A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 129.58 points or 0.51%, off close to 90 points from the day's high and up about 40 points from the day's low. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. The BSE Mid-Cap index was up 1.07%. The BSE Small-Cap index was up 1.12%. Both these indices outperformed the Sensex. Indian stocks rose today, 21 July 2014, as firmness in Asian stocks, provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment on the domestic bourses.
HDFC Bank edged higher in volatile trade after the bank reported good Q1 result. Realty stocks gained on renewed buying. Among pharma shares, Sun Pharmaceutical Industries scaled record high. Reliance Industries (RIL) held firm on strong Q1 result.
At 11:20 IST, the S&P BSE Sensex was up 129.58 points or 0.51% to 25,771.14. The index surged 219.59 points at the day's high of 25,861.15 in morning trade, its highest level since 10 July 2014. The index rose 91.56 points at the day's low of 25,733.12 in mid-morning trade.
The CNX Nifty was up 34.50 points or 0.45% to 7,698.40. The index hit a high of 7,722.10 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,687.10 in intraday trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. 1,581 shares rose and 732 shares fell. A total of 95 shares were unchanged.
The BSE Mid-Cap index was up 99.40 points or 1.07% at 9,352.20. The BSE Small-Cap index was up 113.92 points or 1.12% at 10,294.76. Both these indices outperformed the Sensex.
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HDFC Bank rose 0.87% to Rs 839.70 after the bank reported good Q1 result. The stock hit high of Rs 846.65 and low of Rs 834.50 so far during the day. The bank's net profit rose 21.1% to Rs 2233.04 crore on 12.78% rise in total income to Rs 13070.65 crore in Q1 June 2014 over Q1 June 2013. The bank announced Q1 result during market hours.
HDFC Bank's net interest margin stood at 4.4% in Q1 June 2014, same as in Q4 March 2014, but lower than 4.6% in Q1 June 2013.
As on 30 June 2014, current and savings account (CASA) deposits were 43% of the bank's total deposits.
Gross non-performing assets (NPAs) were at 1.07% of gross advances as on 30 June 2014, a tad higher than 1.04% as on 30 June 2013. Net NPAs were 0.3% of net advances as on 30 June 2014, with the percentage remaining the same from as on 30 June 2013. Total restructured loans (including applications under process of restructuring) were at 0.2% of gross advances as on 30 June 2014, with the percentage remaining the same from as on 30 June 2013.
Realty stocks gained on renewed buying. DLF (up 0.29%), Sobha Developers (up 0.25%), D B Realty (up 1.35%), Housing Development & Infrastructure (HDIL) (up 0.46%) and Unitech (up 1.01%) gained.
Sun Pharmaceutical Industries rose 0.37% to Rs 744 after hitting record high of Rs 753.65 in intraday trade.
Reliance Industries (RIL) held firm on strong Q1 result. The stock was up 2.62% at Rs 1,003.50. The stock hit high of Rs 1,001.45 and low of Rs 986.85 so far during the day. The company announced on Saturday, 19 July 2014, that its consolidated net profit rose 13.7% to Rs 5957 crore on 7.2% growth in revenue to Rs 1.07 lakh crore in Q1 June 2014 over Q1 June 2013. RIL's gross refining margin stood at $8.7 per barrel in Q1 June 2014 as against $8.4 per barrel in Q1 June 2013 and $9.3 per barrel in Q4 March 2014.
RIL attributed the increase in top line during the quarter to higher prices. Operating profit before other income and depreciation rose 14.4% to Rs 8989 crore in Q1 June 2014 over Q1 June 2013, due to higher contribution from refinery, petrochemicals and oil and gas business, RIL said in a statement.
RIL's other income declined 17.47% to Rs 1974 crore in Q1 June 2014 over Q1 June 2013.
RIL's outstanding debt as on 30 June 2014 was at Rs 135769 crore as against Rs 138761 crore as on 31 March 2014. The company had cash and cash equivalents of Rs 81559 crore. These were in bank deposits, mutual funds, CDs and Government securities/bonds, RIL said in a statement.
The net addition to fixed assets for the quarter ended 30 June 2014 was Rs 15206 crore ($ 2.5 billion) including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansions projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broadband Access and US Shale gas projects.
ONGC dropped 0.18%. The company said during market hours that the preparation of plugging the leak is in progress after a gas flow was observed from the outermost casing annulus when drilling rig Sagar Uday was operating at NS platform in Mumbai High North well during early morning on Saturday, 19 July 2014. The operations have been stopped for safety reasons. A total of forty eight persons have been evacuated to nearby installations. The crisis management team (CMT) of ONGC is on site. International expert from Boots & Coots has been mobilised, the company added.
Key benchmark indices surged in early trade as firmness in Asian stocks, provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The Sensex and the 50-unt CNX Nifty, both, hit 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-morning trade.
The market sentiment was boosted by provisional data showed that foreign portfolio investors were buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 574.47 crore on Friday, 18 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 60.19, compared with its close of 60.275 on Friday, 18 July 2014.
Union Minister of State (MoS) Science and Technology (Independent Charge), Earth Sciences (Independent Charge), MoS in Prime Minister's Office (PMO), Department of Personnel and Training, Atomic Energy, Space and Earth Sciences, Dr. Jitendra Singh said on Sunday, 20 July 2014, that there has been significant increase in the monsoon during the last one week beginning from 13 July 2014. While during the month of June and first two weeks of July, the monsoon was deficient by 43%, in the week beginning 13 July 2014, the deficiency was 32%, thus, recording an improvement of 11% in the monsoon level.
The monsoon forecast for next two weeks is also good, particularly in Central India and coastal regions of South India. There is, therefore, no reason to be unnecessarily alarmist on the issue of monsoon, Dr. Singh said. From 1 August onwards, he said, the meteorological predictions indicate active rainfall in the country.
Rains are vital to India's farm sector, which accounts for about 14% of the country's nearly $2 trillion economy. Two-thirds of its 1.2 billion population live in rural areas.
Asian stocks were mixed today, 21 July 2014. Key benchmark indices in Indonesia, Taiwan, and South Korea rose by 0.07% to 0.65%. Key benchmark indices in Hong Kong, Singapore, and China fell 0.08% to 0.32%.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Monday, 21 July 2014. US stocks rose on Friday, 18 July 2014, where better earnings from Google Inc., the world's third-largest company, refocused investors on economic growth amid crises in the Middle East and Ukraine.
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