Key benchmark indices edged higher in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, was up 93.99 points or 0.47%, up close to 55 points from the day's low and off about 10 points from the day's high. Index heavyweight and cigarette major ITC edged lower in early trade. Another index heavyweight Reliance Industries (RIL) edged higher. The market breadth, indicating the overall health of the market, was strong.
Tech Mahindra jumped nearly 6% on strong Q4 results. India's largest engineering and construction firm by sales, L&T rose ahead of its Q4 results today, 22 May 2013.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 21 May 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 679.44 crore on Tuesday, 21 May 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 93.99 points or 0.47% to 20,205.60. The index gained 101.34 points at the day's high of 20,212.95 in early trade. The index rose 39.08 points at the day's low of 20,150.69 in opening trade.
The CNX Nifty was up 29.50 points or 0.48% to 6,143.60. The index hit a high of 6,144.20 in intraday trade. The index hit a low of 6,126.05 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 560 shares advanced and 219 shares declined. A total of 34 shares were unchanged.
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Among the 30-share Sensex pack, 24 stocks rose and the rest of them fell. Coal India, Tata Motors and SBI rose by 1.09% to 1.58%.
Index heavyweight Reliance Industries (RIL) rose 0.38% to Rs 830.50.
Index heavyweight and cigarette major ITC declined 0.23% to Rs 330.80. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
India's largest engineering and construction firm by sales, L&T rose 0.4% ahead of its Q4 results today, 22 May 2013.
JSW Energy fell 2% to Rs 63.55. Sangita Jindal, one of the promoters of JSW Energy offers for sale 2.82 crore shares of the company today, 22 May 2013 exclusively through the separate windows provided by the bourses for this purpose. The company has fixed Rs 61.50 as the floor price for the sale.
Oracle Financial Services declined 1.53% to Rs 2381.85. Oracle Global (Mauritius), which is a company duly incorporate under the laws of Mauritius and the promoter of Oracle Financial Services offers for sale 44.30 lakh shares of the company today, 22 May 2013 through a sale on the separate window provided by the bourses for this purpose. The company has fixed Rs 2275 as the floor price for the sale.
Tech Mahindra jumped 5.59% on strong Q4 results. The company after market hours on Tuesday, 21 May 2013 reported 36.8% rise in consolidated net profit to Rs 377 crore on 6.5% rise in revenue to Rs 1907 crore in Q4 March 2013 over Q3 December 2012.
Vineet Nayyar, Executive Vice Chairman of Tech Mahindra said, "I am satisfied that we have delivered profitable growth for FY13, with significant margin improvement. I am confident that with our deep domain expertise in Telecom and a full portfolio of offerings, we would be able to leverage our leadership position to deliver higher value, for all our stakeholders."
C P Gurnani, Managing Director of Tech Mahindra said, "We are optimistic about FY14, buoyed by our deal pipeline, business traction from recent acquisitions and leverage of business synergies with Mahindra Satyam. Our focus on non-linear growth alternatives like Platforms and Customer co-innovation continues to portend a steady future for us."
The company's board of directors recommended a dividend of Rs 5 per share for the year ended 31 March 2013.
As per the Q4 results calendar, Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results tomorrow, 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, DLF, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, Cipla, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Asian stocks rose on Wednesday before the Bank of Japan concludes a two-day policy meeting today, 22 May 2013. Trading on Hong Kong equity markets will be delayed due to a storm warning. Key benchmark indices in China, Indonesia, Japan, Singapore, Taiwan and South Korea rose by 0.11% to 1.16%.
Australia's consumer confidence slumped by the most in 17 months as a government announcement last week that the budget would remain in deficit overshadowed record low interest rates.
US stocks rose on Tuesday, with the Dow Jones Industrial Average and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.
New York Federal Reserve President William Dudley said he cannot be sure whether policymakers will next reduce or increase the amount of purchases, due to the "uncertain" economic outlook. Earlier, James Bullard, president of the Federal Reserve Bank of St. Louis, had urged the European Central Bank to consider employing a U.S.-style quantitative easing program to counter slowing inflation and recession in the euro zone.
Markets will be looking for more clues on the Federal Reserve's next move when Chairman Ben Bernanke testifies before Congress later on Wednesday. His remarks will be followed by the release of minutes of the last Fed meeting, which is widely expected to give further details of how it will eventually manage the exit from ultra-easy policy.
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