Key benchmark indices surged on expectations of a growth oriented Budget, on decline in crude oil prices and on signs of pick up in monsoon rains. Gains in world markets and provisional data showing that foreign investors made decent purchases of Indian stocks on Tuesday, 1 July 2014, also boosted sentiment. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, scaled fresh record high. The Sensex was provisionally up 304.67 points or 1.19%, up close to 160 points from the day's low and off about 45 points from the day's high. The market breadth indicating the overall health of the market was strong. All the twelve sectoral indices on BSE were in the green.
Maruti Suzuki India extended Tuesday's gains triggered by the company reporting robust sales in June. Mahindra & Mahindra (M&M) extended Tuesday's gains triggered by the company announcing decent tractor sales in June. Bajaj Auto edged higher after the company reported increase in sales volume for June.
As per provisional figures, the S&P BSE Sensex was up 304.67 points or 1.19% to 25,821.01. The index jumped 348.18 points at the day's high of 25,864.53 in late trade, a lifetime high for the index. The index rose 143.81 points at the day's low of 25,660.16 in early trade.
The CNX Nifty was up 85.15 points or 1.12% to 7,719.85, as per provisional figures. The index hit a high of 7,732.40 in intraday trade, a lifetime high for the index. The index hit a low of 7,677.30 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,896 shares gained and 1,173 shares fell. A total of 109 shares were unchanged.
The BSE Mid-Cap index was up 73.16 points or 0.78% at 9,506.90. The BSE Small-Cap index was up 112.55 points or 1.09% at 10,434.18. Both these indices underperformed the Sensex.
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The total turnover on BSE amounted to Rs 4299 crore, higher than Rs 3747.41 crore on Tuesday, 1 July 2014.
Among the 30-share Sensex pack, 28 stocks gained and two fell. Sesa Sterlite (up 4.3%), NTPC (up 2.87%) and Bharat Heavy Electricals (Bhel) (up 2.79%) edged higher from the Sensex pack.
Maruti Suzuki India rose 2.14% to Rs 2,640.15, with the stock extending Tuesday's gains triggered by the company reporting robust sales in June. The stock hit record high of Rs 2.663 in intraday trade. Maruti's total sales rose 33.5% to 1.12 lakh units in June 2014 over June 2013. Domestic sales rose 31.1% to 1 lakh units in June 2014 over June 2013. Exports jumped 58.4% to 11,809 units in June 2014 over June 2013. The company announced sales figures during trading hours on Tuesday, 1 July 2014.
Mahindra & Mahindra (M&M) rose 2% to Rs 1,218 with the stock extending Tuesday's gains triggered by the company announcing decent tractor sales in June. The company's total tractor sales rose 8% to 29,884 units in June 2014 over June 2013. M&M's domestic tractor sales rose 8% to 28,893 units in June 2014 over June 2013. Total tractor exports fell 3% to 991 units in June 2014 over June 2013. The company announced sales figures during trading hours on Tuesday, 1 July 2014.
In a separate announcement on Tuesday, M&M reported 1% rise in total automobile sales to 38,471 units in June 2014 over June 2013. Total domestic automobiles sales rose 1% to 36,457 units in June 2014 over June 2013. Total automobiles exports rose 7% to 2,014 units in June 2014 over June 2013.
Tata Motors rose 0.45% to Rs 453. The stock hit high of Rs 458.30 and low of Rs 445. The company's total sales (including exports) of Tata commercial and passenger vehicles in June 2014 declined 27% to 38,557 vehicles, in June 2014 over June 2013. The company's domestic sales of Tata commercial and passenger vehicles for June 2014 fell 29% to 34,743 vehicles in June 2014 over June 2013. The sales figures were announced after market hours on Tuesday, 1 July 2014.
The company's sales of commercial vehicles in the domestic market fell 27% to 26,832 units in June 2014 over June 2013. Light commercial vehicles (LCV) sales declined 33% to 17,212 units in June 2014 over June 2013, while M&HCV sales fell 14% to 9,620 units in June 2014 over June 2013.
The sales of passenger vehicles were lower by 33% to 7,911 units in June 2014 over June 2013.
The company's exports declined 5% to 3,814 units in June 2014 over June 2013.
Bajaj Auto rose 1.3% to Rs 2,360. The stock hit record high of Rs 2,363.90 in intraday trade. The company said during market hours that its total sales rose 3% to 3.05 lakh units in June 2014 over June 2013. Motorcycles sales rose 3% to 2.62 lakh units in June 2014 over June 2013. Commercial vehicles sales rose 5% to 43,263 units in June 2014 over June 2013. The company's total exports rose 12% to 1.35 lakh units in June 2014 over June 2013.
Hero MotoCorp (up 1.11% to Rs 2,670) and TVs Motor Company (up 2.17% to Rs 167.05) gained.
Ashok Leyland fell 1.63% to Rs 36.15. The stock hit high of Rs 38.10 and low of Rs 36.10. The company reported 7% increase in total sales to 7,452 units in June 2014 over June 2013. Total sales of medium and heavy commercial vehicle (M&HCV) rose 17% to 5,542 units in June 2014 over June 2013. However, total sales of light commercial vehicles (LCV) slipped 15% to 1,910 units in June 2014 over June 2013. The company announced sales figures after trading hours on Tuesday, 1 July 2014.
Escorts gained 3.62% to Rs 141.80. The company after market hours on Tuesday, 1 July 2014, announced that Escorts Agri Machinery Segment (EAM)'s tractor sales fell 1.48% to 6,689 units in June 2014 over June 2013. Domestic sales fell 5.84% to 6,349 units in June 2014 over June 2013. Exports jumped 623.4% to 340 units in June 2014 over June 2013.
Apollo Hospitals Enterprise gained 3.82% to Rs 1,026.80. The company today, 2 July 2014, announced leadership reorganization aimed at achieving accelerated growth for the company for the next five years. The company announced the re-designation four executive directors in keeping with the expanded roles and additional responsibilities being assigned to them.
Key benchmark indices surged in early trade on firm Asian stocks and on overnight upmove in US stocks. A bout of volatility was witnessed as key benchmark indices regained strength after paring initial gains in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices extended intraday gains in early afternoon trade. Key benchmark indices extended intraday gains and hit fresh intraday high in afternoon trade. Key benchmark indices hit fresh record high in mid-afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit fresh lifetime high in late trade.
Indian stocks gained for the fourth day in a row today, 2 July 2014.
Expectations of a growth oriented Budget is driving uptrend on the bourses. 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 Service Tax are some of the expectations from the Budget. Finance Minister Arun Jaitley will table the final Union Budget for 2014-15 in parliament on 10 July 2014.
Jaitley reportedly said yesterday, 1 July 2014, that the government would take bold decisions and pursue the path of fiscal prudence to revive the economy.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 856.35 crore on Tuesday, 1 July 2014, as per provisional data from the stock exchanges.
There are signs of pick up in monsoon rains. The India Meteorological Department (IMD) in its daily monsoon report yesterday, 1 July 2014, said that the southwest monsoon has further advanced into entire Uttarakhand, Himachal Pradesh and Jammu & Kashmir, some more parts of Uttar Pradesh and some parts of Haryana & Punjab. The weather office said that conditions are favourable for further advance of Southwest Monsoon into some more parts of Madhya Pradesh, remaining parts of Uttar Pradesh, Haryana, Chandigarh & Delhi and Punjab and some parts of north Rajasthan during next 48 hours
Concerns about India's macroeconomic situation have eased as Brent crude has come off 9-month high which it hit last month. Brent crude oil futures for August delivery were down 42 cents at $111.87 a barrel. The contract lost 7 cents to close at $112.29 a barrel on Tuesday, 1 July 2014. India imports about 80% of its crude oil requirements.
In the foreign exchange market, the rupee edged higher against the dollar as equities rose. The partially convertible rupee was hovering at 59.74, compared with its close of 60.07/08 on Tuesday, 1 July 2014.
European stocks edged higher on Wednesday, 2 July 2014, as investors awaited reports on US jobs and factory orders. Key benchmark indices in UK and Germany were up 0.19% each. France's CAC 40 was flat.
Asian stocks rose on Wednesday, 2 July 2014, after reports showing manufacturing expansion in US, the world's biggest economy sent US stocks to record high overnight. Key benchmark indices in Taiwan, Hong Kong, Indonesia, China, South Korea, Singapore and Japan were up 0.29% to 1.55%.
Trading in US index futures indicated that the Dow could gain 10 points at the opening bell on Wednesday, 2 July 2014. The S&P 500 index and the Dow Jones Industrial Average both climbed to all-time highs on Tuesday, 1 July 2014, as manufacturing activity picked up in the US and Asia in June and on increased optimism about the global economy's health.
The Institute for Supply Management's US factory index was little changed at 55.3 in June from 55.4 in the prior month, the Tempe, Arizona-based group's report showed on Tuesday. Readings above 50 indicate expansion.
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