Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 26.21 points or 0.1%, off close to 45 points from the day's high and up about 40 points from the day's low. The market breadth indicating the overall health of the market was strong. Firmness in Asian stocks and overnight gains in US stocks after good US jobs data underpinned sentiment on the domestic bourses. The market sentiment was also boosted by provisional data showing that foreign investors remained net buyers of Indian stocks on Thursday, 3 July 2014.
Pharma stocks gained with Cipla, Sun Pharmaceutical Industries and Lupin hitting record high.
At 11:20 IST, the S&P BSE Sensex was up 26.21 points or 0.1% to 25,849.96. The index rose 69.56 points at the day's high of 25,893.31 in mid-morning trade. The index fell 14.71 points at the day's low of 25,809.04 in early trade.
The CNX Nifty was up 5 points or 0.06% to 7,719.80. The index hit a high of 7,733.50 in intraday trade. The index hit a low of 7,708.90 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,501 shares gained and 939 shares fell. A total of 22 shares were unchanged.
The BSE Mid-Cap index was up 60.66 points or 0.64% at 9,551.24. The BSE Small-Cap index was up 103.97 points or 1% at 10,523.35. Both these indcies outperformed the Sensex.
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Pharma stocks gained. Dr Reddy's Laboratories rose 1.78% to Rs 2,684.15. Ranbaxy Laboratories rose 0.33% to Rs 535.05.
Cipla rose 0.93% to Rs 450.65 after hitting record high of Rs 452.70 in intraday trade.
Lupin gained 1.46% to Rs 1,097.80 after hitting record high of Rs 1,102.45 in intraday trade.
Sun Pharmaceutical Industries gained 0.57% to Rs 710.40 after hitting record high of Rs 714.35 in intraday trade.
Glenmark Pharmaceuticals rose 1.11% to Rs 613.50. Glenmark Pharmaceuticals S.A., a wholly owned Swiss subsidiary of Glenmark Pharmaceuticals announced after market hours on Thursday, 3 July 2014, that GBR 830, a novel monoclonal antibody is entering human trials. GBR 830 is a pure antagonist of OX40, a very well validated target with the potential to treat a wide array of autoimmune diseases.
Glenmark has now completed the Phase I enabling preclinical development program for GBR 830 and has filed a Phase I clinical trial application with The Netherlands authorities, it said.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.755, compared with its close of 59.73/74 on Thursday, 3 July 2014.
Key benchmark indices edged higher amid initial volatility. The market regained positive terrain after slipping into the red for a brief period after opening higher. Key benchmark indices hovered in positive terrain in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 950.82 crore on Thursday, 3 July 2014, as per provisional data from the stock exchanges.
The Reserve Bank of India (RBI) said on Thursday, 3 July 2014, that it has decided to restore the limit of Overseas Direct Investments (ODI)/ Financial Commitment (FC) to be undertaken by an Indian Party under the automatic route to the limit prevailing, as per the extant FEMA provisions, prior to 14 August 2013. It has, however, been decided that any financial commitment exceeding $1 billion (or its equivalent) in a financial year would require prior approval of the Reserve Bank even when the total FC of the Indian Party is within the eligible limit under the automatic route (i.e., within 400% of the net worth as per the last audited balance sheet).
Asian stocks advanced on Friday, 4 July 2014, as US jobs growth bolstered the outlook for the world's largest economy. Key benchmark indices in South Korea, Hong Kong, Indonesia, and Japan were up 0.05% to 0.66%. Key benchmark indices in China, Singapore and Taiwan were down 0.1% to 0.33%.
US markets remain closed today, 4 July 2104, on account of holiday.
US stocks rose on Thursday, 3 July 2014, with the Dow Jones Industrial Avergae hitting record high above 17,000 for the first time and the S&P 500 index also scaling record high after the June jobs report came in much stronger than expected.
US employers added 288,000 workers to nonfarm payrolls in June, following a 224,000 increase in May that was bigger than previously estimated. A 1.39 million increase in employment over the past six months was the largest since early 2006, while the unemployment rate fell to 6.1%, the lowest level since September 2008.
European Central Bank chief Mario Draghi said on Thursday, 3 July 2104, after a policy meet that borrowing costs will stay at current levels for an extended period after the introduction of unprecedented stimulus in June.
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