Key benchmark indices cut losses in afternoon trade after hitting an intraday low weighed by comments from Finance Minister Arun Jaitley that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days. The barometer index, the S&P BSE Sensex, was down 70.23 points or 0.27%, up 94.19 points from the day's low and off 139.79 points from the day's high. The market breadth indicating the overall health of the market turned negative from positive in afternoon trade.
Among the side counters, Central Bank of India, Chambal Fertilisers & Chemicals, Hinduja Global Solutions, PC Jeweller, Rolta India, United Bank of India and Zensar technologies hit 52-week high. The Ramco Cements scaled record high. Shares of credit rating agencies were mostly higher with shares of CRISIL hitting record high.
At 13:15 IST, the S&P BSE Sensex was down 70.23 points or 0.27% to 25,753.52. The index fell 164.42 points at the day's low of 25,659.33 in afternoon trade, its lowest level since 1 July 2014. The index rose 69.56 points at the day's high of 25,893.31 in mid-morning trade.
The CNX Nifty was down 31.10 points or 0.4% to 7,683.70. The index hit a low of 7,661.30 in intraday trade, its lowest level since 1 July 2014. The index hit a high of 7,733.50 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,538 shares declined and 1,307 shares gained. A total of 122 shares were unchanged.
The BSE Mid-Cap index was up 6.47 points or 0.07% at 9,497.05. The BSE Small-Cap index was up 14.93 points or 0.14% at 10,434.31. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2299 crore by 13:15 IST.
Among the 30-share Sensex pack, 20 stocks declined and rest of them gained.
Sesa Sterlite (down 1.79%), Mahindra & Mahindra (down 1.38%), Tata Power Company (down 1.26%), L&T (down 1.24%) and Hindalco Industries (down 1.03%) edged lower from the Sensex pack.
Oil India fell 1.53%. Oil India during market hours said that the company has completed transaction for acquisition of 50% shareholding in WorldAce Investment, a Cyprus based wholly owned subsidiary of PetroNeft Resources, which owns License 61 in Tomsk Oblast region in Western Siberia, Russia. The total commitment from Oil India will be $85 million including $45 million for development capex. The effective date of the acquisition is 1 January 2014. The current transaction marks Oil India's entry into Russia and is a significant addition to the company's overseas E&P portfolio, the company said.
License 61 is located on the eastern side of the Ob river in the oil-bearing region of the Tomsk Oblast. The 4,991 sq kilometer license contains 7 oil fields and over 25 identified prospects and leads. The block started production in 2010. Current production from the license is around 2,100 barrels of oil per day.
It may be recalled that Oil India had signed definitive agreements on 17 April 2014, with PTR, to take 50% non-operating interest in Licence 61 in Tomsk Oblast in Russia. Subsequent to the signing of the definitive agreements, the major Conditions Precedents for successful closure of the deal, including the approval of shareholders of PetroNeft and Russian regulatory approvals were obtained. The deal was successfully closed on 3 July 2014, Oil India said.
Central Bank of India gained 3.61% to Rs 79 after hitting 52-week high of Rs 81.35 in intraday trade.
Chambal Fertilisers & Chemicals rose 2.19% to Rs 63.10 after hitting 52-week high of Rs 64.25 in intraday trade.
Hinduja Global Solutions surged 14.72% to Rs 656.60 after hitting 52-week high of Rs 675.90 in intraday trade.
PC Jeweller jumped 9.03% to Rs 147.35 after hitting 52-week high of Rs 150.70 in intraday trade.
The Ramco Cements gained 2.85% to Rs 305.40 after hitting record high of Rs 311 in intraday trade.
Rolta India advanced 5.59% to Rs 117.10 after hitting 52-week high of Rs 120.95 in intraday trade.
United Bank of India galloped 12.21% to Rs 58.35 after hitting 52-week high of Rs 61.65 in intraday trade.
Zensar technologies advanced 5.32% to Rs 451.75 after hitting 52-week high of Rs 460 in intraday trade.
Shares of credit rating agencies were mostly higher.
CRISIL surged 5.91% to Rs 1,920 after hitting record high of Rs 1,929 in intraday trade.
ICRA rose 2.07%. Credit Analysis and Research (CARE) fell 1.9%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.76, compared with its close of 59.73/74 on Thursday, 3 July 2014.
The Sensex regained positive terrain after slipping into the red for a brief period after opening higher. Key benchmark indices hovered in positive terrain in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices witnessed a sudden slide in early afternoon trade after comments from Finance Minister Arun Jaitley that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days. Key benchmark indices cut losses in afternoon trade.
India imports about 80% of its crude oil requirement. Brent crude oil futures for August delivery were up 1 cent at $111.01 a barrel. The contract fell 24 cents to settle at $111 a barrel on Thursday, 3 July 2014, on prospects of increase in oil exports from Libya.
European stocks were edged lower on Friday, 4 July 2014 following the biggest three-day rally since April, as investors weighed valuations. Key benchmark indices in UK, France and Germany were down 0.01% to 0.14%.
German Finance Minister Wolfgang Schaeuble reportedly said on Thursday, 3 July 2014 that economic growth for this year and next year could slightly exceed what the government has so far forecast. The government is currently forecasting 1.8% growth in gross domestic product for 2014 and 2% for 2015.
A report today, 4 July 2014 showed German factory orders fell 1.7% in May, following a revised 3.4% increase in April.
European Central Bank chief Mario Draghi said on Thursday, 3 July 2104, after a policy meeting that borrowing costs will stay at current levels for an extended period after the introduction of unprecedented stimulus in June.
Asian stocks were mixed on Friday, 4 July 2014. Key benchmark indices in South Korea, Indonesia, and Japan were up 0.03% to 0.58%. Key benchmark indices in China, Singapore and Taiwan were down 0.07% to 0.19%. Hong Kong's Hang Seng index was unchanged.
US stocks rose on Thursday, 3 July 2014, with the Dow Jones Industrial Average hitting record high above 17,000 for the first time and the S&P 500 index also scaling record high after the June jobs report came in much stronger than expected.
US employers added 288,000 workers to nonfarm payrolls in June, following a 224,000 increase in May that was bigger than previously estimated. A 1.39 million increase in employment over the past six months was the largest since early 2006, while the unemployment rate fell to 6.1%, the lowest level since September 2008.
US markets are closed today, 4 July 2104, on account of holiday.
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