A sudden rise after a narrow movement took key benchmark indices to fresh intraday high in mid-afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit record high. The Sensex was up 61.37 points or 0.23%, up about 130 points from the day's low. The sudden rise for key benchmark indices came as European stocks reversed initial losses after data showed improved growth in euro-area manufacturing and services sector this month. The market breadth indicating the overall health of the market was negative.
Cement stocks were mixed. ACC fell on weak Q2 results. Ambuja Cements rose ahead of its Q2 results today, 24 July 2014.
At 14:20 IST, the S&P BSE Sensex was up 61.37 points or 0.23% to 26,208.70. The index rose 62.31 points at the day's high of 26,209.64 in mid-afternoon trade, a record high for the index. The index fell 69.63 points at the day's low of 26.077.70 in early trade.
The CNX Nifty was up 25.90 points or 0.33% to 7,821.65. The index hit a high of 7,823.70 in intraday trade, a record high for the index. The index hit a low of 7,771.65 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,396 shares declined and 1,393 shares gained. A total of 124 shares were unchanged.
The BSE Mid-Cap index was up 8.53 points or 0.09% at 9,320.25, underperforming the Sensex. The BSE Small-Cap index was up 40.53 points or 0.4% at 10,244.71, outperforming the Sensex.
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Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Hindalco Industries (up 1.45%), Tata Steel (up 1.75%) and Sesa Sterlite (up 0.96%) edged higher from the Sensex pack.
Cement stocks were mixed. ACC fell 0.53% on weak Q2 results. The company's consolidated net profit fell 7.11% to Rs 243.15 crore on 7.49% increase in total income to Rs 3,097.43 crore in Q2 June 2014 over Q2 June 2013. The result was announced during trading hours today, 24 July 2014.
Ambuja Cements rose 0.76% ahead of its Q2 results today, 24 July 2014.
UltraTech Cement rose 0.44%. The stock turned ex-dividend today, 24 July 2014, for dividend of Rs 9 per share for the year ended 31 March 2014 (FY 2014).
Grasim Industries declined 0.79%. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
Shree Cement dropped 1.63%.
Ingersoll-Rand (India) lost 1.35% after net profit declined 5% to Rs 13.05 crore on 15.2% growth in net sales to Rs 144.89 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Wednesday, 23 July 2014.
TVS Motor Company dropped in volatile trade after the company announced Q1 results. The stock was off 1.9% at Rs 166.15. The scrip hit high of Rs 179 and low of Rs 162.30 so far during the day. The company's net profit jumped 39.3% to Rs 72.30 crore on 31% growth in total revenue to Rs 2305 crore in Q1 June 2014 over Q1 June 2013.
A bout of volatility was witnessed as key benchmark indices slipped into the red after opening higher. Key benchmark indices cut losses in morning trade. Key benchmark indices hovered in negative terrain in mid-morning trade. A bout of volatility was witnessed as key benchmark indices slipped into the red once again after moving into positive zone from negative zone for a brief period early afternoon trade. Volatility continued in afternoon trade as the key benchmark indices trimmed losses after extending intraday fall in early afternoon trade. A sudden rise after a narrow movement took key benchmark indices to fresh intraday high in mid-afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit record high.
Investors are keeping a watch of crude oil prices. India imports almost 80% of its crude oil requirements. Brent crude futures for September delivery were down 16 cents at $107.87 a barrel on the London-based ICE Futures Europe exchange. The contract had risen 70 cents to settle at $108.03 a barrel on Wednesday, 23 July 2014, as geopolitical tensions in the Middle East persisted.
In Libya, fighting between rival factions continues for control of Libyan capital's airport.
Meanwhile, violence continues in the Gaza Strip. As per reports, more than 700 Palestinians have been killed so far as fighting continues between Israel and Palestinian militants in Gaza Strip.
In the foreign exchange market, the rupee was unchanged against the dollar. The partially convertible rupee was hovering at 60.105, compared with its close of 60.105 on Wednesday, 23 July 2014.
European stocks rose in choppy trade today, 24 July 2014, as data showed euro-area manufacturing and services are accelerating this month. Key benchmark indices in France and Germany were up 0.2% to 0.36%. UK's FTSE fell 0.06%.
Euro-area manufacturing and services activity strengthened in July in a sign that a recovery in the 18-nation region is gathering pace. A Purchasing Managers Index for both industries jumped to 54 from 52.8 in June, matching a three-year high reached in April, London-based Markit Economics said today. That's the 13th month the gauge has exceeded 50, the mark that signals expansion.
German services activity expanded at the fastest pace in three years and manufacturing accelerated, signaling that the economy is recovering from a slowdown in the second quarter. A Purchasing Managers Index for services jumped to 56.6 in July from 54.6 in June, London-based Markit Economics said today. A factory gauge rose to 52.9 from 52. A reading above 50 indicates expansion.
Many Asian stocks rose today, 24 July 2014, after a Chinese manufacturing gauge rose to its strongest reading in 18 months. Key benchmark indices in Hong Kong, China, Singapore and Taiwan were up by 0.18% to 1.28%. Key benchmark indices in Japan, Indonesia and South Korea fell by 0.08% to 0.29%.
A Chinese manufacturing gauge rose to an 18-month high in July, adding to signs that the government will meet its 2014 economic-growth target of about 7.5 percent. A preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics was at 52, compared with a final reading of 50.7 in June. Numbers above 50 indicate expansion.
South Korea unveiled 11.7 trillion won ($11.4 billion) in government initiatives to shore up Asia's fourth-largest economy after growth slumped to the weakest pace in more than a year in the second quarter.
Trading in US index futures indicated that the Dow could gain 19 points at the opening bell on Thursday, 24 July 2014. US stocks were largely higher on Wednesday, 23 July 2014, with the S&P 500 index hitting another record high after bullish results from tech giants Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check.
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