Key benchmark indices dropped in early trade. The market extended recent losses triggered by the India Meteorological Department (IMD) on Thursday, 24 April 2014, announcing that the country will likely get below-normal levels of monsoon rain this year. The barometer index, the S&P BSE Sensex was down 65.42 points or 0.29%, off close to 115 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Idea Cellular rose on strong Q4 results. Bharti Airtel and Sesa Sterlite rose ahead of their Q4 results today, 29 April 2014. Jindal Steel & Power dropped ahead of its Q4 results today, 29 April 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 77.02 crore on Monday, 28 April 2014, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was down 65.42 points or 0.29% to 22,566.19. The index fell 67.01 points at the day's low of 22,564.60 in early trade. The index rose 50.28 points at the day's high of 22,681.89 in early trade.
The CNX Nifty was down 48.70 points or 0.72% to 6,712.55. The index hit a low of 6,711.10 in intraday trade. The index hit a high of 6,779.70 in intraday trade.
The BSE Mid-Cap index rose 21.56 points or 0.29% to 7,460.05, matching with Sensex's performance in percentage terms. The BSE Small-Cap index rose 30.90 points or 0.41% to 7,617.28, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 740 shares gained and 281 shares fell. A total of 37 shares were unchanged.
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Among the 30-share Sensex pack, 19 stocks declined and rest of them rose. Wipro (up 1.03%), Sun Pharmaceutical Industries (up 0.6%) and TCS (up 0.4%) edged higher from the Sensex pack.
Bharti Airtel rose 0.63% ahead of its Q4 results today, 29 April 2014.
Jindal Steel & Power dropped 0.59% ahead of its Q4 results today, 29 April 2014.
Sesa Sterlite gained 0.62% ahead of its Q4 results today, 29 April 2014.
Infosys rose 0.37%. The company announced after market hours on Monday, 28 April 2014 that Ms. Ann Fudge, Independent Director who is scheduled to complete her term on the lnfosys board on 14 June 2014, has conveyed her intention not to seek re-appointment owing to her busy schedule.
Currently, the Infosys board has seven Independent Directors and six Executive Directors. The lnfosys board has also recently announced the appointment of Ms. Carol M. Browner, Distinguished Senior Fellow at the Center for American Progress and Counselor to the Albright Stonebridge Group, as an Additional Director of the Company. Her appointment shall be effective on the date Ms. Browner receives her Director Identification Number from the Ministry of Corporate Affairs.
Said Ms. Fudge, "Due to increasing time commitments on other Boards, I have decided not to seek re-appointment on the Infosys Board. With the addition of new Board Members and a solid succession plan in place, I know the company is well-positioned for success."
Said Mr. N.R. Narayana Murthy, Executive Chairman, "I thank Ann for her seminal contribution to Infosys. The Board will miss Ann's wisdom, insight and analysis. We wish her all the best for the future".
Idea Cellular rose 2.7% on strong Q4 results. On a consolidated basis, Idea Cellular's net profit surged 91.37% to Rs 589.77 crore on 16.21% increase in total income to Rs 7043.82 crore in Q4 March 2014 over Q4 March 2013.
On a consolidated basis, Idea Cellular's net profit surged 94.65% to Rs 1967.82 crore on 18.08% increase in total income to Rs 26518.91 crore in the year ended March 2014 over the year ended March 2013.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Asian stocks swung between gains and losses on Tuesday as investors weighed corporate earnings and after US equities advanced. Key benchmark indices in Taiwan, China and Hong Kong rose 0.16% to 0.54%. Key benchmark indices in Indonesia, South Korea and Singapore were off 0.09% to 0.38%.
US stocks rose, with the Standard & Poor's 500 Index erasing an earlier slide on Monday, 28 April 2014,, as Internet and smaller companies pulled back from a selloff amid optimism over merger activity.
A report by the National Association of Realtors showed contracts to purchase previously owned US homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilize entering the spring selling season. The pending home sales index rose 3.4%, the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported.
A two-day meet on monetary policy review of the Federal Open Market Committee (FOMC) resumes today, 29 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
Investors are also watching developments in Ukraine. The Obama administration imposed sanctions on seven Russian officials and 17 companies linked to Russian President Vladimir Putin's inner circle involved in banking, energy and infrastructure. The sanctions, announced by the White House, are being imposed in conjunction with the European Union, which said it is adding 15 names to its list of previously sanctioned individuals.
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