Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit almost one-week low. The Sensex once again slipped below the psychological 26,000 mark, having alternately moved above and below that mark in mid-morning trade. The Sensex was down 158.55 points or 0.61%, off about 215 points from the day's high and up about 5 points from the day's low. Gains in crude oil prices weighed on sentiment.
Index heavyweight Reliance Industries (RIL) declined. Bank of Baroda rose on good Q1 results. Most IT stocks gained. TCS declined as the stock turned ex-dividend today, 28 July 2014, for interim dividend of Rs 5 per share and special dividend of Rs 40 per share for the year ending 31 March 2015 (FY 2015).
At 12:20 IST, the S&P BSE Sensex was down 158.55 points or 0.61% to 25,968.20. The index shed 165.76 points at the day's low of 25,960.99 in early afternoon trade, its lowest level since 22 July 2014. The index rose 55.08 points at the day's high of 26,181.83 in early trade.
The CNX Nifty was down 43.80 points or 0.56% to 7,746.65. The index hit a low of 7,741.90 in intraday trade, its lowest level since 22 July 2014. The index hit a high of 7,799.90 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,410 shares fell and 1,027 shares rose. A total of 87 shares were unchanged.
The BSE Mid-Cap index was down 30.43 points or 0.33% at 9,147.76, outperforming the Sensex. The BSE Small-Cap index was down 65.33 points or 0.65% at 9.971.64, underperforming the Sensex.
Index heavyweight Reliance Industries (RIL) declined 1.59% to Rs 1,005.50. The stock hit high of Rs 1,023.80 and low of Rs 1,004.50 so far during the day.
GAIL (India) lost 0.5%. The company has entered into a Memorandum of Understanding (MOU) with Sumitomo Corporation, Japan (Sumitomo). Under the MOU, GAIL and Sumitomo will pursue business opportunities in natural gas and LNG value chain business globally, specifically covering cooperation in petrochemicals, natural gas procurement, pipelines and LNG. GAIL and Sumitomo hold half of the capacity in the Cove Point LNG Liquefaction Terminal in the US respectively, and have also agreed to coordinate for ensuring smooth operation of the terminal. Both parties view US market as a growth area for their line of businesses and would cooperate on businesses ranging from upstream to downstream, GAIL (India) said. The announcement was made during trading hours today, 28 July 2014.
Most IT stocks gained. HCL Technologies (up 1.45%), Infosys (up 0.36%) and Tech Mahindra (up 0.38%) gained. Wipro dropped 0.43%.
TCS declined 1.41% as the stock turned ex-dividend today, 28 July 2014, for interim dividend of Rs 5 per share and special dividend of Rs 40 per share for the year ending 31 March 2015 (FY 2015).
Bank of Baroda rose 1.04% to Rs 870.55 on good Q1 results. The stock hit high of Rs 878 and low of Rs 856 so far during the day. The bank's net profit rose 16.61% to Rs 1361.88 crore on 9% increase in total income to Rs 11682.50 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours today, 29 July 2014.
The bank's ratio of net non-performing assets (NPAs) to net advances stood at 1.58% as on 30 June 2014, compared with 1.52% as on 31 March 2014 and 1.69% as on 30 June 2013. The bank's ratio of gross NPAs to gross advances stood at 3.11% as on 30 June 2014, compared with 2.94% as on 31 March 2014 and 2.99% as on 30 June 2013.
Provisions and contingencies fell 48.25% to Rs 526.71 crore in Q1 June 2014 over Q1 June 2013. The provisioning coverage ratio as on 30 June 2014 stood at 66.68%.
Thomas Cook (India) rose 3.15% after consolidated net profit rose 43.4% to Rs 46.60 crore on 82.7% rise in net sales to Rs 549.12 crore in Q2 June 2014 over Q2 June 2013. The company announced the result after market hours on Friday, 25 July 2014.
JK Lakshmi Cement jumped 7.91% after net profit surged 157.7% to Rs 40.46 crore on 31.1% rise in total income to Rs 602.92 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours Friday, 25 July 2014. JK Lakshmi Cement said that increase in turnover was backed by a growth of 14% and 18% in production and sales volume respectively. The company's operating profit rose 58% to Rs 115.98 crore in Q1 June 2014 over Q1 June 2013.
Force Motors rose 2.08% after net profit rose 35.95% to Rs 19.40 crore on 8.31% rise in net sales to Rs 538.42 crore in Q1 June 2014 over Q1 June 2013. The company announced the result on Saturday, 26 July 2014.
A bout of volatility was witnessed as key benchmark indices edged lower after opening higher. Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade.. The Sensex and the 50-unit CNX Nifty, both, hit almost one-week low.
Gains in crude oil prices weighed on Indian stocks. September-delivery Brent was off 35 cents at $108.04 a barrel on the ICE Futures Europe exchange in London. The contract soared $1.32 or 1.2% to close at $108.39 per barrel on Friday, 25 July 2014. It was the highest price the future has closed at since 10 July 2014. India imports about 80% of its crude oil requirement.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire on Thursday, 31 July 2014.
The stock markets remain closed tomorrow, 29 July 2014, on account of Ramzan Id.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.10, unchanged from its close of 60.11 on Friday, 25 July 2014.
Chinese stocks led gains in Asian stocks on Monday, 28 July 2014, on strong growth in profit at China's industrial companies in June 2014. Key benchmark indices in China, Hong Kong, Japan, and South Korea were up by 0.46% to 2.41%. Taiwan's Taiwan Weighted fell 0.2%.
Chinese industrial-company profits jumped the most last month since September, data yesterday showed. Profits at industrial companies in Asia's largest economy increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China's statistics bureau showed. It was the biggest gain since an 18.4% climb in September of last year and came after a private gauge of Chinese manufacturing advanced to an 18-month high.
Trading in US index futures indicated that the Dow could gain 3 points at the opening bell on Monday, 28 July 2014. US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
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