Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 73.30 points or 0.28%, up about 25 points from the day's low and off close to 70 points from the day's high. The market breadth indicating the overall health of the market was positive. With the Sensex and the Nifty, both, hitting record high, Indian stocks are witnessing a pre-Budget rally amid expectations that Finance Minister Arun Jaitley will announce measures in the Budget aimed at bolstering economic growth.
Reliance Communications edged higher after index provider FTSE on Friday, 4 July 2014, said it has raised the weightage of the stock in three indices. Most pharma stocks gained as rupee edged lower against the dollar, with Sun Pharmaceutical Industries scaling record high. PSU OMCs edged lower after Ministry of Petroleum and Natural gas clarified after market hours on Friday, 4 July 2014, it is not proposing any increase in prices of subsidised LPG and kerosene prices after certain media reports speculated about the possibility of increase in the prices of subsidised LPG and PDS Kerosene.
At 12:20 IST, the S&P BSE Sensex was up 73.30 points or 0.28% to 26,035.36. The index jumped 154.67 points at the day's high of 26,116.73 in early trade, a lifetime high of the index. The index rose 49.51 points at the day's low of 26,011.57 in morning trade.
The CNX Nifty was up 13.70 points or 0.16% to 7,765.30. The index hit a high of 7,791.40 in intraday trade, a lifetime high of the index. The index hit a low of 7,759.90 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1603 shares gained and 1,153 shares fell. A total of 93 shares were unchanged.
The BSE Mid-Cap index was up 17.21 points or 0.18% at 9,562.964, underperforming the Sensex. The BSE Small-Cap index was up 59.93 points or 0.57% at 10,567.96, outperforming the Sensex.
Also Read
Reliance Communications edged higher after index provider FTSE on Friday, 4 July 2014, said it has raised the weightage of the stock in three indices. The stock was up 1.4% at Rs 145.10. Reliance Communications will remain in FTSE All-World Index, FTSE MPF All-World Index and FTSE Emerging Index with an increased investability weighting of 42%, FTSE said. The new weightage would be effective from the start of trading on 14 July 2014, FTSE said.
Most pharma stocks gained as rupee edged lower against the dollar. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports. Dr Reddy's Laboratories (up 2.85% to Rs 2,755) and Ranbaxy Laboratories (up 0.01% to 534),
Sun Pharmaceutical Industries gained 0.83% to Rs 714.45 after hitting record high of Rs 717.85 in intraday trade.
Cipla fell 0.07% to Rs 447.60. The stock was volatile. The stock hit high of Rs 453 in intraday trade which is a record high for the counter. The scrip hit a low of Rs 444.60 so far during the day. The company in collaboration with the UK government has expressed its intention to make investment of up to 100 million in its UK subsidiary over the next few years, it said in a statement today, 7 July 2014. The proposed investment in the UK subsidiary is expected to facilitate the launch of a range of products in the area of respiratory, oncology and antiretroviral medicines to further Cipla's higher purpose of universal affordable access, the Indian company said. The investment underscores the growing importance of UK in Cipla's long term strategy. Cipla also plans to invest in R&D activities, clinical trials and expand further internationally.
Lupin fell 0.44% to Rs 1,083.05.
PSU OMCs edged lower after Ministry of Petroleum and Natural gas clarified after market hours on Friday, 4 July 2014, it is not proposing any increase in prices of subsidised LPG and kerosene prices after certain media reports speculated about the possibility of increase in the prices of subsidised LPG and PDS Kerosene. HPCL (down 2.17% to Rs 412.40) BPCL (down 0.9% to Rs 596) and Indian Oil Corporation (IOCL) (down 1.69% to Rs 343.30) declined. PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
Media reports had suggested recently that the oil ministry is likely to recommend raising kerosene price by Rs 4-5 per litre and LPG by Rs 250 per cylinder to the Cabinet committee in line with the recommendations of Kirit Parikh panel.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors remained net buyers of Indian stocks on Friday, 4 July 2014. The barometer index, the S&P BSE Sensex, hit record high, crossing the 26,000 mark for the first time. The 50-unit CNX Nifty also scaled record high. Key benchmark indices pared initial gains in morning trade. Key benchmark indices hovered in positive terrain in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 943.19 crore on Friday, 4 July 2014, as per provisional data from the stock exchanges
The market has entered a crucial week. Railway Minister Sadananda Gowda will present the final Railway Budget for 2014-15 in Lok Sabha tomorrow, 8 July 2014. On Wednesday, 9 July 2014, the Finance Ministry will table Economic Survey for 2013-14. Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday, 10 July 2014. After a clear mandate in Lok Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high.
There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.945, compared with its close of 59.72/73 on Friday, 4 July 2014.
Most Asian stocks edged lower on Monday, 7 July 2104, amid speculation a stronger US labor market means the Federal Reserve may raise rates sooner than previously anticipated. Key benchmark indices in China, South Korea, Hong Kong, and Japan were off 0.06% to 0.37%. Key benchmark indices in Taiwan, Indonesia and Singapore were up 0.11% to 0.97%.
China's economic growth quickened in the second quarter from the previous three months, but further modest government support measures will still be needed, Premier Li Keqiang reportedly said on Monday.
Business activity in emerging markets expanded last month at its fastest rate since March 2013, boosted by strong growth in China and India, a survey showed today, 7 July 2014. HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys jumped to 52.3 in June - well above the 50 threshold that indicates expansion - from 50.6 in May.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Monday, 7 July 2014. US markets were closed on Friday, 4 July 2014, for Independence Day holiday.
Powered by Capital Market - Live News