Key benchmark indices regained positive zone after reversing intraday gains after a sudden slide in afternoon trade. The barometer index, the S&P BSE Sensex, was up 41.81 points or 0.16%, up about 65 points from the day's low and off close to 120 points from the day's high. The market breadth indicating the overall health of the market was weak. BSE Small-Cap was off more than 1%. The BSE Mid-Cap index was off 0.45%.
Index heavyweight Reliance Industries (RIL) fell on profit booking after recent gains triggered by strong Q1 result. Another index heavyweight and cigarette maker ITC also dropped. Most auto stocks gained. Jet Airways (India) edged higher after the airline's Chairman Naresh Goyal was quoted as saying today, 23 July 2014, that the company will look at selling planes and restructuring its debt.
At 14:20 IST, the S&P BSE Sensex was up 41.81 points or 0.16% at 26,067.61. The index jumped 162.84 points at the day's high of 26,188.64 in morning trade, its highest level since 8 July 2014. The index fell 25.40 points at the day's low of 26,000.40 in mid-afternoon trade.
The CNX Nifty was up 2.25 points or 0.03% to 7,770.10. The index hit a high of 7,809.20 in intraday trade, a lifetime high for the index. The index hit a low of 7,752.90 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,780 shares fell and 1,065 shares rose. A total of 62 shares were unchanged.
The BSE Mid-Cap index was down 42.08 points or 0.45% at 9,269.01. The BSE Small-Cap index was down 104.80 points or 1.02% at 10,163.96. Both these indices underperformed the Sensex.
Among the 30-share Sensex pack, 17 stocks declined and rest of them rose.
Infosys (up 2.43%), TCS (up 1.46%) and Wipro (up 1.22%) edged higher from the Sensex pack.
Most auto stocks gained. Ashok Leyland (up 1.05%), Mahindra & Mahindra (M&M) (up 0.9%), Hero MotoCorp (up 0.55%) and Bajaj Auto (up 1.05%) gained. Maruti Suzuki India (down 0.86%) and Tata Motors (down 1.23%), declined.
Index heavyweight and cigarette maker ITC dropped 0.47% to Rs 350.05. The stock hit high of Rs 354.90 and low of Rs 349.30 so far during the day.
Index heavyweight Reliance Industries (RIL) fell on profit booking after recent gains triggered by strong Q1 result. The stock was off 0.71% at Rs 1,023.50. The stock hit high of Rs 1,039.15 and low of Rs 1,020.25 so far during the day. The company announced on Saturday, 19 July 2014, that its consolidated net profit rose 13.7% to Rs 5957 crore on 7.2% growth in revenue to Rs 1.07 lakh crore in Q1 June 2014 over Q1 June 2013. RIL's gross refining margin stood at $8.7 per barrel in Q1 June 2014 as against $8.4 per barrel in Q1 June 2013 and $9.3 per barrel in Q4 March 2014.
RIL attributed the increase in top line during the quarter to higher prices. Operating profit before other income and depreciation rose 14.4% to Rs 8989 crore in Q1 June 2014 over Q1 June 2013, due to higher contribution from refinery, petrochemicals and oil and gas business.
Jet Airways (India) edged higher after the airline's Chairman Naresh Goyal was quoted as saying today, 23 July 2014, that the company will look at selling planes and restructuring its debt. The stock was up 4.03% at Rs 266.50.
Polaris Financial Technology tumbled 7.62% after consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014. The Q1 result was announced during market hours today, 23 July 2014.
Key benchmark indices surged in early trade as firmness in Asian stocks and provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session boosted sentiment. A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The Sensex trimmed gains after hitting its highest level in more than two weeks. Key benchmark indices further pared gains in mid-morning trade. Volatility continued as key benchmark indices recovered from lower level after erasing most of the intraday gains in mid-morning trade. Key benchmark indices once again trimmed gains after extending intraday gains in afternoon trade. Key benchmark indices regained positive zone after reversing intraday gains after a sudden slide in afternoon trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, 22 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.1325, compared with its close of 60.25 on Tuesday, 22 July 2014.
European stocks edged higher today, 23 July 2014, as risk aversion triggered by recent geopolitical tensions continued to ebb. Key benchmark indices in UK, France and Germany were up 0.03% to 0.43%.
The European Union (EU) agreed Tuesday, 22 July 2014, to expand a list of Russian entities and individuals subject to asset freezes and travel bans. The EU's latest sanctions against Russia come amid accusations that pro-Russian rebels shot down Malaysia Airlines flight MH17 in Ukraine on 17 July. All 298 people on the flight died after the downing of the jet. EU has reportedly threatened to expand the sanctions against Russia to include vast sectors of the Russian economy if Russia does not act swiftly to rein in rebels.
Russia's Ambassador to Malaysia, Lyudmila Vorobyeva, said on Tuesday, 22 July 2014, that Russia played no role in the attack and Ukrainian separatists don't have the required long-range anti-aircraft weapons.
In the Middle East, violence continues in Gaza strip. As per reports, more than 600 Palestinians have been killed and over 4,000 wounded as fighting continues between Israel and Palestinian militants in Gaza Strip.
Most Asian stocks edged higher today, 23 July 2014, boosted by better-than-expected inflation and housing reports in the US. Key benchmark indices in Hong Kong, China, Singapore and Indonesia were up 0.14% to 0.8%. Key benchmark indices in Japan and South Korea were off 0.03% to 0.1%. The stock market in Taiwan was closed due to a typhoon.
Trading in US index futures indicated that the Dow could gain 20 points at the opening bell on Wednesday, 23 July 2014. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. The data damped concerns that the US Federal Reserve will bring forward increase in interest rates.
Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.
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