Positive cues from global markets helped key benchmark indices in India score modest gains. The S&P BSE Sensex was provisionally up 109.10 points or 0.56%, off about 50 points from the day's high and up close to 55 points from the day's low. The market breadth, indicating the overall health of the market, was positive. All the thirteen sectoral indices on BSE were in green.
Capital goods and realty stocks edged higher. Pharma stocks also edged higher on renewed buying, with Sun Pharmaceutical Industries hitting record high.
The market edged higher in early trade on firm Asian stocks. The market trimmed initial gain in morning trade. The Sensex hovered in positive terrain in mid-morning trade. The market pared intraday gains in early afternoon trade. Key benchmark indices further pared gains to hit fresh intraday low in afternoon trade. The Sensex regained strength in mid-afternoon trade. The market was range bound in late trade.
As per provisional figures, the S&P BSE Sensex was up 109.10 points or 0.56% to 19,433.87. The index rose 161.23 points at the day's high of 19,486 in early trade, its highest level since 5 July 2013. The index gained 55.48 points at the day's low of 19,380.25 in afternoon trade.
The CNX Nifty was up 47.30 points or 0.81% to 5,858.85, as per provisional figures. The index hit a high of 5,864.95 in intraday trade, its highest level since 5 July 2013. The index hit a low of 5,834.60 in intraday trade.
The total turnover on BSE amounted to Rs 1744 crore, higher than Rs 1557.21 crore on Monday, 8 July 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,308 shares rose and 1,005 shares fell. A total of 137 shares were unchanged. Breadth was strong earlier in the day.
From the 30-share Sensex pack, 22 stocks rose and rest of them fell. Jindal Steel & Power (down 1.94%), M&M (down 1.13%) and ONGC (down 0.83%), edged lower.
Capital goods stocks edged higher. Siemens (up 0.99%), L&T (up 1.74%) and Bhel (up 1.65%), edged higher.
Pharma stocks edged higher on renewed buying. Cipla, Dr Reddy's Laboratories, Lupin and Ranbaxy Laboratories rose by 0.98% to 1.82%.
Sun Pharmaceutical Industries rose 3.28% to Rs 1077. The stock hit record high of Rs 1,093.30 in intraday trade today, 9 July 2013.
Realty stocks edged higher on renewed buying. HDIL (up 6.82%), Sobha Developers (up 1.93%), and Unitech (up 0.74%), edged higher.
DLF rose 1.17%. The company on Saturday, 6 July 2013, said it has completed the Rs 325.38-crore deal to sell 150 megawatts (MW) wind turbine project in Gujarat to Bharat Light and Power. The transaction is in line with the DLF's objective of divesting its non core assets, the company said in a statement.
Anant Raj jumped 8.44% after the company said it has received a licence from the Directorate of Town & Country Planning, Haryana, to set up a residential group housing colony at Sector 63-A, Gurgaon, Haryana over an area admeasuring 26.075 acres. The project will have a saleble area of 2.8 million square feet. The company has also received licences to set up commercial project at Sector 63-A, Gurgaon, Haryana over an area admeasuring 4 acres and 2.95 acres. The project will have saleable area of 0.8 million square feet.
Ramco Systems rose by maximum permissible 10% upper circuit at Rs 85.05 after the company said it has signed Vassallo Industries, a leading PVC manufacturer as its first cloud customer. Ramco Systems during trading hours today, 9 July 2013, announced the setting up of its fourth office in the Americas in Puerto Rico. Close on the heels of opening its new office, Ramco signed its first ERP on cloud customer in the region with Vassallo Industries.
European shares edged higher on Tuesday, 9 July 2013, after euro-zone finance ministers agreed on an aid disbursement for Greece and after Alcoa Inc. started the US earnings season with results that beat analysts' estimates. Key benchmark indices in UK, France and Germany were up by 0.62% to 1.17%.
UK's manufacturing unexpectedly shrank in May amid a drop in output of pharmaceuticals and metals, casting doubt on the strength of the recovery in the second quarter. Factory output fell 0.8% from April, when it declined 0.2%, the Office for National Statistics said today in London.
Greece secured a lifeline from the euro zone and the International Monetary Fund (IMF) on Monday but was told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash. The 6.8 billion euro deal, which spares Greece defaulting on debt in August, will see Athens drip fed support under close watch from the euro zone and the IMF to ensure implementation of unpopular reforms.
Asian stocks rose on Tuesday, 9 July 2013, after Alcoa Inc. started the US earnings season with results that beat analysts' estimates. Key benchmark indices in China, Hong Kong, Singapore, Japan, South Korea and Taiwan rose by 0.37% to 2.58%. Indonesia's Jakarta Composite fell 0.67%.
China's inflation accelerated more than estimated in June as food prices climbed, while the decline in factory-gate prices extended its longest streak in a decade amid slowing economic growth and lower commodity costs. The consumer price index rose 2.7% from a year earlier, the National Bureau of Statistics said today in Beijing.
Trading in US index futures indicated that the Dow could gain 60 points at the opening bell on Tuesday, 9 July 2013. US stocks advanced on Monday, 8 July 2013, heading into the start of earnings season, building on gains sparked by last week's robust employment report and pushing the S&P 500 index closer to its all-time high set in May. Alcoa Inc, the largest US aluminum producer, reported results after the market's close, which is typically seen as the start of earnings season.
The minutes of Federal Open Market Committee's (FOMC) policy meeting held on 19 June 2013, will be released tomorrow, 10 July 2013. The minutes may provide more insight into the Federal Reserve's outlook on monetary stimulus. Fed Chairman Ben Bernanke is also due to deliver a speech tomorrow, 10 July 2013. Bernanke on 19 June 2013 said that the central bank may taper the pace of its bond purchases, currently set at $85 billion a month, as early as this year if the economy continues to improve in line with its forecasts.
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