Key benchmark indices retained positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 99.71 points or 0.51%, up 76.02 points from the day's low and off 32.71 points from the day's high. The CNX Nifty was currently below the psychological 6,000 level, having alternately moved above and below that level so far during the day. Index heavyweight and cigarette major ITC extended intraday gains. Another index heavyweight Reliance Industries (RIL) pared intraday gains. The market breadth, indicating the overall health of the market, was positive.
Maruti Suzuki India fell after the company during market hours today, 7 May 2013, reported year on year fall in production in April 2013. Interest rate sensitive realty stocks were in demand. Some PSU stocks rose.
Key benchmark indices edged higher in early trade on positive Asian stocks. Key benchmark indices extended gains to strike fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in over 13 weeks. Key benchmark indices held firm in mid-morning trade.
At 11:19 IST, the S&P BSE Sensex was up 99.71 points or 0.51% to 19,773.35. The index jumped 132.42 points at the day's high of 19,806.06 in morning trade, its highest level since 4 February 2013. The index rose 23.69 points at the day's low of 19,697.33 in opening trade.
The CNX Nifty was up 27.45 points or 0.46% to 5,998.50. The index hit a high of 6,011.10 in intraday trade, its highest level since 2 May 2013. The index hit a low of 5,982.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,105 shares advanced and 842 shares declined. A total of 125 shares were unchanged.
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The total turnover on BSE amounted to Rs 683 crore by 11:20 IST compared with Rs 472 crore by 10:20 IST.
Among the 30-share Sensex pack, 20 stocks gained while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.49% to Rs 825.50. The scrip hit high of Rs 835.65 and a low of Rs 821 so far during the day.
Index heavyweight and cigarette major ITC rose 1.58% to Rs 331.45. The scrip hit high of Rs 331.85 and a low of Rs 325.15 so far during the day. The stock had hit record high of Rs 335.90 in intraday on 30 April 2013. 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.
Maruti Suzuki India fell 0.15%. The company during market hours today, 7 May 2013 reported 7.58% fall in production to 1.05 lakh units in April 2013 over April 2012. The company's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company had announced its sales figures on 1 May 2013.
Interest rate sensitive realty stocks were in demand. DLF (up 2.45%), HDIL (up 2.19%), Unitech (up 1.74%), and Anant Raj Industries (up 3.44%) edged higher. Indiabulls Real Estate shed 1.28%.
Godrej Properties rose 2.21% after the company on Monday, 6 May 2013, said its board of directors will consider rights issue on 9 May 2013 along with Q4 March 2013 and year ended 31 March 2013 results. The announcement was made after market hours on Monday, 6 May 2013.
Some PSU stocks rose. HMT (up 3.61%), State Trading Corporation of India (up 7.19%), NHPC (up 0.96%), MMTC (up 5%), Neyveli Lignite Corporation (up 1.57%), MTNL (up 3.08%), NTPC (up 2.17%) gained.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. HDFC and Lupin unveil Q4 results tomorrow, 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on Thursday, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. 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. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The Budget session of the Parliament ends on Friday, 10 May 2013.
The RBI on Friday, 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.
Asian stocks climbed for a second day today, 7 May 2013, dominated by Japanese shares, on optimism central banks will continue to revive growth. Key benchmark indices in Hong Kong, Singapore, Japan, Taiwan, China and Indonesia were up by 0.02% to 3.61%. South Korea's KOSPI Composite index shed 0.37%.
China is due to release a slew of economic data this week. The trade data for April 2013 will be out tomorrow, 8 May 2013. On Thursday, 9 May 2013, attention will shift to China's consumer and producer inflation figures for April 2013.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 7 May 2013. US stocks mostly advanced on Monday, with S&P 500 index extending its record run above 1,600 after the April jobs report exceeded expectations. US nonfarm payrolls rose by 165,000 last month and the jobless rate fell to a four-year low of 7.5%, the Labor Department had said on Friday, 3 May 2013.
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