A bout of volatility was witnessed as key benchmark indices pared gains after extending initial gains to hit fresh intraday high. The Sensex hit record high, with the barometer index index surpassing its previous record high of 21,206.77 of 10 January 2008. The 50-unit CNX Nifty hit its highest level in almost three years. The market breadth, indicating the overall health of the market, was strong. The Sensex was up 54.46 points or 0.26%, off close to 75 points from the day's high and up about 70 points from the day's low. The market sentiment was boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. Data showing strong growth in infrastructure sector output in September 2013 also boosted investor sentiment.
Most auto stocks gained after PSU OMCs cut petrol price by Rs 1.15 a litre, the second reduction in rates in a month, while diesel prices were raised by 50 paise per litre. Hero MotoCorp scaled 52-week high. Glenmark Pharmaceuticals dropped on weak Q2 result. HCL Technologies rose after the central bank on Thursday, 31 October 2013, allowed a hike in foreign institutional investors investment limit in the company's paid up capital.
A bout of initial volatility was witnessed as key benchmark indices pared gains after moving into the positive terrain after opening lower. The Sensex hit record high at the onset of the trading session and on the first day of Diwali today, 1 November 2013. A bout of volatility was witnessed as key benchmark indices pared gains after extending initial gains to hit fresh intraday high.
The market sentiment was boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1875.87 crore on Thursday, 31 October 2013, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was up 54.46 points or 0.26% to 21,219.08. The index jumped 129.36 points at the day's high of 21,293.88 in morning trade, which is a record high. The index fell 17.95 points at the day's low of 21,146.57 in early trade.
The CNX Nifty was up 7.25 points or 0.12% to 6,306.40. The index hit a high of 6,332.60 in intraday trade, its highest level since 8 November 2010. The index hit a low of 6,286.95 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,054 shares rose and 588 shares fell. A total of 105 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks rose and rest of them fell. SBI (up 2.06%), Coal India (up 1.97%) and Bhel (up 1.63%), gained.
Most auto stocks gained after PSU OMCs cut petrol price by Rs 1.15 a litre, the second reduction in rates in a month, while diesel prices were raised by 50 paise per litre. The price changes announced by oil companies are excluding local sales tax or VAT and will be effective from Friday, 1 November 2013. Maruti Suzuki India (up 0.81%), and Ashok Leyland (up 0.29%), gained. But, M&M fell 0.6%. Bajaj Auto also declined 0.08%.
Hero MotoCorp rose 2.31% to Rs 2,125 after hitting 52-week high of Rs 2,143.60 in intraday trade. TVS Motor Company gained 1.58%.
Auto companies will start unveiling their monthly sales volume data for October 2013 from today, 1 November 2013.
Tata Motors gained 1.55%. The Reserve Bank of India on Thursday, 31 October 2013, notified that Tata Motors has passed resolutions at their board of directors' level and a special resolution by the shareholders, to enhance the limit for purchase of its equity shares with Differential Voting Rights or 'A' Type Ordinary Shares by Foreign Institutional Investors (FIIs). Accordingly, FIIs may now purchase up to 75% of the company's equity shares with Differential Voting Rights or 'A' Type Ordinary Shares paid up capital through the primary market and stock exchanges under the Portfolio Investment Scheme. The FII holding ceiling limit for ordinary shares will remain unchanged at 35% of the paid-up capital of the company. RBI said.
HCL Technologies rose 1.19% after the central bank on Thursday, 31 October 2013, allowed a hike in foreign institutional investors investment limit in the company's paid up capital. The Reserve Bank of India (RBI) made the announcement after market hours on Thursday, 31 October 2013.
RBI allowed enhancing the limit for purchase of HCL Technologies equity shares and convertible debentures by foreign institutional investors (FIIs) under the Portfolio Investment Scheme, up to 49%. Earlier the limit was 30% of the paid up capital of HCL Technologies.
FIIs, at the end of September 2013, controlled 26.01% stake in the company, while promoters holding stood at 61.84%.
Glenmark Pharmaceuticals lost 2.79% on weak Q2 result. The company's consolidated net profit declined 1.56% to Rs 154.29 crore on 16.56% growth in revenue to Rs 1463.06 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 31 October 2013.
Glenmark Pharmaceuticals' revenue from generics business rose 22.51% to Rs 710.65 crore in Q2 September 2013 over Q2 September 2012. Revenue from the specialty formulation business excluding out-licensing revenue grew 9.69% to Rs 740.54 crore in Q2 September 2013 over Q2 September 2012.
Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, "Despite challenges in the operating environment, we have managed to register decent sales growth of 17% on the back of good performances by our US and India businesses. We have been also making steady progress on the Innovation R&D front with our 4 NCE & NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory".
In the foreign exchange market, the rupee edged lower against the dollar, tracking global dollar gains. The partially convertible rupee was hovering at 61.8425, compared with its close of 61.50/51 on Thursday, 31 October 2013.
The stock exchanges will hold a special live trading session on Sunday, 3 November, 2013, on account of Muhurat trading on Diwali. The trading will start at 18:15 IST and will end at 19:30 IST on that day. The stock market remains closed on Monday, 4 November 2013, on account of Diwali-Balipratipada.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for October 2013 today, 1 November 2013. The HSBC Manufacturing PMI, compiled by Markit, rose to 49.6 in September from 48.5 in August, but remained below the watershed 50 mark that separates growth from contraction.
The Eight Core Industries having a combined weight of 37.90% in the Index of Industrial Production (IIP) rose 8% in September 2013, posting highest growth in last 12-months, data released by the government after trading hours on Thursday, 31 October 2013, showed.
Fiscal deficit was Rs 4.12 lakh crore during April-September 2013, or 76% of the full-year target, government data showed on Thursday, 31 October 2013. In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.
Most Asian stocks declined on Friday, 1 November 2013, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data. Key benchmark indices in Japan, Hong Kong, Taiwan, Indonesia, and Singapore shed 0.06% to 1.17%. China and South Korea rose 0.12% to 0.23%.
A Chinese manufacturing gauge rose more than estimated to an 18-month high in October as output strengthened, adding to evidence the nation's economic recovery is sustaining momentum. The Purchasing Managers' Index was at 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
Trading in US index futures indicated that the Dow could advance 23 points at the opening bell on Friday, 1 November 2013. US stocks fell on Thursday, 31 October 2013, as investors assessed corporate earnings and speculated on when the Federal Reserve will cut stimulus.
US data yesterday showed the biggest jump in a gauge of business activity in more than three decades and a drop in jobless claims. Fewer Americans filed applications for unemployment benefits last week as a backlog in California's reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported Thursday in Washington.
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