Volatility continued as key benchmark indices pared losses and hit fresh intraday high in early afternoon trade. A survey showing that India's manufacturing production expanded at its fastest pace in 17 months in July and data after market hours on Thursday, 31 July 2014, showing index of the eight core industries rising 7.3% in June aided recovery on bourses. The barometer index, the S&P BSE Sensex was down 60.80 points or 0.23% at 25,834.17. Indian stocks fell today, 1 August 2014, tracking weakness in Asian stocks and a sharp fall for US stocks on Thursday, 31 July 2014. The market sentiment was also hit adversely after provisional data showed that foreign investors made heavy selling during the previous trading session. The market breadth indicating the overall health of the market was negative. Telecom stocks rose.
At 12:25 IST, the S&P BSE Sensex was down 60.80 points or 0.23% to 25,834.17. The index slumped 215.51 points at the day's low of 25,679.46 in early trade, its lowest level since 21 July 2014. The index declined 32.29 points at the day's high of 25,862.68 in early afternoon trade.
The CNX Nifty was down 14.95 points or 0.19% to 7,706.35. The index hit a low of 7,649.75 in intraday trade, its lowest level since 18 July 2014. The index hit a high of 7,716.70 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,251 shares fell and 1,148 shares rose. A total of 103 shares were unchanged.
The BSE Mid-Cap index was up 28.49 points or 0.31% at 9,216.68. The BSE Small-Cap index was up 26.57 points or 0.27% at 10,015.99. Both these indices outperformed the Sensex.
Telecom stocks rose. Idea Cellular (up 3.25%), Tata Teleservices (Maharashtra) (up 3.59%) and Reliance Communications (up 2.22%) gained. MTNL was flat.
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Bharti Airtel gained 3.07%. Bharti Airtel's consolidated net profit rose 60.91% to Rs 1108.50 crore on 13.33% increase in total revenue to Rs 22962 crore in Q1 June 2014 over Q1 June 2013. Net profit was boosted by improved operational efficiency and lower forex and derivative losses. The result was announced on Tuesday, 29 July 2014, when stock market was closed on account of Ramzan ID.
Credit Analysis and Research (CARE) rose 1.93% after net profit rose 9.4% to Rs 26.60 crore on 14.4% increase in total income to Rs 50.30 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Thursday, 31 July 2014. CARE's operating income rose 23.1% to Rs 34.70 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 12.9% to Rs 30.90 crore in Q1 June 2014 over Q1 June 2013.
Artson Engineering rose 0.58% after the company bagged an order worth Rs 8.61 crore from Cairn India. The company announced the new order win after market hours on Thursday, 31 July 2014. Artson Engineering said that the company has received a letter of award (LOA) from Cairn India. The company's scope of works includes procurement, construction, installation and commissioning of crude oil storage tank at Hazira, Gujarat and the estimated order value is Rs 8.61 crore, Artson Engineering said.
Apcotex Industries hit an upper circuit limit of 20% at Rs 223.20 on BSE after net profit rose 48.45% to Rs 5.76 crore on 37.16% rise in net sales to Rs 102.50 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Thursday, 31 July 2014.
Pantaloons Fashion & Retail tumbled 9.33% after the company reported net loss of Rs 78.09 crore in Q1 June 2014 as against net loss of Rs 57.82 crore in Q1 June 2013. The result was announced after market hours on Thursday, 31 July 2014. Pantaloons Fashion & Retail's net sales rose 13.47% to Rs 381.30 crore in Q1 June 2014 over Q1 June 2013.
The market sentiment was hit adversely after provisional data showed that foreign investors made heavy selling during the previous trading session. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1654.86 crore on Thursday, 31 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.845, compared with its close of 60.54 on Thursday, 31 July 2014.
Markit Economics today, 1 August 2014, said that the HSBC India Purchasing Managers' Index (PMI) -- a composite gauge designed to give an accurate overview of operating conditions in the manufacturing sector -- reached a 17-month peak of 53 in July, up from 51.5 in June. Details within the survey showed that all monitored categories witnessed a rise in output and order flows. However, employment deteriorated fractionally, while inflationary pressures continued to emerge, particularly on the supply-side.
The index of the eight core industries rose 7.3% in June 2014 over June 2013, data released by the government after trading hours on Thursday, 31 July 2014, showed. The eight core industries have a combined weight of 37.9% in the Index of Industrial Production (IIP).
India's fiscal deficit target for the current fiscal year is "daunting", Finance Minister Arun Jaitley reportedly said today, 1 August 2014.
The fiscal deficit for the first quarter of the fiscal year ending 31 March 2015 (FY 2015) was at Rs 297859 crore, which amounted to 56.1% of the budget estimates. The month of June 2014 saw a fiscal deficit of Rs 57022 crore, against a fiscal deficit of Rs 127383 crore in May 2014. The data was released after market hours on Thursday, 31 July 2014.
The World Trade Organization reportedly failed on Thursday to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India's demands for concessions on agricultural stockpiling. The deadline passed without a breakthrough. WTO ministers had already agreed the global reform of customs procedures known as "trade facilitation" last December, but it needed to be put into the WTO rule book by 31 July 2014.
Asian stocks dropped today, 1 August 2014, extending the biggest global rout in six months that saw the Dow Jones Industrial Average wipe out this year's gains in one session yesterday amid weaker earnings and credit-market concerns. Key benchmark indices in Hong Kong, China, Singapore, Japan, South Korea and Taiwan were off 0.15% to 0.89%.
China's manufacturing purchasing managers' index increased to 51.7 in July from 51 the previous month, according to data released today by the National Bureau of Statistics and China Federation of Logistics. A private gauge of factory activity from HSBC Holdings Plc and Markit Economics rose to 51.7 last month from 50.7 in June. Levels of 50 or higher signal expansion.
Developments in Latin America will be closely watched as Argentina missed a deadline yesterday to pay $539 million in interest after two full days of negotiations in New York failed to produce an accord with creditors.
S&P declaring Argentina in default melded with concern over Europe's debt position as Portugal's Banco Espirito Santo SA was told to raise capital. Banco Espirito Santo SA plunged by the most on record and the bonds slumped on Thursday, 31 July 2014, after the Portuguese lender was ordered to raise capital following a 3.6 billion euro ($4.8 billion) first-half net loss.
Trading in US index futures indicated that the Dow could gain 30 points at the opening bell on Friday, 1 August 2014. US stocks joined a global selloff on Thursday, 31 July 2104, erasing the year's gains for the Dow Jones Industrial Average, as Exxon Mobil Corp. to Micron Technology Inc. tumbled amid weaker corporate results.
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