Key benchmark indices trimmed gains in early afternoon trade. The market breadth, indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex, was up 58.10 points or 0.29%, off close to 50 points from the day's high and up close to 40 points from the day's low.
Dr Reddys Laboratories reversed direction after hitting record high at the onset of the trading session. Sun Pharmaceutical Industries edged higher in choppy trade after its US unit Taro Pharmaceutical Industries reported strong Q3 earnings on Monday, 10 February 2014. Index heavyweight Reliance Industries declined after Delhi's Chief Minister called for an investigation into what he alleged was collusion between government policymakers and Reliance in a plan to raise natural gas prices this year.
The market trimmed gains after a firm start. The Sensex hovered in green in mid-morning trade. Key benchmark indices traded off the day's high in early afternoon trade.
At 12:20 IST, the S&P BSE Sensex was up 58.10 points or 0.29% to 20,392.37. The index jumped 109 points at the day's high of 20,443.35 in early trade, its highest level since 7 February 2014. The index rose 19.14 points at the day's low of 20,353.41 in early trade.
The CNX Nifty was up 14.75 points or 0.24% to 6,068.20. The index hit a high of 6,081.85 in intraday trade. The index hit a low of 6,053.25 in intraday trade.
The BSE Mid-Cap index was up 12.04 points or 0.19% at 6,351.98. The BSE Small-Cap index was up 15.06 points or 0.24% at 6,355.19. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,132 shares dropped and 1,112 shares rose. A total of 118 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks rose and rest fell. Tata Motors (up 2.72%), Tata Steel (up 1.5%) and TCS (up 1.16%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries declined after Delhi's Chief Minister called for an investigation into what he alleged was collusion between government policymakers and Reliance in a plan to raise natural gas prices this year. The stock was off 0.69%. "Today we have instructed the anti-corruption branch to file a criminal case against Murli Deora, FIRs against Veerappa Moily, V.K. Sibal, the (then) director general of hydrocarbons, Reliance Industries Chairman Mukesh Ambani and others," Arvind Kejriwal told a press conference. RIL had initially agreed to supply gas to utility NTPC at about $2.3 per million British thermal units (mBtu) for about 17 years, Kejriwal said. But price of gas from the D6 block was fixed at $4.2 per mBtu when Deora was oil minister. Last year, after Moily took over as oil minister, the central government agreed to link prices with global indexes, which could double the local gas prices from 1 April 2014. Kejriwal said he would ask the central government to suspend the latest order on gas pricing pending an inquiry.
Dr Reddys Laboratories fell 0.1% to Rs 2,674 ahead of its Q3 results today, 11 February 2014. The stock reversed direction after hitting record high of Rs 2,700 at the onset of the trading session.
Sun Pharmaceutical Industries edged higher in choppy trade after its US unit Taro Pharmaceutical Industries reported strong Q3 earnings on Monday, 10 February 2014. The stock was up 0.2% at Rs 612.60. The scrip hit high of Rs 624.50 and low of Rs 610 so far during the day. Net income attributable to Taro was $115.6 million in Q3 December 2013, compared to $88.8 million in Q3 December 2012, resulting in diluted earnings per share of $2.59 compared to $1.98. Taro's net sales rose 15% to $213.6 million in Q3 December 2013 over Q3 December 2012, even as sales volumes declined. Gross profit, as a percentage of net sales was 80.7% in Q3 December 2013, higher than 75.4% in Q3 December 2012. Research and development expenses increased 27.8% to $15.1 million or 7.1% of net sales compared to 6.4%. Selling, marketing, general and administrative expenses, as a percentage of net sales, was 10.3% compared to 11.2%. Operating income increased to $134.9 million, or 63.2% of net sales, compared to $104.0 million, or 56% of net sales. Cash provided by operations for the period ended 31 December 2013, as compared to 31 December 2012, was $273.7 million compared to $173.1 million.
During the quarter, the company filed six ANDAs with the FDA. With this, ANDAs representing twenty-five products as well as one NDA await FDA approval.
Ranbaxy Laboratories rose 1.22%.
Astrazeneca Pharma India surged 11.38% after the company reported a net profit of Rs 1.52 crore in Q3 December 2013 as against net loss of Rs 17.70 crore in Q3 December 2012. The Q3 result was announced after market hours on Monday, 10 February 2014. Astrazeneca Pharma India's net sales rose 13.3% to Rs 118.88 crore in Q3 December 2013 over Q3 December 2012.
Entertainment Network (India) jumped 5.4% after consolidated net profit surged 37.7% to Rs 25.88 crore on 12.8% growth in net sales to Rs 98.21 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Monday, 10 February 2014.
Manappuram Finance surged 11.76% after a ratings firm revised its rating outlook on ratings of the long-term debt instruments and bank facilities of the company. The announcement was made after market hours on Monday, 10 February 2014. Manappuram Finance said that CRISIL has revised its rating outlook on ratings of the long-term debt instruments and bank facilities of the company from 'Negative' to 'Stable' on 5 February 2014.
Kirloskar Electric Company lost 7.44% after the company reported a net loss of Rs 19.54 crore in Q3 December 2013 as against net profit of Rs 1.15 crore in Q3 December 2012. The Q3 result was announced after market hours on Monday, 10 February 2014. Kirloskar Electric Company's net sales declined 22.69% to Rs 154.48 crore in Q3 December 2013 over Q3 December 2012.
In the foreign exchange market, the rupee edged higher against the dollar on global risk-on sentiment. The partially convertible rupee was hovering at 62.405, compared with its close of 62.43/44 on Monday, 10 February 2014.
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.
Consumer price inflation is seen easing a bit in January 2014. Inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing to 9.4% in January 2014 from 9.87% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 at 17:30 IST tomorrow, 12 February 2014.
Inflation based on the wholesale price index (WPI) is also expected to ease in January 2014. WPI inflation is seen easing to 5.9% in January 2014 from 6.16% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon on Friday, 14 February 2014.
Industrial production is expected to remain in contraction mode in December 2013. Industrial output is expected to decline 1% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. India's industrial production declined 2.1% in November 2013, recording decline for second consecutive month after 1.6% dip in October 2013.
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 Tuesday, 11 February 2014, before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day. Key benchmark indices in China, South Korea, Singapore, Indonesia, Hong Kong and Taiwan rose 0.41% to 1.83%. Japanese stock markets were closed for a holiday today.
Trading in US index futures indicated that the Dow could advance 45 points at the opening bell on Tuesday, 11 February 2014. US stocks rose on Monday amid optimism that economic growth is robust enough to weather central bank stimulus cuts.
Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day today, 11 February 2014. Yellen will speak on monetary policy and the outlook for the US economy for the first time since being sworn in as the central bank's head.
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.
Powered by Capital Market - Live News
