Key benchmark indices witnessed a sudden slide in early afternoon trade after comments from Finance Minister Arun Jaitley that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days. The barometer index, the S&P BSE Sensex, was down 111.30 points or 0.43%, off close to 180 points from the day's high and up about 15 points from the day's low. The market breadth indicating the overall health of the market was positive.
Capital goods stocks declined. Tata Motors edged higher in volatile trade. Siemens rose after the company said it has sold a land parcel in Bangalore to Prestige City Properties for Rs 345 crore.
At 12:20 IST, the S&P BSE Sensex was down 111.30 points or 0.43% to 25,712.45. The index fell 125.28 points at the day's low of 25,698.47 in early afternoon trade, its lowest level since 2 July 2014. The index rose 69.56 points at the day's high of 25,893.31 in mid-morning trade.
The CNX Nifty was down 29.55 points or 0.38% to 7,685.25. The index hit a low of 7,672.70 in intraday trade, its lowest level since 1 July 2014. The index hit a high of 7,733.50 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,461 shares gained and 1,240 shares fell. A total of 102 shares were unchanged.
The BSE Mid-Cap index was up 17.10 points or 0.18% at 9,507.68. The BSE Small-Cap index was up 38.85 points or 0.37% at 10,458.23. Both these indcies outperformed the Sensex.
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Capital goods stocks declined. ABB (India) (down 1.49% to Rs 1,122.25), Crompton Greaves (down 1.32% to Rs 202.10), Bharat Heavy Electricals (Bhel) (down 0.82% to Rs 258.85) and L&T (down 1.16% to Rs 1,732.10) declined.
Siemens rose 1.09% to Rs 999.15 after the company said it has sold a land parcel in Bangalore on Thursday, 3 July 2014, to Prestige City Properties as part of its continuous asset optimization exercise. The proceeds from the sale is approximately Rs 345 crore, Siemens said after trading hours on Thursday, 3 July 2014.
Tata Motors edged higher in volatile trade. The stock was up 0.26% at Rs 470. The stock hit record high of Rs 474.20 in intraday trade. The scrip hit a low of Rs 466.20 so far during the day. The company's total sales (including exports) of Tata commercial and passenger vehicles declined 27% to 38,557 vehicles in June 2014 over June 2013. The company's exports declined 5% to 3,814 units in June 2014 over June 2013. The company announced the monthly sales data early this week.
Punjab National Bank shed 1.4% to Rs 977.80. The bank said during market hours that it has realized Rs 4.15 crore from the sale of its 41% stake in High Mark Credit Information Services (High Mark) to CRIF.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.79, compared with its close of 59.73/74 on Thursday, 3 July 2014.
The Sensex regained positive terrain after slipping into the red for a brief period after opening higher. Key benchmark indices hovered in positive terrain in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices witnessed a sudden slide in early afternoon trade after comments from Finance Minister Arun Jaitley that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days
India imports about 80% of its crude oil requirement. Brent crude oil futures for August delivery were up 14 cents at $111.14 a barrel. The contract fell 24 cents to settle at $111 a barrel on Thursday, 3 July 2014, on prospects of increase in oil exports from Libya.
Most Asian stocks advanced on Friday, 4 July 2014, as US jobs growth bolstered the outlook for the world's largest economy. Key benchmark indices in South Korea, Hong Kong, Indonesia, and Japan were up 0.1% to 0.52%. Key benchmark indices in China, Singapore and Taiwan were down 0.06% to 0.21%.
US stocks rose on Thursday, 3 July 2014, with the Dow Jones Industrial Avergae hitting record high above 17,000 for the first time and the S&P 500 index also scaling record high after the June jobs report came in much stronger than expected.
US employers added 288,000 workers to nonfarm payrolls in June, following a 224,000 increase in May that was bigger than previously estimated. A 1.39 million increase in employment over the past six months was the largest since early 2006, while the unemployment rate fell to 6.1%, the lowest level since September 2008.
US markets are closed today, 4 July 2104, on account of holiday.
European Central Bank chief Mario Draghi said on Thursday, 3 July 2104, after a policy meeting that borrowing costs will stay at current levels for an extended period after the introduction of unprecedented stimulus in June.
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