A bout of initial volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period after opening higher. The barometer index, the S&P BSE Sensex, was up 87.51 points or 0.34%, up close to 140 points from the day's low and off close to 35 points from the day's high. The market breadth indicating the overall health of the market was strong.
IT major Infosys gained after announcing its Q1 result. Shree Cement rose after the company said that the commercial production at its grinding unit at Aurangabad in Bihar has started from 9 July 2014. Tata Motors gained after the company's British luxury car unit Jaguar Land Rover (JLR) reported strong sales in June.
At 9:30 IST, the S&P BSE Sensex was up 87.51 points or 0.34% to 25,460.26. The index jumped 125.28 points at the day's high of 25,498.03 in early trade. The index shed 49.52 points at the day's low of 25,323.23 in early trade.
The CNX Nifty was up 4.25 points or 0.06% at 7,572. The index hit a high of 7,600.40 in intraday trade. The index hit a low of 7,555.05 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 734 shares gained and 384 shares fell. A total of 29 shares were unchanged.
The BSE Mid-Cap index was up 26.10 points or 0.29% at 9,158.28, underperforming the Sensex. The BSE Small-Cap index was up 36 points or 0.36% at 10,056.05, outperforming the Sensex.
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IT major Infosys gained 2.68% to Rs 3,381.15 after announcing its Q1 result. The company's consolidated net profit as per International Financial Reporting Standards (IFRS) fell 3.5% to Rs 2886 crore on 0.8% decline in revenue to Rs 12770 crore in Q1 June 2014 over Q4 March 2014. The result was announced before market hours today, 11 July 2014.
Infosys expects its consolidated revenue to grow 7%-9% in dollar terms in the year ending 31 March 2015 (FY 2015). The company expects its revenue to grow 5.6%-7.6% in rupee terms in FY 2015.
Tata Motors rose 0.25% to Rs 454 after the company's British luxury car unit Jaguar Land Rover (JLR) reported strong sales in June. JLR sales rose 17% to 39,594 vehicles in June 2014 over June 2013. Sales rose 14% to 240,372 vehicles during the period January-June 2014 over the corresponding period last year. The company said sales for the six months ended June 2014 were its strongest ever half year sales performance.
Kotak Mahindra Bank gained 1.31% to Rs 878.50. The Reserve Bank of India has on Thursday, 10 July 2014, notified that shares of the bank can now be purchased through primary market and stock exchanges by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) as the restrictions placed on the purchase of shares of the bank have been withdrawn with immediate effect after the share holdings by FIIs/RFPIs under Portfolio Investment Scheme in Kotak Mahindra Bank have gone below the prescribed threshold limit stipulated under the extant FDI Policy.
Shree Cement rose 1.04% to Rs 7,225 after the company said after market hours on Thursday, 10 July 2014, that the commercial production at its grinding unit at Aurangabad in Bihar has started from 9 July 2014 after the commissioning of 2 million tons per annum (MTPA) capacity unit on 30 June 2014.
Jindal Steel & Power rose 0.2% to Rs 302. The stock turned ex-dividend today, 11 July 2014, for dividend of Rs 1.50 per share for the year ending March 2014.
Industrial output is seen rising 3.8% in May 2014, higher than 3.4% growth in April, as per the median estimates of a poll of economists carried out by Capital Market. The government will unveil industrial production data for May 2014 today, 11 July 2014.
Finance Minster Arun Jaitley made a number of announcements in Union Budget 2014-15 on Thursday, 10 July 2014, such as a proposal to increase in foreign direct investment in insurance and defence manufacturing, a sharp increase in plan expenditure, measures to boost long term financing for infrastructure by banks and provided clarity on taxation with respect to foreign portfolio investors. But, market expectations that the Finance Minster would scrap the law on retrospective taxation were not met.
Asian stocks edged lower in choppy trade on Friday, 11 July 2014 amid concern that Europe's debt problems haven't been resolved. Key benchmark indices in Taiwan, Indonesia, South Korea and Japan fell 0.18% to 1.33%. Key benchmark indices in China, Singapore, and Hong Kong were up 0.06% to 0.44%.
US stocks fell on Thursday, 10 July 2014, on concerns that trouble at a European bank might spread.
European bonds tumbled on Thursday after a parent of Portugal's No. 2 lender missed a debt payment. Shares of Banco Espirito Santo were suspended yesterday after sliding more than 17%, while its bonds sank to record lows even as Portugal's central bank said it can avoid contagion risks. Espirito Santo International missed payments on commercial paper to a few clients, according to a July 8 statement. The company is the biggest shareholder of Espirito Santo Financial Group (ESFG), which owns 25% of the bank. Trading in ESFG shares and debt was also halted yesterday.
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