A bout of initial volatility was witnessed as key benchmark indices trimmed losses after slipping into the red after opening higher. The barometer index, the S&P BSE Sensex, was currently down 20.10 points or 0.08% at 26,067.32, The market breadth indicating the overall health of the market was strong.
Tech Mahindra declined ahead of its Q1 results today, 31 July 2014. Maruti Suzuki India rose ahead of its Q1 results today, 31 July 2014. NTPC gained ahead of its Q1 results today, 31 July 2014. HCL Technologies dropped on profit taking as the company's EBITDA declined on sequential basis in Q4 June 2014. DLF declined ahead of its Q1 results today, 31 July 2014.
At 9:35 IST, the S&P BSE Sensex was down 20.10 points or 0.08% to 26,067.32. The index fell 52.87 points at the day's low of 26,034.55 in early trade. The index rose 28.36 points at the day's high of 26,115.78 in early trade.
The CNX Nifty was down 9.70 points or 0.12% to 7,781.70. The index hit a low of 7,768.70 in intraday trade. The index hit a high of 7,790.65 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 726 shares rose and 422 shares fell. A total of 36 shares were unchanged.
The BSE Mid-Cap index was up 27.46 points or 0.3% at 9,198.97. The BSE Small-Cap index was up 20.23 points or 0.2% at 9.985.16. Both these indices outperformed the Sensex.
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DLF lost 0.72% ahead of its Q1 results today, 31 July 2014.
HCL Technologies dropped 1.4% to Rs 1,575 after announcing its Q4 results. The stock hit high of Rs 1,597 and low of Rs 1,567.75 so far during the day. The company's consolidated net profit as per US GAAP rose 12.9% to Rs 1834 crore on 0.9% growth rise in revenue to Rs 8424 crore in Q4 June 2014 over Q3 March 2014. EBITDA (earnings before interest, taxes, depreciation and amortization) fell 0.7% to Rs 2216 crore in revenue to Rs 8424 crore in Q4 June 2014 over Q3 March 2014. EBITDA margin declined to 26.3% in Q4 June 2014, from 26.7% in Q3 March 2014. The result was announced before market hours.
ICICI Bank lost 0.16% ahead of its Q1 results today, 31 July 2014.
Maruti Suzuki India rose 0.83% ahead of its Q1 results today, 31 July 2014.
NTPC gained 0.2% ahead of its Q1 results today, 31 July 2014.
Tech Mahindra declined 0.2% ahead of its Q1 results today, 31 July 2014.
The market may remain volatile today, 31 July 2014, as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire today, 31 July 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 381.66 crore on Wednesday, 30 July 2014, as per provisional data from the stock exchanges.
Finance Minister Arun Jaitley said on Wednesday, 30 July 2014, said that the government is yet to decide the implementation date of the general anti-avoidance rules (GAAR) and whether any changes are needed to the existing provisions of GAAR. GAAR is scheduled to come into effect from 1 April 2015 or assessment year 2016-17. GAAR announced by the previous government had sparked alarm among foreign investors because of provisions that included tightening rules on investments from countries that have double taxation treaties with India. The implementation of GAAR was deferred by two years until 1 April 2015.
Asian stocks edged lower today, 31 July 2014, after global credit rating agency Standard & Poor's declared Argentina in default on its foreign-currency obligations after the government missed a deadline for paying interest on $13 billion of restructured bonds. Key benchmark indices in China, Hong Kong, South Korea, and Taiwan fell by 0.01% to 1.21%. Key benchmark indices in Japan and Singapore rose by 0.35%to 0.81%.
US stocks were little changed on Wednesday, 30 July 2014, as data showing better-than-forecast economic growth was offset by weaker earnings and the US Federal Reserve's decision to keep trimming asset purchases.
The Federal Reserve after two-day policy meeting on Wednesday, 30 July, said it would reduce its purchases of mortgage and Treasury bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected. The Fed retained a dovish monetary policy stance. To support continued progress toward maximum employment and price stability, the Federal Open Market Committee (FOMC) reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate, the FOMC said in a statement.
Meanwhile, data showed that the US economy expanded at a seasonally adjusted annual rate of 4% in the second quarter, exceeding expectations for a 3% pace.
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