Key benchmark indices pared gains in afternoon trade after European market opened lower. The barometer index, the S&P BSE Sensex, was up 45.40 points or 0.17%, off close to 109 points from the day's high and up about 12 points from the day's low. The market breadth indicating the overall health of the market was positive. With the Sensex and the Nifty, both, hitting record high, Indian stocks are witnessing a pre-Budget rally amid expectations that Finance Minister Arun Jaitley will announce measures in the Budget aimed at bolstering economic growth.
Banks shares decline across the board on profit booking. Steel Strips Wheels gains after the company said it has secured an export order from ALCAR.
At 13:15 IST, the S&P BSE Sensex was up 45.40 points or 0.17% to 26,007.46. The index jumped 154.67 points at the day's high of 26,116.73 in early trade, a lifetime high of the index. The index rose 33.10 points at the day's low of 25,995.16 in afternoon trade.
The CNX Nifty was up 9.80 points or 0.13% to 7,761.40. The index hit a high of 7,791.40 in intraday trade, a lifetime high of the index. The index hit a low of 7,755.75 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,552 shares gained and 1,316 shares fell. A total of 92 shares were unchanged.
The BSE Mid-Cap index was up 11.29 points or 0.12% at 9,557.04, underperforming the Sensex. The BSE Small-Cap index was up 56.58 points or 0.54% at 10,564.61, outperforming the Sensex.
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Among 30 Sensex shares, 15 fell and the remaining shares rose. ONGC (down 1.26%), GAIL (India) (down 0.97%), Reliance Industries (down 0.70%), Maruti Suzuki India (down 0.62%), Hindalco Industries (down 0.43%), Hindustan Unilever (down 0.39%), Cipla (down 0.38%) and Bajaj Auto (down 0.3%), edged lower from the Sensex pack.
Tata Power Company (up 2.89%), Infosys (up 2.53%), Dr Reddy's Laboratories (up 2.44%), TCS (up 2.10%), Bharti Airtel (up 2.01%), Tata Motors (up 1.81%), Wipro (up 1.22%), Hero MotoCorp (up 1.18%), Sun Pharmaceuticals Industries (up 0.76%) and Coal India (up 0.65%), edged higher from the Sensex pack.
Banks stocks fell across the board on profit booking. Kotak Mahindra Bank (down 2.09%), Union Bank of India (down 1.73%), Yes Bank (down 1.53%), Bank of India (down 1.21%), HDFC Bank (down 1.21%), Federal Bank (down 1.12%), Bank of Baroda (down 0.94%), IndusInd Bank (down 0.86%), ICICI Bank (down 0.78%), Punjab National Bank (down 0.72%), IDBI Bank (down 0.70%), Canara Bank (down 0.52%), Axis Bank (down 0.34%) and State Bank of India (down 0.34%), edged lower.
The S&P BSE Bankex rose 3.74% in the preceding five trading sessions to 17,824.53 on 4 July 2014, from 17,181.74 on 27 June 2014.
Steel Strips Wheels (SSWL) rose 1%. SSWL announced during market hours today, 7 July 2014, that it has bagged an export order from ALCAR. The order will cater to the after-market demand. The order is worth 30,000 wheels and will cater to passenger car segment, SSWL said. The order will serve the EU & Russian market, the company said. SSWL said it is expecting this order to be a repeat order and will add volumes to existing sales going forward.
SSWL said it is constantly looking to address global after market demand given the size of the market. With this order the effort to target after market segment will get a boost and gain momentum, SSWL added. The company further said that it is increasingly looking at supplying the entire range of SSWL export product portfolio which shall cater to across segment vehicles.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors remained net buyers of Indian stocks on Friday, 4 July 2014. The barometer index, the S&P BSE Sensex, hit record high, crossing the 26,000 mark for the first time. The 50-unit CNX Nifty also scaled record high. Key benchmark indices pared initial gains in morning trade. Key benchmark indices hovered in positive terrain in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. Key benchmark indices pared gains in afternoon trade after European market opened lower.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 943.19 crore on Friday, 4 July 2014, as per provisional data from the stock exchanges
The market has entered a crucial week. Railway Minister Sadananda Gowda will present the final Railway Budget for 2014-15 in Lok Sabha tomorrow, 8 July 2014. On Wednesday, 9 July 2014, the Finance Ministry will table Economic Survey for 2013-14. Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday, 10 July 2014. After a clear mandate in Lok Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high.
There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.945, compared with its close of 59.72/73 on Friday, 4 July 2014.
European market were trading lower in early trade on Monday, 7 July 2014. Key benchmark indices in UK, France and Germany were down by 0.01% to 0.17%.
Most Asian stocks edged higher on Monday, 7 July 2104. Key benchmark indices in China, Taiwan, Indonesia and Singapore were up 0.03% to 1.36%. Key benchmark indices in South Korea, Hong Kong, and Japan were off 0.05% to 0.37%.
China's economic growth quickened in the second quarter from the previous three months, but further modest government support measures will still be needed, Premier Li Keqiang reportedly said on Monday.
Business activity in emerging markets expanded last month at its fastest rate since March 2013, boosted by strong growth in China and India, a survey showed today, 7 July 2014. HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys jumped to 52.3 in June - well above the 50 threshold that indicates expansion - from 50.6 in May.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Monday, 7 July 2014.
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