Key benchmark indices edged higher in afternoon trade after European market opened higher. Sentiment also strengthened after the latest data showed that rise in inflation based on the wholesale price index (WPI) in June 2013 was more or less in with market expectations. The S&P BSE Sensex breached the psychological 20,000 mark. The Sensex, was up 67.57 points or 0.34%, up 143 points from the day's low and off 46 points from the day's high. The 50-unit CNX Nifty regained the psychological 6,000 level, having alternately moved above and below that level in intraday trade so far. Both Sensex and Nifty hit their highest levels in more than six weeks. The market breadth, indicating the overall health of the market, was positive. Godrej Consumer Products, Divi's Laboratories, SpiceJet, Opto Circuits (India) and Idea Cellular saw a surge in volumes on BSE today, 15 July 2013.
A bout of volatility was witnessed in early trade as key benchmark indices once again turned negative after turning positive after a lower start triggered on weak macroeconomic data announced after trading hours on Friday, 12 July 2013. Key benchmark indices moved in a narrow range in mid-morning trade. Key benchmark indices reversed direction and moved into positive terrain after the latest data showed that rise in inflation based on the wholesale price index (WPI) in June 2013 was more or less in with market expectations. The CNX Nifty regained the psychological 6,000 level. Key benchmark indices edged higher in afternoon trade after European market opened higher. The S&P BSE Sensex breached the psychological 20,000 mark.
Foreign institutional investors (FIIs) bought shares worth a net Rs 644.82 crore on Friday, 12 July 2013, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex was up 67.57 points or 0.34% to 20,026.04. The index gained 113.97 points at the day's high of 20,072.44 in afternoon trade, its highest level since 31 May 2013. The index fell 75.28 points at the day's low of 19,883.19 in morning trade.
The CNX Nifty was up 16.70 points or 0.28% to 6,025.70. The index hit a high of 6,035.65 in intraday trade, its highest level since 31 May 2013. The index hit a low of 5,980.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,159 shares gained and 909 shares fell. A total of 121 shares were unchanged.
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Among the 30-share Sensex pack, 19 stocks gained and rest of them declined. Bharti Airtel (up 2.59%), M&M (up 2.25%), TCS (up 2.20%), Hindustan Unilever (up 2.18%), Dr Reddy's Laboratories (up 1.96%), Wipro (up 1.62%), Bajaj Auto (up 1.60%) and L&T (up 1.30%), edged higher from the Sensex pack.
Tata Steel (down 2.70%), Coal India (down 1.60%), Infosys (down 1.59%), NTPC (down 1.44%), HDFC Bank (down 0.68%), Tata Motors (down 0.67%), Bhel (down 0.51%), Maruti Suzuki India (down 0.40%) and ONGC (down 0.20%), edged lower from the Sensex pack.
Godrej Consumer Products clocked volume of 17.12 lakh shares, a 169.51-times surge over two-week average daily volume of 10,000 shares. The stock rose 0.64% to Rs 854.85.
Divi's Laboratories notched up volume of 1.24 lakh shares, a 16.45-fold surge over two-week average daily volume of 8,000 shares. The stock rose 0.11% to Rs 1,010.
SpiceJet saw volume of 45.05 lakh shares, a 2.89-fold surge over two-week average daily volume of 15.58 lakh shares. The stock jumped 7.58% to Rs 29.80.
Opto Circuits (India) clocked volume of 23.97 lakh shares, a 2.84-fold surge over two-week average daily volume of 8.45 lakh shares. The stock spurted 12.31% to Rs 25.55.
Idea Cellular saw volume of 3.70 lakh shares, a 1.49-fold rise over two-week average daily volume of 2.48 lakh shares. The stock rose 4.91% to Rs 152.70.
Inflation based on the wholesale price index (WPI) accelerated in June 2013 due to increase in food prices and prices of non-food primary articles, data released by the government today, 15 July 2013, showed. WPI inflation increased to 4.86% in June 2013, from 4.7% in May 2013. Fuel and manufactured products inflation eased in June 2013, the latest data showed. Meanwhile the government revised downwards WPI inflation for April 2013 to 4.77% from 4.89% reported earlier.
Consumer price inflation accelerated in June 2013, data released by the government after trading hours on Friday, 12 July 2013, showed. The combined consumer price index (CPI) for urban and rural India edged up to 9.87% in June 2013 from 9.31% in May 2013.
Industrial production declined 1.6% in May 2013, as against a downwardly revised 1.9% growth in April 2013, data released by the government after trading hours on Friday, 12 July 2013, showed. The continuous decline in the output of mining sector remained the major drag on the growth of industrial production, while the output of manufacturing sector also declined in May 2013. The output of the mining sector declined 5.7% and that of the manufacturing sector declined 2% in May 2013. However, the electricity generation grew 6.2% in May 2013, restricting further decline in the output of industrial production in May 2013.
The industrial production growth for the month of April 2013 has been revised downwards to 1.9% from 2.3% reported earlier, while the growth for the month of February 2013 has been scaled up slightly to 0.6% from 0.5% reported earlier.
European market was trading higher in early trade after China's economy grew in line with analyst forecasts and the Chinese government opened markets wider to foreign investors. Key benchmark indices in UK, France and Germany were up by 0.60% to 0.91%.
Asian stocks were mostly higher after data showed China's economy grew in line with expectations in the second quarter, belying some fears of a sharper slowdown. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were up 0.09% to 0.98%. Key benchmark index in Indonesia was down to 0.08%. Japanese markets were closed for a holiday.
China's economy grew 7.5% in the second quarter compared to a year earlier, while industrial production for June rose 8.9% from year-ago levels, slowing from May's 9.2% growth, the National Bureau of Statistics said Monday. The gross domestic product result was down from the first quarter's 7.7% advance. June retail sales rose 13.3% on an annual basis, beating May's 12.9% increase to extend an upward trend for the data point.
Urban fixed-asset investment -- watched as an indicator of construction spending -- grew an average 20.1% in the January-June period, down from 20.4% in January-May. Fixed-asset investment is reported on a year-to-date basis.
Unlike during other recent slowdowns, China's new government has indicated it plans to focus more on economic reforms than on short-term stimulus.
Trading in US index futures indicated that the Dow could gain 39 points at the opening bell on Monday, 15 July 2013. US stocks on Friday, 12 July 2013, recorded a third week of gains, with the Dow industrials and the S&P 500 tallying record closes following upbeat earnings from two major banks.
Federal Reserve Chairman Ben Bernanke is due to deliver testimony on monetary policy in Washington on 17 and 18 July 2013. The minutes of the Fed's June meeting released on 10 July 2013 showed that while "several members judged that a reduction in asset purchases would likely soon be warranted," many want to see further improvement in the labor market before reducing the central bank's $85 billion-a-month quantitative easing program. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth. At a press conference following the June 18-19 meeting, Bernanke said the central bank could start reducing its $85 billion in monthly bond purchases later this year if the economy continues to improve in line with its forecasts.
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