Key benchmark indices moved in a narrow range ahead of the presentation of Economic Survey for 2013-14 which could set the tone for tomorrow's Union Budget 2014-15. The barometer index, the S&P BSE Sensex, was up 28.60 points or 0.11%, up about 240 points from the day's low and off close to 70 points from the day's high. The market breadth indicating the overall health of the market was weak.
Most auto stocks declined. Tata Motors fell as the stock turned ex-dividend today, 9 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
At 11:25 IST, the S&P BSE Sensex was up 28.60 points or 0.11% to 25,610.71. The index jumped 101.86 points at the day's high of 25,683.97 in early trade. The index slumped 212.90 points at the day's low of 25,369.21 in morning trade, its lowest level since 30 June 2014.
The CNX Nifty was up 8.95 points or 0.12% to 7,632.15. The index hit a high of 7,650.10 in intraday trade. The index hit a low of 7,551.65 in intraday trade, its lowest level since 30 June 2014.
The market breadth indicating the overall health of the market was weak. On BSE, 1,513 shares declined and 899 shares rose. A total of 73 shares were unchanged.
The BSE Mid-Cap index was down 12.40 points or 0.13% at 9,197.81. The BSE Small-Cap index was down 68.82 points or 0.68% at 10,059.19. Both these indices underperformed the Sensex.
Most auto stocks declined. Ashok Leyland (down 3.41% to Rs 34), TVS Motor Company (down 0.1% to Rs 156.75), Hero MotoCorp (down 1.13% to Rs 2,545.35), Bajaj Auto (down 1.61% to Rs 2,202.85), and Mahindra & Mahindra (M&M) (down 2.04% to Rs 1,188) declined. Maruti Suzuki India rose 0.19% to Rs 2,595.05.
Tata Motors fell 1.68% to Rs 460.55 as the stock turned ex-dividend today, 9 July 2014, for dividend of Rs 2 per share for the year ending March 2014.
A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period after opening higher. Volatility continued as key benchmark indices recouped almost entire intraday losses after a sudden slide in morning trade. The Sensex and the 50-unit CNX Nifty, both trimmed losses after hitting their lowest level in more than a week. Key benchmark indices moved in a narrow range ahead of the presentation of Economic Survey for 2013-14 which could set the tone for tomorrow's Union Budget 2014-15.
The Finance Ministry will table Economic Survey for 2013-14 in parliament at 12:00 noon today, 9 July 2014, which could set the tone for tomorrow's Union Budget 2014-15. Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST tomorrow, 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.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 59.75, compared with its close of 59.78/79 on Tuesday, 8 July 2014.
Asian stocks edged lower on Wednesday, 9 July 2014, in a broad based decline in global equities triggered by concerns that equity valuations are too high. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, Singapore and Japan were off 0.18% to 1.3%. Indonesia's Jakarta Composite rose 0.72%.
Consumer-price inflation in China slowed last month, data today showed, while factory gate prices fell at the lowest pace in more than two years. China's consumer price index rose 2.3% in June from a year earlier, after gaining 2.5% in May. The country's measure of producer prices, which hasn't shown a year-on-year increase since January 2012, fell 1.1%. It dropped 1.4% in May.
Trading in US index futures indicated that the Dow could fall 4 points at the opening bell on Wednesday, 9 July 2014. US stocks declined on Tuesday, 8 July 2014, in a broad selloff, dropping for a second straight session and driving the Dow Jones Industrial Average below 17,000 as investors turned cautious before the start of earnings season.
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