Key benchmark indices hovered in green in mid-afternoon trade as gains in European stocks and higher US index futures boosted sentiment. The barometer index, the S&P BSE Sensex, was up 60.64 points or 0.31%, up close to 65 points from the day's low and off about 40 points from the day's high. Index heavyweight and cigarette major ITC scaled record high. Index heavyweight Reliance Industries (RIL) was trading lower. The market breadth, indicating the overall health of the market, was positive.
FMCG major Hindustan Unilever (HUL) edged higher after reporting good Q4 results. Cement stocks edged lower. Reliance Anil Dhirubhai Ambani (ADA) Group shares gained. Exide Industries declined after Q4 results.
The market edged higher amid initial volatility. The market pared gains after hitting fresh intraday high in morning trade. The market further trimmed intraday gains in mid-morning trade. The Sensex was up marginally in early afternoon trade. Key benchmark indices bounced back after briefly turning negative in afternoon trade The Sensex hovered in positive zone in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 224.75 crore on Friday, 26 April 2013, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 60.64 points or 0.31% to 19,347.36. The index jumped 101.18 points at the day's high of 19,387.90 in morning trade, its highest level since 25 April 2013. The index fell 2.32 points at the day's low of 19284.40 in afternoon trade.
The CNX Nifty was up 17.45 points or 0.3% to 5,888.90. The index hit a high of 5,899.15 in intraday trade. The index hit a low of 5,868.80 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,129 shares advanced and 998 shares declined. A total of 134 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose while rest of them fell.
Index heavyweight Reliance Industries (RIL) declined 0.16% to Rs 791.90. The scrip hit high of Rs 799 and a low of Rs 789 so far during the day. At the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the next 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC rose 1.54% to Rs 323.65. The stock hit record high of Rs 324.40 in intraday today, 29 April 2013. West Bengal chief minister Mamata Banerjee on 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
FMCG major Hindustan Unilever jumped 3.7% on good Q4 results. The company's net profit rose 14.65% to Rs 787.20 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours today, 29 April 2013.
Reliance Anil Dhirubhai Ambani (ADA) Group shares rose on renewed buying. Reliance Communications, Reliance Infrastructure, Reliance Broadcast Network, Reliance Capital, Reliance MediaWorks and Reliance Power rose by 0.35% to 4.09%.
Cement stocks edged lower. ACC, Ambuja Cement and UltraTech Cement shed by 0.64% to 1.25%.
Mahindra Satyam rose 1.51%. The company today, 29 April 2013, said it has appointed Niraj Vedwa as Global Head - Banking, Payments and Cards. Niraj has over 26 years experience in the IT industry and close to 16 years in the BFSI (banking, financial services and insurance) area. At Mahindra Satyam, he will be responsible to grow and support the existing businesses and also to strategize and incubate new service offerings in the BFSI space.
Exide Industries declined 1.29% after Q4 results. The company's net profit rose 2.76% to Rs 146.46 crore on 6.99% rise in total income to Rs 1571.63 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results during market hours today, 29 April 2013. Exide Industries' net profit rose 13.36% to Rs 522.78 crore on 18.73% increase in total income to Rs 6147.25 crore in the year ended March 2013 over the year ended March 2012.
The stock market remains closed on Wednesday, 1 May 2013, on account of Maharashtra Day.
The focus of the market is on Q4 results. IDFC announces Q4 results on Wednesday, 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on Thursday, 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on Friday, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013. HDFC and Lupin unveil Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
The Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13, the PMEAC said. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for April 2013 on Wednesday, 1 May 2013. The HSBC India Manufacturing PMI fell to 52 in March 2013, after a surge to 54.2 in February 2013. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2013 on Friday, 3 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to a 17-month low of 51.4 in March from 54.2 in February. Services make up over 60% of India's economy.
Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 on Friday, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
The Rajya Sabha was adjourned till 14:00 IST. The government needs to pass many crucial bills, including the finance Bill in the last two weeks of the Budget Session which ends on 10 May 2013. Neither House has transacted any business so far after Parliament reconvened for the rest of the Budget session last week with adjournments and uproar over various issues.
European markets edged higher on Monday amid optimism central banks in US and Europe will maintain monetary stimulus. Key benchmark indices in UK, France and Germany were up by 0.14% to 0.75%.
The European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
Italian Prime Minister Enrico Letta was sworn in on Sunday after a lengthy political deadlock.
Most Asian stocks rose on Monday. Key benchmark indices in Hong Kong, Taiwan, Indonesia and Singapore rose by 0.10% to 0.29%. South Korea's Seoul Composite was down by 0.20%. Markets in China and Japan were closed for a holiday.
Trading in US index futures indicated that the Dow could gain 42 points at the opening bell on Monday, 29 April 2013. Most US stocks dipped in thin volume on Friday amid a mixed bag of earnings and weak economic figures. Gross domestic product expanded at a 2.5% rate in the first quarter, below estimates of 3%, heightening fears the US economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year.
A two-day meeting of the Federal Open Market Committee on US interest rates begins tomorrow, 30 April 2013.
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