A bout of volatility was witnessed as key benchmark indices pared intraday gains in mid-afternoon trade. The BSE Small-Cap and Mid-Cap indices, both, slipped into the red from green. The barometer index, the S&P BSE Sensex, was up 193.03 points or 0.75%, off about 80 points from the day's high and up close to 130 points from the day's low. Gains for the key benchmark indices were driven by upmove in Asian and European stocks. Asian and European stocks rose as investors shrugged off geopolitical tension in Ukraine and the Middle East. The market breadth indicating the overall health of the market was positive.
Most auto stocks dropped even as Tata Motors hit record high. Capital goods stocks declined.
At 14:20 IST, the S&P BSE Sensex was up 193.03 points or 0.75% to 25,908.20. The index jumped 273.11 points at the day's high of 25,988.28 in afternoon trade, its highest level since 8 July 2014. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty was up 44.45 points or 0.58% to 7,728.65. The index hit a high of 7,756.25 in intraday trade, its highest level since 8 July 2014. The index hit a low of 7,704.80 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,409 shares rose and 1,383 shares fell. A total of 125 shares were unchanged.
The BSE Mid-Cap index was down 19.62 points or 0.21% at 9,280.80. The BSE Small-Cap index was down 9.32 points or 0.09% at 10,260.27. Both these indices underperformed the Sensex.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
Coal India (up 1.98%), Reliance Industries (up 2.87%) and Hindalco Industries (up 2.15%) edged higher from the Sensex pack.
Capital goods stocks declined. ABB (India) (down 1.32%), Bharat Heavy Electricals (Bhel) (down 0.56%), BEML (don 1.49%), L&T (down 1.41%) and Siemens (down 0.29%) declined.
Thermax tumbled 8.23% after net profit fell 17.7% to Rs 41.40 crore on 2.7% decline in operating revenue to Rs 839.40 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours today, 22 July 2014.
Thermax's order balance as on 30 June 2014 stood at Rs 5206 crore, down 5.9% from Rs 5530 crore as on 30 June 2013. During the quarter, the company booked orders worth Rs 662 crore, significantly lower than the corresponding figure last year of Rs 2123 crore, which included a big order of Rs 1350 crore from a petrochemical company, Thermax said in a statement.
On consolidated basis, Thermax had on order balance of Rs 6296 crore as on 30 June 2014, compared to Rs 6322 crore as on 30 June 2013.
Most auto stocks dropped. Mahindra & Mahindra (M&M) (down 0.11%), Maruti Suzuki India (down 0.92%), Ashok Leyland (down 2.11%), TVS Motor Company (down 1.65%) and Bajaj Auto (down 0.11%), declined. Hero MotoCorp rose 0.38%.
Tata Motors rose 1.21% to Rs 480.10 after scaling a record high of Rs 484.75 in intraday trade.
Key benchmark indices surged in early trade on firm Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. Firmness continued on the bourses in early afternoon trade. Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit two-week high. Key benchmark indices trimmed intraday gains in mid-afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.235, compared with its close of 60.295 on Monday, 21 July 2014.
European stocks rose today, 22 July 2014, amid signs that tension over Ukraine's crisis is easing. Key benchmark indices in UK, Germany and France were up by 0.51% to 0.76%.
Asian stocks rose today, 22 July 2014, as investors shrugged off international tension after the downing of a passenger jet in Ukraine on 17 July and fighting between Israel and Palestinian militants in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.09% to 1.69%. Indonesia's Jakarta Composite fell 1.47%.
Trading in US index futures indicated that the Dow could gain 23 points at the opening bell on Tuesday, 22 July 2014. US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
Russia is facing international pressure after pro-Russian rebels downed Malaysia Airlines flight MH17 in Ukraine on 17 July, killing all 298 people on board. Malaysian Prime Minister Najib Razak said yesterday, 21 July 2014, that the separatists agreed to release the victims' bodies, grant access to the crash site and hand over the two black boxes and data recorders.
As per reports, European Union foreign ministers are set to today, 22 July 2014, approve sanctions against a range of Russian oligarchs.
Meanwhile, in the Middle East, the death toll continues to mount on both sides of the Gaza conflict. Nearly 600 Palestinians and 29 Israelis have died in 14 days of fighting, according to reports.
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