The Sensex ended higher for fifth day in a row in trades on Monday on the back of buying in IT stocks.
For the most part of the day, the benchmark indices traded in a narrow range. The Sensex traded in a range of 171 points and Nifty touched high of 8,200 and low of 8,150.80.
Buying in IT stocks helped the benchmark indices to end higher while the gains were capped due to losses in heavyweights like HDFC, HDFC Bank and Sun Pharma.
Earnings for the January-March quarter have so far been largely better than street estimates, raising optimism over India's economic prospects, with investors betting that above-average monsoon rainfalls would support rural demand.
The Sensex ended 72 points higher at 26,725.60 and Nifty advanced 22 points to settle at 8,178.50.
Hindalco was the top Nifty gainer, the stock advanced 12 per cent to close at 102.95 after the company said its net profit more than doubled in the January-March quarter, surprising analysts and beating estimates.
Shares of state-run State Bank of India gained 1.5 percent after India's biggest lender on Friday reported quarterly earnings that were worse than expected but said fewer than feared of its loans risked turning sour.
Among decliners, shares of Sun Pharmaceutical Industries fell 1.56 pct after the U.S. Department of Justice subpoenaed India's largest drugmaker over the pricing and marketing of generic drugs it sells in the United States, as part of a broader investigation.
3:17 p.m.: Real estate stocks were witnessing selling pressure. The BSE Realty index was down 1 per cent; DLF, Indiabulls Real Estate, Prestige Estates, DB Realty, Unitech, Mahindra Lifespace Developers and HDIL were among the laggards.
2:56 p.m.: Maruti Suzuki temporarily suspends production at Gurgaon, Manesar plants; cites disruption of supplies from Subros; Maruti Suzuki falls 1.7 per cent.
2:43 p.m.: The stock markets continue to trade in narrow range. The Sensex was up 72 points at 26,725 and Nifty was at 8,179, up 22 points.
2:20 p.m.: Mahindra & Mahindra reports net profit of Rs 583.73 crore on sales of Rs 10,800 crore in March quarter. During the same period last year, Mahindra & Mahindra had reported net profit of Rs 550.56 crore on sales of Rs 9,434 crore. Share fall 1.4 per cent to Rs 1,315.
2:10 p.m.: Market breadth was neutral as 1,210 stocks were advancing while 1,249 were declining.
2:01 p..m.: European shares hit one-month highs on Monday, while the dollar index rose to a two-month peak after Federal Reserve Chair Janet Yellen suggested that an interest rate hike in the United States may be around the corner.
The Fed should raise rates "in the coming months" if growth picks up and the labour market continues to improve, Yellen said on Friday. St. Louis Fed President James Bullard chimed in, saying on Monday, global markets appear to be "well-prepared" for a summer rate hike, although he did not specify a date for the policy move.(Read)
1:45 p.m.: Muthoot Finance shares rallied over 11 per cent to a fresh 52-week of Rs 238.5 on Monday after India's biggest gold financing company reported 61 per cent jump in its net profit for the March quarter.
Muthoot Finance reported a net profit of Rs 265 crore in the March quarter, compared to Rs 165 crore in the corresponding quarter of last fiscal.(Read)
1:38 p.m.: The PSU banks were witnessing buying interest. PSU Nifty Bank was up 1.75 per cent; Syndicate Bank was the top gainer from this space, up 2.8 per cent to Rs 66. State Bank of India, Andhra Bank, Union Bank of India, Punjab National Bank, Canara Bank, Allahabad Bank and IDBI Bank were also among the gainers, up 0.66-2.2 per cent each.
1:24 p.m.: HDFC, Sun Pharma, HDFC Bank and Asian Paints were exerting pressure on the Sensex.
1:18 p.m.: The stock markets edged higher in the afternoon deals. The Sensex advanced 84 points to 26,738 and Nifty was up 21 points at 8,178.
1:05 p.m.: Religare maintains sell on BHEL for target price of Rs 75 per share. It says BHEL's Q4 operating results were below our and consensus estimates and it adds that the addressable market remains challenging for the company.(Click here for more brokerage calls)
12:58 p.m.: FMCG stocks were witnessing selling pressure. The Nifty FMCG index was down 0.53 per cent; Jubilant FoodWorks was the top loser from this space, down 7.25 per cent to Rs 1,031.30. Procter & Gamble Hygiene and Health Care, Hindustan Unilever, Marico and United Breweries were also among the gainers.
12:44 p.m.: Hindalco continues to witness buying interest. The stock was the top Nifty gainer, up 11.32 per cent at Rs 102.30. Coal India, Tech mahindra, Tata Motors, Hero MotoCorp, Infosys, Dr Reddy's Labs, TCS and Idea Cellular were also among the gainers.
12:33 p.m.: BSE Small-cap index was up 0.3 per cent; Panacea Biotech was the top gainer from this space, up 20 per cent at Rs 104 on Q4 earnings. Claris Lifesciences, Dynamatic Technologies, Tamil Nadu Newsprint & Papers, Atlanta Ltd and Polyplex Corporation were also among the gainers, up 8-20 per cent each.
12:26 p.m.: Shares of Jubilant FoodWorks, which operates Domino's Pizza and Dunkin' Donuts' outlets in India, fell over 5 per cent to Rs 1,051.05 on Monday after it reported weak earnings for the March quarter.
Jubilant FoodWorks' same store sales growth (SSG), a key performance metrics, stood at 2.9 per cent in Q4 compared to 6.6 per cent in the corresponding quarter of last fiscal. Analysts polled by NDTV Profit had estimated its SSG at 5 per cent for Q4. (Read)
12:18 p.m.: Tata Motors trades 3.5 per cent higher at Rs 417.65 ahead of its March quarter numbers. Analysts polled by NDTV Profit expect the company to report net profit of Rs 3,440 crore on sales of Rs 73,473 crore. EBITDA is expected to come in at Rs 10,074 crore compared with Rs 8,430 crore during the same quarter last year.
Analysts expect Jagura-Land Rover margins at 14.5 per cent compared with 14.4 per cent in the previous quarter.
12:10 p.m.: Bharat Heavy Electricals shares fell nearly 5 per cent on Monday after the power equipment-maker reported weak earnings for the March quarter.
BHEL's net profit declined 59 per cent to Rs 360 crore in Q4 compared to Rs 880 crore in the corresponding quarter of last fiscal. BHEL's profit was also aided by other incomes of Rs 414 crore.(Read)
12:06 p.m.: The stock markets continue to trade on a flat note in the noon deals on the back of weakness in pharma and energy stocks. The Sensex was up 59 points at 26,713 and Nifty was at 8,173, up 16 points.
11:22 a.m.: Power stocks were facing profit-taking. The BSE Power index falls 0.6 per cent; BHEL was the top loser from this space, down 3.43 per cent to Rs 123.80. NHPC, ABB, NTPC, CESC, Power Grid, Suzlon Energy and JSW Energy were also among the laggards, down 0.35-3.25 per cent each.
11:03 a.m.: The US Department of Justice (DoJ) on Saturday sought information from Sun Pharma about pricing and marketing of generic drugs that it sells in that country.
The subpoena or notice comes amid a wider probe by US regulators into steep increases in the prices of generic medicines in recent years.
Sun Pharma said the outcomes will unlikely have any material adverse impact on the company.(Read)
10:52 a.m.: Sanjeev Bhasin, executive vice president - markets & corporate affairs with IIFL, says investors should buy on dips in markets as the Nifty is likely to scale new highs by the end of this calendar year. Midcap and small cap stocks will outperform in this rally, he added.(Watch)
10:45 a.m.: Indian Oil was the top loser from the oil & gas space, down 2 per cent to Rs 405.35. HPCL, Bharat Petroleum, Petronet LNG, Reliance Industries and Castrol India were also among the laggards, down 0.3-2 per cent each.
10:31 a.m.: Hindalco Industries shares soared nearly 10 per cent on Monday after the aluminium-producer reported over 100 per cent jump in its standalone net profit for the January-March quarter.
Hindalco Industries reported a net profit of Rs 356 crore in Q4, supported by increase in profit margin and lower energy costs, compared to a net profit of Rs 160 crore in the corresponding quarter of last fiscal.(Read)
1:26 a.m.: Oil & gas, power, consumer durables, FMCG and healthcare stocks were facing the heat of profit-booking as market rally loses steam after four days of gains.
10:14 a.m.: The broader markets also turns flat. The BSE mid-cap index was up 0.07 per cent and the small-cap index was up 0.37 per cent. Container Corp was the top gainer from this space, up 3.76 per cent at Rs 1,432. Oberoi Realty, Crisil, Page Industries, Shriram Transport Finance, Reliance Infra, Berger Paints and Emami were also among the gainers, up 1.3-2.9 per cent each.
10:00 a.m.: The stock markets turned flat in the morning deals on the back of selling pressure in ICICI Bank, HDFC and ITC. The Sensex was up 54 points at 26,707 and Nifty was at 8,179, up 22 points.
9:30 a.m.: The BSE benchmark Sensex rose over 100 points while the 50-share Nifty hit its crucial psychological level of 8,200 in the opening deals on Monday on the back of strong gains in metal stocks.
From the Nifty-50 basket of stocks, 38 were advancing while 13 were declining.
Hindalco was the top Nifty gainer, the stock rallied as much as 10 per cent top hit intraday high of Rs 101 after the company on Saturday reported that its standalone net profit more than doubled to Rs 356 crore for the quarter ended March 2016 helped by growth in sales of value-added products as well as cost efficiencies.
Standalone revenue of the company, however, declined by 7.5 per cent to Rs 8,668 crore in January-March quarter of last fiscal from Rs 9,372 crore during the same quarter of 2014-15 due to decline in realisations from aluminium and copper.
Tata Motors was also among the gainer, up 2 per cent at Rs 412 ahead of its fourth quarter numbers. Mahindra & Mahindra, Aurobindo Pharma and Sun Pharma were also trading higher ahead of earnings which will come out later in the day.
Among other Nifty shares, State Bank of India, Axis Bank, Bank of Baroda, Kotak Bank and Tata Steel were also among the gainers.
On the sectoral front, metal, banking, realty,auto and IT stocks were witnessing buying interest.
The broader markets were mostly outperforming the benchmark indices. The BSE mid-cap and small-cap indices were up 0.6 per cent each.
As of 9:32 a.m., the Sensex was up 136 points at 26,789 and Nifty was at 8,200, up 43 points.