Key benchmark indices continued to trade firm in mid-morning trade as mostly higher Asian stocks lifted market sentiment. The barometer index, the S&P BSE Sensex, was up 182.58 points or 0.81%, up about 150 points from the day's low and off close to 30 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Except BSE IT index all the other sectoral indices on BSE were in the green. Bank stocks gained.
The market surged in early trade. It held firm in morning trade. It continued to trade firm in mid-morning trade.
The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 29 April 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 287.98 crore on Tuesday, 29 April 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 1 May 2014, on account of May Day.
At 11:20 IST, the S&P BSE Sensex was up 182.58 points or 0.81% to 22,648.77. The index rose 214.27 points at the day's high of 22,680.46 in mid-morning trade. The index gained 32.19 points at the day's low of 22,499.10 in early trade.
The CNX Nifty was up 54.25 points or 0.81% to 6,769.50. The index hit a high of 6,780.15 in intraday trade, its highest level since 28 April 2014. The index hit a low of 6,723.65 in intraday trade.
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The BSE Mid-Cap index rose 68.91 points or 0.93% to 7,457.03, outperforming the Sensex. The BSE Small-Cap index rose 49.33 points or 0.65% to 7,664.99, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,317 shares gained and 728 shares fell. A total of 107 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks gained and rest of them fell. GAIL (India) (up 2.65%), Dr. Reddy's Laboratories (up 2.27%) and Mahindra & Mahindra (M&M) (up 1.83%) edged higher from the Sensex pack.
Bank stocks gained. Among private sector banks, ICICI Bank (up 0.7%), HDFC Bank (up 0.99%), IndusInd Bank (up 0.84%), Yes Bank (up 0.3%), Federal Bank (up 1.9%), and Axis Bank (up 0.91%), gained.
Kotak Mahindra Bank gained 0.53% ahead its Q4 results today, 30 April 2014.
Among PSU bank stocks, State Bank of India (SBI) (up 1.25%), Canara Bank (up 2.82%), Union Bank of India (up 2.36%), Bank of India (up 1.99%), Bank of Baroda (up 1.71%) and Punjab National Bank (up 1.34%) gained.
Indian Overseas Bank jumped 15.26% after net profit surged 355.8% to Rs 268.33 crore on 9.79% growth in total income to Rs 6475.93 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Tuesday, 29 April 2014.
Indian Overseas Bank (IOB)'s net interest income (NII) declined 11.64% to Rs 1144.99 crore in Q4 March 2014 over Q4 March 2013. Net interest margin (NIM) for Q4 March 2014 stood at 2.22% as against 2.3% during Q4 March 2013.
IOB's ratio of gross non-performing assets (NPAs) to gross advances declined to 4.98% as on 31 March 2014, from 5.27% as on 31 December 2013 but increased from 4.02% as on 31 March 2013. The ratio of net NPAs to net advances declined to 3.2% as on 31 March 2014, from 3.24% as on 31 December 2013 but increased from 2.5% as on 31 March 2013.
The bank's provisions and contingencies rose 1.49% to Rs 1204.26 crore in Q4 March 2014 over Q4 March 2013.
IOB's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.78% as on 31 March 2014 as against 10.99% as on 31 December 2013.
Current and Savings Account (CASA) ratio on global basis as on 31 March 2014 stood at 25.34% as against 26.51% as on 31 March 2013.
IOB's net profit rose 6.08% to Rs 601.74 crore on 9.72% growth in total income to Rs 24853.07 crore in the year ended March 2014 (FY 2014) over the year ended March 2013 (FY 2013).
The bank's NII rose 6% to Rs 5576.81 crore in FY 2014 over FY 2013. NIM stood at 2.28% for FY 2014 compared to 2.43% for FY 2013.
Goodyear India lost 0.77% as the stock turned ex-dividend today, 30 April 2014, for dividend of Rs 9 per share for the year ended 31 December 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.365, compared with its close of 60.42 on Tuesday, 29 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Asian stocks rose on Wednesday as investors weighed corporate earnings before Federal Reserve's report on monetary policy. Key benchmark indices in China, Japan, Singapore, and Indonesia rose 0.03% to 0.74%. Key benchmark indices in South Korea, Taiwan and Hong Kong were off 0.27% to 1.15%.
The Chinese Academy of Social Sciences (CASS), one of Beijing's top government think tanks, has revised its 2014 GDP growth forecast down to 7.4%, below the official 7.5% target, and says that growth could slow to as low as 7%, state media reported on Wednesday.
The Bank of Japan refrained from expanding stimulus. The BOJ stuck with targeting an annual increase in the monetary base of between 60 trillion yen and 70 trillion yen ($683 billion) in a decision released today.
Data today showed Japan's industrial output grew less than forecast in March, while factory output growth in South Korea missed estimates.
Trading in US index futures indicated that the Dow could fall 17 points at the opening bell on Wednesday, 30 April 2014. US stocks rose on Tuesday as Internet stocks rallied for the first time in five days and results from Merck & Co. to Sprint Corp. topped estimates before a Federal Reserve decision on monetary policy.
A report showed home prices in 20 US cities rose at a slower pace in the year ended February as the residential real-estate market cooled. The S&P/Case-Shiller index of property values increased 12.9% from February 2013, the smallest 12-month gain since August, after rising 13.2% in the year ended in January, a report from the group showed in New York.
The Conference Board's index of US consumer confidence decreased to 82.3 in April from 83.9 a month earlier, the New York-based private research group said.
A two-day meet of the Federal Open Market Committee (FOMC) on monetary policy review concludes today, 30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
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