Key benchmark indices hovered in the positive terrain in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 41.67 points or 0.21%, off close to 70 points from the day's high and up about 90 points from the day's low. Index heavyweight and cigarette major ITC dropped ahead of its Q4 results tomorrow, 17 May 2013. Another index heavyweight Reliance Industries (RIL) held firm. Auto stocks fell. Bajaj Auto declined on reporting weak Q4 results. The market breadth, indicating the overall health of the market, was negative.
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. The market hovered in the positive terrain in mid-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 14:20 IST, the S&P BSE Sensex was up 41.67 points or 0.21% to 20,254,63. 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 25.45 points or 0.41% to 6,172.20. 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.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,015 shares declined and 921 shares advanced. A total of 14 shares were unchanged.
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Among the 30-share Sensex pack, 17 stocks rose and the rest of them fell. Dr Reddy's Laboratories, Cipla and State Bank of India rose by 1.63% to 3%.
Index heavyweight Reliance Industries (RIL) gained 2.19% to Rs 836.70. 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 2.26% to Rs 334.80. 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.
Auto stocks declined. Tata Motors fell 1.13%. The company's British luxury car unit Jaguar Land Rover (JLR) reported 12% increase in sales to 28,503 units in April 2013 over April 2012. During the first four months of the year, Jaguar Land Rover sold 143,974 vehicles, up 16%.
India's largest car maker by sales, Maruti Suzuki India fell 0.41% to Rs 1731.90 on profit booking. The stock had hit record high of Rs 1756 in intraday trade on Wednesday, 15 May 2013. The stock surged recently on the back of a weakening yen. Weak yen could boost earnings of Maruti Suzuki as it imports raw materials from its Japanese parent Suzuki Motor Corporation. It also pays annual royalty on sales to the Japanese parent.
Mahindra & Mahindra (M&M) fell 0.14% to Rs 983.30. The stock reversed direction after hitting record high of Rs 997 in intraday trade today, 16 May 2013.
Two wheeler markers declined. Bajaj Auto declined 0.15% after net profit fell 1% to Rs 766 crore on 4% rise in turnover to Rs 4990 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 1% to Rs 3044 crore on 3% growth in turnover to Rs 20793 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result was announced during trading hours today, 16 May 2013.
Bajaj Auto said that the company's performance in FY 2013 was good in very difficult year for the automobile industry. The company's strategy to build strong brands and offer differentiated products in the front-end, and focus on cost and productivity improvements in the back-end, has yielded desired results, Bajaj Auto said.
India's largest motorcycle maker by sales, Hero MotoCorp dropped 0.17%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
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 on Thursday, after rising to multi-year highs the prior day. Key benchmark indices in France and Germany were down by 0.42% to 0.43%. UK's FTSE 100 rose 0.05%.
Asian shares rose on Thursday after data showed Japan's economy accelerated in the first three months of the year. Key benchmark indices in China, South Korea, Singapore, Hong Kong and Taiwan rose by 0.17% to 1.21%. Key benchmark indices in Indonesia and Japan shed by 0.11% to 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 19 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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