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Govt notifies MPC; to decide interest rates in October 4 policy:

"Monetary Policy Committee (MPC) constitution under the Reserve Bank of India Act, 1934, notified," the finance ministry said.
Stage is set for a six- member panel taking over job of setting interest rate after the government notified the new Monetary Policy Committee that will hold its first review on Tuesday.

The MPC, in which three members are from the RBI and three others from the government, will target to keep inflation at 4 percent with an upper and lower tolerance level of 2 percent. The government, last week, had named three academics to join RBI Governor Urjit Patel, his deputy in charge of monetary policy R Gandhi and central bank executive director Michael Patra on the MPC. 

Number of factors to aid Indian shares: Kotak UK manager: A falling rate environment, strong macros as well as an expected pick-up in earnings and rollout of goods and services tax (GST) will likely help Indian stock markets, says Nitin Jain, Principal Investment Manager, Kotak UK.

Cipla loses 6% on 4 observations from USFDA for 3 Goa units: Cipla shares fell 6.5 percent intraday Friday after the company said the US health regulator issued four observations across three facilities in Goa.

Shares fell 6.5 percent intraday Friday after the company said the US health regulator issued four observations across three facilities in Goa. The Mumbai-headquartered pharma company said US Food and Drug Administration recently concluded audit of its 3 manufacturing facilities at Goa and had issued 4 observations across these 3 facilities. These observations were primarily procedural in nature and the company has already responded to these observations, it said.

IDFC Securities sticks to Nifty target of 8,900: Stock future tips

Institutional Equities, IDFC Securities, said the broking firm is sticking to its Nifty target of 8,900 and said that it does not expect a major correction in stocks arising out of yesterday's border skirmish between India and Pakistan. 

Banking Sectors:

The Deutsche Bank crisis: How we got here and where we are: On Thursday, a Bloomberg report raised concerns that a handful of funds are less willing to do business with the struggling firm. The report, citing a source and review of an internal document, said that a small number of the hedge funds that do derivatives business with the German bank have cut their exposure. 

Sensex, Nifty sluggish; Cipla most active, liquor stocks rally: Stock Cash Tips

The market continued to consolidate in afternoon trade despite correction in global peers while the broader markets extended rally with the BSE Midcap and Smallcap indices rising 1.5 percent each.

2:20 pm Oil Update: Oil prices dropped as investors took profits following a 7-percent rise in the last two sessions, amid doubts that OPEC's first planned output cut in eight years would make a substantial dent in the global crude glut. Brent crude futures were down 1.3 percent at USD 48.59 a barrel, after settling the previous session up 55 cents, or 1.1 percent. US crude was down 1.23 percent at USD 47.24 a barrel, after closing up 78 cents and having touched a one-month high of USD 48.32 that session.

Market Check: The market continued to consolidate in afternoon trade despite correction in global peers while the broader markets extended rally with the BSE Midcap and Smallcap indices rising 1.5 percent each. The 30-share BSE Sensex was up 2.44 points at 27829.97 and the 50-share NSE Nifty gained 10.65 points at 8601.90. The market breadth remained strong as about 1791 shares advanced against 734 declining shares on the BSE.

Cipla is one of the five most active shares on exchanges, down 3 percent after the company said the US health regulator issued four observations across three facilities in Goa. Shares of liquor makers United Spirits, United Breweries, Pincon Spirit, Globus Spirits, Radico Khaitan and Tilaknagar Industries shares rallied 4-12 percent intraday after Patna High Court imposed a stay on Bihar's anti-liquor law.

European stocks were sharply lower as concerns over the systemic risk posed by German banks weighed on investor sentiment. Britain's FTSE, Germany's DAX and France's CAC were down 1-2 percent. Europe followed the trend set by Asia, where markets were lower across the board on the final trading day of the quarter, after concerns over Deutsche Bank's stability drove down sentiment in US markets Thursday.

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