Key benchmark indices trimmed initial gain in morning trade. The S&P BSE Sensex was up 113.63 points or 0.59%, off about 50 points from the day's high and up close to 40 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Realty stocks edged higher. Shares of car major Maruti Suzuki India fell on reports that the company has stopped the third shift at its diesel engine plant in Manesar due to low demand. Reliance Industries (RIL) and Bajaj Auto extended initial gain. Shares of companies in the education space rallied.
The market edged higher in early trade on firm Asian stocks. The market trimmed initial gain in morning trade.
At 10:20 IST, the S&P BSE Sensex was up 113.63 points or 0.59% to 19,438.40. The index rose 161.23 points at the day's high of 19,486 in early trade, its highest level since 5 July 2013. The index gained 74.60 points at the day's low of 19,399.37 in opening trade.
The CNX Nifty was up 39.60 points or 0.68% to 5,851.15. The index hit a high of 5,864.95 in intraday trade, its highest level since 5 July 2013. The index hit a low of 5,834.60 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 860 shares rose and 302 shares fell. A total of 44 shares were unchanged.
From the 30-share Sensex pack, 24 stocks rose and rest of them fell. Sun Pharmaceutical Industries (up 1.86%), Bhel (up 1.78%) and L&T (up 1.55%), edged higher.
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Bajaj Auto rose 3.06%, with the stock extending intraday gain.
Reliance Industries (RIL) rose 1.46%, with the stock extending intraday gain. The government on 27 June 2013 agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic gas output. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April next year, from current $4.2 mmBtu.
Realty stocks edged higher on renewed buying. HDIL (up 2.94%), D B Realty (u p 2.73%), Unitech (up 1.48%), and Sobha Developers (up 1.2%), edged higher.
DLF rose 1.68%. The company on Saturday, 6 July 2013, said it has completed the Rs 325.38-crore deal to sell 150 megawatts (MW) wind turbine project in Gujarat to Bharat Light and Power. The transaction is in line with the DLF's objective of divesting its non core assets, the company said in a statement.
Shares of car major Maruti Suzuki India lost 1.59% to Rs 1527.05 on reports that the company has stopped the third shift at its diesel engine plant in Manesar due to low demand. With increase in prices of diesel, the demand for diesel cars has tapered off.
The company said during market hours on Monday, 8 July 2013, that production fell 25.36% to 61,668 units in June 2013 over June 2012. Earlier, the company had reported 12.6% fall in total sales to 84,455 units in June 2013 over June 2012. The company's domestic sales fell 7.8% to 77,002 units in June 2013 over June 2012. Exports declined 43% to 7,453 units in June 2013 over June 2012. The company announced the monthly sales data on 1 July 2013.
Alstom T&D India rose 3.38% after the company said it bagged a contract worth approximately Rs 200 crore from Bajaj Infrastructure Development Company to supply electrical Balance of Plant (e-BoP) package for 3 x 660 megawatts (MW) Super Thermal Power Project (TPP) in Lalitpur, Uttar Pradesh.
VST Industries lost 4% as the stock turned ex-dividend today, 9 July 2013, for final dividend of Rs 62.50 per share for the year ended 31 March 2013.
Shares of companies in the education space rallied. Everonn Education, Aptech, NIIT, MT Educare, Zee Learn and Edserv Softsystems gained by 2.52% to 18.51%.
Educomp Solutions was locked at 10% upper circuit Rs 37.25 after the company said it has initiated discussion with lenders and approached corporate debt restructuring forum to restructure its rupee debt. The company said it has initiated discussions with its lenders and has approached corporate debt restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet. The company has also approached the CDR forum for restructuring of debt in its K-12 business (second major business, operated through its subsidiary -- Educomp Infrastructure and School Management). The debt-restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments. The restructuring will also allow the company to focus on and strengthen its core operations, Educomp Solutions said in a statement.
Asian stocks rose on Tuesday, 9 July 2013, after Alcoa Inc. started the US earnings season with results that beat analysts' estimates. Key benchmark indices in China, Hong Kong, Singapore, Japan, South Korea and Taiwan rose by 0.26% to 1.73%. Indonesia's Jakarta Composite fell 0.56%.
China's inflation accelerated more than estimated in June as food prices climbed, while the decline in factory-gate prices extended its longest streak in a decade amid slowing economic growth and lower commodity costs. The consumer price index rose 2.7% from a year earlier, the National Bureau of Statistics said today in Beijing.
Trading in US index futures indicated that the Dow could gain 49 points at the opening bell on Tuesday, 9 July 2013. US stocks advanced on Monday, 8 July 2013, heading into the start of earnings season, building on gains sparked by last week's robust employment report and pushing the S&P 500 index closer to its all-time high set in May. Alcoa Inc, the largest US aluminum producer, reported results after the market's close, which is typically seen as the start of earnings season.
The minutes of Federal Open Market Committee's (FOMC) policy meeting held on 19 June 2013, will be released tomorrow, 10 July 2013. The minutes may provide more insight into the Federal Reserve's outlook on monetary stimulus. Fed Chairman Ben Bernanke is also due to deliver a speech tomorrow, 10 July 2013. Bernanke on 19 June 2013 said that the central bank may taper the pace of its bond purchases, currently set at $85 billion a month, as early as this year if the economy continues to improve in line with its forecasts.
In Europe, Greece secured a lifeline from the euro zone and the International Monetary Fund (IMF) on Monday but was told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash. The 6.8 billion euro deal, which spares Greece defaulting on debt in August, will see Athens drip fed support under close watch from the euro zone and the IMF to ensure implementation of unpopular reforms.
Data on industrial production in UK for May 2013 is due for release later in the global day today.
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