Sensex, Nifty End Seesaw Session Higher; Idea Cellular Tops, Bank of Baroda Drops 9.2%

Closing Bell

Indian shares fluctuate between gains and losses, but finally end higher led by FMCG and energy companies. The S&P BSE Sensex gains 0.3 percent to 27,859 after changing direction 15 times during the trading session.

The NSE Nifty ends below the 8600-mark, though around 0.6 percent higher from the day’s low.

Closing Bell

Indian shares fluctuate between gains and losses, but finally end higher led by FMCG and energy companies. The S&P BSE Sensex gains 0.3 percent to 27,859 after changing direction 15 times during the trading session.

The NSE Nifty ends below the 8600-mark, though around 0.6 percent higher from the day’s low.

Also Read: IDBI Bank Reports 78% Jump in First Quarter Profit, Gross NPAs Reach 11.9%

Rupee Drops Most in a Week

The rupee declines the most in a week on concerns that the demand for local assets is waning after strong rallies in the nation’s stocks and bonds. (Full report HERE)

Outlook: Indian Markets Appear Expensive, Warns Andrew Holland

European Shares Consolidate

European Shares Consolidate

European equities hovered near a seven-week high, with investors assessing valuations amid mixed earnings.

Gold To Become India’s Nemesis?

A rally in gold prices since the start of 2016 will reduce purchases in India, the world’s second-biggest consumer, trimming import prospects amid high inventories, according to the World Gold Council. (Read full report HERE)

Gold To Become India’s Nemesis?

A rally in gold prices since the start of 2016 will reduce purchases in India, the world’s second-biggest consumer, trimming import prospects amid high inventories, according to the World Gold Council. (Read full report HERE)

Also Read: Escorts Sells Auto Product Division to Badve Engineering; Shares Spike

Market Rebounds

A combination of recovery in automobile companies and energy extending their gains on lower crude oil prices help key indices reverse their losses and move higher.

The S&P BSE Sensex gains 0.3 percent to 27,863 – rebound of 166 points from the day’s low. Meanwhile, the NSE Nifty briefly touched the 8,600-mark, rising 0.6 percent from the day’s low.

The Auto Index, down over 1 percent in early trades, is now trading little changed, while the Oil and Gas and FMCG indexes are the leading sectoral gauges on the BSE.

Dilip Buildcon Lists at 10% Premium to Issue Price

Dilip Buildcon lists on the exchanges at Rs 240 a share, a premium of 9.6 percent to its issue price of Rs 219.

The company raised Rs 654 crore from the initial public offering, which was priced in the Rs 214-219 per share band. The issue opened between August 1-3, and was subscribed 20.95 times.

Also Read: Sun Pharma Slips After U.S. Subsidiary Reports 11.8% Sequential Decline in Sales

Opening Bell

Indian shares dip marginally lower led by declines in lenders, healthcare, auto companies amid concern that the rally fueled by capital inflows has outpaced the outlook for earnings growth.

The S&P BSE Sensex is little changed at 27,780 and so is the NSE Nifty at 8,575.

Stocks Radar: Bank of Baroda, Lupin, Punj Lloyd and More

Opening Bell

Indian shares dip marginally lower led by declines in lenders, healthcare, auto companies amid concern that the rally fueled by capital inflows has outpaced the outlook for earnings growth.

The S&P BSE Sensex is little changed at 27,780 and so is the NSE Nifty at 8,575.

Stocks Radar: Bank of Baroda, Lupin, Punj Lloyd and More

Also Read: Bank of Baroda’s Net Profit Falls 60%, Gross Bad Loans Rise to 11%

Earnings to Watch

• Balrampur Chini Mills
  
• Bank of Baroda
  
• Coffee Day Enterprises
  
• Dhanuka Agritech
  
• Godrej Industries
  
• Granules India
  
• Grasim Industries
  
• Great Eastern Shipping
  
• Gujarat Pipavav Port
  
• ICRA
  
• IPCA Laboratories
  
• IDBI Bank
  
• IRB Infrastructure
  
• J.K. Lakshmi Cement
  
• Jyothy Laboratories
  
• Kesoram Industries
  
• KRBL
  
• MRF
  
• Page Industries
  
• PTC India
  
• Phoenix Mills
  
• Rural Electrification Corp
  
• Trent
  
• VA Tech Wabag
  
• VIP Industries

Earnings Reaction to Watch

• ADF Foods: Q1 net Rs 2.63 crore versus Rs 92 lakhs YoY
  
• Balaji Telefilms: Q1 net income Rs 66.7 lakhs versus Rs 4.26 crore
  
• Balmer Lawrie: Q1 profit Rs 37 crore versus Rs 32.3 crore
  
• Corporation Bank: Q1 profit Rs 35.92 crore versus Rs 204 crore
  
• Dalmia Bharat: Q1 profit Rs 48.31 crore versus Rs 9.57 crore loss
  
• Indiabulls Real : Q1 profit Rs 117 crore versus Rs 90.2 crore
  
• Indian Hotels: Q1 group loss Rs 169 crore versus Rs 72.39 crore loss
  
• Suven Life: Q1 net income Rs 32.58 crore versus Rs 20.49 crore
  
• VST Industries: Q1 profit Rs 41.61 crore versus Rs 30.92 crore

MUST WATCH: All about Mahindra & Mahindra first quarter earnings in less than a minute https://t.co/YhDdnUr1Td pic.twitter.com/a1K1pSEJNM

— BloombergQuint (@BloombergQuint) August 10, 2016

Stocks to Watch

• Ultratech Cement: CCI Aditya Birla Group-controlled firm’s Rs 16,189 crore deal with Jaiprakash Associates
  
• Tata Chemicals: To evaluate options for potash operations based on partner
  
• Mahindra & Mahindra: Says autonomous tractors can boost farm productivity, sees self-driving future in farms
  
• Bharat Heavy Electricals (BHEL): Government to provide one-time budgetary support of Rs 900 crore
  
• Lupin: Gets USFDA nod for potassium deficiency treatment drug
  
• HSIL: Approves demerger of retail business
  
• IFCI: Reduces lending rate by 0.1 percent to 9.3 percent
  
• ICICI Bank: India Value, Baring to buy ICICI Home Finance for Rs 2500 crore (Economic Times)
  
• Jindal Steel: Lenders may invoke guarantees as Jindal Steel misses payment (Financial Express)
  
• Yes Bank: To raise $1 billion by selling shares to large investors (Economic Times)
  

New Offerings

• RBL Bank IPO to offer shares at Rs 224-225 apiece starting August 19
  
• Dilip Buildcon shares to list today

Chart Of The Day | The gap between Asian Paints’ stock price and analysts' target price is at its widest ever https://t.co/Lga1Cyml7Q

— BloombergQuint (@BloombergQuint) August 10, 2016

Talking points

• India approves amending rules for foreign investment in NBFCs
  
• Putin says Russia, India have big plans for nuclear energy
  
• Sebi raises MF exposure limits for housing finance companies
  
• RBI bought net $1.92 billion of foreign currency in June
  
• Sebi issues financial results reporting format under Ind-AS
  
• India monsoon rainfall 3 percent above normal as of August 10
  
• Air India to provide MRO for SpiceJet Boeing 737s
  
• India seeks to expand biofuels market to $7.5 billion by 2022
  
• Soybean Processors Association of India seeks higher import duty on crude, refined soybean oil (Economic Times)
  
• Rural India to be next driver of e-commerce activity: BCG
  
• Global funds buy Rs 413 crore of local stocks; domestic funds sell Rs 747 crore yesterday: Provisional data

Raghuram Rajan says no to politics, also says no ‘hidden hand’ in his departure https://t.co/InBrVQaBlc pic.twitter.com/cGsFK1hQG3

— BloombergQuint (@BloombergQuint) August 11, 2016

Good Morning!

The Nifty Futures on the Singapore Exchange, an early indicator of Nifty performance in India, is little changed at 8,597.

U.S. crude fell for a third day, trading below $42 a barrel after a surprise gain in American stockpiles inflamed concerns about oversupply.

Yesterday, U.S. stocks declined, sending the S&P 500 Index down by the most in more than a week. The fall was led by energy producers down with the price of crude, while banks shares sank on speculation interest rates won’t rise this year.

U.S. stocks drop from record. Crude slump sinks Asian shares amid weaker dollar. https://t.co/L9uYtN96T9 pic.twitter.com/NJb2oDXnTm

— BloombergQuint (@BloombergQuint) August 11, 2016

Asian markets too followed suit, with the MSCI Asia Pacific excluding Japan fell 0.5 percent, halting a five-day advance.

Meanwhile, the U.S. fell against major peers as currencies of commodity-exporting nations rallied with industrial metals.

Dollar fell to lowest level since June as speculation fades that @federalreserve will raise interest rates this year https://t.co/2YXDgvTXkt

— BloombergQuint (@BloombergQuint) August 11, 2016