A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks. The Sensex was up 114.33 points or 0.45%, off 28.17 points from the day's high and up 61.44 points from the day's low. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up more than 1%, outperforming the Sensex. The market sentiment was boosted by provisional data showing that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014.
Mahindra & Mahindra (M&M) surged after reporting increase in tractor and auto sales for the month just gone by. IT stocks declined as the rupee edged higher against the dollar. ABB India, Bajaj Finserv and Bajaj Holdings & Investment hit 52-week high. Bharti Infratel scaled record high after a foreign brokerage maintained 'outperform' rating on the stock. Container Corporation of India and Tata Sponge Iron scaled record high. Auto components maker Motherson Sumi Systems also scaled a record high.
At 13:15 IST, the S&P BSE Sensex was up 114.33 points or 0.45% to 25,528.11. The index jumped 142.50 points at the day's high of 25,556.28 in afternoon trade, its highest level since 18 June 2014. The index rose 52.99 points at the day's low of 25,466.67 in mid-morning trade.
The CNX Nifty was up 25.70 points or 0.34% to 7,637.05. The index hit a high of 7,647.65 in intraday trade, its highest level since 18 June 2014. The index hit a low of 7,618.15 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,818 shares gained and 1,009 shares fell. A total of 93 shares were unchanged.
The total turnover on BSE amounted to Rs 2274 crore by 13:15 IST.
More From This Section
The BSE Mid-Cap index was up 64.11 points or 0.68% at 9,443.06. The BSE Small-Cap index was up 137.89 points or 1.35% at 10,341.08. Both these indices outperformed the Sensex.
Mahindra & Mahindra (M&M) surged 3.48% to Rs 1,188 after the company said its total tractor sales rose 8% to 29,884 units in June 2014 over June 2013. The company made the announcement during trading hours today, 1 July 2014. M&M's domestic tractor sales rose 8% to 28,893 units in June 2014 over June 2013. Total tractor exports fell 3% to 991 units in June 2014 over June 2013.
In a separate announcement, M&M reported 1% rise in total automobile sales to 38,471 units in June 2014 over June 2013. Total domestic automobiles sales rose 1% to 36,457 units in June 2014 over June 2013. Total automobiles exports rose 7% to 2,014 units in June 2014 over June 2013.
IT stocks declined as the rupee edged higher against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS) (down 1.09%), Infosys (down 0.96%), Wipro (down 1.16%), HCL Technologies (down 0.17%), Tech Mahindra (down 0.09%), Hexaware Technologies (down 1.49%) and MphasiS (down 0.73%) declined.
Oracle Financial Services Software fell 0.75%. In clarification to a TV media report on 30 June 2014 indicating buzz of major corporate announcement by the company, Oracle Financial Services Software during market hours said it is not aware of any such development and there is no such communication received or issued by the company in this regard.
JSW Steel rose 2.88%. In clarification to a TV report on 30 June 2014 that JSW Steel may ink deal with Welspun Maxsteel for Maharashtra unit, JSW Steel today, 1 July 2014, said that the company does not offer any comments on market rumours and speculation. JSW Steel further said that as a long term strategy, the company would like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets. In that perspective, the company keeps scanning suitable opportunities, which have a strategic fit.
ABB India gained 2.27% to Rs 1,147.55 after hitting a 52-week high of Rs 1,151.50 in intraday trade.
Bajaj Finserv advanced 2.23% to Rs 956.35 after hitting a 52-week high of Rs 971.10 in intraday trade.
Bajaj Holdings & Investment surged 8.39% to Rs 1,370 after hitting a 52-week high of Rs 1,391.65 in intraday trade.
Bharti Infratel jumped 4.96% to Rs 267.80 after scaling a record high of Rs 274.50 in intraday trade. As per reports, a foreign brokerage has maintained 'outperform' rating on the stock. The brokerage believes that the company's earnings per share may increase 6-17% over FY 2016-17, led by better tenancy of its towers. The company will be a beneficiary of competition in the telecom sector, the foreign brokerage said.
Container Corporation of India gained 6.47% to Rs 1,265 after scaling a record high of Rs 1,292.55 in intraday trade.
Motherson Sumi Systems jumped 7.4% to Rs 348.20 after scaling a record high of Rs 351.80 in intraday trade.
Tata Sponge Iron spurted 6.72% to Rs 696 after scaling a record high of Rs 721.80 in intraday trade.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014. The Sensex hovered in positive terrain in morning trade. The Sensex regained strength after paring intraday gains in mid-morning trade. IT extended gains and hit fresh intraday high in early afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks. A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in afternoon trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.1075, compared with its close of 60.17/18 on Monday, 30 June 2014.
A survey from Markit Economics showed that growth in the Indian manufacturing sector was maintained in June 2014. Adjusted for seasonal variations, the seasonally adjusted HSBC India Purchasing Managers' Index (PMI) rose marginally to 51.5 in June from 51.4 in May. Greater domestic and foreign demand led companies to increase production levels further. Buying activity expanded at a faster rate, while employment continued to rise. Input cost and output price inflation accelerated over the month, although in both cases the rates of increase were below their respective long-run averages, the survey showed today, 1 July 2014.
Manufacturing production rose for the eighth successive month in June 2014. There was a moderate expansion of incoming new orders, with growth in export orders at three-month high, the survey showed.
Data released by the government after trading hours on Monday, 30 June 2014, showed that the government's fiscal deficit for the period April-May 2014 at Rs 2.40 lakh crore amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year.
The output of eight core industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP) recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014, data released by the government after trading hours on Monday, 30 June 2014, showed.
European stocks edged higher on Tuesday, 1 July 2014, as investors awaited reports on American and euro-area manufacturing. Key benchmark indices in UK, France and Germany were up 0.15% to 0.21%.
Most Asian stocks edged lower on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, South Korea and Singapore were off 0.11% to 0.53%. Key benchmark indices in Japan and Taiwan rose 0.09% to 1.08%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Trading in US index futures indicated that the Dow could gain 28 points at the opening bell on Tuesday, 1 July 2014. Most US stocks edged lower on Monday, 30 June 2014. The number of contracts to purchase previously owned US homes jumped 6.1% in May, the most in more than four years. Another data showed that the Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
Powered by Capital Market - Live News