Sensex flat; Tata Motors near record high, Federal-Mogul up 20%

Moneycontrol Bureau12:59 pm Market Update: Equity benchmarks continue to consolidate as the Sensex was up 24.99 points at 29003.01 and the Nifty down 1.30 points at 8941.70.About 1374 shares advanced against 1133 declining shares on the BSE.12:40 pm Europe opens: European stocks opened slightly higher as weaker US data lowered the chances of the US Federal Reserve hiking interest rates later this month.

 The pan-European STOXX 600 was up around 0.12 percent.

European investors are digesting the latest data out of the US which, along with disappointing nonfarm payroll data last Friday, could appear to quash any chance of a rate hike when the Federal Open Market Committee (FOMC) meets later in September.12:20 pm Poll: ONGC is seen reporting net profit down 28 percent in April-June quarter to Rs 3163 crore from Rs 4416.11 crore in quarter-ago period. According to a CNBC-TV18 poll, the oil and gas company may see total income up 44 percent at Rs 23636 crore against Rs 16384.8 crore on sequential basis.

During the period, EBITDA is likely to recover sharply on sequential basis from a very weak fourth quarter. In Q1 EBIDTA is seen up 82 percent at Rs 8164 crore versus Rs 4487.2 crore while EBIDTA margins are seen at 34.5 percent versus 27.4 percent.

Analysts polled by CNBC-TV18 expect net oil realisation of USD 47/bbl but gas realisation should be lower by 20 percent following the domestic price cut from 1 April 2016.Also read - Stocks that helped Sensex rise over 29000 post Budget12:00 pm Market Check

Equity benchmarks remained lacklustre in noon trade with the Nifty hovering around 8950 level after investors digested likely delay in Fed rate hike.

The Sensex gained 54.62 points at 29032.64 and the Nifty was up 5.60 points at 8948.60. The broader markets also gained momentum with the BSE Midcap and Smallcap rising marginally on positive breadth.

About 1349 shares advanced against 1045 declining shares on the exchange.

Tata Motors is near to its record high of Rs 601.95 touched on January 27, 2015 and today's intraday high is Rs 598.60. It surged 99 percent from its Budget day lows.

Shares of Federal-Mogul Goetze are locked at 20 percent upper circuit at Rs 534.10 as Billionaire Carl Icahn's investment firm, Icahn Enterprise said it would buy the remaining 18 percent of auto parts maker Federal-Mogul Holdings Corp for USD 9.25 per share. Federal-Mogul Holdings Corp holds a little less than 75 percent stake in the Indian entity.