Key benchmark indices were range bound in positive terrain in mid-afternoon trade. The market breadth, indicating the overall health of the market, was positive. The barometer index, the S&P BSE Sensex, was up 14.56 points or 0.07%, off close to 115 points from the day's high and up about 40 points from the day's low.
Capital goods pivotals edged higher. Realty stocks were in demand. Sesa Sterlite extended intraday gain. Bharti Airtel hit 52-week high, with the stock extending its recent post-result rally. Motherson Sumi Systems edged lower in choppy trade after the company reported a muted growth in bottom line in Q2 September 2013.
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. Key benchmark indices were range bound in positive zone in afternoon trade. A bout of volatility was witnessed as key benchmark indices regained positive zone after reversing intraday gains in afternoon trade. Key benchmark indices were range bound in positive terrain in mid-afternoon trade
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 14:20 IST, the S&P BSE Sensex was up 14.56 points or 0.07% to 21,178.93. 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 23.20 points at the day's low of 21,141.32 in afternoon trade.
The CNX Nifty was up 9.60 points or 0.15% to 6,308.75. 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.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,324 shares rose and 1,028 shares fell. A total of 143 shares were unchanged.
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Among the 30-share Sensex pack, 19 stocks rose and rest of them fell. Coal India (up 2.23%), SBI (up 3.56%), and M&M (up 3.1%) edged higher from the Sensex pack.
Telecom stocks gained. Bharti Airtel rose 0.71% to Rs 367.25, with the stock extending post-result rally. The stock hit 52-week high of Rs 373.50 in intraday trade today, 1 November 2013. The company's consolidated net profit declined 29% to Rs 512 crore on 9.9% increase in total revenue to Rs 21324 crore in Q2 September 2013 over Q2 September 2012. The company announced the result during market hours on Wednesday, 30 October 2013.
Bharti Airtel's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 15.1% to Rs 6832 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin increased to 32% in Q2 September 2013 from 30.6% in Q2 September 2012.
Realty stocks were in demand. DLF (up 3.96%), HDIL (up 7.98%), D B Realty (up 1.06%) and Unitech (up 2.29%), gained.
Motherson Sumi Systems edged lower in choppy trade after the company reported a muted growth in bottom line in Q2 September 2013. The stock was off 1.89% at Rs 265.10. The stock reversed direction after hitting record high of Rs 277.50 at the onset of the trading session. The company's consolidated net profit rose 1.49% to Rs 139.63 crore on 22.96% growth in total income to Rs 7247.84 crore in Q2 September 2013 over Q2 September 2012. The result hit the market in afternoon trade. Meanwhile, the company's board announced bonus issue in the ratio of 1:2.
Capital goods pivotals edged higher. Bhel gained 2.23%.
L&T rose 0.21%. L&T after market hours on Thursday, 31 October 2013, said it is looking to sell upto 1.71 crore shares or 1% stake in subsidiary L&T Finance Holdings in the next three months to enable the L&T Finance Holdings comply with the minimum public shareholding norms. Shares of L&T Finance Holdings gained 0.61%.
Sesa Sterlite extended intraday gain. The stock was up 3.19%. The company's consolidated net profit jumped 358.65% to Rs 2394.37 crore on 8410.59% jump in total income to Rs 26266.22 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 31 October 2013. Consequent to the restructuring exercise, the results for the quarter ended 30 September 2013 are not comparable with the corresponding period of the previous year.
Sesa Sterlite's Chairman, Anil Agarwal, said: "The merger of Sterlite Industries and Sesa Goa has created one of the world's largest global diversified natural resources companies. Sesa Sterlite is the Indian flagship of our group and with its world class assets, efficient operations and our strong track record, we are well placed to deliver superior returns for shareholders. Despite volatile commodity prices and temporarily suspended iron ore operations at Goa and Karnataka, the company has delivered a strong operational and financial performance during the quarter, with production growth at our Oil & Gas, Zinc and Aluminium businesses. We expect to recommence mining in Karnataka soon and are hopeful that the Goa mining suspension will be resolved by the Supreme Court soon, which will be helpful for the government exchequer and the local economy."
In the foreign exchange market, the rupee edged lower against the dollar, tracking global dollar gains. The partially convertible rupee was hovering at 61.85, 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.
European stocks edged lower on Friday, 1 November 2013, ahead of manufacturing data from both the UK and the US. Key benchmark indices in France and Germany shed 0.09% to 0.32%. UK's FTSE 100 rose 0.06%.
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, Taiwan, Indonesia, and Singapore shed 0.36% to 1.31%. Key benchmark indices in China, Hong Kong and South Korea rose 0.19% to 0.46%.
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 31 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.
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