Nifty ends at 8616, Sensex flat; ITC, DRL, Reliance down 1-11%

Moneycontrol Bureau3:30 pm Market closing: After a lot of volatility, the market has ended flat. The Sensex is up 47.81 points or 0.2 percent at 28024.33, and the Nifty is up 25.15 points or 0.3 percent at 8615.80. About 1316 shares have advanced, 1346 shares declined, and 202 shares are unchanged.

ICICI Bank, Adani Ports, Maruti, HDFC and Tata Motors are top gainers while Dr Reddy's, ITC, Reliance, Tata Steel and Axis Bank are losers.3:20 pm GST? The constitutional amendment that allows for a Goods and Services Tax (GST), is more likely to be passed in this Monsoon Session of Parliament, says Japanese financial services major Nomura.

According to Nomura, the expected timeline for the passage of GST is by August 12 and there is a 60 percent probability for this.

"We believe a constitutional amendment that allows for a goods and services tax (GST) is more likely than not to be passed during the ongoing Monsoon Session of parliament (July 18-August 12)," Nomura said in a research note.

3:00 pm Market Update: Equity benchmarks remained volatile. The Sensex was down 1.41 points at 27975.11 and the Nifty gained 8.35 points at 8599.About 1395 shares declined against 1218 advancing shares on the BSE.2:50 pm Earnings: Housing finance company HDFC's April-June quarter profit beat analysts estimates, showing a solid 37.5 percent growth at Rs 1,870.7 crore on yearly basis, boosted by stake sale in insurance business.

Total income from operations increased 19.4 percent to Rs 8,382.3 crore in the quarter ended June 2016 compared with Rs 7,018.6 crore in corresponding period of last fiscal.

Profit on sale of investment stood at Rs 921 crore against Rs 23 crore on yearly basis.

Provision for contingenices shot up sharply by 580 percent year-on-year to Rs 340 crore during the quarter but declined 37.6 percent on sequential basis.

2:40 pm Nomura on GST Bill: The constitutional amendment that allows for a Goods and Services Tax (GST), is more likely to be passed in this Monsoon Session of Parliament, says Japanese financial services major Nomura.

According to Nomura, the expected timeline for the passage of GST is by August 12 and there is a 60 percent probability for this.

"We believe a constitutional amendment that allows for a goods and services tax (GST) is more likely than not to be passed during the ongoing Monsoon Session of parliament (July 18-August 12)," Nomura said in a research note.

The GST bill, which intends to convert 29 states into a single market through a new indirect tax regime, was earlier planned to be introduced from April 1 this year, but the deadline was missed as the legislation to roll it out remains in limbo in the Opposition-dominated Rajya Sabha.2:20 pm Funding for Tata Steel JV: Tata Steel today said the Quebec government will invest Canadian USD175 million (about USD 133 million) in its joint venture firm's direct shipping iron ore project (DSO project).

Tata Steel Minerals Canada (TSMC) is a JV established in October 2010 by the Indian firm and New Millennium Iron Corp with the former owning 94 percent.

Quebec's Deputy Premier Lise Theriault announced award of a government financial contribution of Canadian USD175 million to TSMC to support achievement at Schefferville of a DSO project, Tata Steel said in a statement.

Tata Steel Group has invested in excess of Canadian USD1 billion, it added.

Also read - Yes Bank Q1 profit up 33%, revenue in-line; asset quality stable2:00 pm Market Check

Equity benchmarks as well as broader markets continued to consolidate in afternoon trade ahead of expiry of Nifty July derivative contracts and the outcome of two-day Federal Reserve's policy meeting.

The 30-share BSE Sensex was down 23.45 points at 27953.07 and the Nifty gained 1.70 points at 8592.35.

The market breadth remained negative as about 1366 shares declined against 1203 advancing shares on the BSE.

Dr Reddy's Labs (down 9.7 percent), Yes Bank, ICICI Bank, Maruti Suzuki, Axis Bank, Claris Life, SpiceJet and Jindal Steel were most active shares on exchanges.