Markets off day's high on weak European cues

Benchmark share indices came off their day's high after investors booked profits after European shares pared early gains.

At 2:25pm, the S&P BSE Sensex was up 160 points at 27,305 and the Nifty50 was up 49 points at 8,377.

Foreign institutional investors were net sellers in equities worth Rs 188 crore on Friday, as per provisional stock exchange data.

European shares pared early gains and were trading with marginal losses. The CAC-40, DAX and FTSE were down 0.2%-0.6% each.

ITC was the top Sensex loser down nearly 3% after the stock was quoted ex-bonus from Friday. Its peer HUL was marginally down.

Two-wheeler majors Bajaj Auto and Hero MotoCorp were trading with marginal losses after weak sales in June.

Coal India was up over 2%. The company said it has achieved production of 42.72 million tonnes in June as against a target of 43.31 mt for the month.

Among other shares, FDC was up over 5% on the BSE after the company announced that US Food and Drug Administration (USFDA) has completed inspection at its manufacturing unit situated at Waluj, Maharashtra.

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(Updated at 12:30pm)

Markets continued to trade firm in noon deals on Monday even as profit booking in FMCG shares capped further upside.

At 12:30pm, the S&P BSE Sensex was up 222    points at 27,367 and the Nifty50 was up 65 points at  8,393. In the broader market, the BSE Midcap and Smallcap indices were up 1%-1.2% each.

Tata Motors was up over 3% after the company said that its total passenger and commercial vehicle sales rose 8% to 44,276 vehicles in June 2016. The company sold 40,869 vehicles in June 2015.

ONGC was up over 4% as hike in kerosene prices would lead to a lower subsidiy burden for the state-owned oil exploration major. Oil India was up nearly 4%.

Other gainers include, BHEL and Adani Ports which gained over 4% each.

Bajaj Auto was marginally down after it reported 4% decline in total sales in June at 3,16,969 units against 3,31,317 in the same month of 2015.

Hero MotoCorp also eased 0.3% on marginal sales growth of 1.3% in June 2016 at 5.49 lakh units compared to June 2015.

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(Updated at 10:45am)

Markets continue to trade strong for the sixth day in a row as participants indulged in broad based buying across the sectors. A firm rupee, progress of monsoons and strong global cues further boosted sentiments.

By 10:45 am, the S&P BSE Sensex rose 195 points to trade at 27,340 and the Nifty50 gained 60 points at 8,389. 

KEY EVENTS FOR THE WEEK

On the macroeconomic front, the Nikkei India Services PMI will be declared on Tuesday, 5 July 2016

Meanwhile, on the global front, US market will remain shut on Monday, 4 July 2016, on account of Independence Day while US Nonfarm Payrolls data will be unveiled on Friday, 8 July 2016.

BUZZING STOCKS

Bajaj Auto fell 0.4% after the company reported 4% decline in total sales to 3.16 lakh units in June 2016 over June 2015.

Coal India rose 1% after the company announced production and sales data on provisional basis for June 2016.

Bosch shed 2% after the company announced that board approved a proposal to buy back equity shares at a price of Rs 23,000 per share through tender offer. The buyback price is 1.8% higher to the Friday’s closing price of Rs 22,603.

Mahanagar Telephone Nigam rose 4% after the company said it has received income tax refund worth Rs 112.95 crore for the assessment year 2000-2001.

TVS Motor Company rose 1% after the company said its total sales rose 11% to 2.47 lakh units in June 2016 over June 2015.

SBI has raised Rs 911 crore by selling 5% of its stake in National Stock Exchange (NSE) to Mauritius base foreign investor Veracity Investments Ltd. The stock is trading nearly 2% higher.

GAIL India has agreed to extend financial support to Ratnagiri Gas and Power for building a breakwater, which could allow it to run the LNG terminal throughout the year. The stock is up 1%.

The country's largest two-wheeler maker Hero MotoCorp reported 1.32% increase in sales at 5,49,533 units in June. The stock is flat.

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(updated at 9:30 am)

Markets have commenced the session on a higher note tracking firm global cues along with oil shares leading the gains.

By 9:30 am, the S&P BSE Sensex rose 181 points to trade at 27,326 and the Nifty50 gained 50 points at 8,379. Broader markets are performing inline with the benchmark indices- BSE Midcap and Smallcap indices are up 0.7%.  

After racking up robust gains, the stock market may take a breather, with possibility of some correction in a holiday-shortened week ahead, say experts.

Asian stocks edged higher after recouping early losses led by gains in Chinese stocks. In mainland China, the Shanghai Composite was currently up 1.5%. In Hong Kong, the Hang Seng index was currently up 1.75%.

US stocks rose for a fourth day on Friday, with the S&P 500 Index posting its best week since November, amid optimism on American growth and as central banks continued to signal support in staving off fallout from Britain's decision to leave the European Union. US market will remain shut today on account of Independence Day.

Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 187.51 crore on Friday, as per provisional data released by the stock exchanges.

Investors will track the progress of monsoon for further cues. Markets are shut on Wednesday for Id-Ul-Fitr.  The market movement will also be influenced by services Purchasing Managers' Index (PMI) data due early this week.

ONGC, Dr Reddy’s Labs, Tata Motors, SBI, GAIL and Lupin are up 1%-4%.

Tata Motors said that its total passenger and commercial (including exports) rose 8% to 44,276 vehicles in June 2016 over June 2015. Shares of Tata Motors were up over 2%.

SBI and RIL signed shareholders' agreement on 30 June 2016 for setting up payments bank. the subscription and shareholders' agreement was signed by RIL as promoter with a 70% equity contribution and SBI as joint venture partner with 30% equity contribution on 30 June 2016. SBI has gained over 1% while RIL is up 0.6%.

Adani Ports and Special Economic Zone (APSEZ) announced on Saturday that its board has accorded an in-principle approval for exploring the acquisition of TM Harbour Services. The stock is up 1%.

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