Nifty settles at over 28-month high

Gains in European stocks and data showing improvement in industrial production in March 2013 helped key benchmark indices score gains, with the barometer index, the S&P BSE Sensex, regaining the psychological 20,000 level. The Sensex settled at its highest level in over 14 weeks. The 50-unit CNX Nifty, finished at over 28-month high. The Sensex was up 143.58 points or 0.72%, off 36.52 points from the day's high and up 173.82 points from the day's low. The market breadth, indicating the overall health of the market, turned negative from positive in late trade.

The Sensex has gained 578.44 points or 2.97% in this month so far (till 10 May 2013). The Sensex has gained 655.91 points or 3.38% in calendar 2013 so far (till 10 May 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 121.04 points or 0.6%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 4,333.64 points or 27.52%.

Coming back to today's trade, index heavyweight and cigarette major ITC hit record high. Other cigarette stocks also gained. Index heavyweight Reliance Industries (RIL) edged lower amid volatility. NTPC dropped in volatile trade after Q4 results. Auto stocks edged higher on renewed buying. Maruti Suzuki India scaled 52-week high as the Japanese yen weakened further against the dollar. Shriram Transport Finance Company surged after Piramal Enterprises acquired almost 10% stake in the company through block deals on BSE. . Media and entertainment stocks were in demand on renewed buying.

Key benchmark indices edged higher in early trade as Asian stocks rose. Key benchmark indices extended intraday gains in morning trade. A bout of volatility was seen in mid-morning trade as the key benchmark indices regained positive zone after reversing intraday gains. Key benchmark indices were a tad higher in early afternoon trade. The market surged to hit fresh intraday high in afternoon trade. Key benchmark indices pared gains in mid-afternoon trade. Key benchmark indices pared gains after hitting fresh intraday high in late trade.

The S&P BSE Sensex was up 143.58 points or 0.72% to 20,082.62, its highest closing level since 28 January 2013. The index surged 180.10 points at the day's high of 20,119.14 in late trade, its highest level since 29 January 2013. The index fell 30.24 points at the day's low of 19,908.80 in early trade.

The CNX Nifty was up 44.60 points or 0.74% to 6,094.75, its highest closing level since 4 January 2011. The index hit a high of 6,105.30 in intraday trade, its highest level since 29 January 2013. The index hit a low of 6,045.60 in intraday trade.

The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 880 shares declined and 826 shares gained. A total of 69 shares were unchanged.

The BSE Mid-Cap index rose 0.19% and the BSE Small-Cap index gained 0.22%. Both these indices underperformed the Sensex.

The BSE Bankex (up 1.23%), BSE FMCG index (up 1.42%), BSE Consumer Durables index (up 2.03%) and BSE Auto index (up 2.2%), outperformed the Sensex

The BSE Power index (down 0.3%), BSE Metal index (down 0.22%), BSE Capital Goods index (up 0.05%), BSE Teck index (up 0.13%), BSE IT index (up 0.22%), BSE Oil & Gas index (up 0.25%), BSE HealthCare index (up 0.35%), BSE Realty index (up 0.36%), and BSE PSU index (up 0.41%), underperformed the Sensex.

The total turnover on BSE amounted to Rs 3381 crore, higher than Rs 2002 crore on Thursday, 9 May 2013.

Among the 30-share Sensex pack, 16 stocks gained while rest of them declined.

Index heavyweight Reliance Industries (RIL) shed 1.1% to Rs 809.10. The stock hit a high of Rs 820.50 and low of Rs 809. The stock turned ex-dividend today, 10 May 2013, for dividend of Rs 9 per share for the year ended 31 March 2013 (FY 2013).

Index heavyweight and cigarette major ITC rose 2.77% to Rs 354. The stock hit record high of Rs 354.15 in intraday trade today, 10 May 2013. The Uttar Pradesh state government on Tuesday, 7 May 2013, slashed VAT on cigarette/cigar from existing 50% to 25%. The state government had last year increased VAT on cigarette/cigar and tobacco products from 12.5% to 50%.

The Centre 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.

Other cigarette stocks also gained. Godfrey Phillips India advanced 6.88%. VST Industries rose 1.44%.

FMCG major Hindustan Unilever (HUL) rose 0.06% to Rs 585.20. The stock had hit record high of Rs 597 in intraday trade on 30 April 2013. The company on Wednesday, 8 May 2013, said that as per the tentative schedule of activity, the open offer by its parent firm Unilever Plc to buy additional 22.52% stake in the company at Rs 600 per share would begin on 21 June 2013 and close on 4 July 2013. Unilever Plc plans to hike its stake in Hindustan Unilever to 75% through the open offer from its current holding of 52.48%

HUL's net profit before exceptional items rose 18% to Rs 781 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours on 29 April 2013.

Wipro was unchanged at Rs 355. The company after market hours on Thursday, 9 May 2013, said that the Securities & Exchange Board of India (Sebi) has approved its proposal to meet the minimum public shareholding requirement through a transfer of equity shares by the promoter group to an 'Irrevocable Independent Trust' with trustees either from public sector banks or public financial institutions for advancing philanthropic activities through its beneficiaries. Wipro said that the company and the promoter group have undertaken multiple steps to fulfill the minimum public shareholding requirement including Offer for Sale (OFS). The demerger of the 'diversified' business is also expected to increase public shareholding. Any shortfall to meet public shareholding prior to due date of meeting the minimum public shareholding requirement would be transferred to the 'Irrevocable Independent Trust' and the trust shall effect a sale of such equity shares forming part of the trust funds within a period of two years from the date of such settlement, Wipro said.

MphasiS spurted 7.76% to Rs 433.10. The stock hit a 52-week high of Rs 448 in intraday today, 10 May 2013.

Auto stocks edged higher on renewed buying. Tata Motors rose 2.77%. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period. The company announced the monthly sales data on 1 May 2013.

Maruti Suzuki India gained 4.32% to Rs 1,731.50 after striking a 52-week high of Rs 1,731.95 in intraday trade today, 10 May 2013. The stock rose as the Japanese yen weakened beyond 100 per dollar for the first time in four years. Weak yen could boost earnings of Maruti Suzuki as it imports raw materials from its Japanese parent Suzuki Motor Corporation. It also pays annual royalty on sales to the Japanese parent.

Shares of Maruti Suzuki India also rose as parent Suzuki Motor Corporation on Thursday, 9 May 2013, reported a record profit for the year ended 31 March 2013.

Mahindra & Mahindra (M&M) gained 2.21%. M&M on 6 May 2013 announced the launch of the 'Bolero Maxi Truck Plus' (BMT Plus) -- a pick-up vehicle to cater to urban transportation needs. The vehicle has been priced at Rs 4.33 lakh (BS3) ex-showroom Thane and Rs 4.43 lakh (BS4), ex-showroom Mumbai excluding Octroi.

Bajaj Auto rose 1.66%. The company's total sales fell 10% to 3.44 lakh units in April 2013 over April 2012. Motorcycle sales fell 12% to 3 lakh units in April 2013 over April 2012. Commercial vehicle sales rose 10% to 43,351 units in April 2013 over April 2012. Exports fell 23% to 1.30 lakh units in April 2013 over April 2012. The company announced the sales figures on 2 May 2013.

Hero MotoCorp rose 1.8%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.

Ashok Leyland lost 0.66% after net profit fell 42.01% to Rs 150.03 crore on 13.88% decline in total income from operations to Rs 3728.46 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results during trading hours today, 10 May 2013.

Ashok Leyland's net profit fell 23.37% to Rs 433.70 crore on 3.27% decline in total income from operations to Rs 12481.20 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Escorts rose 0.99% after net profit jumped 61.58% to Rs 37.47 crore on 2.86% decline in net sales to Rs 997.13 crore in Q2 March 2013 over Q2 March 2012. The result was announced after market hours on Thursday, 10 May 2013.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6.1% to Rs 54.30 crore in Q2 March 2013 over Q2 March 2012.

Bosch rose 0.11%, reversing intraday fall. The stock turned ex-dividend today, 10 May 2013, for final dividend of Rs 60 per share for the year ended 31 December 2012.

Pharma major Sun Pharmaceutical Industries lost 1.21% to Rs 937 on profit booking. The stock had scaled a record high of Rs 997.95 in intraday trade on 7 May 2013.

Coal India dropped 3.11%. An inter-ministerial Group (IMG), has reportedly approved divestment of 10% government stake in Coal India which is expected to fetch over Rs 17000 crore to the government. The government currently holds 90% in Coal India.

NTPC fell 1.63%, with the stock reversing intraday gain. The company's net profit jumped 68.94% to Rs 4381.61 crore on 6.03% rise in total income from operations (net) to Rs 17349.09 crore in Q4 March 2013 over Q4 March 2012. The net profit was boosted by exceptional item. The company received outstanding receivables of Rs 835.97 crore of erstwhile Delhi Electric Supply Undertaking from the Delhi state government. Interest income of Rs 1684.11 crore on the outstanding amount was recognized as exceptional item in Q4 March 2013. The company announced its Q4 results during market hours today, 10 May 2013.

Shares of major private banks rose. ICICI Bank rose 1.34%. HDFC Bank gained 1.99%.

Shares of PSU banks were mixed. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), fell 0.15%.

Among other PSU bank stocks, Bank of India (up 0.56%), Bank of Baroda (up 1.09%), Canara Bank (up 5.03%) and Vijaya Bank (up 0.67%) gained.

Central Bank of India surged 3.82% after the bank reported net profit of Rs 169.15 crore in Q4 March 2013, as against net loss of Rs 105.23 crore in Q4 March 2012. Central Bank of India's total income rose 19.2% to Rs 6403.57 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours today, 10 May 2013.

Central Bank of India's ratio of gross non-performing assets (NPAs) to gross advances decreased to 4.8% as on 31 March 2013, from 5.64% as on 31 December 2012 and 4.83% as on 31 March 2012. The ratio of net NPAs to net advances decreased to 2.9% as on 31 March 2013, from 3.79% as on 31 December 2012 and 3.09% as on 31 March 2012.

The bank's provisions and contingencies declined 48.16% to Rs 445.08 crore in Q4 March 2013 over Q4 March 2012. Provision coverage ratio stood at 47.75% as on 31 March 2013.

The bank's capital adequacy ratio (CAR) as per Basel II norms stood at 11.49% as on 31 March 2013, as against 10.75% as on 31 December 2012 and 12.4% as on 31 March 2012.

Central Bank of India's net profit jumped 90.4% to Rs 1014.96 crore on 14.52% growth in total income to Rs 23527.98 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Central Bank of India's board of directors at a meeting held today, 10 May 2013, recommended final dividend of Rs 2.50 per share for FY 2013.

UCO Bank rose 4.65% to Rs 74.25. UCO Bank's net profit slumped 80.40% to Rs 49.55 crore on 7.4% rise in operating income to Rs 4527.06 crore in Q4 March 2013 over Q4 March 2012. The result was announced on Tuesday, 7 May 2013.

Indian Bank declined 0.22%. The bank's net profit declined 15.42% to Rs 292.12 crore on 14.99% growth in total income to Rs 4022.46 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours on Thursday, 9 May 2013.

Indian Bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 3.33% as on 31 March 2013, from 3.18% as on 31 December 2012 and 2.03% as on 31 March 2012. The ratio of net NPAs to net advances increased to 2.26% as on 31 March 2013, from 2.17% as on 31 December 2012 and 1.33% as on 31 March 2012.

Punjab National Bank (PNB) shed 1.94%. The state-run bank during market hours on Thursday, 9 May 2013, reported 20.59% fall in net profit to Rs 1130.80 crore on 5.37% rise in total income to Rs 11552.84 crore in Q4 March 2013 over Q4 March 2012. The bank's net profit fell 2.8% to Rs 4747.67 crore on 13.35% rise in total income to Rs 46109.25 crore in the year ended March 2013 over the year ended March 2012.

Union Bank of India dropped 1.48%. The bank's net profit rose 2.09% to Rs 789.38 crore on 15.41% growth in total income to Rs 7500.59 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours on Thursday, 9 May 2013.

The bank's ratio of net non-performing assets to net advances decreased to 1.61% as on 31 March 2013, from 1.7% each as on 31 December 2012 and as on 31 March 2012. Union Bank of India's ratio of gross non-performing assets (NPAs) to gross advances decreased to 2.98% as on 31 March 2013, from 3.36% as on 31 December 2012 and 3.01% as on 31 March 2012.

Muthoot Finance rose 4.62% to Rs 149.50. The company will announce its FY13 results on 14 May 2013.

Shriram Transport Finance Company jumped 3.53% to Rs 760 after two massive bulk deals of 1.13 crore shares each were executed on the counter in opening trade on BSE. One of the two deals was executed at Rs 723 per share. Another deal was executed at Rs 725 per share. The bulk deals amounted to a staggering 9.96% stake of Shriram Transport Finance Company changing hands.

Piramal Enterprises rose 1.44%. The company during market hours today, 10 May 2013 said it has acquired 2.28 crore equity shares or approximately 10% stake in Shriram Transport Finance Company at Rs 723 per share. The total consideration was Rs 1652 crore. The transaction was completed on the floor of the exchange.

Piramal Enterprises said that the acquisition of stake in Shriram Transport Finance is in line with the company's long term strategy for the financial services business.

Reliance Communications rose 0.32% after the company during market hours today, 10 May 2013, said it has fully repaid syndicated ECB loan facility of $500 million on the due date today, 10 May 2013.

Cummins India rose 0.69%. The company reported 30.41% rise in net profit to Rs 188.54 crore on 10.95% rise in total income from operations (net) to Rs 1154.28 crore in the year ended March 2013 over the year ended March 2012. The company reported 29.23% rise in net profit to Rs 764.11 crore on 13.1% rise in total income to Rs 4796.10 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Friday, 10 May 2013.

Media and entertainment stocks were in demand on renewed buying. New Delhi Television (NDTV) jumped 19.76% to Rs 90 after the company reported turnaround Q4 results after market hours on Thursday, 9 May 2013. The stock hit a high of Rs 90.15 in intraday trade today, 10 May 2013 which is a 52-week high for the counter. NDTV reported consolidated net profit of Rs 27.81 crore in Q4 March 2013, as against net loss of Rs 41.33 crore in Q4 March 2012. The company announced the Q4 results after market hours on Thursday, 9 May 2013.

New Delhi Television's (NDTV) consolidated revenue jumped 37.06% Rs 196 crore in Q4 March 2013 over Q4 March 2012. Operating profit galloped 425% to Rs 42 crore in Q4 March 2013 over Q4 March 2012.

NDTV reported consolidated net profit of Rs 1.91 crore in the year ended 31 March 2013 (FY 2013), as against net loss of Rs 87.38 crore in the year ended 31 March 2012 (FY 2012). Net sales rose 6.9% to Rs 506.64 crore in FY 2013 over FY 2012.

HT Media spurted 4.51% after the company said its board will meet on 14 May 2013, to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours on Thursday, 9 May 2013.

TV18 Broadcast jumped 7.63% to Rs 31.05. The company will announce its year ended March 2013 (FY13) results on 13 May 2013.

TV Today Network (up 12.38%), Reliance MediaWorks (up 3.63%) were the other gainers from the media and entertainment pack.

The stock exchanges have decided to conduct a special trading session for a short duration tomorrow, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.

The focus of the market is on Q4 results. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.

Industrial production rose 2.5% in March 2013, compared with a revised growth of 0.46% in February 2013, data released by the government today, 10 May 2013, showed. The manufacturing sector recorded a growth of 3.2% and electricity generation rose 3.5%. The production of the mining sector declined 2.9%. As per use-based classification, production of basic goods rose 2.6% and capital goods production rose 6.9%. The production of intermediate goods declined 0.2%. The production of consumer goods rose 1.6%. Within consumer goods sector, the production of consumer non-durables rose 6.5%. Production of consumer durables declined 4.5%. Industrial production rose 1% for the year ended 31 March 2013 (FY 2013).

The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.

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.

European stock markets extended their recent gains on Friday, keying off gains in Asia, where Japanese shares jumped after the US dollar climbed above the 100-yen level for the first time in four years. Key benchmark indices in France, Germany and UK rose by 0.6% to 0.88%.

Asian stocks were mostly higher on Friday, 10 May 2013. Key benchmark indices in Indonesia, Hong Kong, Singapore and China rose by 0.03% to 0.62%. Key benchmark indices in Taiwan and South Korea fell by 0.07% to 1.75%.

Japanese stocks rose as the yen weakened against the dollar. The Nikkei 225 Average jumped 2.93%

Trading in US index futures indicated that the Dow could gain 46 points at the opening bell on Friday, 10 May 2013. US stocks declined moderately on Thursday, halting Wall Street's record-setting streak, even as data showed that weekly jobless claims fell to a five-year low.

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