Key benchmark indices surged in late trade, with the barometer index, BSE Sensex, and the 50-unit CNX Nifty, both, hitting their highest level in almost seven weeks. The Sensex surged past the psychological 20,000 level, having alternately moved above and below that mark in intraday trade. The CNX Nifty pierced the psychological 6,000 level, having alternately moved above and below that mark during the day. The Sensex was provisionally up 202.56 points or 1.02%, up 195.09 points from the day's low and off 25.61 points from the day's high. The market breadth, indicating the overall health of the market, turned positive from negative in late trade. Gains in European stocks aided gains on the domestic bourses.
Index heavyweight Reliance Industries (RIL) edged higher in choppy trade. ONGC surged after a foreign brokerage upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices. Bank stocks rose across the board after private sector bank Axis Bank reported strong Q1 results. Shares of liquor major United Spirits hit record high.
Key benchmark indices edged higher in early trade on mostly higher Asian stocks. The Sensex moved past the psychological 20,000 mark. The CNX Nifty hit the psychological 6,000 mark. Key benchmark indices pared gains in morning trade. The Nifty fell below the psychological 6,000 mark. A bout of volatility was witnessed in mid-morning trade as the key benchmark indices recovered after paring intraday gains in morning trade. Key benchmark indices once again pared gains in early afternoon trade. Key benchmark indices held positive zone in mid-afternoon trade as European markets reversed initial losses. Key benchmark indices surged in late trade.
As per provisional closing, the S&P BSE Sensex was up 202.56 points or 1.02% to 20,151.29. The index gained 228.17 points at the day's high of 20,176.90 in late trade, its highest level since 31 May 2013. The index rose 7.47 points at the day's low of 19,956.20 in afternoon trade.
The CNX Nifty was up 66.35 points or 1.11% to 6,039.65. The index hit a high of 6,051.10 in intraday trade, its highest level since 31 May 2013. The index hit a low of 5,974.55 in intraday trade.
The market breadth, indicating the overall health of the market, turned positive from negative in late trade. On BSE, 1,238 shares gained and 1,141 shares declined. A total of 171 shares were unchanged.
The total turnover on BSE amounted to Rs 1898 crore, lower than Rs 2035 crore on Wednesday, 17 July 2013.
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Among the 30-share Sensex pack, 23 stocks gained and rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.09% at Rs 915.95. The stock hit high of Rs 919.90 and low of Rs 909.05. The Cabinet Committee on Economic Affairs (CCEA) on 27 June 2013 approved new gas pricing formula from 1 April 2014. The price of gas as per the formula is likely to be about $8.4 mmBtu as opposed to $4.2 mmBtu currently.
State-run oil exploration giant ONGC surged 4.74% to Rs 315 and was the top gainer from the Sensex pack. A foreign brokerage has upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices.
Bank stocks rose across the board after private sector bank Axis Bank reported strong Q1 results.
Axis Bank jumped 4.04% after net profit jumped 22.14% to Rs 1408.93 crore on 15.86% increase in total income to Rs 9059.12 crore in Q1 June 2013 over Q1 June 2012. The result was announced during trading hours today, 18 July 2013.
Kotak Mahindra Bank fell 0.11% in volatile trade as its first quarter results showed that that the bank's sticky loans rose. Gross non-performing assets surged to Rs 995.39 crore as on 30 June 2013, from Rs 758.11 crore as on 31 March 2013 and Rs 684.68 crore as on 30 June 2012. The ratio of the bank's gross non-performing assets (NPAs) to gross advances increased to 1.95% as on 30 June 2013, from 1.55% as on 31 March 2013 and 1.6% as on 30 June 2012. The ratio of the bank's net non-performing assets (NPAs) to net advances increased to 0.98% as on 30 June 2013 from 0.64% as on 31 March 2013 and 0.8% as on 30 June 2012.
The bank during market hours today reported 42.61% rise in net profit to Rs 402.82 crore on 28.94% rise in total income to Rs 2652.40 crore in Q1 June 2013 over Q1 June 2012.
Private sector banking major HDFC Bank advanced 3.18%. The bank on Wednesday, 17 July 2013 reported 30.08% rise in net profit to Rs 1843.86 crore on 17.94% growth in total income to Rs 11588.56 crore in Q1 June 2013 over Q1 June 2012.
Among other private sector bank stocks ICICI Bank (up 0.29%) and Yes Bank (up 3.19%) gained.
Among PSU bank stocks, State Bank of India (up 1.21%), Canara Bank (up 3.02%), Union Bank of India (up 4.26%), Bank of India (up 2.17%), Bank of Baroda (up 3.18%) and Punjab National Bank (up 3.13%) gained.
IDBI Bank gained 2.16%. The state-run bank's net profit declined 28.17% to Rs 306.95 crore on 9.65% growth in total income to Rs 7445.42 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours today, 18 July 2013.
IDBI Bank's ratio of net non-performing assets (NPAs) to net advances increased to 2.16% as on 30 June 2013, from 1.58% as on 31 March 2013 and 2.07% as on 30 June 2012. The ratio of gross NPAs to gross advances increased to 4.34% as on 30 June 2013, from 3.22% as on 31 March 2013 and 3.24% as on 30 June 2012.
UCO Bank surged 15.94% to Rs 74.20 on high volume of 27.52 lakh shares, as against an average daily volume of 6.64 lakh shares in the past one quarter. The state-run bank announces Q1 June 2013 results tomorrow, 19 July 2013.
Bajaj Finserv rose 1.01%. The company at the fag end of the day's trading session reported 43% growth in net profit to Rs 279 crore on 7% growth in gross revenue to Rs 3465 crore in Q1 June 2013 over Q1 June 2012.
Liquor major United Spirits rose 3.98% to Rs 2,810 after striking a record high of Rs 2,815 in intraday trade today, 18 July 2013.
Software major TCS fell 0.95%, with the stock reversing direction after hitting record high in early trade. TCS unveils its Q1 June 2013 results today, 18 July 2013. The stock came off the day's high of Rs 1,695.
Diamond Power Infrastructure rose 3.52% to Rs 58.75 after the company said its board will consider a proposal for issue of bonus shares along with Q1 June 2013 results on 24 July 2013.
Ajanta Pharma jumped 8.56% to Rs 1,147.80 after the company said its board will consider a proposal for issue of bonus shares along with Q1 June 2013 results on 29 July 2013.
The Reserve Bank of India (RBI) on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.
RBI governor D. Subbarao on Wednesday, 17 July 2013, said that the rupee exchange rate is largely market-determined and that the central bank intervenes only to dampen currency volatility and preserve macroeconomic stability.
European indices were mostly higher on Thursday, 18 July 2013, after Federal Reserve Chairman Ben Bernanke on Wednesday, 17 July 2013, said Fed's asset purchases "are by no means on a preset course" and could even be expanded should economic conditions warrant. Key benchmark indices in UK and France were up 0.36% to 0.42%. In Germany, the DAX index was off 0.03%.
Asian markets were mostly lower on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. China is the world's second biggest economy after the United States. Key benchmark indices in Hong Kong, China, Taiwan and South Korea were down 0.12% to 1.05%. Key benchmark indices in Japan, Singapore and Indonesia were up 0.31% to 1.32%.
Chinese Finance Minister Lou Jiwei on Wednesday, 17 July 2013, said that the government is unlikely to use massive fiscal stimulus this year.
Trading in US index futures indicated that the Dow could fall 31 points at the opening bell on Thursday, 18 July 2013. US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.
The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.
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