Key benchmark indices hovered in positive terrain albeit near their intraday low in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 117.36 points or 0.46%, off close to 100 points from the day's high and up about 40 points from the day's low. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index was up 1.07%. The BSE Small-Cap index was up 1.3%. Both these indices outperformed the Sensex. Indian stocks rose today, 21 July 2014, as provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment on the domestic bourses.
Reliance Infrastructure rose after company reported decent Q1 result. Shares of shipping companies edged higher after the Ministry of Shipping said that lifetime licences will be issued to Indian ships instead of such licences being renewed every year as of now. Most IT stocks edged lower as rupee edged higher against the dollar.
At 12:20 IST, the S&P BSE Sensex was up 117.36 points or 0.46% to 25,758.92. The index surged 219.59 points at the day's high of 25,861.15 in morning trade, its highest level since 10 July 2014. The index rose 74.22 points at the day's low of 25,715.78 in mid-morning trade.
The CNX Nifty was up 31.90 points or 0.42% to 7,695.80. The index hit a high of 7,722.10 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,681.35 in intraday trade.
The market breadth indicating the overall health of the market was strong. 1,629 shares rose and 909 shares fell. A total of 99 shares were unchanged.
The BSE Mid-Cap index was up 99.39 points or 1.07% at 9,352.19. The BSE Small-Cap index was up 132.32 points or 1.3% at 10,313.16. Both these indices outperformed the Sensex.
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Reliance Infrastructure rose 1.42% to Rs 777.35 after company reported decent Q1 result. The stock hit high of Rs 782.90 and low of Rs 769.85 so far during the day. The company's consolidated net profit rose 10% to Rs 458 crore on 20.84% decline in total income to Rs 4548 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Friday, 18 July 2014. As on 30 June 2014, the consolidated networth of the company stood at Rs 27574 crore and the company is conservatively financed with debt equity ratio of 0.94:1, Reliance Infrastructure said.
Most IT stocks edged lower as rupee edged higher against the dollar. Infosys (down 1.33%) and Tech Mahindra (down 0.15%) declined. TCS (up 0.3%) and HCL Technologies (up 0.4%) gained. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
Wipro declined 0.79% as the stock turned ex-dividend today, 21 July 2014, for final dividend of Rs 5 per share for the year ended 31 March 2014 (FY 2014).
Shares of shipping companies also gained. Shipping Corporation of India (up 0.87%), Great Eastern Shipping Company (up 1.05%) and Mercator Lines (up 0.58%), rose.
In a significant step announced on Sunday, 20 July 2014,, the Ministry of Shipping has decided that life time licences will be issued to Indian Ships and any other ship charted by an Indian citizen or an Indian company instead of such licences being renewed every year as of now. Such licences will be issued with a life time fee instead of annual fee but the licence will be co-terminus with the certificate of registry of the ship. The decision will be of immense help to the sea going Indian and other vessels engaged in coastal trading as the process is decentralised and liberalised, the Ministry of Shipping said. Ship operators now need not undertake the exercise of taking the licence every year.
The decision approved by the Minster for Road Transport and Highways and Shipping Nitin Gadkari also provides for all the five Registrars of Ships at Mumbai, Chennai, Kolkatta, Goa and Cochin to issue such licenses under the provisions of the Merchant Shipping Act, 1958. A ship is registered by the Principal Officers of Mercantile Marine Departments (MMD) of the DG (Shipping) who are designated Registrars of Ships by the DG (Shipping). They would now get powers to issue life time licences also.
Key benchmark indices surged in early trade as firmness in Asian stocks, provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The Sensex and the 50-unt CNX Nifty, both, hit 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-morning trade. Key benchmark indices hovered in positive terrain albeit near intraday low in early afternoon trade.
The market sentiment was boosted by provisional data showed that foreign portfolio investors were buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 574.47 crore on Friday, 18 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.19, compared with its close of 60.275 on Friday, 18 July 2014.
Union Minister of State (MoS) Science and Technology (Independent Charge), Earth Sciences (Independent Charge), MoS in Prime Minister's Office (PMO), Department of Personnel and Training, Atomic Energy, Space and Earth Sciences, Dr. Jitendra Singh said on Sunday, 20 July 2014, that there has been significant increase in the monsoon during the last one week beginning from 13 July 2014. While during the month of June and first two weeks of July, the monsoon was deficient by 43%, in the week beginning 13 July 2014, the deficiency was 32%, thus, recording an improvement of 11% in the monsoon level.
The monsoon forecast for next two weeks is also good, particularly in Central India and coastal regions of South India. There is, therefore, no reason to be unnecessarily alarmist on the issue of monsoon, Dr. Singh said. From 1 August onwards, he said, the meteorological predictions indicate active rainfall in the country.
Rains are vital to India's farm sector, which accounts for about 14% of the country's nearly $2 trillion economy. Two-thirds of its 1.2 billion population live in rural areas.
Asian stocks were mixed today, 21 July 2014. Key benchmark indices in Indonesia, Taiwan, and South Korea rose by 0.07% to 0.65%. Key benchmark indices in Hong Kong, Singapore, and China fell 0.08% to 0.32%.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Monday, 21 July 2014. US stocks rose on Friday, 18 July 2014, where better earnings from Google Inc., the world's third-largest company, refocused investors on economic growth amid crises in the Middle East and Ukraine.
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