Key benchmark indices regained strength after trimming gains after hitting fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, was up 70.80 points or 0.32%, up about 120 points from the day's low and off close to 70 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Lupin scaled record high. HPCL hit 52-week high. Index heavyweight Reliance Industries (RIL) rose. Realty stocks edged lower.
Key indices hovered between gains and losses near the flat line in early trade. It regained strength after trimming gains after hitting fresh intraday high in morning trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Friday, 2 May 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 386.95 crore on Friday, 2 May 2014, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was up 70.80 points or 0.32% to 22,474.69. The index rose 141.29 points at the day's high of 22,545.18 in morning trade. The index shed 49.44 points at the day's low of 22,354.45 in early trade, its lowest level since 30 April 2014.
The CNX Nifty was up 21.15 points or 0.32% to 6,715.95. The index hit a high of 6,732.05 in intraday trade. The index hit a low of 6,680.45 in intraday trade, its lowest level since 30 April 2014.
The BSE Mid-Cap index rose 16.82 points or 0.23% to 7,374.28. The BSE Small-Cap index rose 3.96 points or 0.05% to 7,536.77. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 808 shares gained and 677 shares fell. A total of 76 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks declined and rest of them rose. GAIL (India) (up 1.36%), ONGC (up 1.29%) and ITC (up 0.85%) edged higher from the Sensex pack.
Realty stocks edged lower. DLF (down 0.32%), D B Realty (down 1.1%), Housing Development & Infrastructure (down 0.01%), Sobha Developers (down 0.59%) and Unitech (down 1.25%) declined.
Index heavyweight Reliance Industries (RIL) rose 1.43% to Rs 941.55. The stock hit high of Rs 945 and low of Rs 925 so far during the day.
Reliance Capital rose 1.01% after consolidated net profit rose 1% to Rs 267 crore on 9% growth in total income to Rs 1848 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Friday, 2 May 2014.
Reliance Capital's consolidated net profit rose 59% to Rs 747 crore on 14% growth in total income to Rs 7544 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (excluding one-time capital gains on stake sale in RCAM in FY 2013).
Reliance Capital's net worth rose 4% year-on-year (YoY) to Rs 12483 crore as of 31 March 2014.
The company had a net debt equity ratio of 1.82 as on 31 March 2014. It continues to enjoy the highest ratings of 'A1+' by ICRA and CRISIL, for its short term borrowings program and 'CARE AAA' by CARE for its long term borrowing program, Reliance Capital said in a statement.
As on 31 March 2014, the total assets of the company stood at Rs 45528 crore, an increase of 12%.
Reliance Capital said the company has not raised any fixed deposits from the public.
ABB India fell 0.17%. The company's net profit rose 20% to Rs 52 crore on 8% decline in revenues to Rs 1810 crore in Q1 March 2014 over Q1 March 2013. The company announced the result on Sunday, 4 April 2014.
ABB India said that solid execution and continuous cost optimization helped improve profitability. Revenue for the corresponding period in 2013 was higher at Rs 1964 crore supported by the execution of one large order from renewable sector.
Operational EBITDA (earnings before interest, taxes, depreciation and amortization) margins were reported at 7.6% in Q1 March 2014, higher than 6.6% in Q1 March 2013.
"We had a satisfactory first quarter despite an indecisive investment climate. A balanced portfolio of customer offerings and relentless execution has helped us deliver profitable growth. Our new and upgraded production facilities, coupled with cost efficient technologies will further strengthen our position as the market revives," said Bazmi Husain, Managing Director, ABB India.
The company received orders worth Rs 1982 crore during the quarter ended 31 March 2014, compared to an order intake of Rs 1540 crore for the same period last year. During the quarter the company received large orders for transformers, substations as well as medium voltage drives and traction converters. The company continued its progress towards localisation and value chain optimisation to remain competitive.
The company's order backlog remain strong at Rs 7876 crore at the end of the quarter as against Rs 8257 crore for the corresponding period in 2013.
Lupin rose 0.25% to Rs 1012.50 after hitting record high of Rs 1019.80 in intraday trade.
HPCL gained 1.85% to Rs 335.50 after hitting 52-week high of Rs 337.35 in intraday trade.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.07, compared with its close of 60.16 on Friday, 2 May 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Asian stocks fell on Monday after a private gauge of Chinese manufacturing contracted for a fourth month, missing market estimates. Key benchmark indices in China, Singapore, Taiwan and Hong Kong declined 0.05% to 1.45%. Indonesia's Jakarta Composite rose 0.32%. Markets in Japan and South Korea are closed today and tomorrow for holidays.
China's manufacturing contracted in April for a fourth month, according to a private survey, signaling the risk of a deeper slowdown in an economy already projected to expand this year at the slowest pace since 1990. A purchasing managers' index was at 48.1, HSBC Holdings Plc and Markit Economics said in a statement today. That compared with 48 the previous month. Numbers below 50 indicate contractions.
Growth in China's services sector accelerated slightly in April as new orders held steady, an official survey showed, an encouraging sign of strength in an economy that otherwise faces a cloudy outlook. The purchasing manufacturing index (PMI) for the services industry edged up to 54.8 last month, the National Bureau of Statistics said on Saturday, up marginally from 54.5 in March. A reading above 50 in PMI surveys indicates growth on a monthly basis, while a number below that threshold points to a contraction in activity.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell on Monday, 5 May 2014. US stocks eased on Friday as concerns about more violence in Ukraine prompted profit-taking ahead of the weekend and offset optimism about the fastest job growth in more than two years.
The labor market shifted into a higher gear in April with payroll gains showing the most widespread advance in two years, a sign the US economic expansion is on the verge of speeding up. The 288,000 increase in employment marked the biggest upside surprise since February 2012 and followed a 203,000 rise the prior month, Labor Department figures showed in Washington. An index measuring the share of industries hiring climbed to 67, the highest level since January 2012. The jobless rate dropped to 6.3%, the lowest since September 2008.
The Federal Reserve will likely bring its massive bond-buying program to an end in October, and only after that will it consider when to raise rates, a top Fed official said on Sunday. "I personally expect us to end that program in October," Dallas Federal Reserve Bank President Richard Fisher said in an interview on Fox News. "Then we have to see how the economy is doing, including these broader measures of unemployment and where we stand before we can talk about how we might move the short-term rate," he added.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled on Thursday, 8 May 2014.
The European Central Bank (ECB) will hold monetary policy meeting on Thursday, 8 May 2014, in Brussels, Belgium.
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