Firmness continued on the bourses in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 120.49 points or 0.61%, up 96.80 points from the day's low and off 11.93 points from the day's high. The CNX Nifty was currently above the psychological 6,000 level, having alternately moved above and below that level so far during the day. Index heavyweight and cigarette major ITC extended intraday gains. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight Reliance Industries (RIL) was slightly higher in volatile trade. Capital goods stocks rose on renewed buying. FMCG stocks also edged higher. Shares of liquor major United Spirits scaled record high.
Key benchmark indices edged higher in early trade on positive Asian stocks. Key benchmark indices extended gains to strike fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in over 13 weeks. Key benchmark indices held firm in mid-morning trade. Key benchmark indices held firm in early afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 6 May 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 897.47 crore on Monday, 6 May 2013, as per provisional data from the stock exchanges
At 12:18 IST, the S&P BSE Sensex was up 120.49 points or 0.61% to 19,794.13. The index jumped 132.42 points at the day's high of 19,806.06 in morning trade, its highest level since 4 February 2013. The index rose 23.69 points at the day's low of 19,697.33 in opening trade.
The CNX Nifty was up 38.75 points or 0.65% to 6,009.80. The index hit a high of 6,011.10 in intraday trade, its highest level since 2 May 2013. The index hit a low of 5,982.95 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,173 shares advanced and 948 shares declined. A total of 135 shares were unchanged.
The total turnover on BSE amounted to Rs 888 crore by 12:20 IST compared with Rs 683 crore by 11:20 IST.
Among the 30-share Sensex pack, 22 stocks gained while rest of them declined. Tata Motors (up 2.41%), Jindal Steel & Power (up 2.3%) and ICICI Bank (up 1.71%) edged higher from the Sensex pack. Coal India (down 1.59%), Wipro (down 1.19%) and Bajaj Auto (down 0.75%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) rose 0.6% to Rs 826.40. The scrip hit high of Rs 835.65 and a low of Rs 819.40 so far during the day.
Index heavyweight and cigarette major ITC rose 1.98% to Rs 332.60. The scrip hit high of Rs 332.75 and a low of Rs 325.15 so far during the day. The stock had hit record high of Rs 335.90 in intraday on 30 April 2013. 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.
FMCG stocks edged higher on renewed buying. FMCG major Hindustan Unilever (HUL) rose 0.25% to Rs 574.75. The stock had hit record high of Rs 597 in intraday trade on 30 April 2013. The company's foreign parent Unilever PLC on 30 April 2013 announced open offer to acquire additional 48.70 crore shares, or 22.52% stake in Hindustan Unilever at Rs 600 per share. As on 31 March 2013, foreign promoters held 52.48% stake in HUL. After the open offer, holding of foreign promoters will rise to 75%.
HUL's net profit before exceptional items rose 18% to Rs 781 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 on 29 April 2013.
Emami gained 2.14%. The company's consolidated net profit rose 29.9% to Rs 93.99 crore on 13.2% rise in net sales to Rs 450.95 crore in Q4 March 2013 over Q4 March 2012. Emami's consolidated net profit rose 21.6% to Rs 314.74 crore on 16.9% rise in net sales to Rs 1699.10 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Monday, 6 May 2013.
Meanwhile, Emami's board of directors at its meeting held on Monday, 6 May 2013, recommended issue of bonus shares in ratio of 1:2 i.e., one equity share for every two existing equity share held. The company's board of directors also recommended a dividend of Rs 8 per share for the year ended March 2013.
Marico (up 0.46%), Nestle India (up 0.16%), Dabur India (up 2.38%), Godrej Consumer Products (up 0.73%) and Tata Global Beverages (up 0.2%) gained.
United Spirits rose 2.23% to Rs 2338.95 after striking a record high of Rs 2344 in intraday trade today, 7 May 2013.
Capital goods stocks rose on renewed buying. ABB (up 0.09%), Bhel (up 1.27%), BEML (up 3.62%), Crompton Greaves (up 0.87%), L&T (up 0.57%), and Punj Lloyd (up 0.65%) gained. Siemens fell 0.95%.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. HDFC and Lupin unveil Q4 results tomorrow, 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on Thursday, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil 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 and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The Budget session of the Parliament ends on Friday, 10 May 2013.
The RBI on Friday, 3 May 2013, cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
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.
Asian stocks climbed for a second day today, 7 May 2013, dominated by Japanese shares, on optimism central banks will continue to revive growth. Key benchmark indices in Hong Kong, Singapore, Japan, China and Indonesia were up by 0.12% to 3.55%. Key benchmark indices in South Korea and Taiwan were down by 0.07% to 0.36%.
China is due to release a slew of economic data this week. The trade data for April 2013 will be out tomorrow, 8 May 2013. On Thursday, 9 May 2013, attention will shift to China's consumer and producer inflation figures for April 2013.
Trading in US index futures indicated that the Dow could fall 13 points at the opening bell on Tuesday, 7 May 2013. US stocks mostly advanced on Monday, with S&P 500 index extending its record run above 1,600 after the April jobs report exceeded expectations. US nonfarm payrolls rose by 165,000 last month and the jobless rate fell to a four-year low of 7.5%, the Labor Department had said on Friday, 3 May 2013.
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