Key benchmark indices nudged higher as index heavyweight Reliance Industries (RIL) gained. The barometer index, the S&P BSE Sensex, was provisionally up 34.31 points or 0.7%, off close to 80 points from the day's high and up about 85 points from the day's low. The market breadth, indicating the overall health of the market, was negative.
Index heavyweight and cigarette major ITC dropped ahead of its Q4 results tomorrow, 17 May 2013. Auto stocks fell. Bajaj Auto declined on reporting weak Q4 results. Pharma stocks rose on renewed buying, with Lupin hitting record high and Glenmark Pharmaceuticals hitting 52-week high. Reliance Capital turned volatile after reporting weak Q4 results.
Indian stocks gained for the third straight day today, 16 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1646.95 crore on Wednesday, 15 May 2013, as per provisional data from the stock exchanges.
As per provisional figures, the S&P BSE Sensex was up 34.31 points or 0.7% to 20,247.27. The index rose 113.52 points at the day's high of 20,326.48 in morning trade, its highest level since 6 January 2011. The index fell 50.84 points at the day's low of 20,162.12 in opening trade.
The CNX Nifty was up 22.60 points or 0.37% to 6,169.35, as per provisional figures. The index hit a high of 6,187.30 in intraday trade, its highest level since 12 November 2010. The index hit a low of 6,128.25 in intraday trade.
The total turnover on BSE amounted to Rs 2379 crore, higher than Rs 2277.27 crore on Wednesday, 14 May 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,032 shares declined and 952 shares advanced. A total of 96 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks fell and the rest of them rose. Hindalco Industries, Sterlite Industries and State Bank of India rose by 1.27% to 2.68%.
Index heavyweight Reliance Industries (RIL) gained 2.61% to Rs 840.15. The stock hit a high of Rs 843.34 and low of Rs 816.
Index heavyweight and cigarette major ITC fell 1.71% to Rs 336.80. The stock hit a high of Rs 343.50 and low of Rs 332.90. The company announces its Q4 results tomorrow, 17 May 2013. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
Reliance Capital turned volatile after reporting weak Q4 results. The stock fell 0.19% to Rs 371.70. The scrip hit high of Rs 383.40 and low of Rs 370.10. The company's consolidated net profit fell 19.45% to Rs 265 crore on 14.78% fall in total income from operations (net) to Rs 1666 crore in Q4 March 2013 over Q4 March 2012. The company's consolidated net profit rose 77% to Rs 812 crore on 13.58% rise in total income from operations (net) to Rs 7470. The company announced its Q4 results during market hours today, 16 May 2013.
Pharma stocks rose on renewed buying. Cipla, Dr Reddy's Laboratories, and Ranbaxy Laboratories rose by 2.3% to 3.04%. Sun Pharmaceutical Industries fell 0.39%.
Lupin rose 3.08% to Rs 806.60. The stock hit record high of Rs 810.80 in intraday trade today, 16 May 2013.
Glenmark Pharmaceuticals gained 3.54% to Rs 578, with the stock extending Wednesday's gain. The stock hit 52-week high of Rs 580 in intraday trade today, 16 May 2013. The company said before market hours on Wednesday, 15 May 2013, that Glenmark Generics Inc., USA, a subsidiary of Glenmark Generics has been granted final abbreviated new drug approvals (ANDAs) from the USFDA for two generic drugs for the treatment of migraine headache in adults. Glenmark will commence distribution of the products immediately. According to IMS Health data, the products garnered annual sales of $176 million in the United States for the 12 months ended 31 December 2012.
ABB jumped 4.6%. The company's net profit fell 10.7% to Rs 42.56 crore on 10.2% rise in net sales to Rs 1953.36 crore in Q1 March 2013 over Q1 March 2012. The company announced its Q1 results on 8 May 2013.
Auto stocks declined. Tata Motors fell 1.69%. The company's British luxury car unit Jaguar Land Rover (JLR) reported 12% increase in sales to 28,503 units in April 2013 over April 2012. During the first four months of the year, Jaguar Land Rover sold 143,974 vehicles, up 16%.
India's largest car maker by sales, Maruti Suzuki India fell 0.71% to Rs 1726.60 on profit booking. The stock had hit record high of Rs 1756 in intraday trade on Wednesday, 15 May 2013. The stock surged recently on the back of a weakening yen. Weak yen could boost earnings of Maruti Suzuki as it imports raw materials from its Japanese parent Suzuki Motor Corporation. It also pays annual royalty on sales to the Japanese parent.
Mahindra & Mahindra (M&M) rose 0.06% to Rs 985.25. The stock hit record high of Rs 997 in intraday trade today, 16 May 2013.
Two wheeler markers declined. Bajaj Auto declined 0.77% after net profit fell 1% to Rs 766 crore on 4% rise in turnover to Rs 4990 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 1% to Rs 3044 crore on 3% growth in turnover to Rs 20793 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result was announced during trading hours today, 16 May 2013.
Bajaj Auto said that the company's performance in FY 2013 was good in a very difficult year for the automobile industry. The company's strategy to build strong brands and offer differentiated products in the front-end, and focus on cost and productivity improvements in the back-end, has yielded desired results, Bajaj Auto said.
India's largest motorcycle maker by sales, Hero MotoCorp dropped 0.5%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
As per the Q4 results calendar, ITC unveils Q4 results tomorrow, 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The monsoon rains may arrive on the southern coast around 3 June 2013, the weather office forecast on Wednesday, 15 May 2013. The rains, which run from June to September, are vital for the 55% of farmland without irrigation in India, one of the world's largest producers and consumers of food. The India Meteorological Department (IMD) has predicted normal rains this year.
The annual rate of inflation, based on monthly wholesale price index (WPI), eased sharply to 4.89% in April 2013, from 5.96% in March 2013, data released by the government on Tuesday, 14 May 2013, showed. Core inflation or non-food manufacturing inflation declined further to 2.74% in April 2013 from 3.41% in March 2013.
The consumer price inflation fell below the 10% mark in April 2013. The combined consumer price inflation for rural and urban India eased to 9.39% in April 2013 from 10.39% in March 2013, data released by the government on 13 May 2013, showed.
Reserve Bank of India Governor D Subbarao on Tuesday, 14 May 2013, said that the central bank will take note of falling inflation when discussing potential interest rate cuts.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets were mostly lower on Thursday, after rising to multi-year highs the prior day. Key benchmark indices in France and Germany were down by 0.23% to 0.33%. UK's FTSE 100 rose 0.01%.
Euro-area exports increased for a third month in March as the currency bloc's four largest economies all shipped more goods, adding to signs the region is beginning to emerge from a record-long recession. Exports rose a seasonally adjusted 2.8% from February, when they increased 0.2%, the European Union's statistics office in Luxembourg said today. Imports decreased 1% after a 2.2% drop a month earlier. The trade surplus widened more than economists estimated to 18.7 billion euros ($24 billion) from 12.7 billion euros.
Asian shares rose on Thursday after data showed Japan's economy accelerated in the first three months of the year. Key benchmark indices in China, South Korea, Singapore, Hong Kong and Taiwan rose by 0.17% to 1.21%. Key benchmark indices in Indonesia and Japan shed by 0.22% to 0.39%.
Japan's economy grew 0.9% in the first quarter, speeding up from a 0.3% pace in the previous quarter.
Foreign direct investment in China lagged behind analysts' estimates in April, highlighting concern at the growth outlook for the world's second-biggest economy after an unexpected slowdown last quarter. Investment rose 0.4% from a year earlier to $8.4 billion, the Ministry of Commerce said in a statement today in Beijing.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Thursday, 16 May 2013. US stocks rose on Wednesday, with the Dow Jones Industrial Average and S&P 500 hitting new all-time highs in a broad market rally as the recent upward momentum persisted. In the latest reads on the economy, activity in New York state's manufacturing sector unexpectedly contracted in May. Another report showed that US industrial production fell more than expected in April. In other data released on Wednesday, the US Producer Price Index recorded its largest drop in three years in April, falling a seasonally adjusted 0.7%.
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