Volatility ruled the roost as key benchmark indices regained positive zone soon after a sudden steep slide pushed them to negative zone from positive zone for a brief period in afternoon trade. The barometer index, the S&P BSE Sensex, was up 41.67 points or 0.21%, off close to 98 points from the day's high and up close to 63 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Cadila Healthcare rose strong Q3 results. CESC slipped after Q3 results. Power Finance Corporation tumbled after the stock turned ex-dividend.
The market edged higher in early trade on firm Asian stocks. The 50-unit CNX Nifty hit one-week high. Firmness continued on the bourses in morning trade. Key benchmark indices trimmed initial gains in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in afternoon trade. Volatility ruled the roost as key benchmark indices regained positive zone soon after a sudden steep slide pushed them to negative zone from positive zone for a brief period in afternoon trade.
At 13:15 IST, the S&P BSE Sensex was up 41.67 points or 0.21% to 20,352.41. The index jumped 139.77 points at the day's high of 20,450.51 in early trade, its highest level since 3 February 2014. The index fell 21.44 points at the day's low of 20,289.30 in afternoon trade.
The CNX Nifty was up 11.60 points or 0.19% to 6,047.90. The index hit a high of 6,079.95 in intraday trade, its highest level since 31 January 2014. The index hit a low of 6,035.95 in intraday trade.
The BSE Mid-Cap index was up 40.22 points or 0.64% at 6,339.81. The BSE Small-Cap index was up 34.90 points or 0.55% at 6,343.91. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,319 shares rose and 1,007 shares fell. A total of 155 shares were unchanged.
Tata Steel (up 4.79%), Sesa Sterlite (up 3.17%), Sun Pharmaceutical Industries (up 2.33%), Dr. Reddy's Laboratories (up 1.93%), Bajaj Auto (up 1.70%), Hindalco Industries (up 1.70%), Tata Power Company (up 1.66%), Maruti Suzuki India (up 1.55%), Axis Bank (up 1.51%) and Cipla (up 1.45%), edged higher from the Sensex pack.
Bharti Airtel (down 1.02%), ITC (down 0.96%), TCS (down 0.67%), M&M (down 0.56%), Coal India (down 0.36%), Bhel (down 0.32%), Hindustan Unilever (down 0.2%) and Wipro (down 0.11%), edged lower from the Sensex pack.
Cadila Healthcare rose 2.52% to Rs 874.70 after consolidated net profit jumped 82% to Rs 186 crore on 17% growth in total income to Rs 1872 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced during trading hours today, 7 February 2014.
During the quarter, Cadila Healthcare filed 31 additional ANDAs with the USFDA taking the cumulative ANDA filings for the period April-December 2013, to 49. In Mexico, the company launched 2 new products during the quarter, taking the cumulative launches to 6 and filed 8 dossiers with the Mexican regulatory authority, taking the cumulative filings to 36. The company filed 9 dossiers with the ANVISA, taking the cumulative filings to 113. In the European market, the company received the approval for 15 new product dossiers and launched 2 new products in France and 3 new products in Spain. 7 new products were launched in the different Emerging Markets during the quarter, Cadila Healthcare said in a statement.
During the quarter, the company received the USFDA approval for initiating Phase I clinical trials of ZYDPLA1 - a novel, next generation orally active, small molecule DPP-4 inhibitor to treat Type 2 Diabetes.
For Biosimilars, the company initiated Phase III clinical trials for one of the mAbs and completed Phase I clinical trials completed for both the novel biologics, PEGEPO and Rabimabs, Cadila Healthcare said in a statement.
CESC fell 2.01% to Rs 447. The company's net profit rose 5.94% to Rs 107 crore on 15.88% increase in total income to Rs 1233 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 7 February 2014.
Power Finance Corporation fell 4.40% to Rs 145.45 after the stock turned ex-dividend today, 7 February 2014, for interim dividend of Rs 8.80 per share for the year ending March 2014. Before turning ex-dividend, the stock offered a dividend yield of 5.78% based on the closing price of Rs 152.15 on Thursday, 6 February 2014.
In the foreign exchange market, the rupee edged higher against the dollar on global risk-on sentiment. The partially convertible rupee was hovering at 62.33, compared with its close of 62.365/375 on Thursday, 6 February 2014.
The government will announce the advance estimate of GDP for 2013-14 at around 17.30 IST today, 7 February 2014. The GDP grew 4.6% annually in the first half of the current fiscal year, down from 5.3% in the corresponding period a year ago. Growth slowed in almost all sectors, including services such as tourism, transport and telecoms.
Last week, the Statistics Ministry revised down GDP growth for the previous fiscal year to 4.5%, from an earlier estimate of 5%.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian stocks rose on Friday, 7 February 2014, as US jobless claims fell and investors weighed company earnings. Key benchmark indices in Indonesia, South Korea, Japan, Hong Kong, Singapore and Taiwan rose 0.77% to 2.17%.
China's Shanghai Composite Index rose 0.56%, reversing intraday losses as China's markets opened after Lunar New Year holidays. China's services sector grew at its slowest pace in almost 2-1/2 years in January after firms secured a smaller volume of new business, a private survey showed, adding to growing signs of slackening in the Chinese economy. The HSBC/Markit Services Purchasing Managers' Index (PMI) retreated to 50.7 in January, a low last seen in August 2011 though still above the 50-point level that demarcates growth and contraction. December's PMI was 50.9.
Trading in US index futures indicated that the Dow could advance 30 points at the opening bell on Friday, 7 February 2014. US stocks surged on Thursday, 6 February 2014, as investors welcomed a larger-than-expected drop in weekly jobless claims and upbeat earnings from companies including Walt Disney Co.
Initial jobless claims dropped for the first time in three weeks, falling 20,000 to 331,000 in the period ended Feb. 1, according to the Labor Department.
The influential monthly US jobs data for January 2014 will be released today, 7 February 2014.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
In Europe, the European Central Bank kept interest rates unchanged on Thursday as officials chose to set aside concerns that inflation may stay low for too long. The 24-member Governing Council, convening in Frankfurt Thursday, left the main refinancing rate at 0.25%. The ECB also held the deposit rate at zero and the marginal lending rate at 0.75%. ECB President Mario Draghi said at a news conference that medium- and long-term inflation expectations remain well-anchored, with no real deflation risk.
The Bank of England kept its benchmark rate at a record-low 0.5%, while its bond-purchase plan stayed unchanged at 375 billion pounds ($611 billion) on Thursday.
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