Key benchmark indices retained positive terrain in mid-morning trade. The market breadth, indicating the overall health of the market, was strong. The barometer index, the S&P BSE Sensex, was up 48.49 points or 0.23%, off close to 80 points from the day's high and up about 65 points from the day's low. The market sentiment was boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. Data showing strong growth in infrastructure sector output in September 2013 also boosted investor sentiment.
Most bank stocks extended Thursday's gains. Maruti Suzuki India edged higher after the company reported higher October sales. Nilkamal surged on good Q2 result. Piramal Enterprises edged higher after the company said it has acquired the over-the-counter (OTC) brand CALADRYL in India from Valeant Pharmaceuticals International, Inc.
A bout of initial volatility was witnessed as key benchmark indices pared gains after moving into the positive terrain after opening lower. The Sensex hit record high at the onset of the trading session and on the first day of Diwali today, 1 November 2013. Intraday volatility continued as key benchmark indices pared gains after extending initial gains to hit fresh intraday high. The Sensex retained positive zone in mid-morning trade.
The market sentiment was boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1875.87 crore on Thursday, 31 October 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 48.49 points or 0.23% to 21,213.01. The index jumped 129.36 points at the day's high of 21,293.88 in morning trade, which is a record high. The index fell 17.95 points at the day's low of 21,146.57 in early trade.
The CNX Nifty was up 12.15 points or 0.19% to 6,311.30. The index hit a high of 6,332.60 in intraday trade, its highest level since 8 November 2010. The index hit a low of 6,286.95 in intraday trade.
More From This Section
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,213 shares rose and 733 shares fell. A total of 129 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks rose and rest of them fell. Hero MotoCorp (up 2.64%), Jindal Steel & Power (up 1.96%) and Bhel (up 1.7%), gained.
Maruti Suzuki India rose 0.09% after reporting higher October sales. The company's total sales rose 1.9% to 1.05 lakh vehicles in October 2013 over October 2012. Domestic sales rose 0.1% to 96,062 vehicles in October 2013 over October 2012. Exports jumped 27% to 9,025 units in October 2013 over October 2012. The sales data was announced during market hours.
Most bank stocks gained. ICICI Bank (up 0.58%) and HDFC Bank (up 0.46%), gained.
Bank of Baroda rose 3%, with the stock extending Thursday's post-result rally. The bank's net profit declined 10.24% to Rs 1168.10 crore on 9.38% increase in total income to Rs 10447.31 crore in Q2 September 2013 over Q2 September 2012. The bank announced the result during market hours on Thursday, 31 October 2013.
Bank of Baroda (BoB)'s ratio of gross non-performing assets (NPAs) to gross advances increased to 3.15% as on 30 September 2013, from 2.99% as on 30 June 2013 and 1.98% as on 30 September 2012. The ratio of net NPAs to net advances increased to 1.86% as on 30 September 2013 from 1.69% as on 30 June 2013 and 0.82% as on 30 September 2012.
Bank of India rose 3.14%. Bank of India said after market hours on Thursday, 31 October 2013, that the board of directors of the bank at its meeting held on 31 October 2013 has approved the raising of Tier-1 capital by issue of fresh equity shares to the Government of India (Promoters) aggregating Rs 1000 crore (inclusive Premium amount), on preferential basis, subject to necessary approvals.
The stock had vaulted 21.26% in a single trading session on Thursday, 31 October 2013, after the state-run bank reported strong Q2 result. The bank's net profit surged 105.98% to Rs 621.77 crore on 16.18% increase in total income to Rs 10339.55 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours on Thursday, 31 October 2013.
Bank of India (BoI)'s operating profit rose 13.43% to Rs 2103 crore in Q2 September 2013 over Q2 September 2012. Net interest income (NII) rose 15.07% to Rs 2527 crore in Q2 September 2013 over Q2 September 2012. Non-interest income grew 23.04% to Rs 1100 crore.
Canara Bank gained 3.36% after jumping 10.82% on Thursday.
State Bank of India (SBI) rose 2.14%. The bank announced during trading hours on Thursday, 31 October 2013, that it has decided to revise its interest rates on bulk (Rs 1 crore and above) and retail term deposits (below Rs 1 crore) with effect from Friday, 1 November 2013. The bank has revised interest rate downwards on bulk deposits of all tenors. Interest rate on bulk term deposits for the period 1 year to less than 2 years has been reduced to 8.25% from 8.75%.
The bank has decided to increase interest rate on retail term deposits of maturity period of 180 days to 210 days to 7% from 6.8%.
SBI announced after market hours on Wednesday, 30 October 2013, that its central board has approved raising upto Rs 2000 crore through preferential allotment of equity shares in favour of the Government of India.
Piramal Enterprises (PEL) rose 0.79% to Rs 567.35. PEL today, 1 November 2013, announced that it has acquired the over-the-counter (OTC) brand CALADRYL in India from Valeant Pharmaceuticals International, Inc. CALADRYL is an anti-pruritic solution known for dermatosis application for minor skin irritations and itching. This acquisition enables Piramal Enterprises to widen its consumer products portfolio in the skin care segment, PEL said in a statement.
Nilkamal surged 6.44% on good Q2 result. The company's net profit jumped 29.5% to Rs 12.55 crore on 10.5% growth in net sales to Rs 420.52 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 31 October 2013.
Nilkamal's EBITDA (earnings before interest, taxation, depreciation and amortization) rose 23.96% to Rs 42.63 crore in Q2 September 2013 over Q2 September 2012.
Nilkamal spent Rs 9.78 crore towards capital expenditure in Q2 September 2013 for the company's plastic division and Rs 3.28 crore towards the new distribution center coming up at Uran for its retail division.
Nilkamal's Indo-German joint venture (JV) viz Nilkamal Bito Storage Systems attained turnover of Rs 22.69 crore in Q2 September 2013, up from Rs 16.79 crore in Q2 September 2012. The company's Indo-US JV viz. Cambro Nilkamal attained turnover of Rs 4.64 crore, up from Rs 4.57 crore a year ago.
Nilkamal's subsidiary company viz. Nilkamal Crates and Bins FZE at Ajman, UAE has performed satisfactorily while the other subsidiary Eswaran Plastics at Srilanka has exhibited insignificant loss, Nilkamal said in a statement.
In the foreign exchange market, the rupee edged lower against the dollar, tracking global dollar gains. The partially convertible rupee was hovering at 61.8050, compared with its close of 61.50/51 on Thursday, 31 October 2013.
The stock exchanges will hold a special live trading session on Sunday, 3 November, 2013, on account of Muhurat trading on Diwali. The trading will start at 18:15 IST and will end at 19:30 IST on that day. The stock market remains closed on Monday, 4 November 2013, on account of Diwali-Balipratipada.
Indian factories cut production in October with overall manufacturing activity contracting for the third straight month as order books shrank at a quicker pace, a survey showed on Friday, 1 November 2013. The HSBC Manufacturing PMI compiled by Markit was unchanged at 49.6 in October, remaining below the watershed 50 mark that separates growth from contraction. The new orders sub-index fell to 48.9 last month from 49.6 in September, its fifth month below 50. The PMI survey showed input costs grew last month at their quickest pace since June 2012. Output costs also rose at the fastest rate since February. "Input price inflation accelerated further despite the weak growth backdrop, as the effects of the depreciated exchange rate continue to pass through. This suggests that the RBI has to continue its staring contest with inflation," said Leif Eskesen, chief economist for India at survey sponsor HSBC.
The Eight Core Industries having a combined weight of 37.90% in the Index of Industrial Production (IIP) rose 8% in September 2013, posting highest growth in last 12-months, data released by the government after trading hours on Thursday, 31 October 2013, showed.
Fiscal deficit was Rs 4.12 lakh crore during April-September 2013, or 76% of the full-year target, government data showed on Thursday, 31 October 2013. In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.
Most Asian stocks declined on Friday, 1 November 2013, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data. Key benchmark indices in Japan, China, Taiwan, Indonesia, and Singapore shed 0.1% to 1.12%. Key benchmark indices in Hong Kong and South Korea rose 0.22% to 0.25%.
A Chinese manufacturing gauge rose more than estimated to an 18-month high in October as output strengthened, adding to evidence the nation's economic recovery is sustaining momentum. The Purchasing Managers' Index was at 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
Trading in US index futures indicated that the Dow could advance 26 points at the opening bell on Friday, 1 November 2013. US stocks fell on Thursday, 31 October 2013, as investors assessed corporate earnings and speculated on when the Federal Reserve will cut stimulus.
US data yesterday showed the biggest jump in a gauge of business activity in more than three decades and a drop in jobless claims. Fewer Americans filed applications for unemployment benefits last week as a backlog in California's reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported Thursday in Washington.
Powered by Capital Market - Live News