Key benchmark indices were range bound in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 22.09 points or 0.11%, off 91.43 points from the day's high and up 72.93 points from the day's low. Index heavyweight and cigarette major ITC dropped ahead of its Q4 results tomorrow, 17 May 2013. Other FMCG stocks were mixed. United Spirits fell after announcing Q4 results after market hours on Wednesday, 15 May 2013. The market breadth, indicating the overall health of the market, turned negative from positive in afternoon trade.
Index heavyweight Reliance Industries (RIL) held firm. Shares of Apollo Hospitals Enterprise and GlaxoSmithkline Consumer Healthcare (Glaxo CHL) scaled record high ahead of their inclusion in MSCI India Index from close of 31 May 2013. Oil India and Wockhardt also edged higher ahead of their inclusion in MSCI India Index from close of 31 May 2013.
The market moved into the positive terrain after opening lower. The barometer index, the S&P BSE Sensex, hit its highest level in over 28 months. The 50-unit CNX Nifty hit its highest level in over 30 months. The market trimmed gains after hitting fresh intraday high in morning trade. The market firmed up again later. The market once again pared gains in mid-morning trade. The market further pared intraday gains in early afternoon trade. Key benchmark indices were range bound in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1646.95 crore on Wednesday, 15 May 2013, as per provisional data from the stock exchanges.
At 13:20 IST, the S&P BSE Sensex was up 22.09 points or 0.11% to 20,235.05. The index rose 113.52 points at the day's high of 20,326.48 in morning trade, its highest level since 6 January 2011. The index fell 50.84 points at the day's low of 20,162.12 in opening trade.
The CNX Nifty was up 17.90 points or 0.29% to 6,164.65. The index hit a high of 6,187.30 in intraday trade, its highest level since 12 November 2010. The index hit a low of 6,128.25 in intraday trade.
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The market breadth, indicating the overall health of the market, turned negative from positive in afternoon trade. On BSE, 1,212 shares declined and 1,121 shares advanced. A total of 161 shares were unchanged.
The total turnover on BSE amounted to Rs 1325 crore by 13:20 IST.
Among the 30-share Sensex pack, 17 stocks rose and the rest of them fell.
Index heavyweight Reliance Industries (RIL) gained 2.22% to Rs 836.95. The stock hit a high of Rs 838.50 and low of Rs 816 so far during the day.
Index heavyweight and cigarette major ITC fell 2.36% to Rs 334.55. The stock hit a high of Rs 343.50 and low of Rs 332.90 so far during the day. The company announces its Q4 results tomorrow, 17 May 2013. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
FMCG stocks were mixed. Britannia Industries (up 0.87%), Colgate-Palmolive (India) (up 0.23%), Godrej Consumer Products (up 1.23%), Marico (up 0.46%) and Nestle India (up 0.51%) gained.
Dabur India (down 0.53%), Hindustan Unilever (down 0.53%) and Tata Global Beverages (down 1.09%) declined.
United Spirits fell 1.04%. The company's net profit jumped 459.44% to Rs 56 crore on 14.15% growth in total income to Rs 2141.31 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Wednesday, 15 May 2013. The company's net profit fell 6.41% to Rs 320.79 crore on 12.19% growth in total income to Rs 8709.91 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, United Spirits' posted a net loss Rs 101.24 crore for the year ended 31 March 2013 as compared to net profit of Rs 187.92 crore for the year ended 31 March 2012. Total income dropped 45.11% to Rs 10625.25 crore in the year ended 31 March 2013 over the year ended 31 March 2012.
Shares of Apollo Hospitals Enterprise, GlaxoSmithkline Consumer Healthcare, Oil India and Wockhardt gained ahead of their inclusion in MSCI India Index from close of 31 May 2013.
Apollo Hospitals Enterprise jumped 6.83% to Rs 1,031.80 after striking a record high of Rs 1,060 in intraday trade today, 16 May 2013.
GlaxoSmithkline Consumer Healthcare surged 7.36% to Rs 4,770 after striking a record high of Rs 4,796.90 in intraday trade today, 16 May 2013.
Oil India gained 3.17%. Wockhardt advanced 2.47%.
Indiabulls Real Estate (up 7.31%), Adani Ports and Special Economic Zone (up 6.8%), HDIL (up 5.84%), Jaiprakash Associates (up 5.85%) and MphasiS (up 4.93%) edged higher from BSE's 'A' group.
The focus of the market is on Q4 results. ITC unveils Q4 results tomorrow, 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The monsoon rains may arrive on the southern coast around 3 June 2013, the weather office forecast on Wednesday, 15 May 2013. The rains, which run from June to September, are vital for the 55% of farmland without irrigation in India, one of the world's largest producers and consumers of food. The India Meteorological Department (IMD) has predicted normal rains this year.
The annual rate of inflation, based on monthly wholesale price index (WPI), eased sharply to 4.89% in April 2013, from 5.96% in March 2013, data released by the government on Tuesday, 14 May 2013, showed. Core inflation or non-food manufacturing inflation declined further to 2.74% in April 2013 from 3.41% in March 2013.
Meanwhile, WPI inflation for February 2013 was revised upwards to 7.28% from 6.84% reported earlier.
The consumer price inflation fell below the 10% mark in April 2013. The combined consumer price inflation for rural and urban India eased to 9.39% in April 2013 from 10.39% in March 2013, data released by the government on 13 May 2013, showed.
Reserve Bank of India Governor D Subbarao on Tuesday, 14 May 2013, said that the central bank will take note of falling inflation when discussing potential interest rate cuts.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets were mostly lower in early action on Thursday, after rising to multi-year highs the prior day. Key benchmark indices in France and Germany were down by 0.15% to 0.47%. UK's FTSE 100 rose 0.06%.
Asian shares rose on Thursday after data showed Japan's economy accelerated in the first three months of the year. Key benchmark indices in Indonesia, China, South Korea, Singapore, Hong Kong and Taiwan rose by 0.04% to 1.21%. Japan's Nikkei 225 index shed 0.39%.
Japan's economy grew 0.9% in the first quarter, speeding up from a 0.3% pace in the previous quarter.
Foreign direct investment in China lagged behind analysts' estimates in April, highlighting concern at the growth outlook for the world's second-biggest economy after an unexpected slowdown last quarter. Investment rose 0.4% from a year earlier to $8.4 billion, the Ministry of Commerce said in a statement today in Beijing.
Trading in US index futures indicated that the Dow could fall 9 points at the opening bell on Thursday, 16 May 2013. US stocks rose on Wednesday, with the Dow Jones Industrial Average and S&P 500 hitting new all-time highs in a broad market rally as the recent upward momentum persisted. In the latest reads on the economy, activity in New York state's manufacturing sector unexpectedly contracted in May. Another report showed that US industrial production fell more than expected in April. In other data released on Wednesday, the US Producer Price Index recorded its largest drop in three years in April, falling a seasonally adjusted 0.7%.
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