Key benchmark indices alternately swung between positive and negative terrain in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 25.85 points or 0.1%, off close to 125 points from the day's high and up about 65 points from the day's low. The market breadth indicating the overall health of the market was negative.
Capital goods heavyweights edged higher. L&T edged higher after the company said its construction division has won orders worth Rs 1459 crore across various business segments in June 2014. Among auto makers, Tata Motors scaled record high.
At 14:20 IST, the S&P BSE Sensex was up 25.85 points or 0.1% to 25,867.06. The Sensex jumped 157.87 points at the day's high of 25,999.08 in early trade, a lifetime high for the index. The index fell 40.21 points at the day's low of 25,801 in afternoon trade.
The CNX Nifty was currently unchanged at 7,725.50. The index hit a high of 7,754.65 in intraday trade, a lifetime high for the index. The index hit a low of 7,708.65 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,199 shares declined and 996 shares gained. A total of 73 shares were unchanged.
The BSE Mid-Cap index was down 4.11 points or 0.04% at 9,502.79. The BSE Small-Cap index was up 7.24 points or 0.07% at 10,441.42. Both these indices underperformed the Sensex.
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Sun Pharmaceutical Industries (up 1.94%) and Wipro (up 1.74%) edged higher from the Sensex pack.
Tata Motors rose 3.3% to Rs 469.55 after hitting record high of Rs 471.80 in intraday trade.
Capital goods heavyweights edged higher. Bharat Heavy Electricals (Bhel) rose 0.58% to Rs 261.
L&T rose 0.22% to Rs 1,758 after the company said during market hours that its construction division has won orders worth Rs 1459 crore across various business segments in June 2014.
Alstom T&D India rose 0.45% to Rs 338.05 after the company said it won a Rs 27.70 crore contract from Himachal Pradesh Power Transmission Corporation. The announcement was made during trading hours today, 3 July 2014.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 59.68, compared with its close of 59.6875/6975 on Wednesday, 2 July 2014.
The market edged higher in early trade as crude oil prices dropped. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit lifetime high. Trading on BSE was halted in early morning trade due to technical snag. On NSE, the 50-unit CNX Nifty regained positive terrain after slipping into the negative terrain from positive terrain in morning trade. The Nifty moved in a narrow range in positive zone in mid-morning trade. The Nifty regained positive terrain after slipping into the red for a brief period in early afternoon trade. A bout of volatility was witnessed as the Sensex slipped into the red from green after trading resumed on BSE in early afternoon trade after a nearly 3-hour shutdown caused by network outage. Key benchmark indices swung alternately between positive and negative terrain in mid-afternoon trade.
Concerns about India's macroeconomic situation have eased as crude prices have come off 9-month high which it hit last month. Brent crude oil futures for August delivery were down 46 cents at $110.78 a barrel. Brent crude fell $1.05 a barrel, or 0.9%, to settle at $111.24 a barrel on the London-based ICE Futures Europe exchange on Wednesday, 2 July 2014, the lowest settlement price since 11 June 2014. The latest decline in crude oil prices came following reports that the Libyan government had reached an agreement with rebels to reopen two oil ports in the country, which could allow higher crude exports from Libya.
European stocks edged higher on Thursday, 3 July 2014, as investors awaited the outcome of the European Central Bank's policy meeting and a report on American jobs. Key benchmark indices in UK, France and Germany were up 0.32% to 0.5%.
The European Central Bank meets today, 3 July 2014, to make a policy decision after enacting unprecedented stimulus last month.
Asian stocks were mixed on Thursday, 3 July 2014, before US jobs reports and a euro-area monetary-policy decision. Key benchmark indices in South Korea, Hong Kong, Indonesia, and Japan were off 0.08% to 0.21%. Key benchmark indices in China, Singapore and Taiwan were up 0.19% to 0.44%.
The HSBC China services Purchasing Managers' Index rose to 53.1 in June from 50.7 in May. The June reading is the highest since March 2013
Trading in US index futures indicated that the Dow could gain 10 points at the opening bell on Thursday, 3 July 2014. Most US stocks gained on Wednesday, 2 July 2014, on a positive read on private sector employment and ahead of the highly anticipated June payrolls report.
Employment at companies climbed in June by the most since November 2012, a sign the US job market is strengthening along with demand, a private payrolls report showed on Wednesday. The 281,000 surge exceeded the most optimistic forecast and followed a 179,000 increase in May, data from the ADP Research Institute in Roseland, New Jersey, showed.
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