Key benchmark indices extended gains in late trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, scaled fresh record high. The Sensex was provisionally up 139.22 points or 0.54%, up about 110 points from the day's low and off close to 20 points from the day's high. Indian stocks are witnessing a pre-Budget rally amid expectations that Finance Minister Arun Jaitley will announce measures in the Budget aimed at bolstering economic growth. The market breadth indicating the overall health of the market was positive. A decline in crude oil prices and data showing that foreign investors remained net buyers of Indian stocks on Friday, 4 July 2014, underpinned sentiment on the domestic bourses.
IT stocks rose as rupee edged lower against the dollar, with TCS hitting record high. Capital goods stocks gained on renewed buying. Among auto shares, Tata Motors scales record high.
As per provisional figures, the S&P BSE Sensex was up 139.22 points or 0.54% to 26,101.28. The index jumped 161.49 points at the day's high of 26,123.55 in late trade, a lifetime high of the index. The index rose 30.67 points at the day's low of 25.922.73 in afternoon trade.
The CNX Nifty was up 34.55 points or 0.45% to 7,786.15, as per provisional figures. The index hit a high of 7,792 in intraday trade, a lifetime high of the index. The index hit a low of 7,755.10 in intraday trade.
The total turnover on BSE amounted to Rs 4180 crore, higher than Rs 3862.53 crore on Friday, 4 July 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,712 shares gained and 1,371 shares fell. A total of 93 shares were unchanged.
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The BSE Mid-Cap index was up 11.39 points or 0.12% at 9,557.14, underperforming the Sensex. The BSE Small-Cap index was up 62.75 points or 0.6% at 10,570.78, outperforming the Sensex.
Among 30 Sensex shares, 21 stocks rose and the remaining shares fell. Tata Power Company (up 3.59%), Sun Pharmaceutical Industries (up 4.02% and Dr Reddy's Laboratories (up 2.63%) edged higher from the Sensex pack.
IT stocks rose as rupee edged lower against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. Tech Mahindra (up 0.8% to Rs 2,132.65), HCL Technologies (up 1.69% to Rs 1,505.50), Wipro (up 1.86% to Rs 557.70) and Infosys (up 3.23% to Rs 3,343.75) gained.
TCS rose 3.06% to Rs 2,483.50 after hitting record high of Rs 2,492.50 in intraday trade.
Capital goods stocks gained on renewed buying. ABB (India) (up 0.92% to Rs 1,130), Crompton Greaves (up 1.06% to Rs 209.40), Bharat Heavy Electricals (Bhel) (up 0.72% to Rs 264.75) and L&T (up 0.41% to Rs 1,749.50) gained.
Tata Motors rose 2.2% to Rs 478.75 after hitting record high of Rs 479.95 in intraday trade.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors remained net buyers of Indian stocks on Friday, 4 July 2014. The Sensex hit record high, crossing the 26,000 mark for the first time. The 50-unit CNX Nifty also scaled record high. Key benchmark indices pared initial gains in morning trade. Key benchmark indices hovered in positive terrain in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. Key benchmark indices pared gains in afternoon trade as European market edged lower in early trade there. Volatility continued as key benchmark indices trimmed gains after recovering from lower level in mid-afternoon trade. Key benchmark indices extended gains and hit fresh record high in late trade.
Indian stocks rose for the second day in a row today, 7 July 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 943.19 crore on Friday, 4 July 2014, as per provisional data from the stock exchanges
Concerns about India's macroeconomic situation have eased as crude prices have come off 9-month high which they hit last month. India imports about 80% of its crude oil requirement. Brent crude oil futures for August delivery were currently unchanged for the day at $110.64 a barrel. The contract fell 36 cents to settle at $110.64 on Friday, 4 July 2014, the lowest close since 11 June 2014.
The current week is a crucial period for Indian financial markets. Railway Minister Sadananda Gowda will present the final Railway Budget for 2014-15 in Lok Sabha tomorrow, 8 July 2014. On Wednesday, 9 July 2014, the Finance Ministry will table Economic Survey for 2013-14. Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday, 10 July 2014. After a clear mandate in Lok Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high.
There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.975, compared with its close of 59.72/73 on Friday, 4 July 2014.
European market edged lower on Monday, 7 July 2014, on profit booking after last week's rally. Key benchmark indices in UK, France and Germany were off 0.12% to 0.33%.
German industrial output dropped for a third month in May amid signs Europe's largest economy is taking a breather. Production, adjusted for seasonal swings, fell 1.8% from April, when it declined a revised 0.3%, the Economy Ministry in Berlin said today.
Most Asian stocks edged higher in choppy trade on Monday, 7 July 2104. Key benchmark indices in China, Taiwan, Indonesia and Singapore were up 0.03% to 1.7%. Key benchmark indices in South Korea, Hong Kong, and Japan were off 0.02% to 0.37%.
China's economic growth quickened in the second quarter from the previous three months, but further modest government support measures will still be needed, Premier Li Keqiang reportedly said on Monday.
Business activity in emerging markets expanded last month at its fastest rate since March 2013, boosted by strong growth in China and India, a survey showed today, 7 July 2014. HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys jumped to 52.3 in June - well above the 50 threshold that indicates expansion - from 50.6 in May.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Monday, 7 July 2014.
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