Firmness continued on the bourses in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 263.38 points or 1.05%, up about 185 points from the day's low and off 40 points from the day's high. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. The BSE Mid-Cap index was up 1.32%. The BSE Small-Cap index was up 1.21%. Both these indices outperformed the Sensex. Firmness in Asian stocks and fall in crude oil prices boosted market sentiment on the domestic bourses.
Bank stocks rose across the board. Shares of tyre maker CEAT rose after the company said workers at its Nasik plant on Friday, 27 June 2014, called off a flash strike within a day after intervention by Deputy Labour Commissioner.
At 11:25 IST, the S&P BSE Sensex was up 263.38 points or 1.05% to 25,363.30. The index jumped 304.41 points at the day's high of 25,404.33 in morning trade, its highest level since 25 June 2014. The index rose 79.63 points at the day's low of 25,179.55 in opening trade.
The CNX Nifty was up 79 points or 1.05% to 7,587.80. The index hit a high of 7,598.35 in intraday trade, its highest level since 24 June 2014. The index hit a low of 7,531.60 in intraday trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 1,753 shares gained and 683 shares fell. A total of 81 shares were unchanged.
The BSE Mid-Cap index was up 121.51 points or 1.32% at 9,326.68. The BSE Small-Cap index was up 120.93 points or 1.21% at 10,143.22. Both these indices outperformed the Sensex.
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Bank stocks edged higher on renewed buying. Among private sector banks, ICICI Bank (up 2.14% to Rs 1,414.45), HDFC Bank (up 1.45% to Rs 827.25), IndusInd Bank (up 0.53% to Rs 573.90), Yes Bank (up 1.9% to Rs 543.85), Federal Bank (up 2.33% to Rs 134), Kotak Mahindra Bank (up 1.33% to Rs 879.55) and Axis Bank (up 1.82% to Rs 1,945.55), gained.
Among PSU bank stocks, State Bank of India (SBI) (up 2.79% to Rs 2,699.15), Canara Bank (up 3.49% to Rs 448), Union Bank of India (up 4.63% to Rs 237.20), Bank of India (up 3.76% to Rs 295.20), Bank of Baroda (3.57% to Rs 876.50) and Punjab National Bank (up 2.84% to Rs 980) gained.
GAIL (India) rose 0.86% to Rs 460. The stock hit high of Rs 462.70 and low of Rs 451.30 so far during the day. The company clarified after market hours on Friday, 27 June 2014, that loss in revenue is expected to be nominal from the incidence of blast at the company's Tatipaka-Kondalpalli gas pipeline in Andhra Pradesh on Friday, 27 June 2014. Fire at the pipeline was extinguished on the same day, GAIL (India) said. GAIL (India) is covered under Public Liability Insurance upto Rs 15 crore per annum and Industrial Insurance upto Rs 400 core per annum. Insurance is taken for the gas in the pipelines. However, insurance for pipeline is not taken as per company's policy.
Separately, the company announced on Sunday, 29 June 2014, that it has initiated implementation of a slew of relief measures for the affected families and villagers of Nagaram. This is following the tragic gas pipeline incident in which nineteen people lost their lives and several were injured.
The compensation of Rs 20 lakhs per deceased and Rs 50,000 to each of the 19 injured, totaling to Rs 3.89 crore was handed over to the district administration. Pending the outcome of the enquiry set up both by the Centre as well as the company, two senior officials in charge of the regional operations and maintenance of the pipeline network have been suspended.
GAIL (India) has that the company has initiated several relief and rehabilitation measures in addition to the relief measures announced by the Union Minister of State (Independent Charge) for Petroleum & Natural Gas during his visit to the incident site along with Chief Minister, Andhra Pradesh.
The Ministry of Petroleum & Natural Gas on Friday, 27 June 2014, announced relief measures for people affected by the gas pipeline blast which includes financial compensation to be paid by GAIL (India).
Havells India rose 0.75% to Rs 1,184.75 after the company said during market hours that its board of directors at its meeting held today, 30 June 2014 approved a 5-for-1 stock split. The face value of each share will become Rs 1 from current Rs 5.
Shares of tyre maker CEAT rose after the company said workers at its Nasik plant on Friday, 27 June 2014, called off a flash strike within a day after intervention by Deputy Labour Commissioner. The stock was up 4.04% at Rs 684.50. CEAT said that the workmen of the company's Nasik plant went for a flash strike from second shift on 26 June 2014, which was called off by the second shift on 27 June 2014.
The Sensex moved higher in early trade tracking gains in Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The 50-unit CNX Nifty hit its highest level in almost a week. Firmness continued on the bourses in mid-morning trade.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.07, compared with its close of 60.085/095 on Friday, 27 June 2014.
Oil prices edged lower adding to last week's fall as supply disruption fears from Iraq eased as government forces launched a pushback against a Sunni militant takeover of large areas of the country. Brent crude oil futures for August delivery were off 29 cents at $113.01 a barrel.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Asian stocks edged higher on Monday, 30 June 2014 ahead of packed week of economic data that will test investor hopes for a pick up in the US and global economy. Key benchmark indices in Hong Kong, Japan, Indonesia, China, South Korea and Taiwan were up 0.24% to 0.85%. Singapore's Straits Times fell 0.36%.
Trading in US index futures indicated that the Dow could gain 7 points at the opening bell on Monday, 30 June 2014. US stocks ended modestly higher on Friday, 27 June 2014, led by technology shares, though downbeat second-quarter and full-year forecasts from DuPont Co kept a lid on gains.
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