A bout of volatility was witnessed as key benchmark indices pared gains after a firm opening ahead of the presentation of Union Budget 2014-15 by Finance Minster Arun Jaitley today, 10 July 2014. The barometer index, the S&P BSE Sensex, was up 18.51 points or 0.07%, off close to 70 points from the day's high. The market breadth indicating the overall health of the market was negative.
Glenmark Pharmaceuticals declined as the stock turned ex-dividend today, 10 July 2014, for dividend of Rs 2 per share for the year ending March 2014. Bank of Baroda rose after the state run bank announced that it has issued fixed rate Senior Unsecured Notes amounting to $250 million on 8 July 2014. Bharti Airtel gained after the company announced divestment of over 3,100 telecoms towers in Africa to Helios Towers Africa (HTA).
At 9:30 IST, the S&P BSE Sensex was up 18.51 points or 0.07% to 25,463.32. The index gained 90.98 points at the day's high of 25,535.79 in early trade. The index rose 16.57 points at the day's low of 25,461.38 in early trade.
The CNX Nifty was currently almost unchanged for the day at 7,585.30. The index hit a high of 7,607.25 in intraday trade. The index hit a low of 7,578.90 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 647 shares declined and 554 shares rose. A total of 36 shares were unchanged.
The BSE Mid-Cap index was down 0.74 points or 0.01% at 9,076.62. The BSE Small-Cap index was down 6.35 points or 0.06% at 9.937.80. Both these indices underperformed the Sensex.
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Bharti Airtel gained 1.35% to Rs 344.65. Bharti Airtel after trading hours on Wednesday, 9 July 2014, said that the company through its subsidiary company Bharti Airtel International (Netherlands) BV and Helios Towers Africa (HTA) have signed an agreement for the divestment of over 3,100 telecoms towers from Airtel to HTA. Airtel will divest approximately 3,100 towers to HTA in four countries across its African operations. The agreements while allowing Airtel to focus on its core business and customers, would also enable it to deleverage through debt reduction, and will significantly reduce its ongoing capital expenditure on passive infrastructure.
Bank of Baroda rose 0.31% to Rs 837 after the state-run bank announced after trading hours on Wednesday, 9 July 2014, that it has issued fixed rate Senior Unsecured Notes amounting to $250 million on 8 July 2014 under Regulation-S by way of tapping/re-opening of its Senior Unsecured Notes of $750 million originally issued on 23 January 2014 and maturing on 23 July 2019. The notes are issued to meet the present/future long term funding requirement at the overseas centres of the bank.
Glenmark Pharmaceuticals declined 0.07% to Rs 562 as the stock turned ex-dividend today, 10 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST today, 10 July 2014. There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
The Finance Ministry's Economic Survey 2013-14 presented a day ahead of the Union Budged 2014-15 on Wednesday, 9 July 2014, has suggested reforms in a number of areas to improve government's finances and rein in food inflation. The survey has suggested fiscal consolidation through higher tax-GDP ratio, shifting subsidy programmes away from price subsidies to income support and a simple, predictable and a stable tax regime consisting of a single-rate goods and services tax (GST), fewer exemptions in direct taxes and a transformation of tax administration.
Asian stocks edged higher on Thursday, 10 July 2014, after the Federal Reserve indicated that it was not in a rush to end quantitative easing and begin hiking rates. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, Singapore and Indonesia were up 0.11% to 1.76%. Japan's Nikkei Average fell 0.24%.
China's exports rose in June from a year earlier and imports rebounded from a drop in May, government data showed today, 10 July 2014. Overseas shipments gained 7.2% from a year earlier, the customs administration said today in Beijing. Imports rose 5.5% in June.
US stocks finished higher on Wednesday, 9 July 2014, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.
Federal Reserve officials said that monetary policy needed to continue to promote the favorable financial conditions required to support the economic expansion, according to the minutes of the June 17-18 Federal Open Market Committee meeting released on Wednesday, 9 July 2014. However, the Fed indicated it will end its bond purchases in October 2014 and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.
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