A bout of volatility was witnessed as key benchmark indices slipped into the red after opening higher. The barometer index, the S&P BSE Sensex, was down 50.99 points or 0.2%, off about 95 points from the day's high and up about 5 points from the day's low. The market breadth indicating the overall health of the market was negative.
Cairn India slumped on reporting weak Q1 results. UltraTech Cement declined as the stock turned ex-dividend today, 24 July 2014, for dividend of Rs 9 per share for the year ended 31 March 2014 (FY 2014). Ambuja Cements rose ahead of its Q2 results today, 24 July 2014. ACC declined ahead of its Q2 results today, 24 July 2014. IT major, Wipro gained ahead of its Q1 results today, 24 July 2014.
At 9:30 IST, the S&P BSE Sensex was down 50.99 points or 0.2% to 26,096.34. The index fell 55.53 points at the day's low of 26.091.80 in early trade. The index rose 43.48 points at the day's high of 26,190.81 in early trade, a record high for the index.
The CNX Nifty was down 16.25 points or 0.21% to 7,779.50. The index hit a low of 7,772.70 in intraday trade. The index hit a high of 7,802.45 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 637 shares fell and 560 shares rose. A total of 46 shares were unchanged.
The BSE Mid-Cap index was down 21.39 points or 0.23% at 9,290.33. The BSE Small-Cap index was down 31.30 points or 0.3% at 10,173.08. Both these indices underperformed the Sensex.
Wipro gained 0.92% ahead of its Q1 results today, 24 July 2014. The company clarified during market hours it does not not have any information to share at this point of time regarding news item appearing in media titled "IBM, Wipro lead race to bag Rs 1200 crore call centre deal from Reliance Communications. The report had said deal was to upgrade technology across RCom's call centre operations as well as to outsource those back office operations.
Reliance Communications declined 0.15%.
ACC declined 0.33% ahead of its Q2 results today, 24 July 2014.
Ambuja Cements rose 0.14% ahead of its Q2 results today, 24 July 2014.
UltraTech Cement declined 0.71% as the stock turned ex-dividend today, 24 July 2014, for dividend of Rs 9 per share for the year ended 31 March 2014 (FY 2014).
Cairn India slumped 5.25% on reporting weak Q1 results. Cairn India reported 65.05% fall in consolidated net profit to Rs 1092.90 crore on 10.33% rise in total income from operations (net) to Rs 4482.85 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 23 July 2014.
The steep fall in the company's bottom line was due to an exceptional deprecation charge of Rs 1627.39 crore with retrospective effect in Q1 June 2014 due to change in method of depreciation from Straight Line method (SLM) to the Unit of Production (UOP) method.
Cairn India in its outlook said that with ongoing net capital investments program of $3 billion through end of year ending 31 March 2017, the company remains committed to the creation of long term shareholder value. Based on recent exploration successes, the company is confident that it will establish 3 billion barrels of oil equivalent (boe) hydrocarbons in-place, significantly ahead of schedule. Cairn India has identified significant gas potential in the block and plans are underway to advance commercialisation of discovered gas volumes. Considering the significant potential of the Rajasthan asset, the company continues to focus on other major development projects to enhance recovery and achieve a 3 year production CAGR of 7-10% from known discoveries with flat production in FY15, Cairn India said.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 652.40 crore on Wednesday, 23 July 2014, as per provisional data from the stock exchanges.
Asian stocks rose for a fourth day today, 24 July 2014, after a Chinese manufacturing gauge rose to its strongest reading in 18 months. Key benchmark indices in Hong Kong, China, Singapore, Indonesia, and Japan were up by 0.11% to 0.83%. Key benchmark indices in South Korea and Taiwan fell by 0.01% to 0.05%.
A Chinese manufacturing gauge rose to an 18-month high in July, adding to signs that the government will meet its 2014 economic-growth target of about 7.5 percent. A preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics was at 52, compared with a final reading of 50.7 in June. Numbers above 50 indicate expansion.
South Korea unveiled 11.7 trillion won ($11.4 billion) in government initiatives to shore up Asia's fourth-largest economy after growth slumped to the weakest pace in more than a year in the second quarter.
US stocks were largely higher on Wednesday, 23 July 2014, with the S&P 500 index hitting another record high after bullish results from tech giants Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check.
Powered by Capital Market - Live News
