Key benchmark indices trimmed initial gains triggered by firm Asian stocks. The S&P BSE Sensex was up 54.45 points or 0.26%, up about 50 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.
Car maker Maruti Suzuki India gained ahead of its Q2 result today, 28 October 2013. FMCG major Hindustan Unilever (HUL) edged higher after the company reported Q2 results on Saturday, 26 October 2013.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire on Thursday, 31 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 626.99 crore on Friday, 25 October 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 54.45 points or 0.26% to 20,737.97. The index rose 87.84 points at the day's high of 20,771.36 in early trade. The index rose 5.56 points at the day's low of 20,689.08 in early trade.
The CNX Nifty was up 18.20 points or 0.3% to 6,163.10. The index hit a high of 6,168.75 in intraday trade. The index hit a low of 6,153.20 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 688 shares gained and 378 shares fell. A total of 61 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest of them fell. GAIL (India) (up 1.59%), L&T (up 1.54%) and ICICI Bank (up 1.49%), gained.
FMCG major Hindustan Unilever (HUL) edged higher after the company reported Q2 results on Saturday, 26 October 2013. The stock was up 2.44%. The company's net profit rose 13.24% to Rs 913.80 crore on 9.04% increase in total income to Rs 7043.63 crore in Q2 September 2013 over Q2 September 2012. HUL announced Q2 results on Saturday, 26 October 2013. HUL said its recurring profit after tax before exceptional items rose 10% to Rs 883 crore in Q2 September 2013 over Q2 September 2012. Despite a sharp increase in advertising and promotion (A&P) spends, Profit before Interest and Tax (PBIT) grew by 11% with PBIT margin improving 20 basis points (bps), HUL said.
The company said operating context during the quarter was challenging given the volatile cost environment, led by the rupee depreciation, and heightened competitive intensity. Overall industry media spend was up to its highest levels in over 18 quarters, with a particularly sharp increase in Oral Care. HUL's domestic consumer business grew at 10% in Q2 September 2013, driven by 5% underlying volume growth, the company said in a statement.
HUL's Chairman Harish Manwani said: "We have delivered another quarter of competitive and profitable growth. The consistency and resilience of our performance, in what has been a challenging market environment for some quarters now, is a reflection of the discipline with which we are managing our business and executing our strategy. We continue to strengthen our business for the long term by driving innovation, investing behind our brands and further building organizational capabilities."
Car maker Maruti Suzuki India gained 0.92% ahead of its Q2 result today, 28 October 2013.
Index heavyweight and cigarette major ITC extended Friday's losses as the company's top line growth in Q2 September 2013 disappointed investors. The stock was off 1.63%. The company's net profit jumped 21.46% to Rs 2230.53 crore on 9.42% growth in total income to Rs 8108.72 crore in Q2 September 2013 over Q2 September 2012. The company declared Q2 result at fag end of the day's trading session on Friday, 25 October 2013.
The Reserve Bank of India (RBI) announces Second Quarter Review of Monetary Policy 2013-14 tomorrow, 29 October 2013. Market men expect that RBI to hike its main lending rate viz. the repo rate by 25 basis points to arrest rise in inflation. The wholesale price and consumer price inflation, both, accelerated in September 2013. WPI inflation accelerated to 6.46% in September 2013, from 6.1% in August 2013. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India rose 9.84% in September 2013, from 9.52% in August 2013.
Asian stocks rose on Monday, 28 October 2013, after weaker than forecast US consumer confidence spurred bets the Federal Reserve will maintain stimulus. Key benchmark indices in Taiwan, Hong Kong, Singapore, Japan, Indonesia and South Korea rose 0.23% to 1.49%. China's Shanghai Composite fell 0.22%.
A Bank of Korea survey showed consumer sentiment rose this month to the highest level since May 2012.
US stocks rose on Friday, 25 October 2013, sending the Standard & Poor's 500 Index to a record, as Amazon.com Inc. and Microsoft Corp. sales beat estimates while a drop in consumer confidence added to speculation the Federal Reserve will delay scaling back monetary stimulus.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting tomorrow, 29 October and Wednesday, 30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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