Sensex ends on a positive note, Nifty below 10,100; midcaps outperform

3:30 pm Market at Close: Equity benchmark indices ended the session on a positive note, with the Nifty ending below 10,100.

The Sensex closed up 55.52 points at 32241.93, while the Nifty ended higher by 7.30 points at 10086.60. The market breadth was flat as 1,303 shares advanced against a decline of 1,308 shares, while 147 shares were unchanged.

Axis Bank, Sun Pharma, Adani Ports and Tata Motors DVR were the top gainers, while Wipro, Kotak Mahindra Bank, and Vedanta were the top losers.

3:20 pm Buzzing: Piramal Enterprises (up 6 percent) and IDFC (up 4 percent) were trading at day's high in late trade.

3:14 pm India-Japan tie-up: India and Japan today inked 15 agreements to further broad-base their strategic partnership and agreed to strengthen cooperation in the Indo-Pacific region where China is increasing its assertiveness.

Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe held wide-ranging talks on key bilateral, regional and international issues and discussed ways to deepen ties in trade, security and civil nuclear energy.

Addressing a joint press event with Abe, Modi said Indo-Japan ties were not limited to bilateral or regional spheres. The two sides also closely cooperated on key global issues.

During the talks between the two leaders, India and Japan inked 15 pacts to give a boost to cooperation in various key sectors, including civil aviation, trade and science and technology.

3:09 pm China IIP: China's economy revealed fresh signs of headwinds in August as data showed today that industrial output and retail sales unexpectedly slowed for a second consecutive month.

The readings follow disappointing export figures released last week, a one-two punch for the Asian giant, as an official pointed to weak overseas demand and warned the domestic economy still faces "many hidden concerns".

Output at factories and workshops expanded six percent last month, the lowest recorded this year and well below the 6.6 percent forecast in a Bloomberg News survey.

3:07 pm Rice stocks rally: LT Foods, KRBL, Chaman Lal Setia and Kohinoor Foods surged 2-13 percent in afternoon trade.

3:05 pm Earnings: Shares of SMS Pharmaceuticals rose 10 percent intraday as the company has doubled its profit in the quarter ended June 2017 (Q1FY18).

The company's Q1 net profit was up 119 percent at Rs 9.2 crore versus Rs 4.2 crore, in a year ago period. Revenue was up 43 percent at Rs 132 crore versus Rs 92.5 crore.

The operating profit (EBITDA) was up 30 percent at Rs 19.7 crore, while margins were down at 14.9 percent.

3:00 pm OMCs regain strength: Oil retailers Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Indian Oil Corporation regained their strength, rising up to 1 percent.

2:55 pm IPO subscription: The initial public offering of Capacit'e Infraprojects has been subscribed 2.89 times today, as per latest data available on NSE.

The issue has been received bids for 3.3 crore equity shares against IPO size of 1.14 lakh shares (excluding anchor investors' portion).

2:50 pm Market Check: Benchmark indices gained strength again in afternoon, with the Nifty reclaiming 10,100 level.

The 30-share BSE Sensex was up 80.46 points at 32,266.87 and the 50-share NSE Nifty rose 18.20 points to 10,097.50.

2:45 pm Demerger: Panacea Biotec will demerge its realty business into a separate listed company.

Real estate business comprises of Radhika Heights alongwith subsidiaries and two properties - DCM Building Property and Jonapur Property. This is first demerged undertaking.

Panacea will also demerge the specified leasing business of Radhika Heights alongwith its Mohan Cooperative Property from Radhika Heights into Panacea. This is the second demerged undertaking.

Post arrangement, Radhika Heights will to issue new shares to all Panacea shareholders in same proportion. Hence, existing shares held by company in Radhika Heights will be cancelled, the company said.

2:36 pm Metals lose shine: Metals stocks were under pressure today as the Nifty Metal index fell 0.8 percent on profit booking.

Vedanta was biggest loser amongst them, down more than 2 percent followed by NALCO, MOIL, Hindalco, Tata Steel, Hindustan Zinc and Coal India.

2:30 pm Market Check: Equity benchmarks remained rangebound in afternoon trade, with the Nifty gyrating around 10,080 level as investors looked closely at geopolitical developments.

The 30-share BSE Sensex was up 25.73 points at 32,212.14 and the 50-share NSE Nifty fell 1.10 points to 10,078.20.

The market breadth turned negative as about 1,267 shares declined against 1,200 advancing shares on the BSE.

2:23 pm Buzzing: Ferro Alloys surged 20 percent intraday after strong earnings for the quarter ended June 2017.

The company posted a profit of Rs 38.1 crore for the quarter against loss of Rs 1.5 crore in same quarter last year due to one-time gain of Rs 24.8 crore.

Revenue grew by 5.5 percent to Rs 144.8 crore from Rs 137.2 crore YoY.

2:10 pm Results: Chartered Logistics share price rallied more than 6 percent as its first quarter profit increased 16.7 percent year-on-year to Rs 3.5 crore.

However, revenue fell 13.2 percent to Rs 33 crore from Rs 38 crore on year-on-year basis.

2:00 pm Vehicle price hike: Mahindra & Mahindra raised price of Scorpio Hybrid SUV by 3.7 percent, XUV 500 by 3.7 percent and Bolero Power Plus SUV by 1 percent, reports CNBC-TV18 quoting sources.

The utility vehicle maker also increased price of NuvoSport and TUV 300 by upto 1.2 percent each.

Sources said the price of Xylo multi utility vehicle is increased, too, by 3.7 percent.

1:50 pm Management Speak: Shyam Srinivasan, MD & CEO, Federal Bank in an interview to CNBC-TV18 spoke about the business outlook going forward.

According to him, the year on year loan book growth for the bank would be north of 20-25 percent and sequential growth of 5 percent. Corporate growth continues to gain momentum, he said.

Moreover, an improvement in the asset quality will also continue going forward because the bank is not part of large stressed accounts, he said.

1:30 pm Buzzing Stock: Shares of SMS Pharmaceuticals rose 10.5 percent intraday Thursday as the company has doubled its profit in the quarter ended June 2017 (Q1FY18).

The company's Q1 net profit was up 119 percent at Rs 9.2 crore versus Rs 4.2 crore, in a year ago period.

Revenue was up 43 percent at Rs 132 crore versus Rs 92.5 crore.

1:15 pm Market Check: Equity benchmarks continued to consolidate in afternoon after erasing morning gains, tracking weakness in Europe amid geopolitical tensions.

The 30-share BSE Sensex was up 19.58 points at 32,205.99 and the 50-share NSE Nifty fell 0.20 points to 10,079.10.

The market breadth was balanced as about 1,201 shares advanced while 1,203 shares declined on the BSE.

12:55 pm Europe trade: European markets were lower as investors assessed geopolitical developments and looked ahead to the Bank of England's latest policy decision.

France's CAC, Germany's DAX and Britain's FTSE were trading 0.2 percent lower.

North Korea said on Wednesday that it would redouble its efforts to fight off what it called the threat of a US invasion after being hit by a new set of sanctions from the United Nations over its nuclear missile tests. Meanwhile, Russia and Belarus are set to begin a week of strategic military exercises Thursday.

12:45 pm Buzzing: Shares of Jubilant Foodworks staged a recovery from Wednesday's decline, as the stock rose over 4.5 percent intraday today. Investors reacted positively to the company's assurance that all its food ingredients were safe for consumption.

''The company has carried out a comprehensive inspection across vendors and stores and would like to reassure that all our food ingredients are safe for consumption and we have not received any other complaint of this nature,'' the company said in a statement.

Further, it added that the company maintained stringent hygiene and quality standards for its products and all of these products and quality standards were certified.

The stock was aided by a report from Deutsche Bank which said that the incident may not have any material impact on the company's operations, while estimates too remained unchanged. It forecast EBITDA growth of 35 percent over FY17-19. In fact, the stock remains a top pick in consumer discretionary space.

12:31 pm Loan growth: According to Shyam Srinivasan, MD & CEO of Federal Bank, the year on year loan book growth for the bank would be north of 20-25 percent and sequential growth of 5 percent.

Corporate growth continues to gain momentum, he said in an interview to CNBC-TV18.

Moreover, an improvement in the asset quality will also continue going forward because the bank is not part of large stressed accounts, he said.

Talking about their insurance business, he said IDBI Federal Insurance has turned positive now for three years and is building scale, he said, adding that there is also a process underway to identify value and how the three partners want to look at the way forward – be it scale up, scale down, we disinvest etc. It is at a significant higher value than our original investment, he added.

12:15 pm Interview: V2 Retail posted a good set of earnings for this quarter with revenue up 31 percent and profit after tax (PAT) up by 87 percent.

Company retails apparel, non-apparel and household products via 41 stores. It also offers products for low income segment and non-branded value for money products. Most of the stores are located in North India such as Uttarakhand, Karnataka, Jharkhand and Assam.

"We are looking at a steady growth and keeping this 30-40 percent revenue growth every year in the next couple of years," Akash Agarwal, Director of V2 Retail in an interview to CNBC-TV18 said.

Currently we are operating 41 stores and plan to open another 15-20 stores in FY18 and average revenue comes out to be around Rs 15 crore per store, he added.

12:06 pm Inflation: Wholesale price index inflation increased to 3.24 percent in August from 1.8 percent in previous month.

12:05 pm Reliance Comm in focus: Reliance Communications said it will challenge equipment maker Ericsson's petition against it under the insolvency and bankruptcy code for recovery of about Rs 1,155 crore.

"We wish to inform you that Ericsson India Private Limited (Ericsson), an unsecured operational creditor, has filed petition under IBC provisions against the company in... National Company Law Tribunal, Mumbai Bench (NCLT)... for recovery of an amount of Rs 491.41 crore," RCom said in a BSE filing.

Ericsson has also filed similar petitions against RCom subsidiaries, Reliance Infratel and Reliance Telecom, for recovery of Rs 534.75 crore and Rs 129.34 crore, respectively, the filing added.

"Today, after hearing the parties, the NCLT has adjourned the matter to 26th September, 2017. The company intends to challenge the said petitions," RCom said.

The debt-ridden telecom operator has been given time till December 31 by the lenders to service its debt obligation. It has been reeling under a financial crisis following cut-throat competition over tariff.

Reliance Communications share price fell over 2 percent.

12:02 pm Buzzing: Shares of Axis Bank gained around 4 percent intraday after global financial services firm upgraded its rating on the stock.

Deutsche Bank, in its report, upgraded the rating on the stock from hold to buy with an increased target price of Rs 600.

Further, it said that the risk reward is favourable and the company could have stronger tailwinds than the headwinds.

Moreover, a long cycle of non-performing loans (NPLs) is seemingly peaking now, it said, adding that the next fiscal will be the year of change.

11:55 am Market Outlook: Indian market is on the cusp of breaking its record milestones.

The rally is due to the gush of liquidity. The market did not seem to be in a bubble, Sridhar Sivaram, Investment Director, Enam Holdings said in an interview to CNBC-TV18.

''This is a part of a global rally…emerging markets are at a 3-year high, US markets are up,'' Sivaram said.

11:50 am Buzzing: Graphite India share price rallied 8.4 percent intraday Thursday after Jefferies has initiated coverage with buy rating.

The research house set a target price of Rs 342 for Graphite, implying a potential upside of 31 percent as it feels earnings will grow at CAGR of 116 percent over FY17-20.

It also expects improvement in realisation to drive revenue CAGR of 32 percent over FY17-20 and cash conversion cycle to improve to 27/20 days in FY18/19.

Company's German subsidiaries will turnaround with revival in graphite demand, the research house said.

11:43 am Rupee trims early losses: The rupee trimmed its early losses against the dollar and was trading 8 paise down at 64.07 in late morning deals.

A sustained bouts of dollar demand from banks and importers kept the rupee under pressure, currency traders said.

The rupee resumed sharply lower by 17 paise at 64.17 per dollar against Wednesday's closing level of 64.00 per dollar at the interbank foreign exchange market.

At overseas, the dollar held steady near a four-week high against the yen, with traders looking to US consumer inflation data later in the day for clues on the possible timing of the Federal Reserve's next rate rise.

11:40 am Oil retailers under pressure: Oil marketing companies wiped out early gains on profit booking.

IOC, HPCL and BPCL were down up to 1.5 percent after rising 4-5 percent in early trade as the government ruled out intervention in daily revision of fuel prices.

11:20 am Market Check: Equity benchmarks as well as broader markets were off day's highs in morning as HDFC Group, auto and technology stocks were under pressure.

Oil stocks were also off day's highs on profit booking.

The 30-share BSE Sensex was up 41.21 points at 32,227.62 and the 50-share NSE Nifty rose 7.90 points to 10,087.20.

The BSE Midcap and Smallcap indices trimmed gains to half a percent from 1 percent in early trade. About 1,341 shares advanced against 847 declining shares on the BSE.

11:10 am Buzzing: Sun Pharmaceutical Industries share price rallied for third consecutive session today, up 4 percent intraday after Credit Suisse has upgraded rating on the stock to outperform from neutral, citing strong growth trajectory.

The stock surged more than 10 percent in three consecutive sessions.

The research house also hiked its target price to Rs 595 (from Rs 490 earlier), implying potential upside of 23 percent due to higher specialty valuation (net present value Rs 35 per share), FY19 EPS up by 5 percent, separating specialty loss of 15 percent from core profits.

"EPS for FY19/20 is 10 percent higher than consensus due to our view of lower erosion on generics and constructive stance on specialty," it said.

Key risks according to Credit Suisse are Halol resolution delay, Dadra Form 483, and Department of Justice (DOJ) penalty.

10:59 am Market Expert: Ridham Desai of Morgan Stanley said, "This is a bull market and, therefore, we continue to be a buyer, especially on any dips, albeit we expect a moderation in returns in the months ahead. Midcap valuations look stretched. Additionally, stocks of some high-quality companies look rich too."

"Cyclically adjusted valuations are now nudging 5-year highs, as is the market cap to GDP. Most other valuation metrics look reasonable, though valuations on their own - unless at extreme points - rarely give a clue of where stocks are heading."

"We also don't think the market is pricing in a multi-year growth cycle, implying meaningful upside potential to stocks over the next 3-5 years," he added.

10:45 am FII View: Equity markets across the world have performed very well as most markets in Asia have given a return of 20 to 25 percent in dollar terms. India is up 30 percent in dollar terms.

''I am positive on emerging markets for about a year relative to the US,'' Marc Faber, the editor and publisher of The Gloom, Boom & Doom Report, said on CNBC's "Squawk Box."

''If I look back, after 2014, emerging markets grossly underperformed the S&P 500. If we look at major markets in Asia, India rose 30 percent in USD and Chin hasn't gone up that much which bring me to conclude that some money will move from India to Chinese markets,'' he said.

Why will the money move from Indian markets to China? ''Sentiments around China were very negative in the past six months to a year but that is now turning positive,'' added Faber.

10:32 am Buzzing: BHEL shares gained 3 percent as BHEL and Kawasaki will make rolling stock for bullet train.

10:23 am Bullet train: Prime Minister Narendra Modi and Japan PM Shinzo Abe laid the foundation for 508-km bullet train project.

Abe said today is a historic day; India and Japan formed a new partnership. "We feel privileged to be a partner in India's first bullet train project," he said.

The bullet train project is expected to be completed within 2023, after which the train will be capable of running at the high speed of 350 km per hour.

The project, funded 80 percent by the Japan Investment Cooperation Agency (JICA) as a soft loan spread over 50 years at minimal interest rate, will reduce travel time between Mumbai and Ahmedabad from seven to two hours. The rest of the funding, amounting to Rs 9,800 crore, is borne by the Indian Railways, making the project one of its costliest.

For this project, the new Shinkansen Technology from Japan will come to India and be developed under Make in India scheme, as per Railway minister Piyush Goyal.

10:17 am Telecom subscribers: India's telecom subscriber base dipped marginally by 1.3 lakh to 121.07 crore in July, as per latest data published by regulator Trai.

Only three operators -- Reliance Jio, Bharti Airtel and state-run BSNL -- reported subscriber additions in the month, while eight other operators including Idea Cellular and Vodafone, saw a decline.

"The number of telephone subscribers in India slightly declined from 1,210.84 million at the end of June 2017 to 1,210.71 million at the end of July 2017," the Telecom Regulatory Authority of India (Trai) said in its monthly subscribers report.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

10:13 am Buzzing: Bharti Airtel rebounded with 0.6 percent gains today after falling a percent in previous session.

On Wednesday, the telecom operator announced strategic partnership with South Korean telecom operator SK Telecom, known for using latest technologies, to build the most advanced telecom network in India.

The two companies will also collaborate on an on-going basis to evolve standards for 5G and advanced technologies like network functions virtualisation (NFV), software-defined networking (SDN) and Internet of Things (IoT), Bharti Airtel said in a statement.

The companies will jointly work towards building an enabling ecosystem for the introduction of these technologies in the Indian context.

10:08 am Mini-Budgets: When finance minister Arun Jaitley stands up in Lok Sabha early next year to present the budget for 2018-19, it will mark the beginning of a new course in India's annual accounting process. The National Democratic Alliance (NDA) government's fifth and, possibly the last full budget in this term, will also be a breakout financial plan.

The roll out of Goods and Services Tax (GST) from July 1 has meant that the central finance minister will have very little discretionary powers in changing a jumble of indirect levies.

India is in the midst of overhauling its tax system by consolidating an untidy patchwork of local and central duties such as VAT, central excise, special additional duties, cesses and service tax into a single levy –GST-that seeks to make tax administration more efficient, bring in transparency, remove red tape and turn India into a common national market by removing fiscal barriers among states.

The GST council, chaired by the Union finance minister and ministers from states as its members, now decides on GST rates, implying that `Part B' central budget speeches from 2018 onwards will not contain the long list of indirect taxes that the finance minister presents every year.

10:05 am Market Check: Equity benchmarks extended gains in morning trade, with the Nifty inching towards its previous record high.

The 30-share BSE Sensex was up 115.84 points at 32302.25 and the 50-share NSE Nifty gained 40.65 points at 10,119.95.

The broader markets continued to outperform benchmarks as the BSE Midcap index rallied 1 percent and Smallcap index rose 0.9 percent on strong breadth.

About three shares advanced for every share falling on the BSE.

9:55 am Asia weak: Major indexes in Asia were mostly flat with a negative bias after the release of softer-than-expected China data. Markets also digested the rise in US Treasury yields overnight following tax reform headlines out of Washington, although the dollar's advance paused.

Japan's Nikkei 225 edged down 0.12 percent after three straight days of gains. Across the Korean Strait, the Kospi rose 0.24 percent.

The S&P/ASX 200 slipped 0.16 percent while the Hang Seng Index declined 0.42 percent. The Shanghai Composite traded 0.17 percent lower.

9:45 am Order win: Share price of Thermax gained 3.5 percent on the back of first EPC order in the GCC region.

The Thermax Group has won a USD 43 million contract from a leading cement company in the UAE for a turnkey captive power plant.

MS Unnikrishnan, MD & CEO of Thermax said, "This is the first EPC order that Thermax will be executing for a GCC (Gulf Co-operation Council) country. We intend to expand our footprint in this region where we have been providing business solutions."

9:35 am Oil Minister: Oil Minister Dharmendra Pradhan on Wednesday ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite Rs 7.3 per litre spike in rates since July, saying the reform will continue.

He however remained non-committal on cutting taxes to soften the blow of relentless rise in prices since July 3, the government need to finance huge infrastructure and social projects has to be balanced with consumer needs.

Terming the criticism of spike in rates as unfair, he said the drop in prices for over a fortnight after the daily price revision was introduced on June 16 has been ignored and only "temporary" phenomenon of rising trend is being highlighted.

India relies on imports to meet 80 per cent of its needs and so domestic fuel rates have been aligned to movement of equivalent product prices in the international market since April 2002.

9:25 am Buzzing: Shares of Godrej Properties rose more than 3 percent in the early trade as it has bagged a residential project in Thane.

The company has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri Marg, Thane West.

This project will be developed under a development management agreement.

"The project spread over 14 acres and will offer approximately 1,95,000 square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development," company said.

9:15 am Market Check: Equity benchmarks opened higher amid consolidation Thursday, with the Nifty reclaiming 10,100 level despite weakness in Asian peers.

The 30-share BSE Sensex was up 81.95 points at 32,268.36 and the 50-share NSE Nifty gained 23.70 points at 10,103.

Sun Pharma rallied nearly 4 percent, followed by Dr Reddy's Labs, Lupin, Reliance Industries, Tata Motors, GAIL and Aurobindo Pharm.

Wipro plunged 3.5 percent. Kotak Mahindra Bank, HDFC Bank, HDFC, TCS, HUL, Tech Mahindra and Power Grid were also under pressure.

HPCL, BPCL and IOC rallied 3 percent each as the government ruled out oil price cut.

Thermax, Jubilant Foodworks, Tata Chemicals, Cyient and Deepak Fertilisers gained up to 4 percent.

The Indian rupee opened lower by 17 paise at 64.17 per dollar today against previous close of 64.

"In the absence of any major triggers, the rupee is expected to stay in a tight range with trading range for the day at 64-64.30," Mohan Shenoi of Kotak Mahindra Bank said.