Key benchmark indices pared gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 85.70 points or 0.38%, off close to 100 points from the day's high and up about 135 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Canara Bank jumped after announcing Q4 results. NMDC declined after reporting its production and despatches figures for April.
Key indices hovered between gains and losses near the flat line in early trade. It regained strength after trimming gains after hitting fresh intraday high in morning trade. It trimmed gains in mid-morning trade. It regained strength in early afternoon trade. Key benchmark indices firmed up to hit fresh intraday high in afternoon trade. It pared gains in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 386.95 crore on Friday, 2 May 2014, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 85.70 points or 0.38% to 22,489.59. The index rose 188.14 points at the day's high of 22,592.03 in mid-afternoon trade, its highest level since 30 April 2014. The index shed 49.44 points at the day's low of 22,354.45 in early trade, its lowest level since 30 April 2014.
The CNX Nifty was up 15.45 points or 0.23% to 6,710.25. The index hit a high of 6,741.05 in intraday trade, its highest level since 30 April 2014. The index hit a low of 6,680.45 in intraday trade, its lowest level since 30 April 2014.
The BSE Mid-Cap index rose 12.71 points or 0.17% to 7,370.10. The BSE Small-Cap index fell 15.91 points or 0.21% to 7,516.90. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,290 shares fell and 1,271 shares rose. A total of 121 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks gained and rest of them fell. Hindalco Industries (up 4.99%), ONGC (up 2.83%), Reliance Industries (up 2.83%), and Tata Steel (up 2.82%), edged higher from the Sensex pack.
Canara Bank jumped 8.1% after announcing Q4 results. The bank said during market hours that net profit fell 15.79% to Rs 610.83 crore on 22.57% rise in total income to Rs 11609.72 crore in Q4 March 2014 over Q4 March 2013.
NMDC declined 1.67%. The company said during market hours that company's production on provisional basis remained unchanged at 2.44 million tonnes in April 2014 over April 2013. The company's despatches on provisional basis rose 22.22% to 2.97 million tonnes in April 2014 over April 2013. Prices of lump ore for the month of May 2014 is Rs 4300/WMT. Prices of fines for the month of May 2014 is Rs 2910/WMT
Shasun Pharmaceuticals rose 1.57% after the company said it acquired global rights of Ibuprofen 12 hour extended release OTC tablets and Nuprin brand. The company made the announcement during trading hours today, 5 May 2014.
Shasun Pharmaceuticals, through its wholly-owned subsidiary, SVADS Holdings, Switzerland (SVADS) acquired the global rights from ScolrPharma, USA (Scolr), to develop and commercialize Ibuprofen 12 hour Extended Release OTC tablets (Asset) as well as the associated Controlled Release Technology (CDT) along with global rights of Nuprin trademark, a well known brand in analgesics. The Asset, having completed a successful Phase III in the US is a differentiated long acting NSAIDS in the multi billion dollar global OTC analgesic market.
Shasun is the world's leading, vertically integrated manufacturer of Ibuprofen and its derivatives, from actives to formulated packaged products for both the Rx and OTC markets. This acquisition complements Shasun's strategy to expand its range of NSAIDS products through novel, safe and efficacious delivery technologies including transdermal applications across its Ibuprofen franchise, the company said in a statement.
Commenting on the acquisition Mr. S Abhaya Kumar, MD, Shasun Pharmaceuticals said: "The acquisition is the first among a series of strategic initiatives in our guest to continue to enhance our global leadership in the NSAIDS category. Our commitment to reliable and affordable innovation across Ibuprofen franchise is not only focused on providing safer products which can enhance patient compliance but also provide a differentiated Launch pad for Shasun's partnership in the OTC and Rx markets worldwide."
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.095, compared with its close of 60.16 on Friday, 2 May 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
European shares were lower on Monday as violence escalated in Ukraine over the weekend. Key benchmark indices in France and Germany fell 0.14% ot 0.19%. Stock markets in UK were closed for a public holiday.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled on Thursday, 8 May 2014.
The European Central Bank (ECB) will hold monetary policy meeting on Thursday, 8 May 2014, in Brussels, Belgium.
Most Asian stocks rose on Monday in choppy trade. Key benchmark indices in China, Indonesia and Taiwan were up 0.04% to 0.13%. Key benchmark indices in Singapore and Hong Kong declined 0.14% to 1.28%. Markets in Japan and South Korea are closed today and tomorrow for holidays.
China's manufacturing contracted in April for a fourth month, according to a private survey, signaling the risk of a deeper slowdown in an economy already projected to expand this year at the slowest pace since 1990. A purchasing managers' index was at 48.1, HSBC Holdings Plc and Markit Economics said in a statement today. That compared with 48 the previous month. Numbers below 50 indicate contractions.
Growth in China's services sector accelerated slightly in April as new orders held steady, an official survey showed, an encouraging sign of strength in an economy that otherwise faces a cloudy outlook. The purchasing manufacturing index (PMI) for the services industry edged up to 54.8 last month, the National Bureau of Statistics said on Saturday, up marginally from 54.5 in March. A reading above 50 in PMI surveys indicates growth on a monthly basis, while a number below that threshold points to a contraction in activity.
Indonesia's economic growth missed economists' estimates in the first quarter after interest-rate increases last year curbed lending and foreign investment. Gross domestic product rose 5.21% in the three months ended March 31 from a year earlier, the Central Bureau of Statistics said in Jakarta today.
Trading in US index futures indicated that the Dow could fall 4 points at the opening bell on Monday, 5 May 2014. US stocks eased on Friday as concerns about more violence in Ukraine prompted profit-taking ahead of the weekend and offset optimism about the fastest job growth in more than two years.
The labor market shifted into a higher gear in April with payroll gains showing the most widespread advance in two years, a sign the US economic expansion is on the verge of speeding up. The 288,000 increase in employment marked the biggest upside surprise since February 2012 and followed a 203,000 rise the prior month, Labor Department figures showed in Washington. An index measuring the share of industries hiring climbed to 67, the highest level since January 2012. The jobless rate dropped to 6.3%, the lowest since September 2008.
The Federal Reserve will likely bring its massive bond-buying program to an end in October, and only after that will it consider when to raise rates, a top Fed official said on Sunday. "I personally expect us to end that program in October," Dallas Federal Reserve Bank President Richard Fisher said in an interview on Fox News. "Then we have to see how the economy is doing, including these broader measures of unemployment and where we stand before we can talk about how we might move the short-term rate," he added.
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