Sensex up over 100 points; Nifty reclaims 8,550; HCL Tech down 5%, L&T 4%

NEW DELHI: The S&P BSE Sensex surged over 100 points in intraday trade, paying little heed to weakness across major Asian markets.

The 50-share Nifty index recouped its early losses and was trading well above its crucial psychological mark of 8,550. Banking stocks witnessed buying spree. CNX Bank Nifty gained over 250 points in intraday trade.

In fact, the gains in Sensex and Nifty were primarily led by lenders such as ICICI Bank, SBI and Axis Bank. Index heavyweights such as ITC and Tata Motors to contributed to the upmove.

Overall, the market breadth was positive with seven out of every 10 BSE stocks trading in the green.

The S&P BSE Midcap Index gained up 1 per cent, while and BSE S&P Smallcap Index was up 1.1 per cent.

Shares of HCL Technologies fell over 5 per cent in intraday trade after the company during the market hours said its net profit rose 5.94 per cent YoY to Rs.1,783 crore for the June quarter, missing analysts' expectations.

Cues from global markets were unsupportive. China’s Shanghai Composite declined 2.4 per cent. South Korea’s Kospi and Hong Kong’s Hang Seng fell 1 per cent each. Japan’s Nikkei was down half a per cent, while Singapore’s Straits Times was down 0.20 per cent.

Snapping its losing streak, rupee jumped 17 paise to 63.96 against dollar in trades today. The domestic currency had fallen 9 paise to settle at 64.13 against the greenback on Friday.

Markets @ 11:00

Sensex: 28,188 up 73 points, Nifty: 8,549 up 16 points

Top Gainers

SBI (4.3%), MARUTI SUZUKI (2.3%), ICICI BANK (1.9%), TATA MOTORS (1.8%), AXIS BANK (0.8%)

Top Losers

HERO MOTOCORP (-2.0%), L&T (-1.8%), M&M (-1.5%), HIND. UNILEVER (-1.5%), COAL INDIA (-1.4%)

BUZZING STOCKS

HCL Technologies plunged over 5 per cent in intraday trade post Q1 results.

Jet Airways shot over 8 per cent in intraday trade.

L&T fell over 4 per cent in intraday trade.

Eicher Motors rose over 2 per cent in intraday trade.

Aarti Drugs lost over 5 per cent in intraday trade.

Saint Gobain rallied nearly 7 per cent in intraday trade.

Raymond slipped over 3 per cent in intraday trade.

Sun TV jumped over 13 per cent in intraday trade.

Suzlon Energy spiked over 12 per cent in intraday trade.

Maruti Suzuki added over 2 per cent in intraday trade.

Indo Count gained nearly 4 per cent in intraday trade.

United Bank spurted nearly 6 per cent in intraday trade

PTC India Financial Services surged over 11 per cent in intraday trade.

WHAT TOP EXPERTS SAY

Time for Sensex to reverse its underperformance in H2FY16: Robert Parker, Credit Suisse

Equities to outperform other asset classes: Dinesh Thakkar, Angel Broking

Market will be cautious on high leveraged companies: Pankaj Pandey, ICICIdirect.com

Sebi has tightened P-Notes rules, is well aware of owners: UK Sinha

Here is a list of twelve stocks that are in focus today:

L&T Ltd: Larsen & Toubro reported lower-than-expected profit for the first quarter of 2015-16 as environment continues to be challenging but hopes for a recovery towards the end of the fiscal.

RIL: Reliance Industries announced that Viacom Inc. has acquired a 50% interest in Prism TV for Rs 940 crore (approx. USD 153 million), said media reports. With this acquisition, Viacom Inc. will hold 50% of Prism TV and the remaining 50% interest will continue to be owned by Network18 Group, Viacom's partner in the Viacom18 joint venture.

Suzlon Energy Ltd: Wind turbine maker Suzlon Energy posted consolidated net profit of Rs 1,047.41 crore for the quarter ended on June 30. It had reported net loss of Rs 750.74 crore in the quarter ended on June 30, 2014, the Suzlon Energy Ltd in BSE filing today.

JBF Industries Ltd: Betting on the Indian manufacturing sector with an eye on exports, bulge-bracket private investor KKR has agreed to invest $150 million (Rs 930 crore) in Mumbai-based polyester maker JBF Industries for a minority stake.

SBI: The Hong Kong central bank on Friday penalised State Bank of India's Hong Kong branch USD 1 million (Hong Kong dollar 7.5 million) for alleged violation of local anti-money laundering and counter-terror financing laws.

SPARC: Sun Pharma Advanced Research Company (SPARC) reported a net loss of Rs 1.65 crore for the first quarter ended June 30, 2015-16.

Den Networks Ltd: Cable television services firm Den Networks Ltd reported a consolidated net loss of Rs 51.89 crore for first quarter ended on June 30, 2015-16.

IOC, BPCL, HPCL: Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.

Maruti Suzuki India: The country's largest carmaker, on Saturday reported a 20.1 per cent rise in total sales at 1,21,712 units last month.

Mahindra & Mahindra Ltd: Homegrown auto-maker Mahindra & Mahindra (M&M) today reported 3 per cent decline in total sales at 34,652 units in July.

Ashok Leyland Ltd: Hinduja Group's flagship company Ashok Leyland today reported a 40.21 per cent increase in total sales at 11,022 units for July as against 7,861 units in the same month of last year.

Hero MotoCorp Ltd: Country's largest two-wheeler maker Hero MotoCorp reported 7.97 per cent decline in sales at 4,87,580 units in July. The company had sold 5,29,862 units in the same month last year, Hero MotoCorp said in a statement.

MARKETS THROUGH THE DAY
Markets @ 10:00

Sensex: 28,192 up 77 points, Nifty: 8,552 up 19 points

Top Gainers

SBI (2.6%), ICICI BANK (2.4%), MARUTI SUZUKI (2.0%), WIPRO (1.1%), TATA MOTORS (0.8%)

Top Losers

HERO MOTOCORP (-2.4%), L&T (-2.2%), HIND. UNILEVER (-1.3%), M&M (-1.2%), ONGC (-1.0%)

Markets @ 9.20

The 30-share index was trading at 28170, up 55 points or 0.20 per cent. It touched a high of 28,201.48 and a low of 28,071.37 in trade today.

The Nifty was at 8,541.10 up 9 points or 0.10 per cent. It touched a high of 8,549.50 and a low of 8,508.10 in trade today.

The S&P BSE Midcap Index was up 0.49 per cent and BSE S&P Smallcap Index edged higher by 0.48 per cent.