A bout of volatility was witnessed as key benchmark indices retained positive zone in morning trade. Gains in Asian shares underpinned sentiment. The barometer index, the S&P BSE Sensex, hit its highest level in almost 14 weeks. The CNX Nifty hit 14-week high. The Sensex was up 65.47 points or 0.33%, up 41.20 points from the day's low and off 35.22 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight and cigarette major ITC edged higher amid initial volatility. Another index heavyweight Reliance Industries (RIL) also witnessed volatility in early trade. IT stocks were in demand. HDFC advanced ahead of Q4 results. Lupin hit record high ahead of Q4 results. Ranbaxy Laboratories fell ahead of Q1 March 2013 results today, 8 May 2013.
Key benchmark indices edged higher amid initial volatility. The market retained positive zone in morning 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 10:15 IST, the S&P BSE Sensex was up 65.47 points or 0.33% to 19,954.42. 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 rose 24.27 points at the day's low of 19,913.22 in early trade.
The CNX Nifty was up 13.95 points or 0.23% to 6,057.50. 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 6,049.40 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 952 shares advanced and 647 shares declined. A total of 89 shares were unchanged.
The total turnover on BSE amounted to Rs 645 crore by 10:20 IST compared to Rs 351 crore by 09:25 IST.
Among the 30-share Sensex pack, 19 stocks gained while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.35% to Rs 830. The scrip hit high of Rs 833 and a low of Rs 825 so far during the day.
Index heavyweight and cigarette major ITC rose 0.12% to Rs 335.60. The stock hit record high of Rs 337.70 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.
IT stocks edged higher. Tata Consultancy Services (TCS) advanced 1.01%.
HCL Technologies rose 0.33% to Rs 755.30. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results.
Infosys rose 0.49%. The company after market hours on Tuesday, 7 May 2013, announced that it is collaborating with SAP on development of mobile applications for the retail industry. These efforts are focused on giving consumer packaged goods (CPG) companies anytime, anywhere access to sales representatives and merchandisers, enabling them to capture information from the field to make them more competitive and agile, Infosys said.
Wipro rose 0.17%. The company after market hours on Tuesday, 7 May 2013, announced that it has signed an agreement to enter into a strategic partnership and take a minority position in Opera Solutions, LLC, a leading global Big Data science company. Wipro will invest $30 million in the company, which is privately held and headquartered in Jersey City, NJ.
Big Data represents an unprecedented opportunity for business value creation but many enterprises do not have the right technology or the science to access its power. Opera Solutions supplies these critical capabilities in a form that allows organizations to rapidly turn raw Big Data into strategic advantage, profit, and productivity.
"This strategic partnership with Opera Solutions will help us further extend our leadership in the Big Data analytics space, as it combines Opera Solutions' machine learning expertise, pre-discovered predictive Signals and algorithms with Wipro's proven domain and technology expertise combined with Global Delivery Model to create industry-specific Big Data analytics solutions. It also enables our customers to maximize the ROI of Big Data analytics implementation through faster adoption," said K.R Sanjiv, Senior Vice President and Global Head, Analytics and Information Management, Wipro.
Oracle Financial Services Software dropped after the company said its foreign promoter intents to pare stake in the company to comply with the minimum public shareholding requirements of the Listing Agreement. The stock was down 4.92%. The foreign promoter intends to reduce its stake in the company by 5.3%.
Oracle Financial Services Software after trading hours on Tuesday, 7 May 2013, said its consolidated net profit jumped 45% to Rs 281.30 crore on 2% growth in revenue to Rs 881.50 crore in Q4 March 2013 over Q4 March 2012. Consolidated net profit rose 18% to Rs 1075.10 crore on 10% growth in revenue to Rs 3474 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
HDFC advanced 2.06% ahead of Q4 results today, 8 May 2013.
Lupin gained 2.05% to Rs 728.30 after striking a record high of Rs 733.90 in intraday trade today, 8 May 2013. The company unveils Q4 results today, 8 May 2013.
Ranbaxy Laboratories fell 1.61% ahead of Q1 March 2013 results today, 8 May 2013.
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.
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, South Korea, Japan, China, Taiwan and Indonesia were up by 0.05% to 0.88%.
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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