 "Markets remain range-bound; Hero MotoCorp up 3%")
Markets reamined range bound in noon trades on Monday with rate sensitive sectors in focus ahead of the Reserve Bank of India's monetary policy review, the last from governor Raghuram Rajan, whose term ends in early September.
At 1:45pm, the S&P BSE Sensex was up 106 points at 28,185 and the Nifty 50 index was up 31 points at 8,714.
European shares were trading higher tracking overnight rally on Wall Street after better-than-expected US jobs data. The CAC-40, DAX and FTSE-100 were up 0.4%-0.8% each.
Hero MotoCorp was up 3.3% after the two-wheeler major reported robust earnings for the quarter ended June 2016. Standalone net profit for the quarter rose 18% to Rs 882 crore compared with Rs 747 crore for the quarter ended June 2015. Income from operations increased 7% to Rs 7,901 crore compared with Rs 7,336 crore in the same quarter year ago.
Index heavyweight Reliance Industries was up 1.7%. The company's subsidiary Reliance Jio Infocomm is shortly going to launch mobile and data services.
Export sectors such as IT and pharma gained on hopes of higher sales growth on the back of encouraging US jobs data. In the IT space, Infosys, TCS and Wipro were up 0.2%-0.8% each.
Dr Reddy's Labs was up nearly 1% after it received approval from the Central Drug Standard Control Organisation (CDSCO) to export drugs for the European Union market. Among others, Lupin was up 2% ahead of its June quarter earnings while Cipla was up over 1%.
Among other shares, Britannia Industries has moved higher by 8% to Rs 3,104 on the BSE in intra-day trade after the company reported a consolidated net profit of Rs 221 crore against an average analyst estimate of Rs 210 crore for the quarter ended June 30, 2016 (Q1FY17). The packaged foods company had registered a profit of Rs 195 crore in the same quarter last year.
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(Updated at 11:45am)
A range bound movement was witnessed as key benchmark indices hovered in positive zone in mid-morning trade. At 11:45 AM, the barometer index, the S&P BSE Sensex, was up 88.13 points or 0.31% at 28,166.48. The Nifty 50 index was currently up 27.95 points or 0.32% at 8,711.10. Gains in Asian stocks aided the upmove on the domestic bourses. Asian stocks rose after upbeat US job data for July 2016.
The Sensex rose 148.03 points or 0.53% at the day's high of 28,226.38 in early trade, its highest level since 1 August 2016. The barometer index rose 63.41 points or 0.23% at the day's low of 28,141.76 in mid-morning trade. The Nifty rose 40.35 points or 0.46% at the day's high of 8,723.50 in early trade, its highest level since 16 April 2015. The index rose 16 points or 0.18% at the day's low of 8,699.15 in mid-morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,460 shares rose and 880 shares fell. A total of 105 shares were unchanged. The BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.66%. Both these indices outperformed the Sensex.
In overseas stock markets, Asia markets were trading higher with sentiment underpinned by a stronger-than-expected US jobs report released on Friday, 5 August 2016. The US economy is the world's largest economy. Japanese stocks edged higher as the yen weakened amid the dollar's broad strength driven up upbeat job data. The Nikkei 225 index was currently up 2.23%. Chinese shares shrugged off weak trade data. In mainland China, the Shanghai Composite was currently up 0.44%. In Hong Kong, the Hang Seng index was currently up 1.25%.
China's exports continued to fall in dollar terms in July 2016 from a year earlier, as global demand for goods from the world's second-largest economy remained sluggish. Exports slid 4.4% in July 2016 from a year earlier, following a decline of 4.8% in June 2016. Imports fell 12.5% in July 2016, compared with an 8.4% decrease in June 2016.
FMCG stocks were mixed. Britannia Industries (up 1.78%), Hindustan Unilever (up 0.5%), Marico (up 2.64%), Procter & Gamble Hygiene and Health Care (up 2.81%) and Bajaj Corp (up 0.39%) rose. GlaxoSmithkline Consumer Healthcare (down 0.17%), Colgate-Palmolive (India) (down 1%), Dabur India (down 0.66%), Godrej Consumer Products (down 0.63%), Nestle India (down 0.25%) and Jyothy Laboratories (down 0.51%) fell.
Tata Coffee rose 1.47% to Rs 127.25 after consolidated net profit surged 135.57% to Rs 64.10 crore on 21.13% growth in total income from operations to Rs 426.15 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 6 August 2016.
Realty stocks gained on renewed buying. DLF (up 1.61%), Prestige Estates Projects (up 2.97%), Indiabulls Real Estate (up 1.48%), Housing Development and Infrastructure (up 2.37%), D B Realty (up 0.93%), Unitech (up 1.27%), Hubtown (up 1.46%), Oberoi Realty (up 0.21%) rose.
Parsvnath Developers (down 1.67%), Sobha (down 0.93%), Godrej Properties (down 0.19%) fell.
HPCL gained after the Reserve Bank of India (RBI) raise the ceiling on investment in the company's equity capital by foreign institutional investors (FIIs) to 40% from 24%. The stock was up 3.01% at Rs 1,294.90. The stock hit a high of Rs 1,298.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,270.90 so far during the day. The RBI raised the ceiling on investment by FIIs in HPCL after approval for the proposal from the company's board of directors and shareholders.
Meanwhile, the amendments made by Rajya Sabha in the constitutional amendment bill on Goods and Services Tax (GST) will be taken up for its passage by the Lok Sabha this week. The amended GST constitutional amendment bill was passed by the Rajya Sabha last week. The passage of the constitutional amendment bill in the Rajya Sabha kicks off a legislative marathon in which both the central and state governments will need to pass further laws setting the rate and scope of the GST. The government plans to implement the nationwide GST from 1 April 2017.
The main objective of the GST is to eliminate excessive taxation. GST is a uniform indirect tax levied on goods and services across a country. The measure would harmonize 11 state and central levies into a national sales tax, reducing business transaction costs.
On the macro front, the government in consultation with the Reserve Bank of India (RBI) has notified consumer price inflation target of 4% with upper tolerance level of 6% and lower tolerance level of 2% to be achieved by the Reserve Bank of India (RBI).
The government has initiated the process of shifting to a framework of Monetary Policy Committee (MPC) for deciding interest rates. RBI currently sets the rates. The RBI is set to announce monetary policy decision at 11:00 IST tomorrow, 9 August 2016, after a policy review.
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At 1:45pm, the S&P BSE Sensex was up 106 points at 28,185 and the Nifty 50 index was up 31 points at 8,714.
European shares were trading higher tracking overnight rally on Wall Street after better-than-expected US jobs data. The CAC-40, DAX and FTSE-100 were up 0.4%-0.8% each.
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The Indian rupee was trading flat 66.77 to the US dollar.
Hero MotoCorp was up 3.3% after the two-wheeler major reported robust earnings for the quarter ended June 2016. Standalone net profit for the quarter rose 18% to Rs 882 crore compared with Rs 747 crore for the quarter ended June 2015. Income from operations increased 7% to Rs 7,901 crore compared with Rs 7,336 crore in the same quarter year ago.
Index heavyweight Reliance Industries was up 1.7%. The company's subsidiary Reliance Jio Infocomm is shortly going to launch mobile and data services.
Export sectors such as IT and pharma gained on hopes of higher sales growth on the back of encouraging US jobs data. In the IT space, Infosys, TCS and Wipro were up 0.2%-0.8% each.
Dr Reddy's Labs was up nearly 1% after it received approval from the Central Drug Standard Control Organisation (CDSCO) to export drugs for the European Union market. Among others, Lupin was up 2% ahead of its June quarter earnings while Cipla was up over 1%.
Among other shares, Britannia Industries has moved higher by 8% to Rs 3,104 on the BSE in intra-day trade after the company reported a consolidated net profit of Rs 221 crore against an average analyst estimate of Rs 210 crore for the quarter ended June 30, 2016 (Q1FY17). The packaged foods company had registered a profit of Rs 195 crore in the same quarter last year.
______________________________
(Updated at 11:45am)
A range bound movement was witnessed as key benchmark indices hovered in positive zone in mid-morning trade. At 11:45 AM, the barometer index, the S&P BSE Sensex, was up 88.13 points or 0.31% at 28,166.48. The Nifty 50 index was currently up 27.95 points or 0.32% at 8,711.10. Gains in Asian stocks aided the upmove on the domestic bourses. Asian stocks rose after upbeat US job data for July 2016.
The Sensex rose 148.03 points or 0.53% at the day's high of 28,226.38 in early trade, its highest level since 1 August 2016. The barometer index rose 63.41 points or 0.23% at the day's low of 28,141.76 in mid-morning trade. The Nifty rose 40.35 points or 0.46% at the day's high of 8,723.50 in early trade, its highest level since 16 April 2015. The index rose 16 points or 0.18% at the day's low of 8,699.15 in mid-morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,460 shares rose and 880 shares fell. A total of 105 shares were unchanged. The BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.66%. Both these indices outperformed the Sensex.
In overseas stock markets, Asia markets were trading higher with sentiment underpinned by a stronger-than-expected US jobs report released on Friday, 5 August 2016. The US economy is the world's largest economy. Japanese stocks edged higher as the yen weakened amid the dollar's broad strength driven up upbeat job data. The Nikkei 225 index was currently up 2.23%. Chinese shares shrugged off weak trade data. In mainland China, the Shanghai Composite was currently up 0.44%. In Hong Kong, the Hang Seng index was currently up 1.25%.
China's exports continued to fall in dollar terms in July 2016 from a year earlier, as global demand for goods from the world's second-largest economy remained sluggish. Exports slid 4.4% in July 2016 from a year earlier, following a decline of 4.8% in June 2016. Imports fell 12.5% in July 2016, compared with an 8.4% decrease in June 2016.
FMCG stocks were mixed. Britannia Industries (up 1.78%), Hindustan Unilever (up 0.5%), Marico (up 2.64%), Procter & Gamble Hygiene and Health Care (up 2.81%) and Bajaj Corp (up 0.39%) rose. GlaxoSmithkline Consumer Healthcare (down 0.17%), Colgate-Palmolive (India) (down 1%), Dabur India (down 0.66%), Godrej Consumer Products (down 0.63%), Nestle India (down 0.25%) and Jyothy Laboratories (down 0.51%) fell.
Tata Coffee rose 1.47% to Rs 127.25 after consolidated net profit surged 135.57% to Rs 64.10 crore on 21.13% growth in total income from operations to Rs 426.15 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 6 August 2016.
Realty stocks gained on renewed buying. DLF (up 1.61%), Prestige Estates Projects (up 2.97%), Indiabulls Real Estate (up 1.48%), Housing Development and Infrastructure (up 2.37%), D B Realty (up 0.93%), Unitech (up 1.27%), Hubtown (up 1.46%), Oberoi Realty (up 0.21%) rose.
Parsvnath Developers (down 1.67%), Sobha (down 0.93%), Godrej Properties (down 0.19%) fell.
HPCL gained after the Reserve Bank of India (RBI) raise the ceiling on investment in the company's equity capital by foreign institutional investors (FIIs) to 40% from 24%. The stock was up 3.01% at Rs 1,294.90. The stock hit a high of Rs 1,298.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,270.90 so far during the day. The RBI raised the ceiling on investment by FIIs in HPCL after approval for the proposal from the company's board of directors and shareholders.
Meanwhile, the amendments made by Rajya Sabha in the constitutional amendment bill on Goods and Services Tax (GST) will be taken up for its passage by the Lok Sabha this week. The amended GST constitutional amendment bill was passed by the Rajya Sabha last week. The passage of the constitutional amendment bill in the Rajya Sabha kicks off a legislative marathon in which both the central and state governments will need to pass further laws setting the rate and scope of the GST. The government plans to implement the nationwide GST from 1 April 2017.
The main objective of the GST is to eliminate excessive taxation. GST is a uniform indirect tax levied on goods and services across a country. The measure would harmonize 11 state and central levies into a national sales tax, reducing business transaction costs.
On the macro front, the government in consultation with the Reserve Bank of India (RBI) has notified consumer price inflation target of 4% with upper tolerance level of 6% and lower tolerance level of 2% to be achieved by the Reserve Bank of India (RBI).
The government has initiated the process of shifting to a framework of Monetary Policy Committee (MPC) for deciding interest rates. RBI currently sets the rates. The RBI is set to announce monetary policy decision at 11:00 IST tomorrow, 9 August 2016, after a policy review.
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