A bout of volatility was witnessed as key benchmark indices edged lower after opening higher. The barometer index, the S&P BSE Sensex was down 35.66 points or 0.14%, off about 90 points from the day's high and up about 20 points from the day's low. The market breadth indicating the overall health of the market was positive.
Cairn India rose after the company in a clarification issued with regard to news item titled "Cairn tanks on $1.25-b Loan to Sesa arm" said that the company has complied with the applicable regulatory requirements in respect of the said transaction. Hindustan Unilever dropped ahead of its Q1 results today, 28 July 2014. L&T gained ahead of its Q1 results today, 28 July 2014. TCS declined as the stock turned ex-dividend today, 28 July 2014, for interim dividend of Rs 5 per share and special dividend of Rs 40 per share for the year ending 31 March 2015 (FY 2015). ACC dropped as the stock turned ex-dividend today, 28 July 2014, for dividend of Rs 15 per share for the year ending 31 December 2014 (FY 2014).
At 9:35 IST, the S&P BSE Sensex was down 35.66 points or 0.14% to 26,091.09. The index fell 54.53 points at the day's low of 26.072.22 in early trade. The index rose 55.08 points at the day's high of 26,181.83 in early trade.
The CNX Nifty was down 7.95 points or 0.1% to 7,782.50. The index hit a low of 7,774.35 in intraday trade. The index hit a high of 7,799.90 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 755 shares rose and 624 shares fell. A total of 54 shares were unchanged.
The BSE Mid-Cap index was down 9.65 points or 0.11% at 9,168.56. The BSE Small-Cap index was down 3.16 points or 0.03% at 10,034.01. Both these indices outperformed the Sensex.
ACC dropped 1.48% as the stock turned ex-dividend today, 28 July 2014, for dividend of Rs 15 per share for the year ending 31 December 2014 (FY 2014).
TCS declined 1.65% as the stock turned ex-dividend today, 28 July 2014, for interim dividend of Rs 5 per share and special dividend of Rs 40 per share for the year ending 31 March 2015 (FY 2015).
Hindustan Unilever dropped 0.85% ahead of its Q1 results today, 28 July 2014.
L&T gained 0.6% ahead of its Q1 results today, 28 July 2014.
Jindal Steel & Power (JSPL) declined 0.26%. The company after market on Friday, 25 July 2014, said that the Board of Directors of its subsidiary Jindal Power (JPL) at a meeting held on 28 April 2014 gave in-principle approval for sale of JPL's entire equity share in Kamala Hydro Electric Power Company. As and when some proposal is finalized, the same will be appropriately disclosed to stock exchanges, JSPL said. The company clarified this with respect to media reports, "Jindal Power seeks to sell entire stake in Arunachal hydro project".
Cairn India rose 1.65% after the company after market hours on Friday, 25 July 2014 in a clarification issued with regard to news item titled "Cairn tanks on $1.25-b Loan to Sesa arm" said that the company has complied with the applicable regulatory requirements in respect of the said transaction. This being a related party transaction (RPT), prior approval of the audit committee was taken and the transaction is being effected on arm's length principle. The said loan has been extended by subsidiaries of Cairn India and the coupon rate is commensurate with the market rate for such transaction, Cairn India said.
Cairn India said that the amended Clause 49, which will be effective from, 1 October 2014, has introduced concept of "material" RPT and also the requirement for seeking approval of shareholders by special resolution for such cases. The transaction in question is not a "material" transaction. Accordingly, no approval of shareholders/disclosure is required, Cairn India said.
Cairn India further said that the loan has been extended for 2 years at floating rate of 3% plus LIBOR. The return from the said facility is benchmarked with return of similar rated instruments and is higher than returns the company was earning from the deposits, Cairn India added.
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. Stock markets remain closed tomorrow, 29 July 2014, on account of Ramzan Id.
Most Asian stocks rose on Monday, 28 July 2014, as investors await data on US services before the Federal Reserve meets this week. Key benchmark indices in China, Hong Kong, Japan, and South Korea were up by 0.46% to 2.07%. Key benchmark indices in Taiwan and Singapore were off 0.01% to 0.19%.
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, data last week showed.
US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
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