Key benchmark indices were slightly higher in afternoon trade. The S&P BSE Sensex was up 21.72 points or 0.11%, off close to 20 points from the day's high and up about 50 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Index heavyweight and cigarette major ITC hit record high. Index heavyweight Reliance Industries (RIL) was slightly higher.
Pharma stocks rose on renewed buying. PSU OMCs rose after oil market companies hiked diesel prices by Rs 1.02 per litre, the fourth increase in rates this year. Auto stocks were mostly lower after oil market companies hiked diesel prices by Rs 1.02 per litre. Maruti Suzuki India hit 52-week high. Two wheeler markers rose.
The market hovered between the positive and negative terrain at the start of a special trading session. The Sensex hit its highest level in 14-1/2 weeks. It was slightly higher in afternoon trade.
The stock exchanges have decided to conduct a special trading session for a short duration today, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading started at 11:15 IST and will end at 12:45 IST.
Foreign institutional investors (FIIs) bought shares worth a net Rs 544.11 crore on Friday, 10 May 2013, as per provisional data from the stock exchanges.
At 12:05 IST, the S&P BSE Sensex was up 21.72 points or 0.11% to 20,104.34. The index gained 40.21 points at the day's high of 20,122.83, its highest level since 29 January 2013. The index fell 27.44 points at the day's low of 20,055.18.
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The CNX Nifty was up 4.65 points or 0.08% to 6,099.40. The index hit a high of 6,104.50 in intraday trade. The index hit a low of 6,084.15 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 649 shares advanced and 473 shares declined. A total of 57 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks gained while rest of them declined. GAIL (India), NTPC and TCS shed by 0.49% to 0.73%. Coal India, Sterlite Industries and Tata Power Company rose by 0.48% to 1.33%.
Index heavyweight Reliance Industries (RIL) rose 0.07% to Rs 812.70. The stock hit a high of Rs 815.10 and low of Rs 812 so far during the session.
Index heavyweight and cigarette major ITC rose 0.38% to Rs 354.30. The stock hit record high of Rs 355 in intraday trade today, 11 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.
Pharma stocks rose on renewed buying. Pharma major Sun Pharmaceutical Industries rose 1.9% to Rs 953. The stock had scaled a record high of Rs 997.95 in intraday trade on 7 May 2013.
Among other pharma stocks, Cipla, Dr Reddy's Laboratories, Lupin, Ranbaxy Laboratories gained by 0.3% to 2.35%.
PSU OMCs rose after oil market companies hiked diesel prices by Rs 1.02 per litre, the fourth increase in rates this year. The prices will be effective from Saturday, 11 May 2013. HPCL, Indian Oil Corporation (IOCL) and BPCL rose by 0.69% to 0.72%.
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers.
Auto stocks were mostly lower after oil market companies hiked diesel prices by Rs 1.02 per litre. Tata Motors declined 0.55%. 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.
Mahindra & Mahindra (M&M) declined 0.31%. The company announced after market hours on Friday, 10 May 2103, the launch of a new H-Series Xylo, powered by the refined and world class mHawk engine.
The power packed H-Series offers a range of variants starting with the H4 (with ABS option), H8 (with ABS & Airbag option) and fully loaded feature packed H9 version which includes several unique features like Voice Command Technology (VCT), Cruise Control, Digital Drive Assist System, etc. The new H-Series starts at an attractive price of Rs 8.23 lakh (ex showroom Mumbai, BSIV variant).
Speaking at the introduction of the new H-Series Xylo, Pravin Shah, Chief Executive, Automotive Division, M&M Ltd. said, "The Xylo has since its introduction in 2009 carved a unique identity for itself in the area of class leading space & comfort. The addition of the world class mHawk engine will further boost its performance and take it a notch higher in its segment. Equipped with higher power and better efficiency, we are sure that the new Xylo H-Series will be a popular choice amongst the discerning personal buyers".
Maruti Suzuki India rose 0.39% to Rs 1,730 after striking a 52-week high of Rs 1,734 in intraday trade today, 11 May 2013.
Two wheeler markers rose. Bajaj Auto rose 0.42%. 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 gained 0.28%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
Political uncertainty returned after scandal-hit Railway Minister Pawan Kumar Bansal and Law Minister Ashwani Kumar quit on Friday. Bansal had been widely expected to step down after police arrested his nephew on suspicion of accepting a bribe in a case that was seen as embarrassing to the Congress party-led government, which has been battered by a series of corruption scandals.
Kumar's departure comes days after the Supreme Court said the government substantially changed a report by the Central Bureau of Investigation (CBI) into alleged irregularities in the awarding of mining rights potentially worth billions of dollars to private companies.
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 on Friday, 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.
US stocks posted a third consecutive week of gains on Friday as a rise in Google and other technology shares offset a slide in energy stocks, with the Dow Jones Industrial Average and S&P 500 ending at record highs.
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