Key benchmark indices edged lower for the second day in a row after Friday's uptick in crude oil prices. Yet, stocks found support at lower level as crude oil prices eased today, 28 July 2014, after Friday's gains. The barometer index, the S&P BSE Sensex, provisionally closed below 26,000 mark after alternately moving above and below that level in intraday trade. The market breadth indicating the overall health of the market was negative. The Sensex was provisionally down 147.76 points or 0.57%, off about 200 points from the day's high and up about 80 points from the day's low.
Hindustan Unilever (HUL) gained on decent Q1 result. Realty stocks declined. Index heavyweight Reliance Industries (RIL) edged lower. Bank of Baroda rose on good Q1 results.
As per provisional figures, the S&P BSE Sensex was down 147.76 points or 0.57% to 25,978.99. The index lost 226.50 points at the day's low of 25,900.25 in afternoon trade, its lowest level since 22 July 2014. The index rose 55.08 points at the day's high of 26,181.83 in early trade.
The CNX Nifty was down 47.30 points or 0.61% to 7,743.15, as per provisional figures. The index hit a low of 7,722.65 in intraday trade, its lowest level since 22 July 2014. The index hit a high of 7,799.90 in intraday trade.
The total turnover on BSE amounted to Rs 2446 crore, lower than Rs 3577.35 crore on Friday, 25 July 2014.
The BSE Mid-Cap index lost 38.99 points or 0.42% at 9,139.22, outperforming the Sensex. The BSE Small-Cap Index was off 70.53 points or 0.7% at 9,966.64, underperforming the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,659 shares fell and 1,191 shares rose. A total of 119 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks fell and rest of them rose.
Coal India (down 3.11%), Hindalco Industries (down 2,14%) and Tata Steel (down 1.91%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) declined 1.84% to Rs 1,003. The stock hit high of Rs 1,023.80 and low of Rs 1,002.25.
Realty stocks declined. DLF (down 5.2%), Housing Development and Infrastructure (HDIL) (down 3.99%), D B Realty (down 2.26%), Sobha Developers (down 2.18%) and Unitech (down 2.08%), declined.
Bank of Baroda rose 0.56% to Rs 866.40 on good Q1 results. The stock hit high of Rs 878 and low of Rs 856. The bank's net profit rose 16.61% to Rs 1361.88 crore on 9% increase in total income to Rs 11682.50 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours today, 29 July 2014.
The bank's ratio of net non-performing assets (NPAs) to net advances stood at 1.58% as on 30 June 2014, compared with 1.52% as on 31 March 2014 and 1.69% as on 30 June 2013. The bank's ratio of gross NPAs to gross advances stood at 3.11% as on 30 June 2014, compared with 2.94% as on 31 March 2014 and 2.99% as on 30 June 2013.
Provisions and contingencies fell 48.25% to Rs 526.71 crore in Q1 June 2014 over Q1 June 2013. The provisioning coverage ratio as on 30 June 2014 stood at 66.68%.
Hindustan Unilever (HUL) rose 3.62% to Rs 685.95 on decent Q1 result. The stock hit high of Rs 691.05 and low of Rs 654.55. The company's net profit rose 3.68% to Rs 1056.85 crore on 13.35% rise in total income to Rs 7918.45 crore in Q1 June 2014 over Q1 June 2013. The result was announced during market hours. Profit after tax before exceptional items jumped 15% to Rs 1020 crore in Q1 June 2014 over Q1 June 2013.
HUL said that the operating environment remained challenging with market growth further slowing down during the quarter. Overall competitive activity remained high despite the lower media intensity in the quarter. Given this context, investments were sustained at competitive levels across segments with absolute advertising & promotion (A&P) spends increasing by Rs 55 crore on year on year basis in Q1 June 2014. Cost inflation continued to be managed through a mix of judicious pricing and cost savings, HUL said.
Sintex Industries rose 2.14% after the company's wholly owned subsidiary announced acquisition of SIMONIN group. The announcement was made after market hours on Friday, 25 July 2014. Sintex Industries acquired 100% equity stake in France-based Groupe Simonin, a manufacturer of metal and plastic sub-assemblies and technical components, for a cash consideration of euro 18 million. The deal is struck through Sintex Industries wholly owned subsidiary Sintex NP SAS France. The acquisition will help the company to expand its products portfolio of metal parts like moulded products and move up the supplier value chain, Sintex Industries said. Also, the deal will help integrate French and Indian plants to offer products and services with bouquet of manufacturing footprint across with wide variety of technologies and capabilities with differential cost basis.
Dabur India declined 1.05%. The company's consolidated net profit rose 13.33% to Rs 210.81 crore on 13.01% increase in total income to Rs 1,904.80 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours today, 28 July 2014. Dabur India reported strong growth in key categories like health supplements, digestives, hair care, home care and foods in Q1 June 2014.
Mastek jumped 4.06% after the company said that Mastek UK, a wholly-owned subsidiary of the company in UK, has signed a major contract with British Telecom (BT), one of the world's leading providers of communications services and solutions, to support new IT operations and systems for a UK Government agency. The announcement was made during trading hours today, 28 July 2014.
A bout of volatility was witnessed as key benchmark indices edged lower after opening higher. Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. The Sensex and CNX Nifty both hit fresh intraday low in afternoon trade. Key benchmark indices traded off the day's lows in mid-afternoon trade.
Indian stocks fell for the second day in a row today, 28 July 2014.
Investors are keeping a close watch on crude oil prices. Brent crude dropped after Friday's rally. September-delivery Brent was off 78 cents at $107.61 a barrel on the ICE Futures Europe exchange in London. The contract soared $1.32 or 1.2% to close at $108.39 per barrel on Friday, 25 July 2014. It was the highest price the future has closed at since 10 July 2014. India imports about 80% of its crude oil requirement.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire on Thursday, 31 July 2014.
The stock market remains closed tomorrow, 29 July 2014, on account of Ramzan Id.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.1075, compared with its close of 60.11 on Friday, 25 July 2014.
European stocks edged higher today, 28 July 2014, as investors weighed company earnings and awaited data on American services and home sales. Key benchmark indices in UK and France were up 0.09% to 0.46%. In Germany, the DAX index was off 0.05%.
Chinese stocks led gains in Asian stocks today, 28 July 2014, on strong growth in profit at China's industrial companies in June 2014. Key benchmark indices in China, Hong Kong, Japan, and were up by 0.46% to 2.41%. Taiwan's Taiwan Weighted fell 0.2%.
Chinese industrial-company profits jumped the most last month since September, data yesterday showed. Profits at industrial companies in Asia's largest economy increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China's statistics bureau showed. It was the biggest gain since an 18.4% climb in September of last year and came after a private gauge of Chinese manufacturing advanced to an 18-month high.
Trading in US index futures indicated that the Dow could fall 7 points at the opening bell on Monday, 28 July 2014. US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
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