Key benchmark indices hovered in positive terrain in morning trade. The barometer index, the S&P BSE Sensex, was up 96.81 points or 0.38%, up about 40 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 strong, with more than two gainers for every loser on BSE. The BSE Small-Cap index rose over 1%, outperforming the Sensex. The market sentiment was boosted by provisional data showed that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014.
Metal and mining stocks gained after the latest data showed China's manufacturing expanded in June at the fastest pace this year. Hindalco Industries jumped almost 7% after an upgrade in the stock's rating from a foreign brokerage.
At 10:20 IST, the S&P BSE Sensex was up 96.81 points or 0.38% to 25,510.59. The index jumped 122.44 points at the day's high of 25,536.22 in early trade, its highest level since 18 June 2014. The index rose 54.62 points at the day's low of 25,468.40 in early trade.
The CNX Nifty was up 19.25 points or 0.25% to 7,630.70. The index hit a high of 7,641.85 in intraday trade, its highest level since 18 June 2014. The index hit a low of 7,618.15 in intraday trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 1,437 shares gained and 529 shares fell. A total of 65 shares were unchanged.
The BSE Mid-Cap index was up 58.15 points or 0.62% at 9,437.10. The BSE Small-Cap index was up 114.05 points or 1.12% at 10,317.24. Both these indcies outperformed the Sensex.
Metal and mining stocks gained after the latest data showed China's manufacturing expanded in June at the fastest pace this year. China is the world's largest consumer of copper and aluminum. Hindustan Zinc (up 1.17% to Rs 168.70), Steel Authority of India (Sail) (up 2.16% to Rs 96.85), Sesa Sterlite (up 2.3% to Rs 293.90), Tata Steel (up 1.69% to Rs 537.25), Jindal Steel & Power (up 1.95% to Rs 329), NMDC (up 0.47% to Rs 184), Bhushan Steel (up 0.57% to Rs 390.50), National Aluminum Company (up 2.79% to Rs 60.60) and JSW Steel (up 1.62% to Rs 1,257.70), edged higher.
Hindalco Industries jumped 6.95% to Rs 175.50. A foreign brokerage house has reportedly upgraded the stock to 'buy' from 'sell'. According to the brokerage house, aluminium demand from auto companies is at an inflection point and Hindalco's attempt to de-leverage its balance sheet in last few years will boost its equity value.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks. The Sensex hovered in positive terrain in morning trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee was unchanged against the dollar. The partially convertible rupee was hovering at 60.17, compared with its close of 60.17/18 on Monday, 30 June 2014.
Markit Economics will unveil the results of a monthly survey on India's manufacturing sector for June 2014 today, 1 July 2014. The seasonally adjusted HSBC India Purchasing Managers' Index had risen marginally to 51.4 in May 2014, from 51.3 in April 2014. The survey showed a seventh successive month of expansion of manufacturing output, a moderate increase in new business flows for manufacturers and increase in workforce by manufacturers in May.
The fiscal deficit for the period April-May 2014 was placed at Rs 2.40 lakh crore, which amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year, data released by the government after trading hours on Monday, 30 June 2014, showed.
The output of eight core industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP) recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014, data released by the government after trading hours on Monday, 30 June 2014, showed.
Most Asian stocks edged lower on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, South Korea and Singapore were off 0.13% to 0.42%. Key benchmark indices in Japan and Taiwan rose 0.59% to 1.09%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Trading in US index futures indicated that the Dow could gain 25 points at the opening bell on Tuesday, 1 July 2014. Most US stocks edged lower on Monday, 30 June 2014. The number of contracts to purchase previously owned US homes jumped 6.1% in May, the most in more than four years. Another data showed that the Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
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