Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The S&P BSE Sensex was up 6.47 points or 0.03%, up about 50 points from the day's low and off close to 30 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Capital goods pivotals edged higher. Index heavyweight Reliance Industries (RIL) gained. Nestle India declined after reporting muted growth in bottom line in Q3 September 2013. GMDC dropped on weak Q2 result. Pidilite Industries extended Wednesday's gains triggered by good Q2 result. Torrent Pharmaceuticals rose after Q2 result. Mcleod Russel India gained after Q2 result.
A bout of initial volatility was witnessed as key benchmark indices alternately swung between positive and negative zone. The Sensex regained the psychological 21,000 mark, after falling below that level in initial trade. Intraday volatility continued as key benchmark alternately moved between positive and negative zone in morning trade. The Sensex trimmed gains after hitting fresh intraday high in mid-morning trade.
The market may remain volatile today, 31 October 2013, as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire today, 31 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1016.77 crore on Wednesday, 30 October 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 6.47 points or 0.03% to 21,040.44. The index rose 37.13 points at the day's high of 21,071.10 in mid-morning trade. The index fell 41.99 points at the day's low of 20,991.98 in early trade.
The CNX Nifty was flat at 6,251.50. The index hit a low of 6,235.90 in intraday trade. The index hit a high of 6,258.55 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 991 shares rose and 878 shares fell. A total of 173 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks fell and rest of them rose. Bharti Airtel (up 2.48%), Wipro (up 1.86%) and Sesa Sterlite (up 1.16%), gained.
Capital goods pivotals edged higher. L&T (up 1.36%) and Bhel (up 0.79%), gained.
Index heavyweight Reliance Industries (RIL) gained 1.2% to Rs 909. The stock hith high of Rs 909.40 and low of Rs 897 so far during the day.
Nestle India declined 0.48% after Q2 result. The company's net profit rose 6.62% to Rs 285 crore on 11% growth in net sales to Rs 2348.30 crore in Q3 September 2013 over Q3 September 2012. The result hit the market after trading hours on Wednesday, 30 October 2013. Nestle India said its net domestic sales rose 8% in Q3 September 2013, contributed by net realizations and volume growth in certain products. Exports jumped 73.9%, mainly due to exports to affiliates coupled with a favourable impact of the rupee depreciation.
Expenses under the head Depreciation and Amortization rose due to expansion of production capacities, amortization of capitalised borrowing costs, and exchange differences, partially offset by lower depreciation of certain lines that had lower run-time. Finance costs also rose on year-on-year (YoY) basis in Q3 September 2013 due to base effect -- finance costs in Q3 September 2012 were favorably impacted by a one-off reversal of exchange differences amounting to Rs 17.86 crore, Nestle India said in a statement. This reversal was due to the first time application of a government notification effective September 2012 that treats all exchange differences on long term foreign currency borrowings for fixed assets as capital expenditure. Tax expenses rose in September 2013 on YoY basis mainly due to the increase in income-tax surcharge from 5% to 10% effective 1 April 2013.
Nestle India will continue to improve operational efficiencies despite a challenging economic environment, said Etienne Benet, the recently appointed managing director of the company. "We will continue to focus on reinforcing the fundamentals of our growth drivers, further improve operational efficiencies, and keep rationalizing our SKUs (stock keeping units). I am confident of our strategy to deliver long-term sustainable profitable growth, despite the short-term challenges. I am satisfied that we have maintained double digit (sales) growth in the current business environment," Benet said.
Pidilite Industries rose 2.66%, with the stock extending Wednesday's 5.29% gains triggered by good Q2 result. The company's consolidated net profit rose 23.9% to Rs 118.48 crore on 21.6% increase in net sales to Rs 1094.07 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Tuesday, 29 October 2013.
GMDC dropped 4.22% on weak Q2 result. The company's net profit fell 72.56% to Rs 46.32 crore on 53.70% decline in total income to Rs 205.74 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 30 October 2013. Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain, GMDC said.
The total expenses of GMDC declined 31.35% to Rs 133.69 crore in Q2 September 2013 over Q2 September 2012.
Lakshmi Machine Works surged 3.87% on strong Q2 result. The company's net profit jumped 44.62% to Rs 52.21 crore on 8.88% growth in total income from operations to Rs 561.05 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Balaji Telefilms rose 3.8% on strong Q2 result. The company's consolidated net profit surged 417.65% to Rs 12.32 crore on 229.31% spurt in revenues to Rs 194.16 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 30 October 2013. Consolidated EBITDA (earnings before interest taxes depreciation and amortization) spurted 141.72% to Rs 10.95 crore in Q2 September 2013 over Q2 September 2012.
Torrent Pharmaceuticals rose 2.57% after Q2 result. The company's consolidated net profit rose 4.62% to Rs 113 crore on 25% growth in revenue to Rs 972 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013. Torrent Pharmaceuticals' consolidated profit before tax (PBT) rose 9.35% to Rs 152 crore in Q2 September 2013 over Q2 September 2012.
During Q2 September 2013, the domestic formulation business recorded revenues of Rs 297 crore, a 10% YoY growth. During the quarter there were disruptions in the market on account of various demands of the trade, subsequent to the notification of DPCO 2013 and related price notification, Torrent Pharmaceuticals said. This has impacted the overall market in the country with Torrent covered market as well as the overall Indian pharmaceutical market growing at only 3% as per AIOCD reports, the company said in a statement.
International revenues grew by 32% YoY to Rs 573 crore in Q2 September 2013. In the international operations, US business reported growth of 24%, Europe (incl. Heumann) 54%, Brazil growth 8% and Rest of the World, including Russia, CIS, Mexico & Canada 31%, Torrent Pharma said.
Mcleod Russel India rose 0.75% after Q2 result. The company's net profit rose 6.6% to Rs 245.49 crore on 11.8% increase in net sales to Rs 490.79 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 30 October 2013.
In the foreign exchange market, the rupee edged lower against the dollar, hurt by broad gains in the dollar. The partially convertible rupee was hovering at 61.35, compared with its close of 61.235/245 on Wednesday, 30 October 2013. The dollar rose against a basket of six major currencies after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast.
Asian stocks fell on Thursday, 31 October 2013, after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, Singapore, and South Korea shed 0.15% to 1.7%.
The Bank of Japan stuck with its campaign of unprecedented monetary easing as Prime Minister Shinzo Abe seeks to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda's board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year, in a decision released in Tokyo today.
Trading in US index futures indicated that the Dow could fall 53 points at the opening bell on Thursday, 31 October 2013. US stocks fell on Wednesday, 30 October 2013, as investors assessed a Federal Reserve statement that largely matched forecasts, but also had some Fed watchers saying a policy change could come sooner than expected.
The Federal Reserve decided to press on with $85 billion in monthly bond purchases, saying it needs to see more evidence that the economy will continue to improve. "The recovery in the housing sector slowed somewhat in recent months," the Federal Open Market Committee (FDTR) said Wednesday at the end of a two-day meeting in Washington. "Fiscal policy is restraining economic growth. Taking into account the extent of federal fiscal retrenchment over the past year, the committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy," the committee said. The Fed repeated that it will "await more evidence that progress will be sustained before adjusting the pace of its purchases." The Fed's purchases will remain divided between $40 billion a month of mortgage bonds and $45 billion in Treasury securities.
US private-sector employers hired the fewest workers in six months in October while tepid domestic demand kept inflation benign last month, suggesting the economy was still in need of stimulus from the Federal Reserve. Employers in the private sector added 130,000 new jobs to their payrolls this month, the ADP National Employment Report showed on Wednesday. That was the lowest reading since April.
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