Key benchmark indices extended intraday gains and hit fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, scaled fresh record high. The Sensex was up 269.15 points or 1.05%, up 125.34 points from the day's low and off 14.10 points from the day's high. The market breadth indicating the overall health of the market was strong. Expectations of a growth oriented Budget, decline in crude oil prices and signs of pick up in monsoon rains aided gains on the domestic bourses. Provisional data showing that foreign investors made decent purchases of Indian stocks on Tuesday, 1 July 2014, also boosted sentiment.
Realty stocks edged higher on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July 2014. Castrol India surged to 52-week high on reports that its foreign promoter is exploring options to delist the company. Adani Ports and Special Economic Zone scaled record high. CESC and Greaves Cotton also scaled record high. Raymond, Novartis India and Uttam Galva Steels hit 52-week high.
At 13:15 IST, the S&P BSE Sensex was up 269.15 points or 1.05% to 25,785.50. The index jumped 283.25 points at the day's high of 25,799.60 in afternoon trade, a lifetime high for the index. The index rose 143.81 points at the day's low of 25,660.16 in early trade.
The CNX Nifty was up 76.65 points or 1% to 7,711.35. The index hit a high of 7,713.95 in intraday trade, a lifetime high for the index. The index hit a low of 7,677.30 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,820 shares gained and 1,074 shares fell. A total of 97 shares were unchanged.
The BSE Mid-Cap index was up 84.23 points or 0.89% at 9,517.97, underperforming the Sensex. The BSE Small-Cap index was up 120.63 points or 1.17% at 10,442.26, outperforming the Sensex.
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The total turnover on BSE amounted to Rs 2540 crore by 13:15 IST.
Among the 30-share Sensex pack, 29 stocks gained.
Sesa Sterlite (up 3.71%), NTPC (up 2%) and Coal India (up 1.79%) edged higher from the Sensex pack.
Realty stocks edged higher on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July 2014. DLF (up 2.06%), Indiabulls Real Estate (up 3.06%), Oberoi Realty (up 2.31%), Unitech (up 1.59%), Housing Development and Infrastructure (up 0.54%), D B Realty (up 0.36%), Godrej Properties (up 0.59%) and Parsvnath Developers (up 0.59%) gained.
There are expectations that the government will take steps towards providing the long awaited industry status to the real estate sector and provide boost to low cost housing in the final Union Budget 2014-15 to be unveiled on 10 July 2014. There are also expectations that the tax benefit with respect to interest payment on housing loans will be raised. At present, a maximum deduction of Rs 1.5 lakh is allowed on taxable income towards interest on housing loan.
Adani Ports and Special Economic Zone jumped 11.1% to Rs 271.20 after scaling a record high of Rs 272.50 in intraday trade. Media reports recently said that the company is looking to buy a port on the southeast coast to strengthen its presence across the country. In clarification to the media reports on 1 July 2014 indicating that Adani Ports and Special Economic Zone is eyeing acquisition on Southeast Coast, Adani Ports and Special Economic Zone after market hours on Tuesday, 1 July 2014, said that the company does not comment on market rumours.
Castrol India surged 7.42% to Rs 356.15 after hitting a 52-week high of Rs 359 in intraday trade. As per reports, foreign promoter Castrol is exploring options to delist its India subsidiary Castrol India. Castrol holds 70.92% stake in the Castrol India (as per shareholding pattern as on 31 March 2014).
CESC advanced 5.06% to Rs 721.10 after hitting a record high of Rs 737.85 in intraday trade.
Greaves Cotton rose 7.07% to Rs 123.40 after hitting a record high of Rs 126.30 in intraday trade.
Raymond rose 2.12% to Rs 417.50 after hitting a 52-week high of Rs 423.50 in intraday trade.
Novartis India galloped 18.92% to Rs 698.85 after hitting a 52-week high of Rs 698.95 in intraday trade.
Uttam Galva Steels advanced 3.26% to Rs 88.65 after hitting a 52-week high of Rs 91.75 in intraday trade.
Key benchmark indices surged in early trade on firm Asian stocks and on overnight upmove in US stocks. A bout of volatility was witnessed as key benchmark indices regained strength after paring initial gains in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices extended intraday gains in early afternoon trade. Key benchmark indices extended intraday gains and hit fresh intraday high in afternoon trade. The S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit fresh lifetime high.
Expectations of a growth oriented Budget is driving uptrend on the bourses. 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 Service Tax are some of the expectations from the Budget. Finance Minister Arun Jaitley will table the final Union Budget for 2014-15 in parliament on 10 July 2014.
Jaitley reportedly said yesterday, 1 July 2014, that the government would take bold decisions and pursue the path of fiscal prudence to revive the economy.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 856.35 crore on Tuesday, 1 July 2014, as per provisional data from the stock exchanges.
There are signs of pick up in monsoon rains. The India Meteorological Department (IMD) in its daily monsoon report yesterday, 1 July 2014, said that the southwest monsoon has further advanced into entire Uttarakhand, Himachal Pradesh and Jammu & Kashmir, some more parts of Uttar Pradesh and some parts of Haryana & Punjab. The weather office said that conditions are favourable for further advance of Southwest Monsoon into some more parts of Madhya Pradesh, remaining parts of Uttar Pradesh, Haryana, Chandigarh & Delhi and Punjab and some parts of north Rajasthan during next 48 hours
Concerns about India's macroecnomic situation have eased as Brent crude has come off 9-month high which it hit last month. Brent crude oil futures for August delivery were up 2 cents at $112.31 a barrel. The contract lost 7 cents to close at $112.29 a barrel on Tuesday, 1 July 2014. India imports about 80% of its crude oil requirements.
In the foreign exchange market, the rupee edged higher against the dollar as equities rose. The partially convertible rupee was hovering at 59.84, compared with its close of 60.07/08 on Tuesday, 1 July 2014.
European stocks edged higher on Wednesday, 2 July 2014, as investors awaited reports on US jobs and factory orders. Key benchmark indices in UK and Germany were up 0.17% to 0.21%. In France, the CAC 40 index fell 0.19%.
Asian stocks rose on Wednesday, 2 July 2014, after reports showing manufacturing expansion in US, the world's biggest economy sent US stocks to record high overnight. Key benchmark indices in Taiwan, Hong Kong, China, Indonesia, South Korea, Singapore and Japan were up 0.08% to 1.26%.
Trading in US index futures indicated that the Dow could gain 11 points at the opening bell on Wednesday, 2 July 2014. The S&P 500 index and the Dow Jones Industrial Average both climbed to all-time highs on Tuesday, 1 July 2014, as manufacturing activity picked up in the US and Asia in June and on increased optimism about the global economy's health.
The Institute for Supply Management's US factory index was little changed at 55.3 in June from 55.4 in the prior month, the Tempe, Arizona-based group's report showed on Tuesday. Readings above 50 indicate expansion.
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