IT stocks led gains on the domestic bourses in what was a volatile trading session. The barometer index, the S&P BSE Sensex, was provisionally up 111.73 points or 0.43%, up about 135 points from the day's low and off close to 50 points from the day's high. The 50-unit CNX Nifty hit record high. Gains for the key benchmark indices were driven by upmove in Asian and European stocks. Asian and European stocks rose after better-than-expected inflation and housing reports in the US on Tuesday, 22 July 2014. However, the broad market showed weakness. The market breadth indicating the overall health of the market was negative. The BSE Small-Cap index was off 0.63%. The BSE Mid-Cap index was almost unchanged for the day.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. TCS rose after the company announced a new partnership with MapR Technologies, Inc. PSU OMCs edged higher as crude oil prices declined.
As per provisional figures, the S&P BSE Sensex was up 111.73 points or 0.43% at 26,137.53. The index jumped 162.84 points at the day's high of 26,188.64 in morning trade, its highest level since 8 July 2014. The index fell 25.40 points at the day's low of 26,000.40 in mid-afternoon trade.
The CNX Nifty was up 24.55 points or 0.32% to 7,792.40, as per provisional figures. The index hit a high of 7,809.20 in intraday trade, a lifetime high for the index. The index hit a low of 7,752.90 in intraday trade.
The total turnover on BSE amounted to Rs 3008 crore, lower than Rs 3029.89 crore on Tuesday, 22 July 2014.
The market breadth indicating the overall health of the market was negative. On BSE, 1,639 shares fell and 1,330 shares rose. A total of 90 shares were unchanged.
The BSE Mid-Cap index was up 0.63 points or 0.01% at 9,311.72. The BSE Small-Cap index was down 64.58 points or 0.63% at 10,204.18. Both these indices underperformed the Sensex.
Among the 30-share Sensex pack, 16 stocks declined and rest of them rose.
Hero MotoCorp (up 1.66%), Bajaj Auto (up 1.62%) and Mahindra & Mahindra (M&M) (up 1.58%) edged higher from the Sensex pack.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Infosys (up 3.37%), Wipro (up 1.93%), Tech Mahindra (up 0.7%) and HCL Technologies (up 0.73%) gained.
TCS gained 2.09% to Rs 2,583.95 after hitting record high of Rs 2,595 in intraday trade. The company after market hours on Tuesday, 22 July 2014, announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours on Tuesday, 22 July 2014.
PSU OMCs edged higher as crude oil prices declined on Tuesday, 22 July 2014. Indian Oil Corporation (up 1.41%), BPCL (up 4.41%) and HPCL (up 2.99%) edged higher.
Brent crude oil futures for September delivery were up 6 cents or 0.06% at $107.39 a barrel in electronic trading today, 23 July 2014. The contract fell 35 cents to settle at $107.33 a barrel on Monday, 22 July 2014, as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
Lower crude oil prices could reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
ABB India lost 2.83%. The company's net profit rose 20% to Rs 48 crore on 3.69% growth in revenue to Rs 1794 crore in Q2 June 2014 over Q2 June 2013. The Q2 result was announced during market hours today, 23 July 2014. ABB India said that the top line during the quarter remained stable with encouraging growth mainly from short cycle business. The company maintains its policy of cash over revenue, ABB India said in a statement.
ABB India attributed the growth in bottom line during the quarter to higher focus on continuous localization, cost optimization and striking the right balance of risks and returns.
The company's order backlog stood at Rs 8083 crore as on 30 June 2014 as against Rs 8260 crore as on 30 June 2013. The order backlog position of the company has been steadily increasing over the last six months providing revenue visibility, ABB India said in a statement.
MRF rose 7.27% after net profit rose 1.29% to Rs 230.22 crore on 9.71% increase in total income to Rs 3,357.03 crore in Q3 June 2014 over Q3 June 2013. The result was announced during trading hours today, 23 July 2014.
Atul jumped 14.15% after net profit surged 47.78% to Rs 59.78 crore on 25.22% growth in total income from operations to Rs 647.08 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours today, 23 July 2014.
Key benchmark indices surged in early trade as firmness in Asian stocks and provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session boosted sentiment. A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The Sensex trimmed gains after hitting its highest level in more than two weeks. Key benchmark indices further pared gains in mid-morning trade. Volatility continued as key benchmark indices recovered from lower level after erasing most of the intraday gains in mid-morning trade. Key benchmark indices once again trimmed gains after extending intraday gains in afternoon trade. Key benchmark indices regained positive zone after reversing intraday gains after a sudden slide in afternoon trade. Key benchmark indices extended gains in late trade.
Indian stocks gained for the seventh straight day today, 23 July 2014.
The market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, 22 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.1275, compared with its close of 60.25 on Tuesday, 22 July 2014.
European stocks edged higher today, 23 July 2014, as risk aversion triggered by recent geopolitical tensions continued to ebb. Key benchmark indices in UK, France and Germany were up 0.25% to 0.52%.
The European Union (EU) agreed Tuesday, 22 July 2014, to expand a list of Russian entities and individuals subject to asset freezes and travel bans. The EU's latest sanctions against Russia come amid accusations that pro-Russian rebels shot down Malaysia Airlines flight MH17 in Ukraine on 17 July. All 298 people on the flight died after the downing of the jet. EU has reportedly threatened to expand the sanctions against Russia to include vast sectors of the Russian economy if Russia does not act swiftly to rein in rebels.
Russia's Ambassador to Malaysia, Lyudmila Vorobyeva, said on Tuesday, 22 July 2014, that Russia played no role in the attack and Ukrainian separatists don't have the required long-range anti-aircraft weapons.
Meanwhile, the US aviation regulator -- the Federal Aviation Administration -- on Tuesday, 22 July 2014, temporarily banned US flights to Tel Aviv after a rocket attack near Israel's main airport. As per reports, more than 600 Palestinians have been killed and over 4,000 wounded as fighting continues between Israel and Palestinian militants in Gaza Strip.
Most Asian stocks edged higher today, 23 July 2014, boosted by better-than-expected inflation and housing reports in the US. Key benchmark indices in Hong Kong, China, Singapore and Indonesia were up 0.14% to 0.8%. Key benchmark indices in Japan and South Korea were off 0.03% to 0.1%. The stock market in Taiwan was closed due to a typhoon.
Trading in US index futures indicated that the Dow could gain 24 points at the opening bell on Wednesday, 23 July 2014. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. The data damped concerns that the US Federal Reserve will bring forward increase in interest rates.
Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.
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