Sensex rises 161 points, Nifty ends slightly above 8000; M&M up

03:30 pm Market closing: The market has ended with some smart gains. The Sensex was up 161.25 points or 0.6 percent at 26586.55 and the Nifty was up 31.00 points or 0.4 percent at 8013.90. About 1421 shares advanced, 1231 shares declined and 183 shares were unchanged. Sun Pharma, M&M, Bajaj Auto, HDFC and ONGC were top gainers in the Sensex. Among the losers were Infosys, Hindalco, vedanta, SBI and Tata Power.

03:15 pm Currency: Backed by projected strong growth and inflow of investments, the Indian rupee has appreciated by 13.7 percent against the Japanese yen and 12.8 percent against the euro over the past 11 months, Singapores DBS banking group said today.

It has however declined 6.1 percent in value against the US dollar from July 2014 to June this year, as the greenback has appreciated against Asia''s 10 currencies on its own economic strength. Giving performances of Asian currencies, David Carbon, managing director for economic and currency research at DBS, said the rupee has appreciated by 6.6 per cent from July 2014 to this month against the Japanese yen, euro and USD combined. 

02:58pm Market Update: The Sensex gained 186.51 points or 0.71 percent at 26611.81 and the Nifty rose 38.75 points or 0.49 percent to 8021.65. About 1494 shares have advanced, 1086 shares declined, and 181 shares are unchanged on the BSE.

02:40pm Indigo IPO: The largest IPO in the aviation space may be set to hit the market by month-end. Sources say IndiGo is all set to file the DRHP with Sebi on June 30.

The airline plans to raise up to USD 400 million through the IPO. The valuation of IndiGo is pegged at about USD 1.6 billion. Six bankers - Citigroup, Kotak, Morgan Stanley, JP Morgan Chase, UBS & Barclays - have been appointed as book runners for the IPO.

The money raised via the IPO will be used to fund expansion plans and increase IndiGo's presence globally. The IPO will help fund fleet expansion plans over next 2-3 years.

The listing process is expected to be completed by the fourth quarter of calendar year 2015. The pricing of the IPO will depend on the timeline as to when it hits the market post approvals.

02:25pm Kaveri Seed on buyers' radar: The Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to invest up to 49 percent of Kaveri Seeds' equity base.

The shareholding of foreign institutional investors (FIIs) or registered FPIs (RFPIs) in Kaveri Seeds has dropped below the revised threshold limit. Hence, the restrictions on the purchase of shares of the company are withdrawn with immediate effect, RBI said.

"The FIIs/RFPIs can now invest up to 49 percent of the paid-up capital of Kaveri Seeds under the Portfolio Investment Scheme (PIS)," the central bank said in a notification. BSE data showed FIIs held 22.26 percent in Kaveri Seeds as of the quarter ended March 2015. The proposal has been cleared both by the Board and the shareholders, both agreeing to raise the limit.

The purchases could be made through the primary market and stock exchanges. FIIs, NRIs and PIOs (Persons of Indian Origin) can invest in primary and secondary capital markets in India through PIS. RBI monitors ceilings on FII/NRI/PIO investment in Indian companies on a daily basis and has fixed the cut-off at two percentage points lower than the actual level.

02:00pm Market Check
The market extended gains in afternoon trade with the Sensex rising 255.35 points or 0.97 percent to 26680.65 and the Nifty climbing 61.95 points or 0.78 percent to 8044.85. About 1507 shares have advanced, 1038 shares declined, and 164 shares are unchanged on the Bombay Stock Exchange.

Dipan Mehta, Member, BSE & NSE said that the market is still vulnerable. The monsoon has begun in true earnest, and that is the only bright sign for the stock markets.

He believes that unless the market starts trading firmly above 8,300-8,400 level, there will always be stress that it may fall off even further. He advises the traders to play safe for the next couple of weeks.

Sun Pharma topped the buying list on Sensex, up nearly 4 percent followed by HDFC, ICICI Bank, ITC, Reliance Industries, Mahindra & Mahindra, L&T, Tata Motors, ONGC and Bajaj Auto with 1-2 percent upside. However, State Bank of India lost 1 percent.

1:50 pm Brokerage view: Shares of Eicher Motors jumped over 3 percent intraday after CLSA has initiated coverage on the stock with a buy rating and a target price of Rs 21800 per share. The brokerage expects Eicher to deliver sector-leading 52 percent consolidated EPS Cagr over the next three years. Premium valuations should sustain given robust outlook and low competitive threat for Royal Enfield, it adds.

Royal Enfield will be a key beneficiary of rising replacement demand and shift in motorcycle demand profiletowards premium bikes. Commercial vehicle business should also deliver strong growth led by commercial cycle recovery and market share gains in heavy truck segment driven by new products,"it says in a report.

1:30 pm Buzzing: Shares of Glenmark Pharma climbed 1.7 percent intraday on receiving final approval from the USFDA for its extended cycle oral contraceptives.

The pharma company has received final approval from the US Food and Drug Administration (USFDA) for the extended cycle oral contraceptive, Levonorgestrel & Ethinyl Estradiol tablets USP, 0.15 mg. 0.03 mg, the AB-rated generic version of seasonable by Teva Women's Health.

Seasonale is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. According to IMS Health sales data for the one year period ending April 2015, the Seasonale market achieved annual sales of approximately USD 53.7 million.

The market maintains its strength as the Sensex is up 113.07 points or 0.4 percent at 26538.37. The Nifty is up 20.25 points or 0.2 percent at 8003.15. About 1340 shares have advanced, 1067 shares declined, and 161 shares are unchanged.

Sun Pharma, M&M, HDFC, ONGC and Reliance are top gainers while Infosys, SBI, Hindalco, Tata Power and NTPC are among laggards in the Sensex.

The annual rate of inflation, based on monthly Wholesale Price Inflation, stood at -2.36 percent (provisional) for the month of May, 2015 (over May, 2014) as compared to -2.65 percent (provisional) for the previous month and 6.18 percent during the corresponding month of the previous year.

This was the seventh straight fall in WPI aided by fall in Food articles inflation (3.8 pecent vs 5.73 percent MoM), Manufactured products inflation (-0.64 pecent Vs -0.52 percent MoM) and Primary articles inflation (-0.77 percent Vs -0.25 percnt MoM). For the month of March, 2015, the final Wholesale Price Index and annual rate of inflation remained unchanged at its provisional level of 176.1 and -2.33 percent respectively.

12:35pm Cairn-Vedanta merger: With Cairn India and Vedanta boards waving the green flag for their merger - in a ratio of 1:1 - share base of Vedanta promoter will get diluted by 20 percent. Vedanta PLC ownership in the company will fall to 50.1 percent versus 62.9 percent. Tom Albanese, CEO, Vedanta Resources, says he is encouraged by the positive response from analysts and shareholders. He says the ultimate aim is to create a large diversified low-cost business with a simple structure. The focus over next few quarters will be to reduce Vedanta's debt. he adds.

According to Albanese, regulators and shareholders may approve the merger by December-end. He further adds that the cash will be fairly assessed in valuation multiple and will be used effectively. It will be invested for growth purposes, he adds.

Mayank Ashar, MD and CEO, Cairn India says the company is focussed on growing as fast as it can, with oil prices where they are. 70% of capital is spent on growth, he adds.

12:20pm FII View: Worry over Greece has taken a serious turn with Germany ramping pressure on the cash trapped nation to avoid a default. Arnab Das, Managing Director, Macro-Strategy, Trusted Sources says the gaps in the

ongoing discussion points towards a possible Grexit. However, the event may not result in a massive global contagion.

Speaking of recovery in the United states, Das said it still remain very tepid. Although US is seeing signs of positive data points, he sees Fed going in for first interest rate hikes in September, "which in any case is likely to be gradual."

Speaking about India, Das said growing competition should force the government to do more to attract FII capital.

12:00pm Market Check
The market maintained its positive trend in noon trade after the government announced WPI inflation at negative 2.36 percent for May against negative 2.65 percent in previous month.

The Sensex climbed 168.21 points to 26593.51 and the Nifty jumped 36.05 points to 8018.95 led by index heavyweights like HDFC, Reliance Industries, L&T and ICICI Bank that rallied more than 1 percent.

Sun Pharma surged 3 percent as media report suggested that Madras HC vacated interim injunction on production and marketing of Syzopin (used in the treatment of schizophrenia). ONGC and Mahindra & Mahindra added 2 percent.

The market breadth was positive as about 1352 shares have advanced against 959 shares declined on the Bombay Stock Exchange.

11:50 am Interview: Bajaj Finance has raised Rs 1,800 crore via a qualified institutional placement (QIP) issue and allotment of warrants. Rajeev Jain, managing director, says the company expects the funds to be sufficient for the next 3- 4 years. In an interview to CNBC-TV18, Jain says the company is seeing steady demand and expects its loan book to grow 25 percent in the short-term.

Furthermore, Jain says the company will now be focusing on rural and urban business.

11:30 am Brokerage view: Shares of Cairn India jumped 3.5 percent intraday on its merger plans. Though analysts see grey areas in the deal that will merge oil subsidiary company and Vedanta (formerly Sesa Sterlite), they are still bullish on both the stocks.

CLSA has upgraded Cairn India to buy with a target price of Rs 250 per share and says that rejection of merger may drive 40-50 percent upmove in Cairn. It says Cairn's stock is building in USD 50 Brent Crude and completion of merger may limit downsides in merged entity's stock.

UBS also has a buy rating on Cairn India with a target price of Rs 210 per share, though it thinks the merger is negative for Cairn. The brokerage is unhappy with the merger ratio as it is below expectations and feels ratio is insufficient to offset Cairn's cash which gets diluted upon merger.

Barclays has an overweight rating on Cairn India with a target price of Rs 275. Stating that deal may be disappointing for Cairn's minorities, the brokerage says that merged Vedanta and ex-Hindustan Zinc will have a stretched balance sheet.

The market continues to rally supported by capital goods, oil & gas and pharma stocks. The Sensex is up 153.26 points or 0.6 percent at 26578.56 and the Nifty is up 36.00 points or 0.4 percent at 8018.90. About 1207 shares have advanced, 806 shares declined, and 135 shares are unchanged.

Sun Pharma, M&M, L&T, Wipro and Reliance are top gainers in the Sensex. Among the losers are Infosys, SBI, NTPC, Vedanta and GAIL.

Meanwhile, foreign investors have pulled out over Rs 4,700 crore from the Indian capital markets in first two weeks of the month, primarily on account of attractiveness of its Asian peers, worries over a slow revival in corporate earnings and continued worries over taxation issues. The debt market has seen steeper outflows than equities. The net outflow by foreign portfolio investors (FPIs) from equities stood at Rs 1,310 crore during June 1-12, while the

same for the debt markets was at Rs 3,431 crore taking the total to Rs 4,741 crore, shows latest data from depositories.

10:55 am Market news: Foreign investors have pulled out over Rs 4,700 crore from the Indian capital markets in first two weeks of the month, primarily on account of attractiveness of its Asian peers, worries over a slow revival in

corporate earnings and continued worries over taxation issues. The debt market has seen steeper outflows than equities.

The net outflow by foreign portfolio investors (FPIs) from equities stood at Rs 1,310 crore during June 1-12, while the same for the debt markets was at Rs 3,431 crore taking the total to Rs 4,741 crore, shows latest data from depositories.

10:30 am Market outlook: The market has discounted poor earnings growth and earnings downgrades at this point in time, says Nandan Chakraborty of Axis Capital. He sees growth picking up from the first quarter of calendar year 2016. He is bullish on the market over the next six months on expectations of economic recovery. However, he doesn't see bank recapitalisation any time soon. Also on the brighter side, he says new project announcements are seeing a 'pick up. According to Chakraborty, the more important thing is to look at sentimental factors which will help usher in economic growth ahead. He is bullish on pharma, telecom, auto and engineering sectors.

The market is still holding up its early morning gains. The Sensex is up 161.67 points or 0.6 percent at 26586.97, and the Nifty up 43.45 points or 0.5 percent at 8026.35. About 1097 shares have advanced, 575 shares declined, and 102 shares are unchanged.

Sun Pharma, L&T, HDFC, M&M and BHEL are top gainers in the Sensex. Among the losers are Infosys, NTPC, TCS, Vedanta and GAIL.

Oil prices fell in Asia as dealers fretted over a collapse in Greece's debt talks and a possible return of Iranian supplies disrupted by international sanctions, analysts said.

Crunch negotiations between Athens and its creditors fell apart yesterday, fuelling fears the cash-starved government was heading irreversibly into the financial abyss with a huge IMF debt payment due at the end of the month.

Analysts said oil prices were particularly hit as dealers fled the euro for the US dollar, strengthening the greenback. A stronger US dollar makes crude more expensive for buyers using weaker currencies.

09:55am Glenmark in News: Glenmark gained more than one percent after its US subsidiaryhas received final approval from the US Food and Drug Administration for the extended cycle oral contraceptive, Levonorgestrel &

Ethinyl Estradiol tablets USP, 0.15 mg. 0.03 mg, the AB-rated generic version of seasonable by Teva Women's Health. Seasonale is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a

method of contraception. According to IMS Health sales data for the one year period ending April 2015, the Seasonale market achieved annual sales of approximately USD 53.7 million.

09:40am Market Update: The market rebounded after initial losses. The Sensex gained 54.09 points at 26479.39 and the Nifty rose 9.25 points to 7992.15. About 826 shares have advanced, 520 shares declined, and 97 shares are unchanged on the BSE.

HDFC, L&T and Sun Pharma gained more than 1 percent. Reliance Industries, ICICI Bank, Tata Motors, ITC and ONGC gained marginally. However, TCS, NTPC, Cipla, Bharti Airtel, Coal India and Bajaj Auto fell 0.4-1 percent.

09:35am Oil falls: Oil prices fell in Asia today as dealers fretted over a collapse in Greece's debt talks and a possible return of Iranian supplies disrupted by international sanctions, analysts said.

US benchmark West Texas Intermediate for July delivery fell 20 cents to USD 59.76 while Brent crude for July eased 37 cents to USD 63.50 in mid-morning trade.

Markets are "closely tracking the Greek debt crisis and the ongoing negotiations between Iran and the big six powers," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY.

Crunch negotiations between Athens and its creditors fell apart yesterday, fuelling fears the cash-starved government was heading irreversibly into the financial abyss with a huge IMF debt payment due at the end of the month.

Analysts said oil prices were particularly hit as dealers fled the euro for the US dollar, strengthening the greenback. A stronger US dollar makes crude more expensive for buyers using weaker currencies, reports PTI.

09:15am Market Check
The market opened marginally lower on Monday. The Sensex fell 84.28 points to 26341.02 and the Nifty declined 25.30 points to 7957.60. About 397 shares have advanced, 316 shares declined, and 79 shares are unchanged on the BSE.

Vedanta and Cairn India climbed more than 2 percent after the board of directors of both companies approved merger. Tata Power also saw buying interest on power tariff hike.

However, Infosys fell 0.8 percent as the stock is quoting ex-bonus today (1:1) The Indian rupee opened lower by 9 paise at 64.15 per dollar versus 64.06 yesterday.

The euro traded lower after efforts on ending a deadlock between greece and its creditors broke up in failure over the weekend.

Pressure on the euro helped the dollar index rise to above the 95 mark.

In Asia, stocks nursed losses after talks aimed at reaching a deal between Greek ministers and their bailout creditors collapsed over the weekend.

In the US, all major indices ended the day in the red with the Dow closing nearly 140 points off the day's high while. The Nasdaq closed more than half a percent lower. The S&P 500 lost seven tenths of a percent to close at 2094.

for the week, all the indices saw a flat close. All eyes are now on the Federal Open Market Committee's highly-anticipated June statement this week. Investors will watch the statement for cues on the timing of a short-term interest rate hike. Consensus is for the US central bank to begin tightening in September.

And in Europe, equities closed lower on Friday, with the standoff between Greece and its creditors seemingly intensified. Uncertainty continues to loom over Greece as last week IMF walked out of negotiations The benchmark Athens Composite closed nearly 6 percent lower on the day and roughly 1.5 percent down on the week. Greek bonds sold off, with yields on 10-year government debt climbing to 11.8 percent.