Key benchmark indices reversed initial fall and moved into positive zone. The barometer index, the S&P BSE Sensex, was up 29.73 points or 0.16%, up 61.80 points from day's low and off 36.03 points from the day's high. Index heavyweight Reliance Industries (RIL) gained in early trade ahead of its Q4 results today, 16 April 2013. Another index heavyweight and cigarette major ITC was also in demand in early trade. Shares of two-wheeler makers following cut in petrol prices.
Foreign institutional investors (FIIs) sold shares worth a net Rs 418.37 crore on Monday, 15 April 2013, as per provisional data from the stock exchanges.
At 9:28 IST, the S&P BSE Sensex was up 29.73 points or 0.16% to 18,387.53. The index rose 65.76 points at the day's high of 18,423.56 in early trade. The index declined 32.07 points at the day's low of 18,325.73 in early trade.
The CNX Nifty was up 13.15 points or 0.24% to 5,581.55. The index hit a high of 5,590.75 in intraday trade. The index hit a low of 5,555.85 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 488 shares advanced and 393 shares declined. A total of 49 shares were unchanged.
The total turnover on BSE amounted to Rs 133 crore by 09:30 IST.
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Among the 30-share Sensex pack, 22 stocks advanced while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.72% at Rs 799.30. RIL announces Q4 results today, 16 April 2013.
Index heavyweight and cigarette major ITC rose 0.65% to Rs 302. The stock had hit record high of Rs 310.75 on 4 February 2013. The government 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, which was unveiled on 28 February 2013.
State-run oil marketing companies (PSU OMCs) shrugged off cut in petrol price. HPCL (up 1.8%), BPCL (up 1.98%) and Indian Oil Corporation (up 2.04%) gained. PSU OMCs announced cut in petrol price effective midnight Monday by Re 1 per litre, excluding value added tax (VAT), because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013. There was no change in price of diesel.
Shares of two-wheeler makers rose after reduction in petrol price. Hero MotoCorp (up 1.49%) and Bajaj Auto (up 0.61%) gained.
Small-car maker Maruti Suzuki India also edged higher after reduction in petrol price. The stock was up 0.37%.
Wipro rose 0.07%. The company after market hours on Monday, 15 April 2013 said that the Securities & Exchange Board of India (Sebi) has accepted the company's request and permitted the promoter and promoter group (including the entities that carried out the inter-se transfer) to divest through the offer for sale (OFS) route during the twelve weeks cool off period. Earlier, Wipro had on 25 March 2013 applied to SEBI seeking a specific relaxation exemption from the twelve week cooling off period for carrying out OFS through the stock exchange mechanism following the inter-se transfer amongst the promoter and promoter group entities on 15 March 2013.
Infosys fell 0.67%. The company before market hours today, 16 April 2013 said it has signed a major new strategic partnership with Queen's University Belfast aimed at combating the global cyber security threat. The collaboration brings together Infosys with Queen's University Belfast's Centre for Secure Information Technologies (CSIT), one of UK's largest and most prestigious university cyber security research labs, and Invest Northern Ireland, the Northern Ireland government's regional business development agency.
The three-year agreement will lead to the establishment of a CSIT-lnfosys Cyber Lab that will become part of a global network of companies and institutions developing security technologies. As part of the CSIT advisory and governing board, Infosys will play a key role in developing the centre's research roadmap and gain access to its research and technologies for commercial usage.
Welcoming the agreement, Senior Vice President, Infosys Labs and Products R&D, Subu Goparaju said: "The rise of cloud and mobility solutions has only increased the need for greater cyber security. This is a top concern we hear from executives around the globe. Our partnership with Queen's University will provide Infosys insights into cyber-crimes and access to the important work being done at CSIT. We believe the outcome of this partnership will not only result in stronger products for our clients, but in a safer digital world."
MMTC gained 0.46%. The company after market hours on Monday, 15 April 2013 said that Credit Analysis & Research have reaffirmed the rating of CARE AA (Double A) in respect of long term bank facilities and CARE A1+ (A One plus) in respect of short term bank facilities being given to MMTC.
The near term focus of the market is on Q4 results. Reliance Industries (RIL) announces Q4 results today, 16 April 2013. TCS announces Q4 results tomorrow, 17 April 2013. IndusInd Bank announces Q2 results on 18 April 2013. Wipro announces Q4 results on 19 April 2013. Cairn India announces Q4 results on 22 April 2013. UltraTech Cement announces Q4 results on the same day.
HDFC Bank announces Q4 results on 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 26 April 2013. IDFC announces Q4 results on 1 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. HDFC announces Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms could result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013, while the deadline for state-run firms is 31 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on Monday, 15 April 2013, showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the latest data showed. The government revised upwards WPI inflation for January 2013 to 7.31% from 6.62% reported earlier. Build up inflation rate in the financial year so far was 5.96% compared to a build up rate of 7.69% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement.
The combined consumer price inflation for rural and urban India stood at 10.39% in March 2013, lower than 10.91% in February 2013, another data showed. Inflation under the category 'food and beverages' stood at 12.42%, the data showed.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. The key macroeconomic priorities are to raise the growth rate, restrain inflation pressures and mitigate the vulnerability of the external sector, RBI said at that time. Even as the policy stance emphasises addressing the growth risks, the headroom for further monetary easing remains quite limited, the RBI said. The RBI said it will continue to actively manage liquidity through various instruments, including open market operations (OMO), so as to ensure adequate flow of credit to productive sectors of the economy.
The index of industrial production rose 0.6% in February 2013, data released by the government on Friday, 12 April 2013, showed. Manufacturing sector recorded a growth of 2.2%. The mining sector registered a decline of 8.1% and electricity sector declined 3.2%. As per use-based classification, production of basic goods declined 1.8% and that of intermediate goods fell 0.7%. Capital goods production rose 9.5%. Production of consumer non-durables rose 2.9% whereas that of consumer durables shrunk 2.7%.
Industrial production rose 0.9% during the period April 2012 to February 2013.
The India Meteorological Department will issue its initial forecast of 2013 southwest monsoon in this month.
On the political front, the Congress led UPA government has been reduced to a minority government, with DMK removing support to the government in March this year citing differences on the issue of atrocities on Tamils in Sri Lanka. Earlier, the Trinamool Congress withdrew support to the government in September last year as it opposed economic reforms. The Samajwadi Party (SP) along with its regional rival in Uttar Pradesh Bahujan Samaj Party (BSP) provide outside support to the UPA government. SP has 22 MPs in Lok Sabha and BSP has 21 MPs.
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.
The second half of the Budget session of the Parliament begins on 22 April 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
Assembly elections will be held in Karnataka on 5 May 2013 and the counting of votes and results of the election will be declared on 8 May 2013.
Asian stocks extended their retreat Tuesday after fears about the strength of the Chinese economy and a steep fall in commodity prices prompted the worst sell-off in five months on Wall Street. Key benchmark indices in Hong Kong, South Korea, Japan, China, Taiwan and Indonesia were down by 0.31% to 0.57%. Singapore's Straits Times index rose 0.17%.
Chinese economic data came in weaker than expected, as the nation reported first quarter gross domestic product, March industrial output and other statistics on Monday, 15 April 2013. GDP for the January-March quarter rose 7.7% from a year earlier, weakening from 7.9% growth in the fourth quarter. Industrial production for March increased 8.9% from the year-earlier period, the weakest in more than a year and slowing from a 9.9% average rise for the January-February period, which China's statistics bureau reports in one figure due to seasonal distortions from the Lunar New Year holiday. March retail sales rose 12.6%, improving from 12.3% year-on-year growth in the January-February 2013 period, but far less than the 15.2% gain in December 2012.
US stock indices fell the most in five months on Monday, 15 April 2013, after reports from China showed the industrial giant's growth had cooled.
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