Key benchmark indices hovered in positive terrain in mid-morning trade. The S&P BSE Sensex was up 34.43 points or 0.17%, up about 120 points from the day's low and off close to 25 points from the day's high and. The market breadth, indicating the overall health of the market, was positive.
Bank stocks edged higher. Reliance Anil Dhirubhai Ambani (ADA) Group shares declined after a Delhi court on Friday, 19 July 2013 asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in ongoing 2G scam case.
A bout of initial volatility was witnessed as key benchmark indices trimmed losses after a weak opening. The Sensex reversed initial losses and moved into positive zone in morning trade. The market hovered in positive terrain in mid-morning trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 252.26 crore on Friday, 19 July 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 34.43 points or 0.17% to 20,178.78. The index rose 59.84 points at the day's high of 20,209.69 in morning trade. The index fell 84.16 points at the day's low of 20,065.69 in early trade, its lowest level since 18 July 2013.
The CNX Nifty was up 10.30 points or 0.17% to 6,039.40. The index hit a high of 6,048.10 in intraday trade. The index hit a low of 6,004.25 in intraday trade, its lowest level since 18 July 2013.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 925 shares gained and 714 shares fell. A total of 96 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. Bajaj Auto (up 1.57%), M&M (up 1.5%) and Hindalco Industries (up 1.55%), edged higher. Bhel (down 4.17%), Reliance Industries (down 1.78%) and GAIL (India) (down 1.68%), edged lower.
Bank stocks edged higher. State Bank of India (up 0.14%), HDFC Bank (up 0.5%) and ICICI Bank (up 1.21%), edged higher.
The Reserve Bank of India (RBI) on 15 July 2013 announced measures to tighten liquidity in the banking system to arrest slide in rupee against the dollar.
Federal Bank declined 0.71% to Rs 378.75 on weak Q1 results. The stock came off the day's low of Rs 362.30. The bank's net profit declined 44.49% to Rs 105.66 crore on 12.52% growth in total income to Rs 1869.05 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Friday, 19 July 2013.
Federal Bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.91% as on 30 June 2013, as against 0.98% as on 31 March 2013 and 0.62% as on 30 June 2012. The ratio of gross NPAs to gross advances stood at 3.51% as on 30 June 2013, as against 3.44% as on 31 March 2013 and 3.6% as on 30 June 2012.
Federal Bank's provisions and contingencies jumped 290.41% to Rs 245.10 crore in Q1 June 2013 over Q1 June 2012.
The bank's capital adequacy ratio (CAR) as per Basel II norms stood at 15% as on 30 June 2013, as against 14.73% as on 31 March 2013 and 15.45% as on 30 June 2012. CAR as per Basel III norms stood at 14.27% as on 30 June 2013.
Housing Development Finance Corporation (HDFC) rose 2.74%, with the stock extending intraday gain on good Q1 results. The housing finance major reported 17.08% rise in net profit to Rs 1173.10 crore on 12.59% growth in total income to Rs 5564.94 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours on Friday, 19 July 2013.
As at 30 June 2013, the loan book (net of loans sold) stood at Rs 176993 crore, as against Rs 148262 crore in the previous year. Loans sold during the preceding 12 months amounted to Rs 6310 crore. As at 30 June 2013, the total borrowings stood at Rs 163269 crore, as against Rs 143812 crore in the previous year.
HDFC's consolidated net profit surged 33.79% to Rs 1707.10 crore on 14.81% growth in total income to Rs 8482.85 crore in Q1 June 2013 over Q1 June 2012.
Reliance Anil Dhirubhai Ambani (ADA) Group shares declined after a Delhi court on Friday, 19 July 2013 asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in ongoing 2G scam case. Reliance Communications, Reliance Infrastructure, Reliance Broadcast Network, Reliance Capital, Reliance MediaWorks and Reliance Power shed by 0.52% to 2%.
A Delhi court on Friday, 19 July 2013, asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in the ongoing trial of former telecom minister A Raja and a number of businessmen and executives who are accused of conspiring with the former minister to improperly obtain telecom licences. Ambani and his wife will be questioned on the alleged investment of over Rs 990 crore by Reliance ADAG companies in Swan Telecom. CBI has alleged that Reliance Telecom used Swan Telecom, an ineligible firm, as its front company to get 2G licences and spectrum. CBI has chargesheeted three executives of Reliance ADAG - Gautam Doshi, Surendra Pipara and Hari Nair - for the alleged fraud. The defence counsel for the three executives had opposed CBI's plea asking for the Ambanis to appear as witnesses, saying the delay on the agency's part in moving this application shows it wasn't genuine.
Manappuram Finance (up 5%), GMR Infrastructure (up 4.7%), Indian Infotech (up 4.29%) and Prestige Estates (up 3.64%), were the biggest gainers from the BSE Mid-Cap index.
Most Asian stocks rose on Monday, 22 July 2013. Key benchmark indices in Japan, South Korea, Singapore, and Taiwan rose by 0.3% to 0.61%. Key benchmark indices in China, Indonesia, and Hong Kong fell by 0.05% to 0.57%.
In Japan, the ruling Liberal Democratic Party's coalition easily won a majority of the 121 seats contested in the upper house elections over the weekend. The victory gave Prime Minister Shinzo Abe's LDP control over both houses, consolidating its political power.
Meanwhile, the People's Bank of China removed a floor on banks' lending rates, according to a July 19 statement. China currently caps the interest rates that banks pay on deposits, a factor that often pushes savers toward riskier investments in search of higher returns.
Trading in US index futures indicated that the Dow could gain 11 points at the opening bell on Monday, 22 July 2013. US stocks closed mixed on Friday, 19 July 2013. The S&P 500 index eked out gains to end at another all-time high on Friday, 19 July 2013 while losses for the technology sector weighed on the Dow Jones Industrial Average and the Nasdaq Composite after disappointing earnings from Advanced Micro Devices Inc. and Microsoft Corp.
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