Key benchmark pared gains after hitting fresh intraday high in mid-morning trade. The S&P BSE Sensex was up 148.51 points or 0.74%, off close to 35 points from the day's high and up about 60 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Mining and metal stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. IT stocks gained, with TCS scaling record high.
The market surged in early trade on firm Asian stocks. The market held firm in morning trade. Key benchmark pared gains after hitting fresh intraday high in mid-morning trade. The Sensex pared gains after hitting its highest level in over nine weeks. The 50-unit CNX Nifty trimmed gains after scaling 7-1/2-week high.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
At 11:20 IST, the S&P BSE Sensex was up 148.51 points or 0.74% to 20,307.63. The index jumped 186.17 points at the day's high of 20,345.29 in mid-morning trade, its highest level since 20 May 2013. The index gained 90.86 points at the day's low of 20,249.98 in opening trade.
The CNX Nifty was up 47.95 points or 0.79% to 6,079.75. The index hit a high of 6,089.75 in intraday trade, its highest level since 31 May 2013. The index hit a low of 6,061.30 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 901 shares gained and 652 shares fell. A total of 103 shares were unchanged.
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Among the 30-share Sensex pack, 26 stocks rose and only 4 of them fell. Dr Reddy's Laboratories (up 1.69%), Sterlite Industries (up 1.62%) and State Bank of India (up 1.61%), edged higher.
Mining and metal stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. China is the world's largest consumer of copper and aluminum. NMDC (up 2.23%), Hindustan Zinc (up 1.86%), Sterlite Industries (up 1.62%), Tata Steel (up 1.52%), Sesa Goa (up 1.54%), JSW Steel (up 1.27%), Jindal Steel & Power (up 1.25%), Sail (up 0.79%), and Hindalco Industries (up 0.05%), edged higher.
IT stocks edged higher. IT major TCS rose 0.96% to Rs 1762, with the stock extending recent gains triggered by the company's strong Q1 results. The stock hit a record high of Rs 1,780 in intraday trade today, 23 July 2013. TCS' net profit rose 5.9% to Rs 3831 crore on 9.5% growth in revenue to Rs 17987 crore in Q1 June 2013 over Q4 March 2013. The company reported Q1 results on 18 July 2013.
Infosys was up 1.12%. Infosys retained its revenue growth guidance in dollar terms for the year ending 31 March 2014 (FY 2014) at the time of announcing Q1 June 2013 result on 12 July 2013, belying fears that it may lower the guidance.
Wipro rose 0.7%.
HCL Technologies advanced 1.11% to Rs 900. The stock had hit a record high of Rs 906.15 in intraday trade on Friday, 19 July 2013. The company declares year ended June 2013 results on 31 July 2013.
Reliance Infrastructure (RInfra) rose 1.41%. The company through its Special Purpose Vehicle (SPV) JR Toll Road announced today, 23 July 2013, the commencement of its ninth road project from Jaipur to Reengus in Rajasthan. The four laning of the 52 kilometer (km) Jaipur Reengus (JR) road has been completed and toll collection has started. The Rs 556 crore project has been executed on DBFOT (Design, Build, Operate, Finance and Transfer) pattern under the aegis of National Highways Authority of India. RInfra has been awarded the contract for a concession period of 18 years. JR road is a section of NH-11 running through two major districts of Rajasthan's -Jaipur and Sikar. The road connects major tourist destinations such as Khatu Shyamji & Salasar Balaji, religious places, industrial zones and Jaipur international airport. The corridor also connects rural villageswith urban cities. More than 50 villages including Rajawas, Govindgarh, Dhodser etc. will now be connected with the state capital - Jaipur.
A car will have to pay Rs 45 for a single trip, while local inhabitants residing within 20 kms of the toll plaza can use this corridor any number of times in a month using a special concession pass of Rs 215, RInfra said.
Asian stocks surged on Tuesday, 23 July 2013, after data showing decline in US home sales dampened concerns the Federal Reserve will reduce stimulus measures. Key benchmark indices in Indonesia, South Korea, Singapore and Taiwan were up 0.52% to 1.42%.
Chinese stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. In mainland China, the Shanghai Composite index was up 2.25%. In Hong Kong, the Hang Seng index was up 2.1%. Chinese Vice Premier Zhang Gaoli on Monday, 22 July 2013, said that policy makers are committed to speeding up economic restructuring and will take steps to support reasonable infrastructure and social-welfare investments, according to media reports.
China's foreign-exchange regulator said separately that the country wasn't seeing any capital flight.
Japanese shares edged higher after the government upgraded its view of the economy for a third straight month. The Nikkei 225 Average was up 0.9%.
Trading in US index futures indicated that the Dow could gain 41 points at the opening bell on Tuesday, 23 July 2013. US stocks posted modest gains on Monday, with the S&P 500 notching its 23rd record close this year, as the financial and health-care sectors led the market higher. Sales of previously owned US homes unexpectedly dropped 1.2% in June, data yesterday showed.
Federal Reserve Chairman Ben Bernanke last week said it is too early to determine whether the central bank will taper asset purchases at its meeting in September. The central bank currently purchases $85 billion a month in government and US mortgage debt, aimed at encouraging economic growth.
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