Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade ahead of the presentation of Union Budget 2014-15 by Finance Minster Arun Jaitley at 11:00 IST. The barometer index, the S&P BSE Sensex, was down 11.26 points or 0.04%, off close to 100 points from the day's high and up about 30 points from the day's low. The market breadth indicating the overall health of the market was weak.
Pharma stocks edged lower.
At 10:20 IST, the S&P BSE Sensex was down 11.26 points or 0.04% to 25,433.55. The index shed 41.97 points at the day's low of 25,402.84 in early trade. The index gained 90.98 points at the day's high of 25,535.79 in early trade.
The CNX Nifty was down 10.40 points or 0.14% at 7,574.60. The index hit a low of 7,559.40 in intraday trade. The index hit a high of 7,607.25 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,275 shares declined and 688 shares rose. A total of 62 shares were unchanged.
The BSE Mid-Cap index was down 33.21 points or 0.37% at 9,044.15. The BSE Small-Cap index was down 78.06 points or 0.78% at 9.866.09. Both these indices underperformed the Sensex.
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Pharma stocks edged lower. Cipla (down 1.14%), Dr Reddy's Laboratories (down 1.31%), Lupin (down 1.55%), Ranbaxy Laboratories (down 1.04%), Divi's Laboratories (down 1.05%), Strides Arcolab (down 1.31%), Wockhardt (down 1.7%) and Sun Pharmaceutical Industries (down 0.72%) declined.
Glenmark Pharmaceuticals declined 1.14% to Rs 556, as the stock turned ex-dividend today, 10 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
OnMobile Global fell 0.57% to Rs 35. Foreign fund CLSA (Mauritius) bought 11.91 lakh shares or 1.04% stake in the company at an average price of Rs 34.66 per share in a bulk deal on NSE on Wednesday, 9 July 2014.
A bout of volatility was witnessed as key benchmark indices pared gains after a higher opening triggered by gains in Asian stocks. Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade ahead of the presentation of Union Budget 2014-15 by Finance Minster Arun Jaitley at 11:00 IST.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 59.665, compared with its close of 59.75/76 on Wednesday, 9 July 2014.
Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST today, 10 July 2014. There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Services Tax are some of the expectations from the Budget.
Announcements in the Budget with regard to changes in direct and indirect taxes, PSU divestment, recapitalization of PSU banks, fiscal deficit target for 2014-15 and government's borrowing programme for 2014-15 will be keenly watched. The fiscal deficit declined to 4.5% of GDP in 2013-14, from 4.9% in 2012-13.
The Finance Ministry's Economic Survey 2013-14 presented a day ahead of the Union Budged 2014-15 on Wednesday, 9 July 2014, has suggested reforms in a number of areas to improve government's finances and rein in food inflation. The survey has suggested fiscal consolidation through higher tax-GDP ratio, shifting subsidy programmes away from price subsidies to income support and a simple, predictable and a stable tax regime consisting of a single-rate goods and services tax (GST), fewer exemptions in direct taxes and a transformation of tax administration.
Asian stocks edged higher on Thursday, 10 July 2014, after the Federal Reserve indicated that it was not in a rush to end quantitative easing and begin hiking rates. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, Singapore and Indonesia were up 0.18% to 2.1%. Japan's Nikkei Average fell 0.16%.
China's exports rose in June from a year earlier and imports rebounded from a drop in May, government data showed today, 10 July 2014. Overseas shipments gained 7.2% from a year earlier, the customs administration said today in Beijing. Imports rose 5.5% in June.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell on Thursday, 10 July 2014. US stocks finished higher on Wednesday, 9 July 2014, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.
Federal Reserve officials said that monetary policy needed to continue to promote the favorable financial conditions required to support the economic expansion, according to the minutes of the June 17-18 Federal Open Market Committee meeting released on Wednesday, 9 July 2014. However, the Fed indicated it will end its bond purchases in October 2014 and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.
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