Sensex Rises Over 300 Points, Nifty Closes Above 7,950

3:40 p.m.:  Sensex and Nifty rose more than 1 per cent on Tuesday, as earnings lifted a few firms such as Maruti Suzuki, while the sentiment was also supported by gains in European shares and a mild recovery in crude prices. 

Oil prices, seen as a barometer of broader market sentiment, recouped some of its losses, while European shares advanced after companies reported encouraging results, including oil major BP. 

The broader NSE Nifty rose 1.37 per cent or 108 points to end at 7,962 while BSE Sensex gained 1.3 per cent or 328 points to 26,007. 

2.47 p.m.: Idea Cellular rises nearly 5 per cent to be the top gainer in Nifty. Hindalco, IndusInd Bank, Maruti and Tata Motors DVR are the other prominent gainers in Nifty up between 3.3-4.5 per cent. 

2.40 p.m.: Pritesh Mehta, head of technical research at IIFL, says 7,980-8,000 is a crucial resistance for Nifty. If Nifty manages to break above that range, then upside till 8,400 is quite possible. 

2:20 p.m.: Markets maintain momentum in late afternoon trade. Sensex trading 326 points higher at 26,005 while Nifty holds 7,900. All the sectoral indices on the BSE trade in the green. Banking and metal stocks lead the rally. 

1:50 p.m. State Bank of Travancore reports 68% drops in Q4 net on higher provisioning. Shares down over 2% (Read here)

1:20 p.m.: The Q4 earnings of India Inc has been better than expectations so far and that is helping support the markets, says market analyst G Chokkalingam.

1:05 p.m.: Sensex extends gains, up 300 points. G Chokkalingam, founder of Equinomics Research & Advisory, said Maruti Suzuki's earnings were better than his estimates.

12:58 p.m.: Maruti Suzuki shares rise nearly 3 per cent. The net profit of the automaker in its March quarter narrowly missed analysts' estimates but revenues were higher than expectations. The company announced a dividend of Rs 35/share. 

12:50 p.m.:  Markets extend gains. Sensex up nearly 200 points while Nifty rises holds 7,900. Higher European markets and a rebound in banking stocks helped domestic markets recover from a weak start. 

12:40 p.m.: IndusInd Bank (3.3%), Bank of Baroda (2%) and  Yes Bank (1.75%) among top Nifty gainers

12:33 p.m.: Markets rise in noon trade on strong rebound in banking shares. Sensex up over 100 points while Nifty trading near 7,900; Bank Nifty up 0.80 per cent. 

12:02 p.m.: Stock update:  Maruti Suzuki shares trade 0.70% lower at Rs 3,708 ahead of earnings announcement.  

Rajesh Gupta of SBICap Securities likes Maruti Suzuki, says improvement in product mix (premiumisation) will drive realizations.

11:30 p.m.: Rajesh Gupta of SBICap Securities likes home finance sector. Top picks include Canfin Homes, Gruh Finance and Repco Home Finance.

11:05 a.m.: Nifty turns flat, trades above 7,850, helped by strong recovery in banking stocks. 

10:45 a.m.: Rising strength in the US dollar could put global stock markets as well as domestic equities under pressure, said Anil Manghnani, director at Modern Shares & Stock Brokers. The Nifty could fall to 7,200-7,300 levels, he added. (Read more)

10:30 a.m.: Stock update: ABB India trading 4.7 per cent lower at Rs 1,283 on March quarter earnings. Sales rise 10 per cent to Rs 2,000 crore while net profit surges 30 per cent to Rs 71 crore. But order inflows remained weak at Rs 1,830 crore. "Large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilized capacity," the company said in a statement.

10:15 a.m. Stock update: L&T trading 0.22% higher at 1,268; Good time to buy L&T from long-term perspective, says Vikas Khemani of Edelweiss

10:05 a.m.: Banking stocks pare losses helping Sensex come off day's lows. Bank Nifty down 0.35 per cent while Sensex is off 66 points and Nifty near 7,850. Vikas Khemani of Edelweiss Securities is positive on banking stocks, says "beginning of end of stress in banks has started happening".

9:45 a.m.: Tobacco shares fell sharply on Tuesday amid reports that the government may completely ban foreign direct investment (FDI) in the sector. Godfrey Philips India shares sank 17 per cent in morning trade, while index-heavyweight ITC traded 1 per cent lower. (Read more)

09.20 a.m. Market analyst Avinash Gorakssakar advised investors to focus on individual stocks. Read his top picks here.

09.15 a.m. Indian stock markets opened lower, as expected. The BSE Sensex declined over 100 points, while the Nifty slipped below 7,850 on weak global cues.

Tobacco major ITC, which has a large weightage in the Nifty, traded 1.5 per cent lower. Private lender ICICI Bank slipped 1.3 per cent. Gail India, Tata Motors and HCL Tech were other Nifty stock that traded with over 1 per cent losses.

Hindalco Industries topped the Nifty with 3 per cent gains. Ambuja Cements and Tata Steel also traded higher.

08.45 a.m. The BSE Sensex and the broader Nifty are likely to trend lower for third straight day, tracking weakness in global stock markets on Tuesday. The Nifty futures trading on the Singapore Stock Exchange traded 0.4 per cent lower at 7,844.50, indicating lower start for domestic markets.

Japan's Nikkei index traded with over 1 per cent losses, though Chinese markets were flat. Investors are cautious about buying riskier assets ahead of the US Federal Reserve's two-day policy meeting starting later on Tuesday.

A surprise drop in new US home sales data for March published on Monday supported a view of anaemic US economic growth, which may keep the Fed from raising interest rates. In fact, markets sees no chance of a rate increase at this week's meeting and are pricing in just about a one in five chance of a move at the next meeting on June 14-15.

Yet, Fed officials have repeatedly said a hike in June is on the cards.

Quarterly earnings will be in focus as far as domestic markets are concerned. Private lender Axis Bank and automaker Maruti Suzuki will report their Q4 numbers today.

Foreign institutional investors bought cash shares worth Rs 222 crore yesterday, though domestic institutional investors sold shares worth Rs 748 crore, sending markets lower.

The Sensex shut 159 points lower at 25,679, while the Nifty declined 44 points to close at 7,855 yesterday.

(With inputs from Reuters)