Key benchmark indices regained strength only to pare gains later amid volatility in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 62.38 points or 0.31%, up 100.11 points from the day's low and off 38.31 points from the day's high. Index heavyweight and cigarette major ITC extended intraday gains to hit record high on reports the Uttar Pradesh government on Tuesday, 7 May 2013, slashed VAT on cigarette/cigar from existing 50% to 25%. Most other FMCG stocks edged higher on renewed buying.
Index heavyweight Reliance Industries (RIL) was unchanged in volatile trade. Ranbaxy Laboratories declined after weak Q1 result. Lupin advanced to scale a record high after reporting strong year ended March 2013 result. HDFC gained after declaring good Q4 result. The market breadth, indicating the overall health of the market, was positive.
Key benchmark indices edged higher amid initial volatility. The market retained positive zone in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in almost 14 weeks. The CNX Nifty hit 14-week high. Key benchmark indices pared gains in mid-morning trade. The Sensex cut losses after sliding to intraday low in early afternoon trade. The Sensex regained strength in afternoon trade. Key benchmark indices regained strength only to pare gains later amid volatility in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 655.21 crore on Tuesday, 7 May 2013, as per provisional data from the stock exchanges.
At 14:25 IST, the S&P BSE Sensex was up 62.38 points or 0.31% to 19,951.33. The index jumped 100.69 points at the day's high of 19,989.64 in morning trade, its highest level since 31 January 2013. The index fell 37.73 points at the day's low of 19,851.22 in early afternoon trade.
The CNX Nifty was up 16.55 points or 0.27% to 6,060.10. The index hit a high of 6,070.15 in intraday trade, its highest level since 30 January 2013. The index hit a low of 6,024.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. Earlier, the breadth had turned negative from positive in mid-morning trade and thereafter had once again turned positive from negative in afternoon trade. On BSE, 1150 shares rose and 1129 shares fell. A total of 154 shares were unchanged.
The total turnover on BSE amounted to Rs 1567 crore by 14:25 IST
Among the 30-share Sensex pack, 16 stocks declined while rest of them gained.
Index heavyweight Reliance Industries (RIL) was unchanged at Rs 827. The scrip hit high of Rs 833 and a low of Rs 822 so far during the day.
Most FMCG stocks edged higher on renewed buying. Index heavyweight and cigarette major ITC rose 1.28% to Rs 339.50. The stock hit record high of Rs 340.05 in intraday trade today, 8 May 2013. The scrip hit a low of Rs 333.90 so far during the day. The Uttar Pradesh government on Tuesday, 7 May 2013, reported slashed VAT on cigarette/cigar from existing 50% to 25%. The decision was taken at the cabinet meeting chaired by Chief Minister Akhilesh Yadav. The Uttar Pradesh government had last year increased VAT on cigarette/cigar and tobacco products from 12.5% to 50%.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
FMCG major Hindustan Unilever (HUL) rose 1.28% to Rs 586.95. The stock had hit record high of Rs 597 in intraday trade on 30 April 2013. The company's foreign parent Unilever PLC on 30 April 2013 announced open offer to acquire additional 48.70 crore shares, or 22.52% stake in Hindustan Unilever at Rs 600 per share. As on 31 March 2013, foreign promoters held 52.48% stake in HUL. After the open offer, holding of foreign promoters will rise to 75%.
HUL's net profit before exceptional items rose 18% to Rs 781 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours on 29 April 2013.
Colgate-Palmolive (India) (up 0.09%), Nestle India (up 0.73%), Dabur India (up 1.02%), Tata Global Beverages (up 1.41%) gained.
Britannia Industries (down 1.69%), Godrej Consumer Products (down 0.18%) and Marico (down 3.01%) declined.
United Spirits fell 1.04% to Rs 2,323. The stock had hit a record high of Rs 2,383.95 in intraday trade on Tuesday, 7 May 2013.
Ranbaxy Laboratories lost 1.85% after consolidated net profit declined 89.91% to Rs 125.75 crore on 33.29% decline in total income to Rs 2562.96 crore in Q1 March 2013 over Q1 March 2012. The company announced Q1 results during trading hours today, 8 May 2013.
Lupin gained 2.16% to Rs 728.70 after striking a record high of Rs 738.80. The company's consolidated net profit rose 51.46% to Rs 1314.16 crore on 34.24% rise in total income to Rs 9669.15 crore in the year ended March 2013 over the year ended March 2012. The company announced Q4 results during trading hours today, 8 May 2013.
HDFC advanced 2.9%. The company's consolidated net profit rose 17.24% to Rs 2083.12 crore on 18.99% rise in total income to Rs 11035.17 crore in the Q4 March 2013 over Q4 March 2012. The company announced Q4 results during trading hours today, 8 May 2013.
Parliament was adjourned sine die at 12.56 IST on Wednesday, two days before scheduled end of the Budget session without passing crucial bills like the Food Security Bill and the Land Acquisition Bill. The session, one of the least productive on record, has been disrupted for two weeks over various issues.
Meanwhile, the Congress party got majority in Karnataka assembly elections and ousted the BJP to form the government in the state.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. Asian Paints and Punjab National Bank unveil Q4 results tomorrow, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013 BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets rose on Wednesday, extending the prior day's gains. Key benchmark indices in Germany, France and UK rose by 0.06% to 0.41%.
Asian markets climbed on Wednesday with the Nikkei rising to a fresh multi-year high following a strong overnight lead from the US and Europe. Key benchmark indices in Hong Kong, Singapore, Japan, South Korea, China, Taiwan and Indonesia were up by 0.11% to 1.27%.
China posted an $18.16 billion trade surplus in April after reporting an unexpected $884 million deficit in March. Exports rose by 14.7% in April from a year earlier, data from the General Administration of Customs showed today, 8 May 2013. This was faster than March's 10% rise. Imports rose 16.8% from a year earlier compared with a 14.1% rise in March.
China will unveil data on consumer and producer inflation figures for April 2013 tomorrow, 9 May 2013.
Trading in US index futures indicated a flat opening of US stocks on Wednesday, 8 May 2013. US stocks rose on Tuesday, with the Dow industrials closing above 15,000 for the first time, after Australia cut its refinancing rate and satellite-TV provider DirecTV and watch maker Fossil Inc. reported improved earnings.
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