The barometer index, the S&P BSE Sensex, slipped once again into the red from positive terrain whereas the 50-unit CNX Nifty languished in the negative terrain near the flat line in early afternoon trade. The Sensex was currently down 13.67 points or 0.05% at 26,073.75. The Sensex has alternately swung between positive and negative zone within a relatively narrow range so far during the day. The market breadth indicating the overall health of the market was positive.
Realty stocks edged higher. DLF gained in choppy trade ahead of its Q1 results today, 31 July 2014. Divi's Laboratories fell after the stock turned ex-dividend today, 31 July 2014, for dividend of Rs 20 per share for the year ended March 2014. Cadila Healthcare dropped on reports that a foreign brokerage has downgraded the stock to sell from buy on stiff valuations.
At 12:20 IST, the S&P BSE Sensex was down 13.67 points or 0.05% to 26,073.75. The index rose 31.46 points at the day's high of 26,118.88 in mid-morning trade, its highest level since 28 July 2014. The index fell 52.87 points at the day's low of 26,034.55 in early trade.
The CNX Nifty was down 9.10 points or 0.12% to 7,782.30. The index hit a high of 7,791.85 in intraday trade. The index hit a low of 7,768.70 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,415 shares rose and 1,040 shares fell. A total of 94 shares were unchanged.
The BSE Mid-Cap index was up 56.06 points or 0.61% at 9,227.59. The BSE Small-Cap index was up 57.59 points or 0.58% at 10,022.52. Both these indices outperformed the Sensex.
Wipro (down 1.27%), Mahindra & Mahindra (M&M (down 1.16%) and Dr Reddy's Laboratories (down 0.81%) edged lower from the Sensex pack.
Realty stocks edged higher. Housing Development & Infrastructure (HDIL) (up 0.33%), Sobha Developers (up 1.1%), Godrej Properties (up 0.76%) and Unitech (up 2.8%) gained.
DLF gained 0.75% to Rs 201.85 ahead of its Q1 results today, 31 July 2014. The stock hit high of Rs 203.45 and low of Rs 198.10 so far during the day.
Cadila Healthcare dropped on reports that a foreign brokerage has downgraded the stock to sell from buy on stiff valuations. The stock was off 3.89%. The brokerage has reportedly said that Cadila's valuations have moved well ahead of fundamentals despite gradual recovery in the sector and improving US business. Cadila Healthcare's consolidated net profit rose 23.1% to Rs 240.21 crore on 25.7% growth in net sales to Rs 2020.38 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours yesterday, 30 July 2014.
Divi's Laboratories fell 0.86% after the stock turned ex-dividend today, 31 July 2014, for dividend of Rs 20 per share for the year ended March 2014.
The market may remain volatile today, 31 July 2014, 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 today, 31 July 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.2525, compared with its close of 60.07 on Wednesday, 30 July 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 381.66 crore on Wednesday, 30 July 2014, as per provisional data from the stock exchanges.
A group of World Trade Organization (WTO) members has reportedly informally discussed adopting a global overhaul of customs rules without India if New Delhi goes ahead with threats to block the deal. India has demanded the deal, which must be approved in Geneva today, 31 July 2014, be accompanied by a parallel agreement giving it more freedom to subsidise and stockpile food grains than currently allowed under WTO rules.
Finance Minister Arun Jaitley said on Wednesday, 30 July 2014, said that the government is yet to decide the implementation date of the general anti-avoidance rules (GAAR) and whether any changes are needed to the existing provisions of GAAR. GAAR is scheduled to come into effect from 1 April 2015 or assessment year 2016-17. GAAR announced by the previous government had sparked alarm among foreign investors because of provisions that included tightening rules on investments from countries that have double taxation treaties with India. The implementation of GAAR was deferred by two years until 1 April 2015.
Asian stocks edged lower today, 31 July 2014, after global credit rating agency Standard & Poor's declared Argentina in default on its foreign-currency obligations after the government missed a deadline for paying interest on $13 billion of restructured bonds. Key benchmark indices in Hong Kong, Japan, South Korea, and Taiwan fell by 0.13% to 1.39%. Key benchmark indices in China, and Singapore rose by 0.28%to 0.79%.
A breakdown in talks between Argentina and US creditors late Wednesday has sent the country tumbling into its second default in 13 years.
Trading in US index futures indicated that the Dow could fall 17 points at the opening bell on Thursday, 31 July 2014.
The Federal Reserve after two-day policy meeting on Wednesday, 30 July, said it would reduce its purchases of mortgage and Treasury bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected. The Fed retained a dovish monetary policy stance. To support continued progress toward maximum employment and price stability, the Federal Open Market Committee (FOMC) reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate, the FOMC said in a statement.
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