Nifty ends at 8565, Sensex down 62 points; BHEL sheds 6%

03:30 pm Market close: The Sensex ended at 28236.39, down 61.74 points while the Nifty was at 8564.60, down 24 points. About 1379 shares  advanced, 1545 shares declined, and 152 shares are unchanged. BHEL lost 6 percent. ONGC, Tata Motors, Vedanta, Hindalco and Sun Pharma are top gainers while Coal India, SBI, Bajaj Auto and NTPC were among losers in the Sensex.

03:00 pm Sebi: As it continues its fight against suspected illicit funds being routed through stock markets, Sebi has initiated an internal study of suggestions made by the Supreme Court-appointed SIT on black money and the matter would be discussed by the regulator's board later this month.

This comes at a time when Sebi has already acted against over 950 domestic entities for suspected tax evasion through stock exchange platform, while at least 25 offshore entities are under its scanner for providing investment services to corporates and High Networth Individuals (HNIs) here in a clandestine manner.

These offshore units set up in global financial hubs, including those linked to a few large European banks as also boutique investment service providers run by persons of Indian origins, are offering hybrid financial products to their clients in India while avoiding any regulatory oversight.

02:50 pm Maggi woes: With Maggi continuing to be off the shelves in the market place, government on Friday said its manufacturer Nestle was "not forthcoming" on giving reasons for the high MSG levels found in some of the packages.

Health Minister J P Nadda said in Lok Sabha that the government did not ban Maggi but had asked Nestle to recall the product and give reasons for the high Monosodium Glutamate (MSG) level found in it.

"They are yet to reply. They are not forthcoming," the Minister said during Question Hour.

02:30 pm BHEL commissions NTPC unit: State-run BHEL today said it has commissioned a 500 MW Unit of NTPC's Vindhyachal Super Thermal Power Station in Madhya Pradesh.

"Bharat Heavy Electricals Limited (BHEL) has added one more coal-based power plant to the grid by successfully commissioning the 500 MW Unit-l3 of Vindhyachal Super Thermal Power Station (STPS), Stage-V of NTPC," the company said in a regulatory filing. The project is located in Vindhyanagar in Singrauli district of Madhya Pradesh, it added.

BHEL has earlier commissioned six units of 500 MW each at Vindhyachal power station, it said.

"With the commissioning of this unit, BHEL has now commissioned 7 sets of 500 MW aggregating to 3,500 MW, the highest by BHEL in a power project," it added.

02:00 pm Market Check: The market fell marginally amid consolidation in afternoon trade, dragged by BHEL. Banking & Financials, select technology and pharma stocks also remained under pressure.

The Sensex dropped 44.78 points to 28253.35 and the Nifty declined 18.15 points to 8570.50. About 1362 shares have advanced, 1474 shares declined, and 146 shares are unchanged on the BSE.

BHEL plunged 8 percent after it disappointed street with first quarter profit falling 82.5 percent to Rs 33.9 crore year-on-year, impacted by lower revenue and loss at operating level.

Mahindra & Mahindra erased gains on profit booking post earnings. Consolidated net profit fell 7 percent year-on-year to Rs 831 crore against forecast of a 17 percent decline. The bottomline and operational performance beat analysts' estimates due to cost control measures while topline fell short of expectations on lower sales volumes.

However, Tata Motors gained nearly 3 percent ahead of Q1 earnings, which are expected to be dismal due to JLR's weak performance.

1:52 pm Market close: The Sensex is down 84.55 points or 0.3 percent at 28213.58, and the Nifty slips 29.80 points or 0.3 percent at 8558.85. About 1386 shares have advanced, 1387 shares declined, and 152 shares are unchanged.

Tata Motors, ONGC, Vedanta, M&M and Sun Pharma are top gainers while BHEL tanks 7 percent. Other losesr ares Coal India, SBI, Cipla and Axis Bank.

1:50 pm Bad Q1 results: Bharat Heavy Electricals (BHEL) disappointed street with first quarter profit falling 82.5 percent to Rs 33.9 crore compared to Rs 194 crore in the year-ago period, impacted by lower revenue.

According to a CNBC-TV18 poll, profit was expected at Rs 217 crore on revenue of Rs 5,181 crore for the quarter.

Revenue dropped 15.5 percent to Rs 4,280.8 crore in June quarter compared to Rs 5,068 crore in the same quarter last fiscal.

1:20 pm Results: Mahindra and Mahindra's first quarter consolidated net profit fell 7 percent year-on-year to Rs 831 crore. The stock price touched a record high of Rs 1,441.45, up 3.4 percent as the bottomline and operational performance beat analysts' estimates due to cost control measures while topline fell short of expectations on lower sales volumes.

Profit was estimated at Rs 730.6 crore (down 17 percent) on revenue of Rs 9,907 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

Volumes continued to fall in both segments autos and tractors, but the pace of fall has reduced considerably. M&M sold 1.71 lakh vehicles in June quarter, lower 8 percent compared to 1.86 lakh vehicles sold in same quarter last year. Sales volumes in Q4FY15 dropped 15 percent year-on-year.

The market is still sluggish and the Nifty is yet to breach 8600 level. The Nifty is up 0.90 points at 8589.55. The Sensex is up 19.70 points at 28317.83. About 1494 shares have advanced, 1200 shares declined, and 145 shares are unchanged.

M&M, Tata Motors, Vedanta, ONGC and Reliance are top gainers in the Sensex. Among the losers are Coal India, SBI, Bajaj Auto, Bharti Airtel and ITC.

After state food and drug administrations cracked the whip on e-commerce companies like Snapdeal for selling prescription drugs online, the government's new panel is working closely on suggesting amendments on several critical pharma laws and is also framing provisions to avoid monopolistic trade practices.

The panel is expected to suggest amendments to critical pharma laws like the Drugs and Cosmetics Act, the Drugs Price Control Order and other cyber crime laws.

12:55 pm Market Update: The Sensex gained 18.71 points at 28316.84 and the Nifty rose 0.85 points to 8589.50. About 1486 shares have advanced, 1199 shares declined, and 138 shares are unchanged on the BSE.

12:45 pm FII View: Richard Gibbs of Plantagenet Investments is bullish on India's infra sector and the road construction space.

Talking to CNBC-TV18, he said India is regarded as a good investment destination by foreign investors. "Foreign investors like the India story," he said.

Among many things, the benign inflation will see interest rates coming down. Gibbs expects the Reserve Bank of India (RBI) to cut rates this year itself.

12:30 pm Earnings estimates: Two auto majors Tata Motors and Mahindra & Mahindra gained 1.5-2 percent ahead of their earnings today. Tata Motors is expected to post a weak quarter as analysts expect JLR may disappoint once again. Analysts keep an eye on falling volumes in the auto as well as the tractor segment.

In other key earnings, BHEL fell marginally as its revenues are expected to be subdued in the first quarter. A CNBC-TV18 poll indicates low commodity prices may support margins. For Grasim, while bulk of the earnings have been factored in via UltraTech numbers, analysts see an 11 percent uptick in total income.

12:00 pm Market Check: Equity benchmarks indices remained rangebound on Dalal Street. Banking & financials and FMCG stocks continued to be weak but energy stocks supported.

The 30-share BSE Sensex gained 28.87 points at 28327 and the Nifty rose 2.85 points to 8591.50. The broader markets continued to outperform with the BSE Midcap and Smallcap indices rising 0.3-0.6 percent. About 1442 shares have advanced, 1172 shares declined, and 153 shares are unchanged on the BSE.

CLSA has increased it's India weightage on the back of positive impact of government's PSU bank recapitalisation package.

Sun Pharma gained nearly a percent as Taro's first quarter net sales jumped 65 percent and margin expanded by 2070 basis points to 62.5 percent. Profits more than doubled to USD 104 million.

Vedanta gained more than 2 percent as the company is ready to re-start its Goa operations next week after a 3-year wait. All approvals are in place to mine 5.5 million tonnes of iron ore per annum.

11:50 am Market outlook: Nifty won't go down in a hurry as there are plethora of supports, says VK Sharma of HDFC Securities. He does not think 8450 will be broken at all. However, he adds that 8650 is a good resistance. Also, according to him, if the non-farm payrolls coming in a tad weak, US Federal Reserve rate hike will happen only in December. As far as Bank Nifty is concerned, he sees strong resistance at 19100. If it goes beyond that, buy Bank Nifty. He advises investors to buy Kotak Mahindra Bank if one wishes to get more than Bank Nifty.

11:30 am Poll: BHEL's first quarter net profit is seen rising 12.2 percent year-on-year to Rs 217 crore on strong operational performance. Revenue may increase 2.2 percent to Rs 5,181 crore from Rs 5,068 crore during the same period, according to average of estimates of analysts polled by CNBC-TV18.

The range for expected topline, bottomline and operating profit is big. The minimum profit expected by analysts is Rs 117 crore and maximum Rs 404 crore for the quarter. The range of revenue is Rs 4,054-6,186 crore and operating profit Rs 150-658 crore.

BHEL's reported performance is likely to remain constrained, impacted by muted execution. Sales growth may be impacted by ongoing execution issues for about 2/3rd of its order book from the power segment.

The market is still rangebound while Oil & Gas index is up over 1 percent.  The Sensex is down 10.06 points at 28288.07 and the Nifty is down 6.80 points at 8581.85. About 1407 shares have advanced, 921 shares declined, and 139 shares are unchanged.

ONGC, Vedanta, M&M, Tata Motors and Reliance are top gainers in the Sensex. Among the losers are SBI, Bharti Airtel, Coal India, Bajaj Auto and ITC.

Oil prices looked set to continue a multi-week decline in Asian trade on Friday on concerns over a global oversupply of crude and mixed prospects for energy demand. Investors are looking ahead to additional supplies of oil coming into the market as part of last month's historic deal between six major powers and Iran over its nuclear programme. In exchange for curbing its nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.

10:59 am Market Update: The Sensex gained 5.02 points at 28303.15, and the Nifty fell 3.15 points to 8585.50. About 1412 shares have advanced, 916 shares declined, and 128 shares are unchanged on the BSE.

10:40 am Earnings estimates: Kalpataru Power's first quarter standalone net profit is expected to be flat at Rs 41.9 crore year-on-year, according to a CNBC-TV18 poll. Profit may be dented by lower revenue and operating income but may be supported by margin expansion.

Revenue in June quarter is seen falling 5.2 percent to Rs 1,008 crore on subdued order book and lower order inflows seen in H1FY15. The base in Q1FY15 was high.

Operating profit may decline 0.4 percent to Rs 105.9 crore compared to same quarter last year. However, margin may expand 50 basis points to 10.5 percent due to lower losses in infra business.
 
Order inflow is expected to be closely watched as the company may have managed to bag orders worth Rs 1,800 crore in Q1FY16.

10:20 am Market Expert: Nifty won't go down in a hurry as there are plethora of supports, says VK Sharma of HDFC Securities. He does not think 8450 will be broken at all. However, he adds that 8650 is a good resistance.

Also, according to him, if the non-farm payrolls coming in a tad weak, US Federal Reserve rate hike will happen only in December.

As far as Bank Nifty is concerned, he sees strong resistance at 19100. If it goes beyond that, buy Bank Nifty.

10:00 am Market Check
The market continued to see consolidation in morning trade due to lack of triggers. The Sensex fell 8.32 points to 28289.81 and the Nifty declined 0.90 points to 8587.75.

However, the broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.5 percent. About 1245 shares have advanced, 757 shares declined, and 107 shares are unchanged on the Bombay Stock Exchange.

Tata Motors (up 0.4 percent), BHEL (flat) and Mahindra & Mahindra (up 0.6 percent) will remain in focus today ahead of their June quarter earnings. Tata Motors is expected to report dismal performance on JLR weakness. Mahindra & Mahindra numbers too are likely to be weak on yearly basis but sequential performance may be good while BHEL's reported performance is likely to remain constrained, impacted by muted execution.

9:59 am Market check: The market is still flat but the Nifty is nearing 8600. The 50-share index is up 4.70 points at 8593.35 and the Sensex is up 9.10 points at 28307.23. About 1200 shares have advanced, 738 shares declined, and 111 shares are unchanged.

Vedanta, ONGC, Reliance, Sun Pharma and Tata Motors are top gainers while ITC, Bajaj Auto, GAIL, Coal India and SBI are top gainers.

9:50 am Tata Motors's first quarter consolidated net profit (excluding forex gains) may plunge 42 percent year-on-year to Rs 3,100 crore as Jaguar Land Rover, which has supported consolidated bottomline during slowdown in commercial vehicle space, may hurt June quarter earnings.

Revenue is expected to fall by 2.5 percent to Rs 63,068 crore compared to Rs 64,683 crore in the year-ago period, according to average of estimates of analysts polled by CNBC-TV18.

9:30 am FII View: Chris Wood, CLSA said there has been some positive news from India this week: in a major positive, minister of state for Finance Jayant Sinha and Financial Services Secretary Hasmukh Adhia provided a detailed roadmap PSU banks.

There is also confirmation that government will announce new heads for five PSU banks, he added.

According to him, this move prompts Greed & Fear to raise the already substantial overweight in India in the Asia Pacific ex-Japan relative-return portfolio. This will be done by shaving the overweight in China by two percentage points, Wood said.

The market has opened flat. The Sensex is up 10.99 points at 28309.12 and the Nifty is down 13.30 points at 8575.35. About 486 shares have advanced, 258 shares declined, and 80 shares are unchanged.

Vedanta, Sun Pharma, Tata Steel, ONGC and Tata Motors are top gaienrs in the Sensex while ITC, Dr Reddy's Labs, Infosys, SBI and ITC are among laggards.

The Indian rupee opened flat at 63.76 per dollar against previous close of 63.77.

Pramit Brahmbhatt of Veracity said, "Rupee is expected to open flat with a positive bias. Correction in crude and gold is supporting the currency. Rupee is expected to trade in the range of 63.50-64.20/dollar."

The dollar retreated against major currencies in choppy trading in a week that has seen the greenback on a generally firmer trend, as investors balanced their positions ahead of the crucial US nonfarm payrolls report.

US stocks closed lower with the Nasdaq off 1.6 percent, as investors weighed declines in oil and disappointing earnings ahead of today's key employment report. Economists expect 223,000 non-farm payrolls on Friday with unemployment unchanged at 5.3 percent, according to a Reuters poll.

Asian markets, too opened weak, taking the lead from the US markets. The decline in oil prices and disappointing earnings ahead of key employment report today weighed on sentiment. Investors in Asia keep an eye on the Bank of Japan's policy decision.

In other asset classes, Crude continued to decline with Nymex Crude settling at multi-month lows as a large drop in US crude inventories failed to boost prices. Brent crude was trading below USD 50 per barrel.

And from the precious metals space, gold edged higher, supported by the retreating US dollar and a tumble in global equities as traders awaited US employment data seen as key to determining when the Federal Reserve may raise interest hikes.