Key benchmark indices regained strength in afternoon trade as European stocks edged higher. The barometer index, the S&P BSE Sensex, was up 83.75 points or 0.42%, up close to 120 points from the day's low and off about 20 points from the day's high. Index heavyweight and cigarette major ITC extended intraday gains to hit record high. Another index heavyweight Reliance Industries (RIL) edged lower in volatile trade. Bank stocks were mostly in the red. Auto stocks were alsomostly lower. The market breadth, indicating the overall health of the market, turned positive from negative.
Key benchmark indices edged higher amid initial volatility. The market retained positive zone in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in almost 14 weeks. The CNX Nifty hit 14-week high. Key benchmark indices pared gains in mid-morning trade. The Sensex cut losses after sliding to intraday low in early afternoon trade. The Sensex regained strength in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 655.21 crore on Tuesday, 7 May 2013, as per provisional data from the stock exchanges.
At 13:20 IST, the S&P BSE Sensex was up 83.75 points or 0.42% to 19,972.70. The index jumped 100.69 points at the day's high of 19,989.64 in morning trade, its highest level since 31 January 2013. The index fell 37.73 points at the day's low of 19,851.22 in early afternoon trade.
The CNX Nifty was up 17.25 points or 0.29% to 6,061.05. The index hit a high of 6,070.15 in intraday trade, its highest level since 30 January 2013. The index hit a low of 6,024.95 in intraday trade.
The market breadth, indicating the overall health of the market, turned positive from negative. Earlier, the breadth had turned negative from positive in mid-morning trade. On BSE, 955 shares rose and 916 shares fell. A total of 96 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks declined while rest of them gained. Tata Steel, Jindal Steel & Power and L&T dropped by 1.25% to 1.4%. HDFC, Hindustan Unilever and Sterlite Industries rose by 1.07% to 2.65%.
Index heavyweight Reliance Industries (RIL) shed 0.24% to Rs 825.10. The scrip hit high of Rs 833 and a low of Rs 822 so far during the day.
Index heavyweight and cigarette major ITC rose 1.21% to Rs 339.25. The stock hit record high of Rs 340.05 in intraday trade today, 8 May 2013. The scrip hit a low of Rs 333.90 so far during the day. The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
Auto stocks were mostly lower. Car maker Maruti Suzuki India declined 0.66%. The company during market hours on Tuesday, 7 May 2013, reported 7.58% fall in production to 1.05 lakh units in April 2013 over April 2012. The company's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company had announced its sales figures on 1 May 2013.
Mahindra & Mahindra (M&M) dropped 1.52%. M&M on 6 May 2013 announced the launch of the 'Bolero Maxi Truck Plus' (BMT Plus) -- a pick-up vehicle to cater to urban transportation needs. The vehicle has been priced at Rs 4.33 lakh (BS3) ex-showroom Thane and Rs 4.43 lakh (BS4), ex-showroom Mumbai excluding Octroi.
Tata Motors rose 1.66%. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period. The company announced the monthly sales data on 1 May 2013.
Two wheeler makers also declined. Bajaj Auto fell 0.57%. The company's total sales fell 10% to 3.44 lakh units in April 2013 over April 2012. Motorcycle sales fell 12% to 3 lakh units in April 2013 over April 2012. Commercial vehicle sales rose 10% to 43,351 units in April 2013 over April 2012. Exports fell 23% to 1.30 lakh units in April 2013 over April 2012. The company announced the sales figures on 2 May 2013.
Hero MotoCorp shed 1.84%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
Bank stocks were mostly in the red. ICICI Bank declined 0.45%. Axis Bank fell 1.2%. HDFC Bank gained 1.14%.
Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), dropped 1.4%.
Parliament was adjourned sine die at 12.56 pm on Wednesday, two days before scheduled end of the Budget session without passing crucial bills like the Food Security Bill and the Land Acquisition Bill. The session, one of the least productive on record, has been disrupted for two weeks over various issues.
Meanwhile, the Congress party got majority in Karnataka assembly elections and ousted the BJP to form the government in the state.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. Asian Paints and Punjab National Bank unveil Q4 results tomorrow, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013 BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets rose on Wednesday, extending the prior day's gains. Key benchmark indices in France and UK rose by 0.05% to 0.34%. Germany's DAX was flat.
Asian markets climbed on Wednesday with the Nikkei rising to a fresh multi-year high following a strong overnight lead from the US and Europe. Key benchmark indices in Hong Kong, Singapore, Japan, South Korea, China, Taiwan and Indonesia were up by 0.11% to 1.27%.
China posted an $18.16 billion trade surplus in April after reporting an unexpected $884 million deficit in March. Exports rose by 14.7% in April from a year earlier, data from the General Administration of Customs showed today, 8 May 2013. This was faster than March's 10% rise. Imports rose 16.8% from a year earlier compared with a 14.1% rise in March.
China will unveil data on consumer and producer inflation figures for April 2013 tomorrow, 9 May 2013.
Trading in US index futures indicated a flat opening of US stocks on Wednesday, 8 May 2013. US stocks rose on Tuesday, with the Dow industrials closing above 15,000 for the first time, after Australia cut its refinancing rate and satellite-TV provider DirecTV and watch maker Fossil Inc. reported improved earnings.
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