Volatility continued in afternoon trade as the key benchmark indices trimmed losses after extending intraday fall in early afternoon trade. The barometer index, the S&P BSE Sensex, briefly turned positive. The Sensex was down 26.77 points or 0.1%, up 42.86 points from the day's low and off 70.25 points from the day's high. The market breadth indicating the overall health of the market turned negative from positive in afternoon trade.
Hindustan Unilever rose after parent Unilever reported results for Q2 and half-year ended 30 June 2014. Bharat Heavy Electricals (Bhel) rose after the company said that it has achieved yet another landmark in its after-market-service business by successfully renovating, modernizing and uprating 110 MW Unit-4 at Guru Nanak Dev Thermal Plant of Punjab State Power Corporation (PSPCL) at Bathinda. Idea Cellular rose after the company during market hours said that the Securities Allotment Committee of the Board of Directors of the company has, at its meeting held today, 24 July 2014, issued and allotted shares to Axiata Investments 2 (India) on a preferential basis.
Among the side counters, Cholamandalam Investment and Finance Company, Tata Sponge and V-Guard Industries scaled record high. HCL Infosystems hit 52-week high. Sugar stocks were in demand on renewed buying.
At 13:15 IST, the S&P BSE Sensex was down 26.77 points or 0.1% to 26,120.56. The index fell 69.63 points at the day's low of 26.077.70 in early trade. The index rose 43.48 points at the day's high of 26,190.81 at the onset of the trading session, a record high for the index.
The CNX Nifty was down 8.05 points or 0.1% to 7,787.70. The index hit a low of 7,771.65 in intraday trade. The index hit a high of 7,807.20 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,374 shares declined and 1,336 shares gained. A total of 113 shares were unchanged.
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The BSE Mid-Cap index was down 5.26 points or 0.06% at 9,306.46. The BSE Small-Cap index was up 26.57 points or 0.26% at 10,230.75. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1789 crore by 13:15 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Hindalco Industries (up 2.54%), Tata Steel (up 1.72%) and Sesa Sterlite (up 1.39%) edged higher from the Sensex pack.
Hindustan Unilever rose 0.66%. Parent Unilever said at the time of announcing its results for Q2 and half-year ended 30 June 2014 said that the company achieved 6.6% underlying sales growth in emerging markets in half-year ended 30 June 2014. "The first half again shows consistent top and bottom line progress despite significant headwinds. Our markets have been challenging and we have experienced a further slow-down in the emerging countries whilst developed markets are not yet picking up", Chief Executive Officer Paul Polman said.
Bharat Heavy Electricals (Bhel) rose 0.66%. Bhel during market hours said that the company has achieved landmark in its after-market-service business by successfully renovating, modernizing and uprating 110 MW Unit-4 at Guru Nanak Dev Thermal Plant of Punjab State Power Corporation (PSPCL) at Bathinda. After successfully running for over 33 years, this unit, originally supplied and commissioned by Bhel, was undertaken for Renovation & Modernization (R&M).
Following the R&M, not only was the working life of the machine extended by another 15-20 years, the capacity was also uprated to 120 MW from its original capacity of 110 MW. The unit has achieved the uprated capacity of 120 MW on 23 July 2014, Bhel said.
Idea Cellular rose 1.75%. Idea Cellular during market hours said that the Securities Allotment Committee of the Board of Directors of the company has, at its meeting held today, 24 July 2014, issued and allotted 5.18 crore equity shares to Axiata Investments 2 (India) at an issue price of Rs 144.68 per share, including a premium of Rs 134.68 per share, aggregating approximately to Rs 750 crore, on a preferential basis.
The Shareholders of the company had approved the allotment vide special resolution passed at the Extra-ordinary General Meeting held on 10 July 2014, Idea Cellular said. Further the Company has informed that, post the allotment, the paid-up equity share capital of the company stands increased to Rs 3595.89 crore of 359.58 crore equity shares of Rs 10 each, fully paid-up.
Atul jumped 5.9% to Rs 1,287 after scaling a record high of Rs 1,373 in intraday trade.
Cholamandalam Investment and Finance Company gained 3.89% to Rs 435.75 after scaling a record high of Rs 459.75 in intraday trade.
HCL Infosystems surged 3.59% to Rs 79.30 after hitting a 52-week high of Rs 81.45 in intraday trade.
Tata Sponge Iron galloped 10.2% to Rs 928.55 after scaling a record high of Rs 935 in intraday trade.
V-Guard Industries advanced 10.07% to Rs 772.15 after scaling a record high of Rs 787.75 in intraday trade.
Sugar stocks were in demand on renewed buying. Bajaj Hindusthan (up 4.29%), Dhampur Sugar Mills (up 2.35%), Sakthi Sugars (up 1.37%), Balrampur Chini Mills (up 3.23%), Shree Renuka Sugars (up 1.24%), and Dwarikesh Sugar Industries (up 3.22%) gained.
A bout of volatility was witnessed as key benchmark indices slipped into the red after opening higher. The Sensex hit record high at the onset of the trading session. Key benchmark indices cut losses in morning trade. Key benchmark indices hovered in negative terrain in mid-morning trade. A bout of volatility was witnessed as key benchmark indices slipped into the red once again after moving into positive zone from negative zone for a brief period early afternoon trade. Volatility continued in afternoon trade as the key benchmark indices trimmed losses after extending intraday fall in early afternoon trade.
Investors are keeping a watch of crude oil prices. India imports almost 80% of its crude oil requirements. Brent crude futures for September delivery were down 16 cents at $107.87 a barrel on the London-based ICE Futures Europe exchange. The contract rose 70 cents to settle at $108.03 a barrel on Wednesday, 23 July 2014, as geopolitical tensions in the Middle East persisted.
In Libya, fighting between rival factions continues for control of Libyan capital's airport.
Meanwhile, violence continues in the Gaza Strip. As per reports, more than 700 Palestinians have been killed so far as fighting continues between Israel and Palestinian militants in Gaza Strip.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.0575, compared with its close of 60.105 on Wednesday, 23 July 2014.
European stocks declined today, 24 July 2014, as companies from BASF SE to Unilever posted financial results that missed analysts' estimates. Key benchmark indices in UK, France and Germany were down 0.33% to 0.58%.
Many Asian stocks rose today, 24 July 2014, after a Chinese manufacturing gauge rose to its strongest reading in 18 months. Key benchmark indices in Hong Kong, China, Singapore and Taiwan were up by 0.19% to 1.3%. Key benchmark indices in Japan, Indonesia and South Korea fell by 0.08% to 0.29%.
A Chinese manufacturing gauge rose to an 18-month high in July, adding to signs that the government will meet its 2014 economic-growth target of about 7.5 percent. A preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics was at 52, compared with a final reading of 50.7 in June. Numbers above 50 indicate expansion.
South Korea unveiled 11.7 trillion won ($11.4 billion) in government initiatives to shore up Asia's fourth-largest economy after growth slumped to the weakest pace in more than a year in the second quarter.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 24 July 2014. US stocks were largely higher on Wednesday, 23 July 2014, with the S&P 500 index hitting another record high after bullish results from tech giants Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check.
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