Key benchmark indices extened intraday gains in late trade. The S&P BSE Sensex was provisionally up 138.09 points or 0.72%, up 164.30 points from the day's low and off 24.63 points from the day's high. The market breadth, indicating the overall health of the market, was positive. The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 13 August 2013.
Index heavyweight Reliance Industries (RIL) extended gains in late trade. Another index heavyweight and cigarette maker edged higher in choppy trade. Shares of state-run upstream oil companies and PSU OMCs surged after oil minister M Veerappa Moily said in an interview with a business news channel that the government will consider a request from PSU OMCs to be allowed to raise diesel prices by more than the approved 50 paise per month.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. Steel Authority of India fell after declaring poor Q1 result. Essar Oil surged in choppy trade after the company pruned losses in Q1 June 2013.
Key benchmark indices edged higher amid initial volatility. The S&P BSE Sensex and the CNX Nifty, both, hit their highest level in almost two weeks. Volatility ruled the roost as key benchmark indices regained positive zone after reversing initial gains in mid-morning trade. Key benchmark indices retained positive zone in mid-morning trade. Key benchmark indices gave up most of the intraday gains after the latest data showed acceleration in inflation based on the wholesale price index in July 2013. A bout of volatility was witnessed as key benchmark indices once again pared gains after recovering from lower level in afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade. Key benchmark indices extended intraday gains in late trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 13 August 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 227.08 crore on Tuesday, 13 August 2013, as per provisional data from the stock exchanges.
The total turnover on BSE amounted to Rs 1920 crore, lower than Rs 1964 crore on Tuesday, 13 August 2013.
As per provisional closing, the S&P BSE Sensex was up 138.09 points or 0.72% to 19,367.93. The index jumped 162.72 points at the day's high of 19,392.56 in late trade, its highest level since 2 August 2013. The index fell 26.21 points at the day's low of 19,203.63 in morning trade.
The CNX Nifty was up 50.45 points or 0.89% to 5,749.75. The index hit a high of 5,754.55 in intraday trade, its highest level since 2 August 2013. The index hit a low of 5,690.20 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,325 shares gained and 1,083 shares fell. A total of 165 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Index heavyweight and cigarette maker ITC rose 0.6% to Rs 336.20. The stock hit a high of Rs 336.70 and low of Rs 329.45.
Index heavyweight Reliance Industries rose 1.48% to Rs 865, with the stock extending gains in late trade. The stock hit a high of Rs 867.65 and low of Rs 847.50.
Shares of state-run upstream oil companies and PSU OMCs surged after oil minister M Veerappa Moily said in an interview with a business news channel that the government will consider a request from PSU OMCs to be allowed to raise diesel prices by more than the approved 50 paise per month.
State-run oil exploration giant ONGC surged 5.47%. Oil India advanced 3.59%.
Shares of state-run gas transmission and distribution major GAIL (India) gained 3.89%.
On 17 January 2013, the government partially decontrolled diesel prices, giving authority to the marketing companies to raise diesel prices by a small margin from time to time. The government at that time also allowed PSU OMCs to sell diesel to bulk buyers at market rates.
Three state-run upstream oil firms -- Oil India, ONGC and GAIL (India) -- share part of the under-recoveries of PSU OMCs arising from the government-imposed price caps on three key fuels -- diesel, LPG for domestic use and kerosene sold through the public distribution system.
Among PSU OMCs, BPCL (up 6.31%) and Indian Oil Corporation (up 6.76%), surged.
HPCL rose 1.32% in volatile trade. The stock turned ex-dividend today, 14 August 2013, for dividend of Rs 8.50 per share for the year ended 31 March 2013 (FY 2013).
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. The government had already freed pricing of petrol.
Essar Oil surged in choppy trade after the company pruned losses in Q1 June 2013. The stock jumped by the maximum permissible level of 5% to Rs 60.35. The stock witnessed volatility after the result hit the market in mid-afternoon trade. The stock which had remained locked at 5% upper circuit before the result announcement reversed direction and fell as much as 0.52% at the day's low of Rs 57.20. The stock bounced back again later. The company reported net loss of Rs 863 crore in Q1 June 2013, which was sharply lower than net loss of Rs 1518 crore in Q1 June 2012. Gross revenue rose 12% to Rs 24721 crore in Q1 June 2013 over Q1 June 2012.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. The stock jumped 9.57% to Rs 319. JLR's sales jumped 21% to 31,611 units in July 2013 over July 2012. Sales of the Jaguar brand of vehicles jumped 65% to 6,157 units in July 2013 over July 2012. Land Rover sales rose 14% to 25,454 vehicles in July 2013 over July 2012.
Steel Authority of India fell 2.37% after net profit declined 35.25% to Rs 450.91 crore on 5.08% fall in total income to Rs 10494.08 crore in Q1 June 2013 over Q1 June 2012. The result was announced during trading hours today, 14 August 2013.
The stock market remains closed tomorrow, 15 August 2013, on account of Independence Day.
Inflation based on the wholesale price index (WPI) accelerated to 5.79% in July 2013, from 4.86% in June 2013, data released by government today, 14 August 2013 showed. Fuel and power group mainly contributed to increase in inflation in July 2013.
The WPI inflation has moved past the central bank's comfort zone. The Reserve Bank of India has said it can tolerate inflation up to 5%, but that a faster pace of price increase hurts the economy's long-term growth prospects.
Meanwhile, the government revised downwards inflation for May 2013 to 4.58% from the 4.7% reported earlier.
Most European stocks rose on Wednesday, 14 August 2013, after the latest data showed that euro-zone has emerged from a six-quarter recession. Key benchmark indices in France and Germany were up 0.08% to 0.3%. UK's FTSE 100 fell 0.2%.
The euro-zone economy emerged more strongly than expected from its longest postwar contraction in the three months to June, but a resolution to its twin banking and fiscal crises remains a distant prospect. The European Union's official statistics agency Wednesday said the combined gross domestic product of the currency area's 17 members was 0.3% higher than in the first three months of the year, but 0.7% lower than in the second quarter of 2012. It was the fastest expansion since the first three months of 2011.
Germany's gross domestic product swelled 0.7% in the second quarter from the preceding period. Germany's statistics office said growth in the second quarter was driven by domestic demand, as both private consumption and public spending increased from the first quarter.
The French economy jumped out of recession in the second quarter, aided by stronger domestic demand and a rebuilding of stocks, official statistics showed Wednesday. The euro zone's second-largest economy expanded 0.5% in the second quarter from the first quarter of this year, statistics bureau Insee said. The expansion in the second quarter follows two consecutive quarters of contraction--the common definition of a recession.
The minutes of the Bank of England's (BoE) most recent Monetary Policy Committee (MPC) meeting showed that eight of the nine MPC members voted in favor of providing forward guidance on policy last month, and the vote to keep the quantitative-easing policy unchanged was unanimous. The central bank said it would keep interest rates at historical lows until unemployment falls.
Asian stocks edged higher on Wednesday, 14 August 2013, following positive cues from Wall Street overnight. Key benchmark indices in China, Japan, Indonesia, Singapore and South Korea were up by 0.14% to 1.32%. Key benchmark indices in China and Taiwan were down by 0.29% to 0.44%.
Trading in Hong Kong was canceled because of a storm.
Trading in US index futures indicated that the Dow could fall 35 points at the opening bell on Wednesday, 14 August 2013. US stocks rose on Tuesday, 13 August 2013, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
A report released by the Commerce Department showed retail sales rose 0.2% in July after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
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