Key benchmark indices were firm in afternoon trade as European market opened higher. Fall in crude oil prices also boosted sentiment. India imports two-third of its crude oil requirement. Lower crude oil prices ease concerns about India's adverse fiscal and current account deficit situation. Firmness in Asian stocks also supported domestic bourses. The barometer index, the S&P BSE Sensex was currently up 137.38 points or 0.54%, down 70 points from the day's high and up 87 points from the day's low. The BSE Small-Cap index rose almost 1%. The market breadth indicating the overall health of the market was strong.
Key indices held firm so far during the session after opening higher. Key indices surged during mid-morning trade to hit fresh intraday high.
At 13:20 IST, the S&P BSE Sensex was up 137.38 points or 0.54% to 25,618.22. The index gained 207.37 points at the day's high of 25,688.21 in mid-morning trade. The index rose 50.54 points at the day's low of 25,531.38 in morning trade.
The CNX Nifty was up 55.60 points or 0.73% to 7,658.20. The index hit a high of 7,671.70 in intraday trade. The index hit a low of 7,622.05 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1620 shares rose and 1000 shares fell. A total of 104 shares were unchanged.
The BSE Mid-Cap index was up 44.40 points or 0.49% at 9,158.73, underperforming the Sensex. The BSE Small-Cap index was up 94.30 points or 0.95% at 9985.27, outperforming the Sensex.
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Among the 30 Sensex shares, 23 rose and the remaining shares declined. Infosys (up 3.19%), Bajaj Auto (up 1.81%), Wipro (up 1.65%), Mahindra & Mahindra (up 1.52%), Hindalco Industries (up 1.33%), Sesa Sterlite (up 1.24%), Tata Motors (up 1.09%), Hindustan Unilever (up 1%), Bharat Heavy Electricals (up 0.94%) and Larsen & Toubro (up 0.89%), edged higher from the Sensex pack.
HDFC (down 1.58%), Coal India (down 0.92%), Cipla (down 0.9%), Bharti Airtel (down 0.8%), Sun Pharmaceutical Industries (down 0.59%) and Hero MotoCorp (down 0.38%), edged lower from the Sensex pack.
Bank stocks were in demand. Kotak Mahindra Bank (up 1.22%), Axis Bank (up 1.16%), Canara Bank (up 1.10%), Federal Bank (up 0.80%), ICICI Bank (up 0.80%), Bank of India (up 0.79%), IndusInd Bank (up 0.62%), Punjab National Bank (up 0.60%), IDBI Bank (up 0.50%), Union Bank of India (up 0.43%), State Bank of India (up 0.42%), Yes Bank (up 0.29%) and Bank of Baroda (up 0.21%), edged higher. However, HDFC Bank (down 0.62%).
TVS Motor Company surged 4.17% to Rs 158.80 after the company said its total sales rose 32% to 2.03 lakh units in July 2014 over July 2013. The company announced sales figures for July 2014 on Saturday, 2 August 2014. TVS Motor Company's total two wheeler sales increased by 32% to 1.94 lakh units in July 2014 over July 2013. Domestic two wheeler sales grew by 30% to 1.64 units in July 2014 over July 2013. Total exports grew by 41% to 36,986 units in July 2014 over July 2013. Two wheeler exports jumped 47% to 29,557 units in July 2014 over July 2013. TVS Motor Company's scooters sales grew by 64% to 60,619 units in July 2014 over July 2013. Motorcycles sales grew by 33% to 76,767 units in July 2014 over July 2013. TVS Motor Company's three wheeler sales rose 28% to 8,964 units in July 2014 over July 2013.
Shilpi Cable Technologies was locked at 5% upper circuit at Rs 67.60 after consolidated net profit jumped 83.3% to Rs 37.52 crore on 138.1% growth in net sales to Rs 704.87 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced on Saturday, 2 August 2014. Shilpi Cable Technologies' board of directors at its meeting held on Saturday, 2 August 2014, approved 1:1 bonus issue.
Brent crude rose to just over $105 a barrel on Monday as it came off a four-month low hit in the previous session, although worries about global oversupply still outweigh concerns about violence in the Middle East and North Africa. Brent crude oil futures for September delivery rose 21 cents at $105.05 a barrel in electronic trade today, 4 August 2014. The contract fell $1.18 on Friday to $104.84 a barrel, its lowest settlement since April 2.
Monsoon was 9% below long period average (LPA) in the week from 24 July to 30 July 2014, Indian Meteorological Department (IMD) said on 1 August 2014. The cumulative rainfall during this year's monsoon has so far upto 30 July 2014 was 23% below the LPA.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.0950, compared with its close of 61.1875 on Friday, 1 August 2014.
The Reserve Bank of India (RBI) announces monetary policy review tomorrow, 5 August 2014.
European market was trading higher in early trade on Monday, 4 August 2014. Key benchmark indices in UK, France and Germany were up by 0.12% to 0.38%.
Portugal's central bank took control of Banco Espirito Santo SA in a 4.9 billion-euro ($6.6 billion) bailout. Banco Espirito Santo has been forced to take government money after regulators uncovered potential losses on loans to other companies tied to Portugal's Espirito Santo family and ordered the lender to raise capital. Bank of Portugal Governor Carlos Costa had sought to find private investors to inject the cash, and said government funds would only be used as a last resort.
Asian stocks rose today, 4 August 2014, as investors weighed a smaller-than-forecast increase in US payrolls and the bailout of a Portuguese bank. Key benchmark indices in Hong Kong, South Korea, China and Taiwan were up 0.29% to 1.74%. Key benchmark indices in Indonesia, Japan and Singapore fell by 0.07% to 0.59%.
The People's Bank of China warned that the country's credit and money supply have increased rapidly and indicated that it will refrain from broader monetary easing to support growth.
A Chinese services-industry index declined to a six-month low in July, dragged down by a weaker property market. The non-manufacturing Purchasing Managers' Index fell to 54.2 from 55 in June, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing. A reading above 50 indicates expansion.
Trading in US index futures indicated that the Dow could gain 56 points at the opening bell on Monday, 4 August 2014. US stocks declined on Friday, 1 August 2014, as concern over Argentina and Portugal overshadowed data that signaled the Federal Reserve may have leeway to keep rates low.
US added more than 200,000 jobs for a sixth straight month in July, the longest such period since 1997. The 209,000 advance fell short of forecasts. The jobless rate climbed to 6.2% from 6.1% in June as more people entered the labor force. Wages and hours were unchanged from June.
Manufacturing expanded in July at the fastest pace in more than three years, showing US factories will help power the economy after a second-quarter rebound. The Institute for Supply Management's index increased to 57.1, the highest since April 2011, from 55.3 a month earlier, the Tempe, Arizona-based group's report showed. Readings above 50 indicate growth.
Argentina's failure to pay interest on its bonds is a credit event that will trigger settlement of $1 billion of default insurance, according to the International Swaps & Derivatives Association. Argentina is the first nation to trigger default swaps since Greece restructured its debt in 2012.
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