Volatility continued as key benchmark indices recovered from lower level after erasing most of the intraday gains in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 73.20 points or 0.28%, up about 40 points from the day's low and off about 90 points from the day's high. The market breadth indicating the overall health of the market was negative. BSE Small-Cap and Mid-Cap indices were, both, in red.
Cement stocks declined. Realty stocks also edged lower.
At 12:20 IST, the S&P BSE Sensex was up 73.20 points or 0.28% to 26,099. The index jumped 162.84 points at the day's high of 26,188.64 in morning trade, its highest level since 8 July 2014. The index rose 34.09 points at the day's low of 26,059.89 in mid-morning trade.
The CNX Nifty was up 16.20 points or 0.21% to 7,784.05. The index hit a high of 7,809.20 in intraday trade, a lifetime high for the index. The index hit a low of 7,768.40 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1528 shares fell and 1,030 shares rose. A total of 96 shares were unchanged.
The BSE Mid-Cap index was down 12.16 points or 0.13% at 9,298.93. The BSE Small-Cap index was down 70.21 points or 0.68% at 10,198.55. Both these indcies underperformed the Sensex.
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Infosys (up 2.35%), Hindalco Industries (up 1.97%) and Wipro (up 1.52%) edged higher from the Sensex pack.
Cement stocks declined. ACC (down 1.01%), Ambuja Cements (down 2.11%), Shree Cement (down 2.45%) and UltraTech Cement (down 2.71%) declined.
Grasim Industries was off 1.6% at Rs 3,333.25. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
Realty stocks also edged lower. DLF (down 0.85%), D B Realty (down 2.82%), Sobha Developer (down 0.15%) and Housing Development & Infrastructure (HDIL) (down 0.71%) declined. Unitech rose 0.96%.
KPIT Technologies slumped 7.47% after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014. The Q1 result was announced after market hours on Tuesday, 22 July 2014. KPIT Technologies' EBITDA margin declined steeply to 12% in Q1 June 2014, from 16% in Q4 March 2014. The sharp decline in EBITDA margin was attributed to wage hikes effective 1 April which had a negative impact of 240 basis points (bps) on the EBITDA margin during the quarter. On a like to like basis, the average wage hikes were 4%-5% onsite and 9%-11% offshore. Some corrections and promotions will additionally take effect from 1 July and 1 October. The net impact on operational margins due to this would be around 0.5% in Q2 and Q3, KPIT Technologies said in a statement.
Key benchmark indices surged in early trade as firmness in Asian stocks and provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session on Tuesday, 22 July 2014, boosted sentiment. A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The Sensex trimmed gains after hitting its highest level in more than two weeks. Key benchmark indices further pared gains in mid-morning trade. Volatility continued as key benchmark indices recovered from lower level after erasing most of the intraday gains in mid-morning trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, 22 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.175, compared with its close of 60.25 on Tuesday, 22 July 2014.
Asian stocks were mixed today, 23 July 2014. Key benchmark indices in Hong Kong, Singapore and Indonesia were up 0.48% to 0.55%. Key benchmark indices in China, Japan and South Korea were off 0.03% to 0.11%. The stock market in Taiwan was closed due to a typhoon.
Trading in US index futures indicated that the Dow could gain 3 points at the opening bell on Wednesday, 23 July 2014. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. The data damped concerns that the US Federal Reserve will bring forward increase in interest rates.
Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.
As per reports, the European Union (EU) agreed Tuesday, 22 July 2014, to expand a list of Russian entities and individuals subject to asset freezes and travel bans. The EU's latest sanctions against Russia come amid accusations that pro-Russian rebels shot down Malaysia Airlines flight MH17 in Ukraine on 17 July. All 298 people on the flight died after the downing of the jet. EU has reportedly threatened to expand the sanctions against Russia to include vast sectors of the Russian economy if Russia does not act swiftly to rein in rebels.
In the Middle East, violence continues in Gaza strip. As per reports, more than 600 Palestinians have been killed and over 4,000 wounded as fighting continues between Israel and Palestinian militants in Gaza Strip.
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