Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade after the result of a private survey showed that growth in the Indian manufacturing sector was maintained in June 2014. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks. The Sensex was up 129.05 points or 0.51%, up about 80 points from the day's low and off about 5 points from the day's high. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up more than 1%, outperforming the Sensex. The market sentiment was boosted by provisional data showing that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014.
Auto stocks gained. Maruti Suzuki India rose after the company reported robust sales in June. Bajaj Auto hit record high. Bharat Heavy Electricals (Bhel) rose after the company said it successfully commissioned fourth thermal unit of 250 megawatts (MW) in Rajasthan.
At 12:20 IST, the S&P BSE Sensex was up 129.05 points or 0.51% to 25,542.79. The index jumped 133.21 points at the day's high of 25,546.99 in early afternoon trade, its highest level since 18 June 2014. The index rose 52.99 points at the day's low of 25,466.67 in mid-morning trade.
The CNX Nifty was up 28.25 points or 0.37% to 7,639.60. The index hit a high of 7,645.10 in intraday trade, its highest level since 18 June 2014. The index hit a low of 7,618.15 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,739 shares gained and 934 shares fell. A total of 100 shares were unchanged.
The BSE Mid-Cap index was up 63.17 points or 0.67% at 9,442.12. The BSE Small-Cap index was up 123.18 points or 1.21% at 10,326.37. Both these indcies outperformed the Sensex.
Auto stocks gained. Mahindra & Mahindra (M&M) (up 3.49% to Rs 1,188), Tata Motors (up 2.71% to Rs 442.85), Ashok Leyland (up 1.1% to Rs 36.90), Hero MotoCorp (up 0.78% to Rs 2,647.75) and TVS Motor Company (up0.49% to Rs 160.35) gained.
Maruti Suzuki India rose 4.11% to Rs 2,538.65 after company reported robust sales in June. The company said during market hours that its total sales rose 33.5% to 1.12 lakh units in June 2014 over June 2013. The stock hit record high of Rs 2.563.60 in intraday trade. Maruti's domestic sales rose 31.1% to 1 lakh units in June 2014 over June 2013. Exports jumped 58.4% to 11,809 units in June 2014 over June 2013.
Bajaj Auto rose 1.03% to Rs 2,337 after hitting record high of Rs 2,347 in intraday trade.
Bharat Heavy Electricals (Bhel) rose 1.52% to Rs 253.90 after the company said during market hours it successfully commissioned fourth thermal unit of 250 megawatts (MW) in Rajasthan. The unit was commissioned at Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL)'s 2x250 MW Chhabra Thermal Power Project (TPP) stage-1, located in Baran-District of Rajasthan.
With the commissioning of this fourth 250 MW unit at Chhabra TPP, the capacity of the coal-based thermal power plant has gone up to 1,000 MW. Bhel has earlier commissioned three units of similar rating at the Stage I and Stage ll of the power project.
Reposing confidence in Bhel's proven technological excellence, RRVUNL had placed an order valued at nearly Rs 990 crore on the company, for setting up two units of 250 MW each (Units 3&4)as stage - ll expansion project of Chhabra TPP.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014. The Sensex hovered in positive terrain in morning trade. The Sensex regained strength after paring intraday gains in mid-morning trade. IT extended gains and hit fresh intraday high in early afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.1275, compared with its close of 60.17/18 on Monday, 30 June 2014.
A survey from Markit Economics showed that growth in the Indian manufacturing sector was maintained in June 2014. Adjusted for seasonal variations, the seasonally adjusted HSBC India Purchasing Managers' Index (PMI) rose marginally to 51.5 in June from 51.4 in May. Greater domestic and foreign demand led companies to increase production levels further. Buying activity expanded at a faster rate, while employment continued to rise. Input cost and output price inflation accelerated over the month, although in both cases the rates of increase were below their respective long-run averages, the survey showed today, 1 July 2014.
Manufacturing production rose for the eighth successive month in June 2014. There was a moderate expansion of incoming new orders, with growth in export orders at three-month high, the survey showed.
Data released by the government after trading hours on Monday, 30 June 2014, showed that the government's fiscal deficit for the period April-May 2014 at Rs 2.40 lakh crore amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year.
The output of eight core industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP) recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014, data released by the government after trading hours on Monday, 30 June 2014, showed.
Most Asian stocks edged lower on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, South Korea and Singapore were off 0.02% to 0.58%. Key benchmark indices in Japan and Taiwan rose 0.52% to 1.08%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Trading in US index futures indicated that the Dow could gain 23 points at the opening bell on Tuesday, 1 July 2014. Most US stocks edged lower on Monday, 30 June 2014. The number of contracts to purchase previously owned US homes jumped 6.1% in May, the most in more than four years. Another data showed that the Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
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