Key benchmark indices remained firm in mid-afternoon trade after the latest data showed that core inflation or non-food manufacturing inflation eased further in June 2013. The barometer index, the S&P BSE Sensex, was up 83.54 points or 0.42%, up 158.82 points from the day's low and off 30.43 points from the day's high. The market breadth, indicating the overall health of the market, was positive. Gains in Asian and European stocks underpinned sentiment.
Reliance Industries (RIL) extended intraday gain. Bank stocks retained positive zone after the Reserve Bank of India (RBI) imposed monetary penalty on the 22 banks for violating rules for customer identification and anti-money laundering. SpiceJet jumped on high volume on reports that Kuwait Airways is looking to pick up a nearly 25% stake in the budget airline. Opto Circuits (India) galloped on high volume.
A bout of volatility was witnessed in early trade as key benchmark indices once again turned negative after turning positive after a lower start triggered on weak macroeconomic data announced after trading hours on Friday, 12 July 2013. Key benchmark indices moved in a narrow range in mid-morning trade. Key benchmark indices reversed direction and moved into positive terrain after the latest data showed that rise in inflation based on the wholesale price index (WPI) in June 2013 was more or less in with market expectations. The CNX Nifty regained the psychological 6,000 level. The S&P BSE Sensex breached the psychological 20,000 mark as the market extended gains in afternoon trade. The market remained firm in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 644.82 crore on Friday, 12 July 2013, as per provisional data from the stock exchanges.
At 14:19 IST, the S&P BSE Sensex was up 83.54 points or 0.42% to 20,042.01. The index jumped 113.97 points at the day's high of 20,072.44 in afternoon trade, its highest level since 31 May 2013. The index fell 75.28 points at the day's low of 19,883.19 in morning trade.
The CNX Nifty was up 22.25 points or 0.37% to 6,031.25. The index hit a high of 6,035.65 in intraday trade, its highest level since 31 May 2013. The index hit a low of 5,980.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,245 shares gained and 978 shares fell. A total of 144 shares were unchanged.
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The total turnover on BSE amounted to Rs 1190 crore by 14:20 IST
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined. Bharti Airtel (up 3.46%), M&M (up 2.54%) and TCS (up 2.36%) edged higher from the Sensex pack. Tata Steel (down 2.4%), Coal India (down 2.02%) and Infosys (down 1.82%) edged lower from the Sensex pack.
Reliance Industries (RIL) rose 0.91% to Rs 897.70, with the stock extending intraday gain. The Cabinet Committee on Economic Affairs (CCEA) on 27 June 2013 approved new gas pricing formula from 1 April 2014. The price of gas as per the formula is likely to be about $8.4 mmBtu as opposed to $4.2 mmBtu currently.
Bank stocks retained positive zone after the Reserve Bank of India (RBI) imposed monetary penalty ranging from Rs 50 lakh to around Rs 3 crore on the 22 banks for violating rules for customer identification and anti-money laundering. It may be recalled that the RBI had carried out a scrutiny of books of accounts, internal control, compliance systems and processes of these banks at their offices during April 2013. The scrutiny of these banks revealed violation of certain regulations and instructions issued by the RBI, it said in a statement.
Andhra Bank (up 1.36%), Yes Bank (up 1.56%), Oriental Bank of Commerce (up 1.2%), Federal Bank (up 0.1%), State Bank of India (up 0.72%), Canara Bank (up 1.3%), Union Bank of India (up 2.25%), Bank of India (up 1.32%), Bank of Baroda (up 1.83%) and Punjab National Bank (up 2.62%) edged higher. ING Vysya Bank (down 2.12%) and Kotak Mahindra Bank (down 0.06%) declined.
Godrej Consumer Products rose 0.46% to Rs 853.20. The stock clocked high volume of 17.13 lakh shares after a bulk deal of 15.80 lakh shares was executed on the scrip at Rs 840 per share in opening trade on the BSE today, 15 July 2013.
Opto Circuits (India) galloped 32.31% to Rs 30.10 on high volume of 82.06 lakh shares as against average daily volume of 13.89 lakh shares in the past one quarter.
SpiceJet jumped 7.04% to Rs 29.65 on reports that Kuwait Airways is looking to pick up a nearly 25% stake in the budget airline. The stock rose on high volumes even as SpiceJet reportedly denied the report. On BSE, 52.94 lakh shares changed hands in the counter, compared with average daily volume of 33.01 lakh shares during the past one quarter.
Earlier, in January 2013, SpiceJet had said that though few investors have evinced interest in the company post Government of India allowing foreign direct investment (FDI) in civil aviation sector to foreign airlines, it will be very pre-mature to comment on the possibilities of any fresh equity issuance to such interested parties or confirm/deny names of any specific entity. The company's clarification at that time came after media reports said that Qatar Airways may buy stake in SpiceJet.
HDIL (up 8.7%), Muthoot Finance (up 5.79%), Mahindra & Mahindra Financial Services (up 5.35%), Bombay Rayon Fashions (up 5.11%) and DB Realty (up 4.92%) were among the top gainers from the BSE Mid-Cap index.
GTL Infrastructure (up 19.89%), Usha Martin (up 10.38%), Vikas WSP (up 9.94%), Minda Industries (up 9.65%) and Ashoka Buildcon (up 7.33%) were among the top gainers from the BSE Small-Cap index.
Inflation based on the wholesale price index (WPI) accelerated in June 2013 due to increase in food prices and prices of non-food primary articles, data released by the government today, 15 July 2013, showed. WPI inflation increased to 4.86% in June 2013, from 4.7% in May 2013. Fuel and manufactured products inflation eased in June 2013, the latest data showed. Core inflation or non-food manufacturing inflation eased further to 2.1% in June 2013, the latest data showed. Meanwhile the government revised downwards WPI inflation for April 2013 to 4.77% from 4.89% reported earlier.
Consumer price inflation accelerated in June 2013, data released by the government after trading hours on Friday, 12 July 2013, showed. The combined consumer price index (CPI) for urban and rural India edged up to 9.87% in June 2013 from 9.31% in May 2013.
Industrial production declined 1.6% in May 2013, as against a downwardly revised 1.9% growth in April 2013, data released by the government after trading hours on Friday, 12 July 2013, showed. The continuous decline in the output of mining sector remained the major drag on the growth of industrial production, while the output of manufacturing sector also declined in May 2013. The output of the mining sector declined 5.7% and that of the manufacturing sector declined 2% in May 2013. However, the electricity generation grew 6.2% in May 2013, restricting further decline in the output of industrial production in May 2013.
The industrial production growth for the month of April 2013 has been revised downwards to 1.9% from 2.3% reported earlier, while the growth for the month of February 2013 has been scaled up slightly to 0.6% from 0.5% reported earlier.
European stocks rose after data showed China's economy grew in line with expectations in the second quarter, belying some fears of a sharper slowdown. Key benchmark indices in UK, France and Germany were up by 0.55% to 0.83%.
Asian stocks edged higher after data showed China's economy grew in line with expectations in the second quarter, belying some fears of a sharper slowdown. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were up 0.09% to 0.98%. Indonesia's Jakarta Composite index shed to 0.84%. Japanese markets were closed for a holiday.
China's economy grew 7.5% in the second quarter compared to a year earlier, while industrial production for June rose 8.9% from year-ago levels, slowing from May's 9.2% growth, the National Bureau of Statistics said Monday. The gross domestic product result was down from the first quarter's 7.7% advance. June retail sales rose 13.3% on an annual basis, beating May's 12.9% increase to extend an upward trend for the data point.
Urban fixed-asset investment -- watched as an indicator of construction spending -- grew an average 20.1% in the January-June period, down from 20.4% in January-May. Fixed-asset investment is reported on a year-to-date basis.
Unlike during other recent slowdowns, China's new government has indicated it plans to focus more on economic reforms than on short-term stimulus.
Trading in US index futures indicated that the Dow could gain 35 points at the opening bell on Monday, 15 July 2013. US stocks on Friday, 12 July 2013, recorded a third week of gains, with the Dow industrials and the S&P 500 tallying record closes following upbeat earnings from two major banks.
Federal Reserve Chairman Ben Bernanke is due to deliver testimony on monetary policy in Washington on 17 and 18 July 2013. The minutes of the Fed's June meeting released on 10 July 2013 showed that while "several members judged that a reduction in asset purchases would likely soon be warranted," many want to see further improvement in the labor market before reducing the central bank's $85 billion-a-month quantitative easing program. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth. At a press conference following the June 18-19 meeting, Bernanke said the central bank could start reducing its $85 billion in monthly bond purchases later this year if the economy continues to improve in line with its forecasts.
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