Key benchmark indices retained positive zone in early afternoon trade as gains in most Asian stocks supported domestic bourses. The S&P BSE Sensex was up 89.28 points or 0.47%, up close to 115 points from the day's low and off about 40 points from the day's high. Index heavyweight Reliance Industries (RIL) edged higher in choppy trade. Another index heavyweight and cigarette major also ITC edged higher in volatile trade after hitting record high at the onset of the trading session. The market breadth, indicating the overall health of the market, was positive.
Metal stocks rose on bargain hunting. Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations. Wipro slumped over 8% after the company said at the time of announcing Q4 results that it expects revenue from IT services business to remain flat on sequential basis in Q1 June 2013.
The market edged higher in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their highest level in almost five weeks. The market pared gains after hitting fresh intraday high in morning trade. The market hovered in positive terrain in mid-morning trade. The market continued to hover in green in early afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 18 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 940.07 crore on Thursday, 18 April 2013, as per provisional data from the stock exchanges.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The May 2013 F&O contracts expire on Thursday, 25 April 2013. The stock market remains shut on Wednesday, 24 April 2013, on account of Mahavir Jayanti.
At 12:20 IST, the S&P BSE Sensex was up 89.28 points or 0.47% to 19,105.74. The index jumped 128.01 points at the day's high of 19,144.47 in morning trade, its highest level since 19 March 2013. The index fell 26.68 points at the day's low of 18,989.78 in early trade.
The CNX Nifty was up 37.25 points or 0.64% to 5,820.35. The index hit a high of 5,833.45 in intraday trade, its highest level since 19 March 2013. The index hit a low of 5,789.80 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,053 shares advanced and 880 shares declined. A total of 124 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks advanced while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.98% to Rs 789.50. The scrip hit high of Rs 791.40 and a low of Rs 778.65 so far during the day. On the back of a surge in refining margins, RIL's net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. On sequential basis, RIL's net profit rose 1.58% to Rs 5589 crore on 10.06% decline in turnover to Rs 86618 crore in Q4 March 2013 over Q3 December 2012. The company reported Q4 March 2013 results on 16 April 2013.
At the time of announcement of the results, RIL said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC rose 0.46% to Rs 316.75. The stock hit record high of Rs 317.30 in intraday trade today, 22 April 2013. The stock hit low of Rs 312.55 in intraday trade today, 22 April 2013. The government raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Metal stocks rose on bargain hunting. Hindustan Zinc rose 1.63% to Rs 111.90. The stock had hit a 52-week low of Rs 106.90 in intraday trade on 17 April 2013
Jindal Steel & Power rose 0.48%. Jindal Steel & Power declares its Q4 results on 25 April 2013.
Sail gained 0.49% to Rs 61.80. The stock had hit a 52-week low of Rs 56.40 in intraday trade on 16 April 2013.
Tata Steel gained 1.77% to Rs 305.10. The stock had struck a 52-week low of Rs 292.70 in intraday trade on 16 April 2013. The company said before trading hours today, 22 April 2013, that Abja Investment Co. Pte, Singapore, a wholly owned subsidiary of Tata Steel is contemplating an issuance of Singapore dollar bonds listed on the Singapore Exchange in respect of which a preliminary offering circular has been prepared.
Hindalco Industries rose 0.16%. JSW Steel gained 0.72%.
Sterlite Industries (India) fell 0.17% to Rs 88.85. The stock had hit a 52-week low of Rs 83.15 in intraday trade on 16 April 2013.
Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.
Tata Motors gained 0.53%. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) on 10 April 2013 said its global sales rose 16% to a record 53,772 units in March 2013 over March 2012. JLR's global sales rose 17% to a record 115,504 units in Q1 March 2013 over Q1 March 2012.
Small-car maker Maruti Suzuki India rose 0.92%.
Mahindra & Mahindra (M&M) declined 1.93%. M&M on 17 April 2013 said that sales of its Pick up vehicle range jumped 41% to a record 1.02 lakh units in FY 2013 over FY 2012. Earlier, M&M on 16 April 2013 said that Mahindra USA (MUSA), a part of Mahindra Group, closed the fiscal year 2013 with record billings and record retail sales, gaining over 2% points, delivering its highest ever market share in the US.
Shares of two-wheeler makers were mixed. Hero MotoCorp rose 1.82%. Bajaj Auto declined 0.83%. PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT), effective midnight 15 April 2013 because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
Wipro slumped 8.46% after the company said at the time of announcing Q4 results that it expects revenue from IT services business to remain flat on sequential basis in Q1 June 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012. Wipro announced the fourth quarter results on Friday, 19 April 2013, when the stock market was closed on account of Ram Navmi.
Coal India jumped 4.14%. The stock was the top gainer from the Sensex pack.
HDFC Bank surged 3.66%. HDFC Bank announces Q4 results tomorrow, 23 April 2013.
Bharti Infratel jumped 5.51% and was the top gainer from BSE's 'A' group stocks. Titan Industries (up 5.04%), Jet Airways (up 4.75%), Motherson Sumi (up 4.68%) and Engineers India (up 4.64%) were the other major gainers from the A group.
The focus of the market is on Q4 results. HDFC Bank announces Q4 results tomorrow, 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. Jindal Steel & Power declares its Q4 results on 25 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 26 April 2013. IDFC announces Q4 results on 1 May 2013.
Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The India Meteorological Department will issue its initial forecast of 2013 southwest monsoon in this month.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Parliament reconvened for the second half of the Budget Session today, 22 April 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
Asian stocks rose for the second day in a row on Monday led by Japanese exporters as the yen slid to a four-year low against the US dollar after the Bank of Japan's stimulus policies were unopposed at a Group of 20 meeting. Key benchmark indices in Japan, South Korea, Singapore and Taiwan rose by 0.31% to 1.89%. Key benchmark indices in China, Hong Kong, and Indonesia shed by 0.08% to 0.45%.
Bank of Japan (BOJ) Governor Haruhiko Kuroda emerged from the G-20 meeting saying he was emboldened to press ahead with the campaign to defeat deflation. The central bank holds a policy meeting this week after pledging on 4 April 2013 to double the monetary base in two years.
Trading in US index futures indicated that the Dow could gain 55 points at the opening bell on Monday, 22 April 2013. US stocks rose on Friday as earnings from Google and other companies lifted tech shares.
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