Key benchmark indices moved in a narrow range in negative terrain in morning trade. The barometer index, the S&P BSE Sensex, was currently down 26.16 points or 0.1% at 26,061.26. The market breadth indicating the overall health of the market was positive. Engineering and construction major L&T rose on bargain hunting after Wednesday's steep post-results slide. Bharti Airtel fell on profit booking after Wednesday's rally triggered by strong Q1 results. Kotak Mahindra Bank reversed direction after hitting record high.
IRB Infrastructure Developers jumped after the company at the time of announcement of its Q1 results said it has strong order book position. Force Motors jumped after 3.22% equity changed hands in a bulk deal on BSE.
At 10:20 IST, the S&P BSE Sensex was down 26.16 points or 0.1% to 26,061.26. The index fell 52.87 points at the day's low of 26,034.55 in early trade. The index rose 28.36 points at the day's high of 26,115.78 in early trade, its highest level since 28 July 2014.
The CNX Nifty was down 11.40 points or 0.15% to 7,780. The index hit a low of 7,768.70 in intraday trade. The index hit a high of 7,790.65 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,031 shares rose and 723 shares fell. A total of 50 shares were unchanged.
The BSE Mid-Cap index was up 47.56 points or 0.52% at 9,219.07. The BSE Small-Cap index was up 52.59 points or 0.53% at 10,017.52. Both these indices outperformed the Sensex.
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ITC gained 0.08% to Rs 359.08, with the stock extending Wednesday's small post-results gains. The stock hit high of Rs 360.20 and low of Rs 358.65 so far during the day. The company reported 15.6% rise in net profit to Rs 2186.39 crore on 24.54% rise in total income to Rs 9482.84 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced on Tuesday, 29 July 2014, when stock market was closed on account of Ramzan ID.
Kotak Mahindra Bank dropped 0.43% to Rs 970.45. The stock reversed direction after hitting record high of Rs 979.35 in intraday trade.
Bharti Airtel fell 0.46% to Rs 371.30 on profit booking after Wednesday's rally triggered by strong Q1 results. The stock reversed direction after hitting 52-week high of Rs 375 in intraday trade. Bharti Airtel's consolidated net profit rose 60.91% to Rs 1108.50 crore on 13.33% increase in total revenue to Rs 22962 crore in Q1 June 2014 over Q1 June 2013. Net profit was boosted by improved operational efficiency and lower forex and derivative losses. The result was announced on Tuesday, 29 July 2014, when stock market was closed on account of Ramzan ID.
IRB Infrastructure Developers jumped 6.59% after the company said it has strong order book position. IRB Infrastructure Developers' order book stands at approximately Rs 11350 crore, out of which Rs 9400 crore worth of order book is to be executed in the next three to four years. This construction order book gives IRB good visibility for the next three years, the company said in a statement.
On a consolidated basis, the company's net profit rose 11.76% to Rs 150.39 crore on 2.37% decline in total income to Rs 1036.71 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 22% to Rs 589 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 30 July 2014.
Engineering and construction major L&T rose on bargain hunting after Wednesday's steep post-results slide. The stock was up 0.9%. The company's consolidated profit after tax (PAT) jumped 111% to Rs 967 crore on 10% growth in gross revenue to Rs 19123 crore in Q1 June 2014 over Q1 June 2013. The sharp rise in PAT was on the back of divestment gains, L&T said. The recurring PAT jumped 68% to Rs 771 crore in Q1 June 2014 over Q1 June 2013. The growth in PAT, however, was restricted by a onetime loss of about Rs 942.14 crore at PBIT level from the hydrocarbon segment. The company provided for all foreseeable future losses of 5 projects in Middle East region during the quarter. The result hit the market after market hours on Monday, 28 July 2014.
L&T's order intake rose 11% to Rs 33408 crore in Q1 June 2014 over Q1 June 2013. The international order inflow at Rs 14754 crore in Q1 June 2014 grew more than 2 times on year-on-year (YoY) and constituted 44% of the total order inflow during the quarter. The consolidated order book of the group stood at Rs 195392 crore as on 30 June 2014, higher by 13% on YoY basis. International order book constituted 26% of the total order book.
Force Motors jumped 8.23% to Rs 574.50 after 3.22% equity changed hands in a bulk deal on BSE today, 31 July 2014. A bulk deal of 4.24 lakh shares was executed on the Force Motors counter at Rs 549.95 per share at 09:19 IST on BSE today, 31 July 2014.
The market may remain volatile today, 31 July 2014, as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire today, 31 July 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.2325, compared with its close of 60.07 on Wednesday, 30 July 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 381.66 crore on Wednesday, 30 July 2014, as per provisional data from the stock exchanges.
Finance Minister Arun Jaitley said on Wednesday, 30 July 2014, said that the government is yet to decide the implementation date of the general anti-avoidance rules (GAAR) and whether any changes are needed to the existing provisions of GAAR. GAAR is scheduled to come into effect from 1 April 2015 or assessment year 2016-17. GAAR announced by the previous government had sparked alarm among foreign investors because of provisions that included tightening rules on investments from countries that have double taxation treaties with India. The implementation of GAAR was deferred by two years until 1 April 2015.
Asian stocks edged lower today, 31 July 2014, after global credit rating agency Standard & Poor's declared Argentina in default on its foreign-currency obligations after the government missed a deadline for paying interest on $13 billion of restructured bonds. Key benchmark indices in China, Hong Kong, South Korea, and Taiwan fell by 0.01% to 1.13%. Key benchmark indices in Japan and Singapore rose by 0.22%to 0.84%.
A breakdown in talks between Argentina and US creditors late Wednesday has sent the country tumbling into its second default in 13 years.
Trading in US index futures indicated that the Dow could fall 27 points at the opening bell on Thursday, 31 July 2014. US stocks were little changed on Wednesday, 30 July 2014, as data showing better-than-forecast economic growth was offset by weaker earnings and the US Federal Reserve's decision to keep trimming asset purchases.
The Federal Reserve after two-day policy meeting on Wednesday, 30 July, said it would reduce its purchases of mortgage and Treasury bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected. The Fed retained a dovish monetary policy stance. To support continued progress toward maximum employment and price stability, the Federal Open Market Committee (FOMC) reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate, the FOMC said in a statement.
Meanwhile, data showed that the US economy expanded at a seasonally adjusted annual rate of 4% in the second quarter, exceeding expectations for a 3% pace.
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