, gaining 11% after the company said it would allott 5 lakh shares on preferential basis to promoter Nikhil Nanda at Rs.97.75/share.

Zee Entertainment surged nearly 3% as Business Standard reported that Subhash Chandra promoted Zee Group is close to buying out Dainik Bhaskar. The company will have board meet on April 4 to consider a buy-back again.