Key benchmark indices moved into the positive terrain after opening lower. The barometer index, the S&P BSE Sensex, was up 79.10 points or 0.41%, up close to 130 points from the day's low. Index heavyweight and cigarette major ITC edged lower in early trade. Another index heavyweight Reliance Industries (RIL) edged higher. The market breadth, indicating the overall health of the market, was strong.
Infrastructure financing firm IDFC rose on strong Q4 results. Marico declined after reporting Q4 results. Most auto stocks dropped after reporting sales volume data for the month just gone by. Bharti Airtel fell on weak Q4 results.
Foreign institutional investors (FIIs) bought shares worth a net Rs 876.93 crore on Tuesday, 29 April 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 79.10 points or 0.41% to 19,583.28. The index gained 80.85 points at the day's high of 19,585.03 in early trade. The index fell 52.92 points at the day's low of 19,451.26 in early trade.
The CNX Nifty was up 22.10 points or 0.37% to 5,952.30. The index hit a high of 5,956.45 in intraday trade. The index hit a low of 5,910.95 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 652 shares advanced and 300 shares declined. A total of 44 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks rose while rest of them fell.
Index heavyweight Reliance Industries (RIL) rose 0.41% to Rs 791.40. The company said on Tuesday, 30 April 2013, that its telecom unit Reliance Jio Infocomm (India) has joined a consortium of telecom companies building an 8,000 kilometre submarine cable system to link Malaysia and Singapore with the Middle East. The Bay of Bengal Gateway (BBG) cable system, which will have connections to India and Sri Lanka, is expected to carry commercial traffic by end of 2014, RIL said.
At the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the next 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC fell 0.64% to Rs 326.80. The stock had hit record high of Rs 335.90 in intraday on Tuesday, 30 April 2013. The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Bharti Airtel fell 2.86% on weak Q4 results. The company's consolidated net profit as per International Financial Reporting Standards (IFRS) fell 49.4% to Rs 509 crore on 9.2% rise in total revenue to Rs 20448 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results before market hours today, 2 May 2013. Consolidated net profit fell 46.6% to Rs 2276 crore on 12.4% increase in total revenue to Rs 80311 crore in the year ended March 2013 over the year ended March 2012.
Car maker Maruti Suzuki India declined 0.33% on decline in sales in April 2013. The company's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company announced its sales figures on Wednesday, 1 May 2013.
Mahindra & Mahindra (M&M) declined 0.56% after April sales figures. The company's automobile division reported a 2% rise in total sales to 41,432 in April 2013 over April 2012. Total domestic sales rose 2% to 39,902 in April 2013 over April 2012. Exports rose 8% to 1,530 during the period.
M&M's Farm Equipment Sector (FES) reported 38% rise in total sales to 23,202 units in April 2013 over April 2012. Total domestic sales rose 38% to 22,196 in April 2013 over April 2012. Exports rose 34% to 1,006 during the period.
Tata Motors declined 2.34% on weak April sales figures. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period.
Hero MotoCorp rose 0.56% after reporting April sales figures. The company's total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
TVS Motor Company dropped 3.25% on weak April sales. The company's total sales fell 5.3% to 1.65 lakh in April 2013 over April 2012. Total two-wheeler sales fell 6.4% to 1.60 lakh in April 2013 over April 2012. Exports fell 2.5% to 21,714 units.
Meanwhile, PSU OMCs on Tuesday, 30 April 2013, announced cut in petrol price by Rs 3 a litre, marking the steepest reduction in price since December 2008, on the back of a continuous fall in international oil prices and a strengthening rupee.
Marico shed 1.95% after reporting Q4 results. The company's consolidated net profit rose 20% to 84 crore on 9% growth in revenue from operations to Rs 999 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Wednesday, 1 May 2013.
Marico said net profit before considering some one time accounting adjustments rose 1% to Rs 72 crore on 9% growth in revenue from operations to Rs 999 crore in Q4 March 2013 over Q4 March 2012.
The top line growth during the quarter was predominantly volume led, Marico said. Domestic FMCG business recorded a volume growth of 14% during the quarter. The company continues to focus on new consumer acquisition across its portfolios as against maximizing margins in the short term. The company believes that this is a sounder way of operating in developing and emerging markets that would lead to reaping dividends in the long run, Marico said.
Infrastructure financing firm IDFC rose 2.09% on strong Q4 results. The company's consolidated net profit jumped 57% to Rs 525.70 crore on 28.89% growth in total income from operations to Rs 2217.51 crore in Q4 March 2013 over Q4 March 2012. The result was announced on Wednesday, 1 May 2013.
The focus of the market is on Q4 results. ACC and Ambuja Cements announce Q1 March 2013 results tomorrow, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013. HDFC and Lupin unveil Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 tomorrow, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed. In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
Asian shares edged lower on Thursday, weighed by a fall in US equities overnight and caution before the European Central Bank's interest rate decision later in the session. Key benchmark indices in China, Hong Kong, Indonesia, Japan and South Korea fell by 0.21% to 0.55%. Key benchmark indices in Taiwan and Singapore rose by 0.41% to 0.9%.
China's factory-sector growth eased in April as new export orders fell for the first time this year, a private survey showed on Thursday, suggesting the euro zone recession and sluggish US demand may be reining in China's economic recovery. The final HSBC Purchasing Managers' Index (PMI) dropped to 50.4 in April from March's 51.6 and was largely in line with a flash reading last week of 50.5. China's official PMI on Wednesday painted a similar picture, falling to 50.6 in April from an 11-month high of 50.9 in March as new export orders fell.
US stocks dropped on Wednesday after the latest economic data in the United States and China cast doubts about the strength of the global economy. The ADP National Employment Report on Wednesday said the US private sector added 119,000 jobs in April, far fewer than forecast, raising apprehension over the key government nonfarm payrolls data for April due on Friday, 3 May 2013. Also on Wednesday, the US Institute for Supply Management said its index of national factory activity fell to 50.7 from 51.3 in March and its employment index fell to 50.2 from 54.2.
The Federal Reserve gave few indications of any new response to worsening economic data in a statement released after its two-day meeting that ended on Wednesday. The US central bank cited risks to growth from recent budget tightening in Washington and reiterated that unemployment is still too high for policymakers' comfort.
In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava later in the global day today, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
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