Key benchmark indices pared intraday gains in choppy trade as European stocks dropped and as trading in US index futures indicated a lower opening of US stocks later in the global day. The S&P BSE Sensex provisionally settled below the psychological 19,000 mark, after regaining that level in intraday trade. The Sensex was provisionally up 110.79 points or 0.59%, off 166.84 points from the day's high and up 104.12 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Index heavyweight Reliance Industries (RIL) extended intraday losses in late trade. Index heavyweight and cigarette major ITC edged higgher after a foreign brokerage upgraded the stock to overweight from neutral, citing prospects of earnings growth resilience. Britannia Industries scaled record high after declaring strong Q1 result. Marico rose after declaring good Q1 result during trading hours today, 12 August 2013.
Metal and mining stocks gained amid hopes that Beijing would step in to support the economy. Steel major Tata Steel spurted ahead of its Q1 results tomorrow, 13 August 2013. Hindalco Industries also gained ahead of its Q1 results tomorrow, 13 August 2013. Tech Mahindra hit 52-week high after reporting good Q1 result during trading hours today, 12 August 2013.
Key benchmark indices edged higher in early trade on firm Asian stocks. The Sensex and the 50-unit CNX Nifty hit highest level in almost a week. Key benchmark indices pared gains in morning trade as index heavyweight Reliance Industries dropped in volatile trade. Key benchmark indices regained strength in mid-morning trade. Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade as index heavyweight and cigarette major ITC advanced. The Sensex extended intraday gain and hit fresh intraday high in afternoon trade. Key benchmark indices pared gains in mid-afternoon trade as European stocks dropped. Key benchmark indices further pared gains in late trade as index heavyweight Reliance Industries (RIL) extended fall in late trade.
The rupee weakened to below 61 versus the dollar. The partially convertible rupee was hovering at 61.09, weaker than its close of 60.88/89 on Thursday, 8 August 2013. India expects to fully finance its current account deficit in the year ending in March, 2014, Finance Minister P. Chidambaram said on Monday, 12 August 2013, as the government tried to sooth nerves about its external finances after a sharp fall in the rupee. Chidambaram also said the government will take steps to curb imports of gold, silver, oil and luxury goods.
As per provisional closing, the S&P BSE Sensex was up 110.79 points or 0.59% to 18,900.13. The index jumped 277.63 points at the day's high of 19,066.97 in mid-afternoon trade, its highest level since 6 August 2013. The index rose 6.67 points at the day's low of 18,796.01 in morning trade.
The CNX Nifty was up 35.30 points or 0.63% to 5,600.95. The index hit a high of 5,644.10 in intraday trade, its highest level since 6 August 2013. The index hit a low of 5,557.10 in intraday trade.
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The market breadth, indicating the overall health of the market, was strong. On BSE, 1,464 shares gained and 864 shares fell. A total of 117 shares were unchanged.
The total turnover on BSE amounted to Rs 1670 crore, lower than Rs 1736.70 crore on Thursday, 8 August 2013.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Index heavyweight and cigarette major ITC gained 2.64% to Rs 334.05 after a foreign brokerage upgraded the stock to overweight from neutral, citing prospects of earnings growth resilience.
Marico rose 1.08% after consolidated net profit rose 27.36% to Rs 157.72 crore on 8.89% increase in total income to Rs 1396.31 crore in Q1 June 2013 over Q1 June 2012. The company announced the result during trading hours today, 12 August 2013.
Britannia Industries surged 5.29% to Rs 731 after striking a record high of Rs 774.80 in intraday trade today, 12 August 2013. The company's consolidated net profit jumped 93% to Rs 89.50 crore on 14% growth in revenue to Rs 1539.60 crore in Q1 June 2013 over Q1 June 2012. The result was announced during market hours today, 12 August 2013.
Britannia said its operating margin at 7.7% in Q1 June 2013, increased significantly from 4.7% in Q1 June 2012, despite an increase in brand investment at 9.6% of revenue in Q1 June 2013 from 8.4% of revenue in Q1 June 2012.
Commenting on the company's Q1 performance, Ms. Vinita Bali, Managing Director, Britannia Industries said: "The expansion in margin is consequent to an improvement in product mix and higher price realization coupled with an emphasis on cost management -- the growth momentum we saw in the second half of last year, continued."
Index heavyweight Reliance Industries (RIL) lost 2.73% to Rs 841.80, with the stock extending fall in late trade. The stock hit a high of Rs 871 and low of Rs 840.50.
Metal and mining stocks rose after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's largest consumer of copper and aluminum
JSW Steel (up 1.62%), Sail (up 2.87%), National Aluminium Company (up 4.97%), Hindustan Zinc (up 0.19%), Jindal Steel & Power (up 8.97%), NMDC (up 6.81%) edged higher.
Sterlite Industries (India) gained 2.42%. The company after trading hours on Thursday, 8 August 2013, said the National Green Tribunal (NGT) has in its judgment upheld its interim order of 31 May 2013, and has allowed the company's Tuticorin Copper Smelter to continue to operate. "We welcome this judgment and shall implement all recommendations laid down by the NGT appointed Expert Committee in a time bound manner. We will work closely with the regulatory authorities and the government and will continue to ensure the highest environment standards at our operations," the company said in a statement.
Steel major Tata Steel surged 7.9% to Rs 235.70 ahead of its Q1 results tomorrow, 13 August 2013.
Hindalco Industries gained 2.41% ahead of its Q1 results tomorrow, 13 August 2013.
Tech Mahindra rose 2.69% to Rs 1,278 after striking a 52-week high of Rs 1291.80 in intraday trade today, 12 August 2013. The company's consolidated net profit rose 7.6% to Rs 686 crore on 8.9% growth in revenue to Rs 4103 crore in Q1 June 2013 over Q4 March 2013. The Q1 result was announced during trading hours today, 12 August 2013.
Tech Mahindra's profit after tax before exceptional reversal of impairment provision jumped 36.2% to Rs 686 crore in Q1 June 2013 over Q4 March 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12.1% to Rs 864 crore in Q1 June 2013 over Q4 March 2013.
The company's debt stood at Rs 747 crore as on 30 June 2013. Cash and cash equivalent stood at Rs 3655 crore as of 30 June 2013.
The company's active client count increased to 567 in Q1 June 2013, from 516 in Q4 March 2013.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said: "We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion, fulfilling the commitment we made in April 2009. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities, for the integrated entity."
Tech Mahindra's board of directors at its meeting held today, 12 August 2013, approved increase in limit of investment by FII from the existing 35% to 45% of the paid up capital of the company, subject to approval of the members of the company.
India's trade deficit declined sharply on year on year basis in July 2013 as exports surged and imports fell, data released by the government today, 12 August 2013, showed. Merchandise exports jumped 11.64% to $25.83 billion in July 2013 over July 2012. Total imports declined 6.2% to $38.10 billion in July 2013 over July 2012. Oil imports declined 8.02% to $12.70 billion in July 2013 over July 2012. Non-oil imports declined 5.26% to $25.39 billion in July 2013 over July 2012. The trade deficit declined sharply on year on year basis at $12.26 billion in July 2013, from $17.47 billion in July 2012.
Industrial production is seen registering a decline of 1.5% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had registered a contraction of 1.6% in May 2013. The government will unveil industrial production data for June 2013 today, 12 August 2013.
Consumer price inflation is expected to ease a bit in July 2013. The combined consumer price index (CPI) for urban and rural India is expected to ease at 9.7% in July 2013, from 9.9% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will also unveil the CPI data for July 2013 today, 12 August 2013.
European stocks declined on Monday, 12 August 2013, as a report showed Japan's economy grew less than estimated last quarter. Key benchmark indices in France, UK and Germany were off 0.47% to 1.1%.
Mainland Chinese and Hong Kong stocks jumped to lead most Asian markets higher on Monday, 12 August 2013, after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's second biggest economy after the United States. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were up by 0.07% to 2.39%. Key benchmark indices in Indonesia and Japan fell by 0.7% to 0.93%.
Data released on Friday, 9 August 2013, showed that Chinese banks made 699.9 billion yuan ($114.3 billion) worth of local-currency loans in July, beating expectations.
Japan's economy grew an annualized 2.6% in the April-June period, the Cabinet Officer reported Monday, cooling sharply from a rapid 4.1% gain in the first calendar quarter. On a seasonally adjusted quarterly basis, gross domestic product rose 0.6% from the first quarter's 0.9% increase.
Trading in US index futures indicated that the Dow could fall 79 points at the opening bell on Monday, 12 August 2013. US stock indexes declined Friday, 9 August 2013, with the Dow Jones Industrial Average halting its longest weekly winning streak since August of last year.
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