Key benchmark indices hit fresh intraday high in afternoon trade after European markets opened higher. Investor sentiment also got a boost from the latest data showing that inflation, based on the wholesale price index, eased further in May 2013. The S&P BSE Sensex was up 274.52 points or 1.46%, up about 150 points from the day's low and off close to 11 points from the day's high. The market breadth, indicating the overall health of the market, was strong. All the 13 sectoral indices on BSE were in the green. Gains in Asian stocks supported gains on the domestic bourses.
Shares of index heavyweight Reliance Industries (RIL) gained after partner Niko Resources provided clarity on the companies' recent gas and condensate discovery at key KG-D6 block in India. Sadbhav Engineering, Ahmednagar Forgings, HDFC, Bosch and Sun TV Network saw a surge in volumes on BSE today, 14 June 2013.
The market edged higher in early trade. The barometer index, the S&P BSE Sensex, regained the psychological 19,000 level. The market extended initial gains to hit fresh intraday high in morning trade. The market was range bound in mid-morning trade. The Sensex extended gains to hit fresh intraday high in early afternoon trade after the latest data showed that inflation based on the wholesale price index eased further in May 2013. Key benchmark indices hit fresh intraday high in afternoon trade after European markets opened higher.
At 13:18 IST, the S&P BSE Sensex was up 274.52 points or 1.46% to 19,101.68. The index jumped 285.86 points at the day's high of 19,113.02 in afternoon trade, its highest level since 12 June 2013. The index gained 124.93 points at the day's low of 18,952.09 in early trade.
The CNX Nifty was up 90.25 points or 1.58% to 5,789.35. The index hit a high of 5,791.65 in intraday trade, its highest level since 12 June 2013. The index hit a low of 5,739.40 in intraday trade.
The BSE Mid-Cap index was up 1.07% and the BSE Small-Cap index was up 0.86%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,321 shares rose and 804 shares fell. A total of 147 shares were unchanged.
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Among the 30-share Sensex pack, 26 stocks rose and the rest of them fell. Hindalco Industries (up 4.70%), Tata Motors (up 4.26%), Maruti Suzuki India (up 3.82%), Tata Steel (up 3.63%), Jindal Steel & Power (up 2.86%), Sterlite Industries (up 2.27%) and Bajaj Auto (up 2.22%), edged higher from the Sensex pack.
Wipro (down 1.32%), Cipla (down 0.75%), Hero MotoCorp (down 0.37%) and Hindustan Unilever (down 0.28%), edged lower from the Sensex pack.
Shares of index heavyweight Reliance Industries (RIL) gained 2.57% to Rs 809.45 after its KG-D6 block partner Niko Resources said its proved reserves increased by 160%, and that a recent gas discovery in the D6 block off India's east coast could add significantly to future reserves. RIL is the operator of the block with a 60% stake. BP Plc holds 30% and Niko the rest.
Sadbhav Engineering clocked volume of 7.50 lakh shares, a 819.89-times surge over two-week average daily volume of 1000 shares. The stock fell 0.05% to Rs 100.95.
Ahmednagar Forgings notched up volume of 9.10 lakh shares, a 219.58-fold surge over two-week average daily volume of 4,000 shares. The stock rose 0.34% to Rs 104.10.
HDFC saw volume of 22.69 lakh shares, a 13.51-fold surge over two-week average daily volume of 1.68 lakh shares. The stock rose 2.41% to Rs 832.35 after 0.14% equity changed hands in two bulk deals on BSE today, 14 June 2013.
Bosch clocked volume of 9,000 shares, a 10.52-fold surge over two-week average daily volume of 1,000 shares. The stock rose 0.55% to Rs 9,030.
Sun TV Network saw volume of 6.43 lakh shares, a 7.44-fold rise over two-week average daily volume of 87,000 shares. The stock rose 0.91% to Rs 359.10.
Shares of power generation firms rose across the board. JSW Energy (up 3.92%), Tata Power (up 3.20%), Reliance Power (up 2.24%), GMR Infrastructure (up 1.80%), NHPC (up 1.13%), NTPC (up 0.50%) and Adani Power (up 0.31%), edged higher.
Bank shares rose as the latest data showing further easing of inflation based on the wholesale price index (WPI) triggered expectations that the central bank may cut its key policy rate at mid-quarter monetary policy review on Monday, 17 June 2013.
Yes Bank (up 4.44%), Canara Bank (up 3.83%), Axis Bank (up 3.20%), Union Bank of India (up 2.41%), Punjab National Bank (up 2.31%), Bank of Baroda (up 2.27%), ICICI Bank (up 2.07%), Kotak Mahindra Bank (up 2.01%), IDBI Bank (up 1.66%), Bank of India (up 1.57%), HDFC Bank (up 1.33%), State Bank of India (up 1.28%) and Federal Bank (up 1.05%), edged higher.
Shares of real estate developers also rose on rate cut hopes. Peninsula Land (up 4.40%), Oberoi Realty (up 4.39%), Sobha Developers (up 4%), Anant Raj Industries (up 3.97%), Unitech (up 3.57%), Parsvnath Developers (up 3.48%), Prestige Estates (up 3.46%), Indiabulls Real Estate (up 2.36%), HDIL (up 1.90%), DLF (up 1.61%), D B Realty (up 1.09%) and Godrej Properties (up 0.47%), edged higher. Lower interest rates may help revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.
On macro front, the Central Statistics Office (CSO) today, 14 June 2013, said inflation based on the wholesale price index (WPI) eased further to 4.7% in May 2013 from 4.89% in April 2013. Build up inflation rate in the financial year so far was 0.88% compared to a build up rate of 1.80% in the corresponding period of the previous year. WPI inflation for March 2013 was revised downwards to 5.65% from 5.96% reported earlier. Core inflation or non-food manufacturing inflation eased further to 41-month low of 2.35% in May 2013, the latest data showed.
European shares were trading higher in early trade. Key benchmark indices in UK, France and Germany were up by 0.27% to 0.67%..
Asian stocks rebounded on Friday as US economic data surpassed expectations and on bets the Federal Reserve will signal plans to keep record-low interest rates. Key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea and Singapore rose by 0.35% to 3.30%. Taiwan's Taiwan Weighted fell 0.18%.
Trading in US index futures indicated that the Dow may fall 13 points at opening bell on Friday, 14 June 2013. US stocks rallied on Thursday bolstered by upbeat economic data. The latest data showed retail sales climbed the most in three months and the number of claims for jobless benefits dropped by 12,000 last week.
The Federal Open Market Committee holds a two-day policy meeting on interest rates in the United States on 18 and 19 June 2013.
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