Key benchmark indices edged higher as upmove in global stocks boosted sentiment. The S&P BSE Sensex was provisionally up 134.22 points or 0.67%, up about 45 points from the day's low and off close to 55 points from the day's high. The market breadth was even. Bank stocks edged higher. Realty stocks also gained. FMCG major Hindustan Unilever scaled record high. Index heavyweight and cigarette maker ITC also hit record high. Reliance Industries (RIL) reversed intraday gain in late trade.
Shares of jewellery makers reversed intraday losses after the Reserve Bank of India on Monday, 22 July 2013, said it has decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country.
The Sensex gained for the fifth straight trading session today, 23 July 2013.
The market surged in early trade on firm Asian stocks. The market held firm in morning trade. Key benchmark pared gains after hitting fresh intraday high in mid-morning trade. The market hovered in positive terrain in early afternoon trade. Key benchmark indices extended intraday gains to hit fresh intraday high in afternoon trade as European stocks rose in early trade there. The barometer index, the BSE Sensex, hit its highest level in over nine weeks. The 50-unit CNX Nifty hit 7-1/2-week high. The market regained strength after paring intraday gains in mid-afternoon trade. The Sensex retained positive terrain in late trade.
The market may remain volatile during the next two trading sessions as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
As per provisional figures, the S&P BSE Sensex was up 134.22 points or 0.67% at 20,293.34. The index jumped 191.94 points at the day's high of 20,351.06 in afternoon trade, its highest level since 20 May 2013. The index gained 90.86 points at the day's low of 20,249.98 in opening trade.
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The CNX Nifty was up 43.65 points or 0.72% at 6,075.45, as per provisional figures. The index hit a high of 6,093.35 in intraday trade, its highest level since 31 May 2013. The index hit a low of 6,061.30 in intraday trade.
The total turnover on BSE amounted to Rs 1598 crore, lower than Rs 1651 crore on Monday, 22 July 2013.
The market breadth, indicating the overall health of the market, was even. On BSE, 1,150 shares gained and an equal number of shares fell. A total of 172 shares were unchanged.
FMCG major Hindustan Unilever (HUL) rose 3.38% to Rs 720.25. The stock hit record high of Rs 722.10 in intraday trade today, 23 July 2013. Unilever PLC on 11 July 2013 said that pursuant to the voluntary open offer to increase its stake in HUL, the shareholders of HUL tendered a total of 31.99 crore shares, out of which 31.95 crore shares have been accepted by Unilever PLC on completion of the verification of the shares tendered. Based on the shares tendered which represent 14.78% of HUL, the Unilever Group will increase its stake in HUL from 52.48% to 67.26%.
Index heavyweight and cigarette maker ITC rose 1.79% to Rs 375.45. The stock hit record high of Rs 376.10 in intraday trade today, 23 July 2013. The company announces Q1 results on Thursday, 25 July 2013.
Reliance Industries (RIL) fell 0.1% to Rs 907.60, with the stock reversing intraday gain. The scrip had risen as much as 1.78% at day's high of Rs 924.70. The company's net profit rose 18.9% to Rs 5352 crore on 4.6% decline in revenue to Rs 90589 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 19 July 2013.
Most bank stocks edged higher. Among PSU bank stocks, State Bank of India, Canara Bank, Bank of India, Bank of Baroda and Punjab National Bank gained by 1.28% to 5.05%. Union Bank of India shed 1.06%.
Among private sector banks, ICICI Bank advanced 1.64%. HDFC Bank shed 0.15%.
The Reserve Bank of India (RBI) on 15 July 2013 announced measures to tighten liquidity in the banking system to arrest slide in rupee against the dollar.
ING Vysya Bank rose 0.32% on strong Q1 result. The bank's net profit surged 34.6% to Rs 175.12 crore on 15.7% growth in total income to Rs 1553.08 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Monday, 22 July 2013.
ING Vysya Bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.19% as on 30 June 2013, as against 0.03% as on 31 March 2013 and 0.19% as on 30 June 2012. The ratio of gross NPAs to gross advances stood at 1.75% as on 30 June 2013, as against 1.76% as on 31 March 2013 and 1.97% as on 30 June 2012.
ING Vysya Bank's provisions and contingencies jumped 155.28% to Rs 68.11 crore in Q1 June 2013 over Q1 June 2012.
The bank's capital adequacy ratio (CAR) as per Basel II norms stood at 12.81% as on 30 June 2013, as against 13.24% as on 31 March 2013 and 13.35% as on 30 June 2012. CAR as per Basel III norms stood at 12.59% as on 30 June 2013.
Realty stocks edged higher. HDIL (up 3.94%), DLF (up 3.04%), D B Realty (up 2.32%), and Unitech (up 0.53%), edged higher.
Shares of jewellery makers reversed intraday losses while gold financing firms rose after the Reserve Bank of India on Monday, 22 July 2013, said it has decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country. Among jewellery makers, Tribhovandas Bhimji Zhaveri (up 6.44%), Shree Ganesh Jewellery House (up 11.54%), PC Jeweller (up 20%) edged higher.
Titan Industries rose 6.17% on huge volumes. On BSE, 16.12 lakh shares changed hands on the counter, compared with average daily volume of 4.01 lakh shares in the past one quarter.
On a review of the above instructions and in consultation with Government of India, it has been decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country, RBI said. Nominated banks/ Nominated agencies will ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export. They shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers. Stating this, the Reserve Bank of India has in a notification issued to Nominated banks/ Nominated agencies asked them to ensure that they comply with these instructions while effecting the foreign exchange transactions put through by/for their clients. The instructions will, however, not apply to import of gold by units in the SEZ/EOUs / star trading houses who would import gold only for the purpose of exports, it added.
European stock markets edged higher on Tuesday, 23 July 2013, mirroring a positive session in Asia overnight after officials signaled China is committed to supporting growth in the country. Key benchmark indices in UK, Germany and France were up 0.2% to 0.34%.
Asian stocks surged on Tuesday, 23 July 2013, after data showing decline in US home sales dampened concerns the Federal Reserve will reduce stimulus measures. Key benchmark indices in Indonesia, South Korea, Singapore and Taiwan were up 0.6% to 1.88%.
Chinese stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. In mainland China, the Shanghai Composite index jumped 1.95%. In Hong Kong, the Hang Seng index was up 2.33%. Chinese Vice Premier Zhang Gaoli on Monday, 22 July 2013, said that policy makers are committed to speeding up economic restructuring and will take steps to support reasonable infrastructure and social-welfare investments, according to media reports.
China's foreign-exchange regulator said separately that the country wasn't seeing any capital flight.
Japanese shares edged higher after the government upgraded its view of the economy for a third straight month. The Nikkei 225 Average advanced 0.82%.
Trading in US index futures indicated that the Dow could gain 25 points at the opening bell on Tuesday, 23 July 2013. US stocks posted modest gains on Monday, with the S&P 500 notching its 23rd record close this year, as the financial and health-care sectors led the market higher. Sales of previously owned US homes unexpectedly dropped 1.2% in June, data yesterday showed.
Federal Reserve Chairman Ben Bernanke last week said it is too early to determine whether the central bank will taper asset purchases at its meeting in September. The central bank currently purchases $85 billion a month in government and US mortgage debt, aimed at encouraging economic growth.
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