A bout of volatility was witnessed in mid-afternoon trade as key benchmark indices pared intraday gains. The S&P BSE Sensex was up 150.57 points or 0.79%, off 86.17 points from the day's high and up 83.32 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight and cigarette major ITC held firm. FMCG giant Hindustan Unilever hit a record high on high volume. Private sector steel major Tata Steel extended intraday fall. State-run power equipment major Bhel extended intraday fall. IT major TCS extended intraday rise. ACC and Ambuja Cements edged higher on reports that Swiss cement major Holcim plans to carry out a substantial restructuring of Indian operations that could include a merger of ACC and Ambuja Cements.
Key benchmark indices cut initial gains triggered by higher Asian stocks. Volatility ruled the roost in morning trade as the key benchmark indices regained strength after hitting intraday low. Key benchmark indices held firm in mid-morning trade. The Sensex extended gains to strike fresh intraday high in early afternoon trade. The market held firm in afternoon trade. A bout of volatility was witnessed in mid-afternoon trade as key benchmark indices pared intraday gains.
Foreign institutional investors (FIIs) sold shares worth a net Rs 705.06 crore on Wednesday, 3 July 2013, as per provisional data from the stock exchanges.
At 14:22 IST, the S&P BSE Sensex was up 150.57 points or 0.79% to 19,328.33. The index gained 236.74 points at the day's high of 19,414.50 in afternoon trade, its highest level since 2 July 2013. The index rose 67.25 points at the day's low of 19,245.01 in morning trade.
The CNX Nifty was up 41.40 points or 0.72% to 5,812.30. The index hit a high of 5,843.95 in intraday trade, its highest level since 2 July 2013. The index hit a low of 5,787.70 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,088 shares gained and 1,077 shares fell. A total of 104 shares were unchanged.
The total turnover on BSE amounted to Rs 1387 crore by 14:20 IST.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
Index heavyweight and cigarette major ITC advanced 2.97% to Rs 336. The stock hit a high of Rs 336.50 and low of Rs 325.95 so far during the day.
FMCG giant Hindustan Unilever rose 1.13% to Rs 594.05. The stock hit a record high of Rs 599.80 in intraday trade today, 4 July 2013. The stock hit a low of Rs 583.20 so far during the day. The stock rose on high volume of 6.23 lakh shares as against average daily volume of 2.72 lakh shares in the past one quarter.
Anglo-Dutch consumer goods major Unilever's open offer to raise its stake in Indian unit, which opened on 21 June 2013, closes today, 4 July 2013. Unilever will buyback shares from minority shareholders at Rs 600 per share to hike its stake in Hindustan Unilever from 52.48% to up to 75%.
Private sector steel major Tata Steel fell 1.74%, with the stock extending intraday fall.
State-run power equipment major Bhel lost 2.64%, with the stock extending intraday fall.
IT major TCS gained 3.11%, with the stock extending intraday rise.
ACC and Ambuja Cements edged higher on reports that Swiss cement major Holcim plans to carry out a substantial restructuring of Indian operations that could include a merger of ACC and Ambuja Cements. ACC was up 2.59% and Ambuja Cements was up 0.19%. As per reports, Holcim has roped in a global investment bank with a mandate of evaluating various options on how the operations of ACC and Ambuja Cements could be combined. Swiss cement maker Holcim holds 50.3% stake in ACC and 50.59% stake in Ambuja Cements (as per the shareholding pattern as on 31 March 2013). However, the reports added the exercise is at a preliminary stage and there is still no certainty about the shape of the eventual outcome.
Sobha Developers rose 0.73% after the company said its new sales rose 10.2% to 0.92 million square feet in Q1 June 2013 over Q1 June 2012. The announcement was made during trading hours today, 4 July 2013.
Sobha Developers said that its sales value surged 25.7% to Rs 602.80 crore in Q1 June 2013 over Q1 June 2012. The average price realization rose 14.1% to Rs 6,548 per square feet (sq. ft) in Q1 June 2013 over Q1 June 2012.
During Q1 June 2013, the company had launched two projects in Bangalore viz. Sobha Landscape, a plotted development project admeasuring 0.20 million sq. ft and a commercial project at St. Mark's Road, Bangalore admeasuring total developable area of 0.35 million sq. ft (super built-up area of 0.20 million sq. ft).
Sobha Developers said the company remains positive about achieving the guidance set for FY 2014, albeit in a challenging economic environment.
Gammon India jumped 4.28% on a media report that the company's corporate debt restructuring package will be approved very soon. According to the report, the corporate debt restructuring (CDR) cell is set to approve the terms of the debt recast within a few days. Report suggested that Gammon will get a 10 year loan tenure extension with a two year moratorium and an interest rate of 11.5%. As per the CDR norms, the promoter will be required to bring in upfront capital of close to Rs 100 crore.
As per report, Gammon India has an exposure of Rs 14000 crore to a consortium of 14 banks led by ICICI bank. Around Rs 10000 crore of the debt is in the form of non-fund based exposure. This debt is supported by bank guarantees and letters of credit, report added.
Apollo Hospitals Enterprise rose 0.54% to Rs 949, with the stock recovering on bargain hunting after 3-day 9.11% slide.
ALSTOM India rose 1.06% after the company said it won a contract from state-run Bhel to supply components and services for a super thermal power project in Rajasthan. The announcement was made after market hours on Wednesday, 3 July 2013.
ALSTOM India said it has been awarded a contract by state-run Bharat Heavy Electricals Limited (Bhel) to supply components and services for the 2x660 megawatts (MW) Suratgarh Super Thermal Power Project (STPP), located in Suratgarh, Rajasthan, India. This contract is worth approximately 27 million euros ($35 million).
Out of the entire aforesaid contract, the company's scope of work mainly comprises of supply of partial pressure parts for one of the units, few control & instrumental valves and other site services. The value of company's scope of work would be Rs 101.74 crore (15.04 million euros), ALSTOM India said in a statement.
TTK Prestige (up 7.68%), UCO Bank (up 5.62%), Motherson Sumi Systems (up 3.82%) Reliance Capital (up 3.76%) and Emami (up 3.31%) were the top gainers from BSE's 'A' group.
Meanwhile, the government on Wednesday finally cleared an ambitious Rs 1.25 lakh crore food security plan, promising subsidized food to two out of every three Indians. The move is expected to help the Congress party gain significant political support in the run-up to the 2014 general election, although it may stretch the government's fiscal deficit.
European stocks advanced on Thursday, halting a two-day decline, as investors awaited interest-rate decisions from the European Central Bank and the Bank of England. Key benchmark indices in France, Germany and UK were up 0.68% to 0.84%.
The European Central Bank (ECB) is widely expected to keep its main refinancing rate unchanged at 0.5% after a monetary policy review today, 4 July 2013, with the spotlight set to fall on ECB President Mario Draghi's press conference following the meeting. The Bank of England is also expected to leave its lending rate unchanged at a record low 0.5% after a monetary policy review today, 4 July 2013.
Asian stocks were mostly higher on Thursday, 4 July 2013, after positive US jobs data spurred gains on Wall Street overnight. Key benchmark indices in Hong Kong, Indonesia, South Korea, China and Singapore were up 0.18% to 1.6%. Key benchmark indices in Japan and Taiwan were down 0.22% to 0.26%.
The US stock market remains closed today, 4 July 2013, for Independence Day holiday. US stocks edged higher on Wednesday as positive jobs data countered international concerns in the abbreviated trading session.
The US government will unveil the influential nonfarm payrolls data for June 2013 on Friday, 5 July 2013.
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