Key benchmark indices continued to hover in a narrow band in positive terrain in mid-afternoon trade as firmness in European and Asian stocks boosted sentiment. Fall in crude oil prices also aided upmove on the bourses. India imports two-third of its crude oil requirement. Lower crude oil prices ease concerns about India's adverse fiscal and current account deficit situation. The barometer index, the S&P BSE Sensex was currently up 119.08 points or 0.47% at 25,599.92. The market breadth indicating the overall health of the market was strong. Infosys rose over 4%.
Shares of Syndicate Bank, Prakash Industries and Bhushan Steel tumbled on reports the CBI has filed a case against Syndicate Bank Chairman Sudhir Kumar Jain in a bribery case. Coal India declined after the company said the company and its subsidiaries' offtake and production was lower than targets in July. Most realty stocks edged higher ahead of the monetary policy review of the Reserve Bank of India (RBI) tomorrow, 5 August 2014.
At 14:20 IST, the S&P BSE Sensex was up 119.08 points or 0.47% to 25,599.92. The index gained 207.37 points at the day's high of 25,688.21 in mid-morning trade. The index rose 50.54 points at the day's low of 25,531.38 in morning trade.
The CNX Nifty was up 41.30 points or 0.54% to 7,643.90. The index hit a high of 7,671.70 in intraday trade. The index hit a low of 7,622.05 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1561 shares rose and 1,074 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index was up 39.97 points or 0.44% at 9,154.30, underperforming the Sensex. The BSE Small-Cap index was up 76.69 points or 0.78% at 9.967.66, outperforming the Sensex.
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Among the 30 Sensex shares, 19 rose and the remaining shares declined. Infosys (up 4.18%), Bajaj Auto (up 1.78%), and Wipro (up 2.14%), edged higher from the Sensex pack.
Most realty stocks edged higher ahead of the monetary policy review of the Reserve Bank of India (RBI) tomorrow, 5 August 2014. Purchases of both residential and commercial property are largely driven by finance. D B Realty (up 1.19%), Housing Development & Infrastructure (HDIL) (up 0.66%) and Unitech (up 2.89%) gained. But, DLF fell 0.92%.
Coal India declined 1.03% after the company said the company and its subsidiaries' offtake and production was lower than targets in July. The company said during market hours that coal production of the company and its subsidiaries was 92% of targeted production at 33.01 million tonnes in July 2014. Offtake was 94% of targeted offtake at 38.04 million tonnes in July 2014.
Shares of Syndicate Bank, Prakash Industries and Bhushan Steel tumbled on reports the CBI has filed a case against Syndicate Bank Chairman Sudhir Kumar Jain in a bribery case. Prakash Industries was locked at 20% lower circuit at Rs 89, Syndicate Bank (down 7.05%), and Bhushan Steel (down 6.91%), edged lower. As per the reports, the CBI has accused Syndicate Bank Chairman and Managing Director Sudhir Kumar Jain of taking Rs 50 lakh to increase the credit limits of Prakash Industries and Bhushan Steel.
Aksh Optifibre rose 1.94% after net profit jumped 44.81% to Rs 6.01 crore on 31.56% growth in total income from operations to Rs 73.61 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced on Saturday, 2 August 2014.
Sudarshan Chemical Industries jumped 18%, after the company scheduled a board meeting on 9 August 2014. to consider stock-split and issue of bonus shares. The company made the announcement before market hours today, 4 August 2014.
Brent crude rose to just over $105 a barrel on Monday as it came off a four-month low hit in the previous session, although worries about global oversupply still outweigh concerns about violence in the Middle East and North Africa. Brent crude oil futures for September delivery rose 20 cents at $105.04 a barrel in electronic trade today, 4 August 2014. The contract fell $1.18 on Friday to $104.84 a barrel, its lowest settlement since April 2.
Monsoon was 9% below long period average (LPA) in the week from 24 July to 30 July 2014, Indian Meteorological Department (IMD) said on 1 August 2014. The cumulative rainfall during this year's monsoon has so far upto 30 July 2014 was 23% below the LPA.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.0725, compared with its close of 61.1875 on Friday, 1 August 2014.
The Reserve Bank of India (RBI) announces monetary policy review tomorrow, 5 August 2014.
European market edged higher today, 4 August 2014 aided by gains in lenders after Portugal bailed out Banco Espirito Santo SA. Key benchmark indices in UK and France were up by 0.08% to 0.21%. Germany's DAX fell 0.08%.
Portugal's central bank took control of Banco Espirito Santo SA in a 4.9 billion-euro ($6.6 billion) bailout. Banco Espirito Santo has been forced to take government money after regulators uncovered potential losses on loans to other companies tied to Portugal's Espirito Santo family and ordered the lender to raise capital. Bank of Portugal Governor Carlos Costa had sought to find private investors to inject the cash, and said government funds would only be used as a last resort.
Asian stocks rose today, 4 August 2014, as investors weighed a smaller-than-forecast increase in US payrolls and the bailout of a Portuguese bank. Key benchmark indices in Hong Kong, Indonesia, South Korea, China and Taiwan were up 0.02% to 1.74%. Key benchmark indices in Japan and Singapore fell by 0.31% to 0.81%.
The People's Bank of China warned that the country's credit and money supply have increased rapidly and indicated that it will refrain from broader monetary easing to support growth.
A Chinese services-industry index declined to a six-month low in July, dragged down by a weaker property market. The non-manufacturing Purchasing Managers' Index fell to 54.2 from 55 in June, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing. A reading above 50 indicates expansion.
Trading in US index futures indicated that the Dow could gain 43 points at the opening bell on Monday, 4 August 2014. US stocks declined on Friday, 1 August 2014, as concern over Argentina and Portugal overshadowed data that signaled the Federal Reserve may have leeway to keep rates low.
US added more than 200,000 jobs for a sixth straight month in July, the longest such period since 1997. The 209,000 advance fell short of forecasts. The jobless rate climbed to 6.2% from 6.1% in June as more people entered the labor force. Wages and hours were unchanged from June.
Manufacturing expanded in July at the fastest pace in more than three years, showing US factories will help power the economy after a second-quarter rebound. The Institute for Supply Management's index increased to 57.1, the highest since April 2011, from 55.3 a month earlier, the Tempe, Arizona-based group's report showed. Readings above 50 indicate growth.
Argentina's failure to pay interest on its bonds is a credit event that will trigger settlement of $1 billion of default insurance, according to the International Swaps & Derivatives Association. Argentina is the first nation to trigger default swaps since Greece restructured its debt in 2012.
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