Sensex, Nifty rebound; FMCG, oil, pharma, HDFC lead

Moneycontrol Bureau10.55 am Market Update: The Sensex gained 157.53 points at 28339.67 and the Nifty rose 47.30 points to 8576.75. About 1443 shares have advanced, 700 shares declined, and 134 shares are unchanged on the BSE.10:40 am Adani Ports in News: Adani Ports is marketing a five-year US dollar bond to yield around 210 basis points over US Treasuries.

India's largest private developer and operator of ports and related infrastructure has mandated Bank of America Merrill Lynch, Barclays, Citigroup and Emirates NBD Capital as joint bookrunners and lead managers for the US benchmark debut.

SBI Capital Markets is joint lead manager.

Those 144A/Reg S bonds are expected to be rated Baa3/BBB-/BBB-.10:20 am Market Update: The Sensex gained 132.30 points or 0.47 percent at 28314.44 and the Nifty rose 37.50 points or 0.44 percent to 8566.95. About 1269 shares have advanced, 649 shares declined, and 118 shares are unchanged on the BSE. 10:15 am Acquisition: Cyient has acquired Global Services Engineering Asia, based in Singapore, from Pratt & Whitney Services Pte. The deal is expected to close at the end of August 2015.

Global Services provides repairs, development and validation for aero gas turbine engine components in support of Pratt & Whitney throughout the region.

This acquisition is through Cyient Singapore Pte, which is a wholly owned subsidiary of the company that provides engineering, data analytics, networks and operations solutions.

"We are committed to grow aerospace aftermarket services in the region and expand reach into other industries within Singapore," said Krishna Bodanapu, MD and CEO, Cyient.10:00 am Market Check

The market recouped early losses, led by short covering in FMCG, pharma and oil stocks. The Sensex gained 78.05 points at 28260.19 and the Nifty rose 23.30 points to 8552.75.

The broader markets also gained with the BSE Midcap and Smallcap indices up over 0.4 percent. About 1054 shares have advanced, 637 shares declined, and 106 shares are unchanged on the Bombay Stock Exchange.

Volatility is here to stay in the near term on account of international factors such as Greece and Federal Reserve action (rate hike) and also domestic cues such as monsoon and the ongoing earnings season, said Naina Lal Kidwai, Country Head, HSBC India, Director, HSBC Asia Pacific.

Sun Pharma and Hindustan Unilever rebounded sharply on short covering, up 2 percent each. Sun Pharma issued profit warning for FY16 on Monday and HUL disappointed street on bottomline front.

Shares of HDFC, Reliance Industries, M&M, ONGC, Bajaj Auto and Cipla gained 0.9-1.6 percent. However, Infosys saw profit booking, down 1.6 percent after rising 11 percent in previous session post earnings. Vedanta dropped more than 2 percent.