Key benchmark indices bounced back after turning negative for a brief period in afternoon trade. The barometer index, the S&P BSE Sensex, was up 33.74 points or 0.17%, up close to 36 points from the day's low and off about 67 points from the day's high. Index heavyweight and cigarette major ITC edged higher in choppy trade. Index heavyweight Reliance Industries (RIL) was trading lower. The market breadth, indicating the overall health of the market, was positive. Bank stocks were mixed. Shares of power generation companies were in demand.
The market edged higher amid initial volatility. The market pared gains after hitting fresh intraday high in morning trade. The market further trimmed intraday gains in mid-morning trade. The Sensex was up marginally in early afternoon trade. Key benchmark indices bounced back after briefly turning negative in afternoon trade
Foreign institutional investors (FIIs) bought shares worth a net Rs 224.75 crore on Friday, 26 April 2013, as per provisional data from the stock exchanges.
At 13:23 IST, the S&P BSE Sensex was up 33.74 points or 0.17% to 19,320.46. The index rose 101.18 points at the day's high of 19,387.90 in morning trade, its highest level since 25 April 2013. The index fell 2.32 points at the day's low of 19284.40 in afternoon trade.
The CNX Nifty was up 10.70 points or 0.18% to 5,882.15. The index hit a high of 5,899.15 in intraday trade. The index hit a low of 5,868.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1146 shares advanced and 987 shares declined. A total of 132 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks rose while rest of them fell. Hero MotoCorp (up 2.63%), Wipro (up 2.39%), Bhel (up 1.40%), Sterlite Industries (up 1.28%), ONGC (up 1.20%), Mahindra & Mahindra (up 1.09%), Infosys (up 0.94%) and Tata Power (up 0.90%), edged higher from the Sensex pack.
Jindal Steel & Power (down 5.26%), Coal India (down 1.33%), Bharti Airtel (down 1.07%), HDFC (down 1.01%), Larsen & Toubro (down 0.90%), Sun Pharmaceutical Industries (down 0.80%), Tata Steel (down 0.77%) and Tata Motors (down 0.76%), edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) declined 0.27% to Rs 791. The scrip hit high of Rs 799 and a low of Rs 789 so far during the day. At the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC rose 0.86% to Rs 321.70. The scrip hit high of Rs 321.80 and a low of Rs 316.70 so far during the day. The stock had hit record high of Rs 323.85 in intraday trade on 25 April 2013. West Bengal chief minister Mamata Banerjee on 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, 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, which was unveiled on 28 February 2013.
Bank stocks were mixed. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI) declined 0.85%.
Federal Bank fell 3.42%. The bank's net profit declined 6.59% to Rs 221.94 crore on 8.58% growth in total income to Rs 1780.31 crore in Q4 March 2013 over Q4 March 2012. The bank announced the results on Saturday, 27 April 2013.
Axis Bank fell 1.60%. The bank's net profit rose 21.75% to Rs 1555.15 crore on 18.39% growth in total income to Rs 9054.72 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results on Wednesday, 24 April 2013. Axis Bank said that the bank is well capitalised with equity capital of Rs 5537 crore raised in Q4 March 2013. The bank said that it is well positioned for growth with a healthy capital adequacy ratio (CAR) of 17%, and Tier-I CAR at 12.23% as on 31 March 2013.
ICICI Bank fell 0.03%. The bank's net profit rose 21% to Rs 2304 crore on 10.26% rise in total income to Rs 12573.52 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during market hours on Friday, 26 April 2013. Net interest income increased 22% to Rs 3803 crore in Q4 March 2013 from Rs 3105 crore in Q4 March 2012. The cost-to-income ratio reduced to 40% in Q4 March 2013 from 41.6% in Q4 March 2012.
HDFC Bank rose 0.73%. HDFC Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012.
IDBI Bank rose 0.56%. The bank said after market hours on Thursday, 25 April 2013, that its net profit fell 28.15% to Rs 554 crore on 9.87% growth in total income to Rs 7544 crore in Q4 March 2013 over Q4 March 2012. IDBI Bank's operating profit rose 32.39% to Rs 1594 crore in Q4 March 2013 over Q4 March 2012. Net interest income (NII) grew by 18.92% to Rs 1440 crore in Q4 March 2013 over Q4 March 2012. Fee based income rose 34% to Rs 875 crore in Q4 March 2013 over Q4 March 2012.
Among other banks, Union Bank of India (up 3.62%), IndusInd Bank (up 3.39%), Punjab National Bank (up 1.06%), Bank of Baroda (up 0.61%), Yes Bank (up 0.6%), IDBI Bank (up 0.56%) and Bank of India (up 0.02%), edged higher.
Power generation firm Lanco Infratech jumped 10.09% after the firm said the litigation for a claim of AUD 3.5 billion by Perdaman Chemicals against Griffin Coal and Lanco Group in the Supreme Court of Western Australia is now at an end. The company made the announcement during trading hours today, 29 April 2013.
Lanco has agreed to pay Perdaman Chemicals (Perdaman) a nominal amount of AUD 7.5 million plus legal costs to be taxed by the Court, without admissions of any of the allegations of Perdaman, Lanco Infratech said in a statement. This settlement was reached pursuant to the rules of Supreme Court of Western Australia, which allows for early and cost effective resolution of such claims, Lanco Infratech added. Lanco Infratech said that this outcome will have a positive impact on the entire group, and especially for Griffin Coal, a 100% subsidiary of Lanco.
Among other generation stocks, Reliance Infrastructure (up 3.88%), JSW Energy (up 3.61%), Reliance Power (up 1.97%), Adani Power (up 0.92%), NTPC (up 0.78%), Tata Power (up 0.74%) and Torrent Power (up 0.42%), edged higher.
Siemens jumped 6.47% to Rs 535.35. The company's net profit fell 89.94% to Rs 29.94 crore on 26.27% decline in total income to Rs 2968.03 crore in Q2 March 2013 over Q2 March 2012. The company said that the difference in net profit is primarily accounted for by a charge of Rs 90 crore in the Q2 March 2013 on account of revised estimates of revenues, costs and project related provisions as against credit during Q2 March 2012 of Rs 265.98 crore. The company's new orders rose 52% to Rs 2814.10 crore in Q2 March 2013 over Q2 March 2012. The company announced Q2 results during market hours on Friday, 26 April 2013. The stock fell 3.61% to Rs 502.80 on Friday.
The stock market remains closed on Wednesday, 1 May 2013, on account of Maharashtra Day.
The focus of the market is on Q4 results. IDFC announces Q4 results on Wednesday, 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on Thursday, 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on Friday, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013. HDFC and Lupin unveil Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
The Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13, the PMEAC said. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for April 2013 on Wednesday, 1 May 2013. The HSBC India Manufacturing PMI fell to 52 in March 2013, after a surge to 54.2 in February 2013. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2013 on Friday, 3 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to a 17-month low of 51.4 in March from 54.2 in February. Services make up over 60% of India's economy.
Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 on Friday, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
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.
The Lok Sabha was adjourned till 14:00 IST after uproar over demand for PM's resignation over coal scam. The Rajya Sabha was adjourned till 14:00 IST. The government needs to pass many crucial bills, including the finance Bill in the last two weeks of the Budget Session which ends on 10 May 2013. Neither House transacted any business last week after Parliament reconvened for the rest of the Budget session that saw adjournments and uproar over various issues such as 2G scam, coal scam and the Delhi minor rape.
European markets were trading higher in early trade. Key benchmark indices in UK, France and Germany were up by 0.23% to 1.01%.
The European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
Most Asian stocks rose on Monday. Key benchmark indices in Hong Kong, Taiwan, Indonesia and Singapore rose by 0.10% to 0.22%. South Korea's Seoul Composite was down by 0.20%. Markets in China and Japan were closed for a holiday.
Trading in US index futures indicated that the Dow could gain 48 points at the opening bell on Monday, 29 April 2013. Most US stocks dipped in thin volume on Friday amid a mixed bag of earnings and weak economic figures. Gross domestic product expanded at a 2.5% rate in the first quarter, below estimates of 3%, heightening fears the US economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year.
A two-day meeting of the Federal Open Market Committee on US interest rates begins tomorrow, 30 April 2013.
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