Key benchmark indices edged higher in what was a volatile final trading session of the week. The barometer index, the S&P BSE Sensex, was provisionally up 49.53 points or 0.2%, up close to 80 points from the day's low and off close to 100 points from the day's high. The market breadth indicating the overall health of the market was positive. Firmness in European stocks aided gains on the domestic bourses.
GAIL (India) edged lower on reports more than a dozen people were killed today, 27 June 2014, after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh. Shares of organised retailers rallied. Ranbaxy Laboratories and Sun Pharmaceutical Industries surged after Ranbaxy announced that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for a generic version of a medicine for treatment of hypertension and heart failure.
As per provisional figures, the S&P BSE Sensex was up 49.53 points or 0.2% to 25,112.20. The index jumped 146.94 points at the day's high of 25,209.61 in early trade. The index shed 29.73 points at the day's low of 25,032.94 in early afternoon trade.
The CNX Nifty was up 19.05 points or 0.25% at 7,512.25, as per provisional figures. The index hit a high of 7,538.75 in intraday trade. The index hit a low of 7,482.30 in intraday trade.
The total turnover on BSE amounted to Rs 3317 crore, higher than Rs 3288.65 crore on Thursday, 26 June 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,712 shares gained and 1,285 shares fell. A total of 113 shares were unchanged.
The BSE Mid-Cap index was up 24.33 points or 0.27% at 9,205. The BSE Small-Cap index was up 40.91 points or 0.41% at 10,022.29. Both these indcies outperformed the Sensex.
GAIL (India) dropped on reports fourteen people were killed and 20 injured today, 27 June 2014, in a blast and fire at a gas pipeline operated by GAIL (India) in Andhra Pradesh. The stock was off 0.27% at Rs 458.50. The stock hit high of Rs 461.05 and low of Rs 451.25. The victims were local residents and a fire at the scene had been brought under control, reports said.
The blast in the pipeline belonging to GAIL took place around 5:30 IST due to a gas leak in the pipeline, the Ministry of petroleum & natural gas said. The fire has been brought under control. All the steps have been taken on the site for prevention, like closing of input/output valves to the pipeline. The cause of the accident is still not known.
The Minister of State (Independent charge) for Petroleum and Natural gas, Dharmendra Pradhan has ordered a high level inquiry into the pipeline explosion at Tatipaka in the East Godavari District of Andhra Pradesh. He has expressed concern at the accident, and assured that strong steps for safety and security of oil and gas installations will be taken so as to ensure non-recurrence of such incidents. Pradhan has directed immediate rescue, relief and rehabilitation measures.
Ranbaxy Laboratories surged after the company announced that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for Valsartan 40 mg, 80 mg, 160 mg and 320 mg tablets -- a generic version of a medicine for treatment of hypertension and heart failure. The stock was up 5.38% at Rs 497.15. The Office of Generic Drugs, USFDA, has determined Ohm formulations to be bioequivalent and have the same therapeutic effect as that the branded drug Diovan. The total annual market sales for Diovan in the United States stands at $2.19 billion (IMS-MAT: April 2014).
Sun Pharmaceutical Industries rose 3.97% to Rs 660.65 after hitting record high of Rs 674.70 in intraday trade. In April this year, Sun Pharma had acquired Ranbaxy in a $4 billion transaction.
Shares of organised retailers rallied. Shoppers Stop (up 3.58% to Rs 389.65), Trent (up 4.71% to Rs 1,258.65) and Future Retail (up 5.62% to Rs 135.30), gained.
Key benchmark indices edged higher amid initial volatility as crude oil prices dropped on Thursday, 26 June 2014. Intraday volatility continued as key benchmark indices pared gains after extending initial gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade. A bout of volatility was witnessed as key benchmark indices reversed gains and hit fresh intraday low in early afternoon trade. Key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade. It held positive terrain in mid-afternoon trade. It regained strength after cutting entire intraday gains in late trade.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.12, compared with its close of 60.14/15 on Thursday, 26 June 2014.
Oil prices recovered in choppy trade. Brent crude oil futures for August delivery were up 11 cents at $113.32 a barrel. The contract lost 79 cents to settle at $113.21 on Thursday, 26 June 2014, its lowest settlement since 16 June 2014.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Meanwhile, rain shortfall shrank in the third week since the onset of its monsoon, recovering a little after a poor start. Rains were 31% below average in the week to June 25, improving from 45% below average in the second week of the monsoon. India's farm sector accounts for 14% of its nearly $2 trillion economy.
The Reserve Bank of India on Thursday, 26 June 2014, said in its Financial Stability Report (FSR) June 2014 that the return to political stability has provided impetus to the domestic economic outlook and the capital markets reflect the expectations on policy measures to address the adverse growth-inflation dynamics and saving-investment balance as also efficient implementation of policies and programmes. Further progress on fiscal consolidation, a predictable tax and policy regime, and low and stable inflation rates will be the key anchors in promoting India's macroeconomic as well as financial stability, RBI Governor Raghuram Rajan said in his foreword to the FSR.
European stocks edged higher on Friday, 27 June 2014 as investors awaited data on US consumer confidence to gauge the outlook for the world's largest economy. Key benchmark indices in Germany, France and UK were up 0.14% to 0.19%.
Euro-area economic confidence unexpectedly declined in June, led by industry, as tensions in Ukraine and the single currency's strength hindered efforts by the European Central Bank to boost lending and growth. An index of executive and consumer sentiment fell to 102 from a revised 102.6 in May, the European Commission in Brussels said today.
Asian stocks edged lower on Friday, 27 June 2014, after a Federal Reserve official said the US may raise interest rates by March. Key benchmark indices in China, Japan, Indonesia, Singapore, South Korea and Taiwan fell by 0.11% to 1.39%. Hong Kong's Hang Seng rose 0.1%.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell on Friday, 27 June 2014. US stocks slipped for the third time in four days on Thursday, 26 June 2014, after James Bullard, president of the Federal Reserve Bank of St. Louis, suggested that higher interest rates may happen sooner than people thought. Economic data showing that consumer spending rose less than forecast also led to losses in US stocks. Bullard, speaking in an interview to a business channel, predicted the central bank's first interest-rate rise will happen in the first quarter of next year.
Consumer spending, which accounts for about 70% of the economy, climbed 0.2% in May after being little changed in April, US Commerce Department figures showed.
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