Choppy markets close flat, ICICI gains 2.3% post Q4 nos

3:30 Markets have closed on a flat note as the Sensex, the barometer of the Indian economy, closed at 17134, up 4 points while the Nifty closed up 1.6 points to 5190. Among the 30-share Sensex pack, 16 closed in green while 14 ended in red. Coal India (-2.24 percent), SBI (-1.55 percent) and BHEL (-1.47 percent) were some of the losers.

The day witnessed the results of many companies like ICICI Bank which reported a 31 percent increase in its profit. No wonder then that the stock has closed up 2.3 percent to Rs 860 per share. Biocon shares also closed up 5.3 percent higher after profits surged. This was also seen in the stock of Indiabulls Fin (+4.36 percent) and Hexaware Tech (+2 percent).

Other stocks that were in the lime light were :

•HCC stock price closed lower by 5.6 percent to Rs 20.15 per share after it reported higher losses.

•Suzlon also fell by 4 percent after news that it was planning to raise money to repay its FCCB loans.

Markets will also be open tomorrow for a special derivatives trading session. Maruti Suzuki is also expected to announce its March results tomorrow.

HSBC maintains “overweight” rating on Indian stocks, but says country now behind China and Taiwan in its preferences. HSBC says valuations still remain supportive at 13.5 times forward earnings, and maintains its year-end target of 19,300 for Sensex, as per Reuters.

2:30 pm Markets seem to have reversed some of their losses they had seen when European markets opened in red. However, European stocks inched higher with drug makers providing support after solid Sanofi SA earnings, while pressure remained on Spain after a double-notch credit downgrade.

The Sensex is down 38 points to 17092 while the Nifty is down 14 points to 5174. However, the breadth continues to be negative with 933 stocks on the decline, 511 advanced, while 76 are at the same.

Suzlon falls 5% as FCCB repayment date approaches

Suzlon Energy has fallen 5 percent after news emerged that it is working with international banks to raise $300 million to $500 million in overseas bonds to repay its debt maturing this year, according to Economic Times. The company has to repay its first trance of FCCBs in June followed by another one in October.

ICICI Bank is now up 1.5 percent to Rs 853 per share. The stock is down from its earlier 3 percent jump post its results.

Fitch affirms Bharti Airtel rating at BBB-,outlook negative, stock falls 1.3 percent to Rs 304.5 per share.

ICICI Bank net profit up 31% to Rs 1,902 cr, stock up 3%

1:30 ICICI Bank reported a net profit of Rs 1,902 crore for the March-ending quarter, soundly beating market expectations of Rs 1,768 crore and up 31 percent from a year ago. In reaction to these numbers, the stock is up 3 percent to Rs 864 per share.

Key points from its release are :

To pay Rs 16.5 per share as final dividend

NIM at 3.01 % Vs 2.70% (QoQ),

CASA Ratio At 43.5%

Capital Adequacy Ratio At 18.52%

Net Restructured Assets At Rs 4,256 Cr

12:30 Indiabulls Fin gains 3% on higher Q4 profits, Nifty down 22 pts

India Bulls has jumped 3 percent after it reported better than expected Q4 profit numbers at Rs303 cr vs Rs 236 crore year on year. Total income came in at Rs 1109 cr from Rs 762 crore a year-ago.

Following the opening of the European markets, the Sensex fell by 102 points to 17028 while the Nifty is down 33 points to 5155. The market breath has turned negative. On NSE, 919 stocks have declined, 482 have advanced while 76 are at the same level.

Among the 30-share Sensex pack, DLF is the biggest loser with a -3.3 percent fall followed by Coal India (-2 percent), Bharti Airtel (-1.57 percent).

European stock markets dropped on opening following a double-notch downgrade of Spain’s credit rating. Standard & Poor’s Ratings Services on Thursday cut the country’s long-term sovereign credit rating to BBB+ from A with a negative outlook.

11: 30 am Markets are maintaining their uptrend with the Sensex up 53 pts to 17148 and the Nifty above the 5200 mark. Among the sectoral indices, Bankex is the top gainer (1 percent) followed by Consumer Durables (0.78 percent) and Power (0.74 percent).

Bank shares gain after cabinet clears banking bill

Banks stocks have advanced on news that the Cabinet has cleared the Banking Law (Amendment) Bill. Axis (2 percent), Federal Bank (1 percent), HDFC Bank (0.5 percent), ICICI (2 percent), Union Bank (1.25 percent) are some of the stocks that have moved up.

As per reports, it has been decided that cap on voting rights of shareholders in private sector banks, which is currently at 10%, would be raised to 26%. However, for buying equity stake of above 5%, approval of the central bank will be mandatory.

On NSE, 794 stocks have advanced, 536 have fallen while 88 are at the same level.

HCC slips on Rs54 cr loss, ICICI gains ahead of results

Hind Construction (HCC) slips 3.5% after reporting higher than expected losses for March qtr. Net loss is at Rs 54 crore against CNBC poll of Rs 20 crore. Total income stood at Rs 1156 crore for the March quarter vs poll of Rs1091 cr.

10:30 am After falling for over the last two days, markets are on an uptrend as the Sensex is up 60 points to 17192 while the Nifty is up 23 points to 5212. Markets are up led by a rise in power (1 percent), Capital Goods (0.85 percent) and Banks (0.71 percent). Among the 30-share Sensex pack, 22 are in green while eight are down. M&M is the top gainer with an almost 2 percent gain.

Other stocks that are in the lime light are :

•ICICI Bank and Axis are up more than 1.5 percent ahead of their March numbers. Axis Bank Q4 PAT likely to grow 16% at Rs 1,183.5

•Biocon shares have surged 4 percent after the company reported a jump in net profit to Rs98 crore vs CNBC poll of Rs 86 crore. Sales were at Rs 589 crore vs estimates of Rs542 crore.

•Hexaware is up 1.3 percent to Rs 129 per share. It has reported a net profit of Rs 88.4 cr vs CNBC TV-18 poll of Rs80 crore.

•Suzlon is flat at Rs 22.25 per share. The company informed BSE that it has won a 50 MW Order from Eoxis Group.

Normal monsoon forecast fails to cheer investors as mkt opens flat

9:30 After the F&O expiry yesterday, today the start of the new series is slightly better as the US markets have given a good lead.The markets opened flat with the Nifty trading about half a percent up at 5219 and the Sensex up around 84 points at 17212

Also, the investors don’t seem too comforted with Indian Meteorological Department stating that rains during the June-September season are likely to be 99 percent of the long-term average. Monsoon rains are vital for agricultural output and economic growth.

After the outlook downgrade by S&P, RBI too has been seen comforting the markets, saying the country’s financial system is strong and sometimes ratings are discounted by markets.

Market expert Sudarshan Sukhani of s2analystics.com believes the market will start the May series on a volatile note. In an interview to CNBC-TV18 , Sukhani says he is mildly bearish for the day, due to which he is short on the market.

Teck, Consumer Durables, Bankex,Oil and Gas, Realty,Metal , Auto,PSU, Power, FMCG, HC, IT indices are the gainers this morning.

ICICI Bank and Punjab National Bank have started the day about 0.5 to 1 percent higher as the central cabinet has cleared banking laws (Amendment Bill 2011).It also approved increase of voting rights from 10 percent to 26 percent for private-sector banks. However, for buying equity stake of above 5%, approval of the central bank will be mandatory. The bill is scheduled to be introduced in the current session of the parliament.

TDSAT has asked the Department of Telecom not to act against Airtel on the penalty issue. The stock is up half a percent at Rs 310.75.

Amid the mid-caps HCC is down 2.5 percent ahead of its results. There will be lots of result announcements to keep the markets buzzing. ICICI Bank, Axis Bank Indiabulls Financials, Siemens, Mahindra Lifespace, Jindal Steel, Thomas Cook etc. are among the many to announce their numbers today.

In result impact, it was another good financial performance by Idea . Volume growth positively surprised at 9% while their revenues saw a nearly 7% growth at Rs 5,369 crore. The stock is up 1 percent at Rs 84.20

Ajanta Pharma ’s board has approved a stock split to Rs 5 per share from Rs 10 and has also declared a dividend of Rs 7.5 per share.

The Economic Times reports that the Oil Ministry has demanded a tax cut of Rs 6 a litre on petrol.

Emami is in discussions to buy out the oral care business of Anchor Healthcare, reports the Economic Times.

SEBI is against relaxing the 2013 deadline on public holding norms, reports Mint.

Lodha, Runwal and Sheth Developers are in talks to buy DLF’S 17 acre land in Mumbai, reports the Business Standard.

Samvardhana Motherson Finance fixes the price band for its IPO at Rs 113-118 a share.

Essar Oil renews pact with BPCL for sale and purchase of oil products. The renewed four year agreement will run up to 2016.

Strides Arcolab buys S India’s sterile formulations unit for Rs 125 crore.

Orbit Exports to allot 2.25 lakh equity shares at Rs 38/ps to promoters upon conversion of optionally convertible warrants

Following the opening of the European markets, the Sensex fell by 102 points to 17028 while the Nifty is down 33 points to 5155. The market breath has turned negative. On NSE, 919 stocks have declined, 482 have advanced while 76 are at the same level.

Among the 30-share Sensex pack, DLF is the biggest loser with a -3.3 percent fall followed by Coal India (-2 percent), Bharti Airtel (-1.57 percent).