Key benchmark indices pared gains in afternoon trade as profit selling emerged at higher levels. The S&P BSE Sensex was up 124.57 points or 0.64%, off 105 points from the day's high and up 14 points from the day's low. The market breadth, indicating the overall health of the market, was positive. However, market undertone was still upbeat as firm global stocks and a surge in US index futures, indicating a strong opening of US markets later in the day, underpinned sentiment. Vakrangee Softwares, Turbotech Engineering, Adani Enterprises and MRF are among the other stocks to see a surge in volumes on BSE today, 5 July 2013.
Key benchmark indices edged higher in early trade on firm Asian stocks. The barometer index, S&P BSE Sensex, hit four-week high. Key benchmark indices pared gains in morning trade. Key benchmark indices hovered in positive zone in mid-morning trade. Key benchmark indices extended intraday gains in early afternoon trade. Key benchmark indices pared gains in afternoon trade as profit selling emerged at higher levels.
Foreign institutional investors (FIIs) bought shares worth a net Rs 164.56 crore on Thursday, 4 July 2013, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex was up 124.57 points or 0.64% to 19,535.41. The index jumped 229.43 points at the day's high of 19,640.27 in early trade, its highest level since 7 June 2013. The index rose 110.77 points at the day's low of 19,521.61 in afternoon trade.
The CNX Nifty was up 31.65 points or 0.54% to 5,868.60. The index hit a high of 5,900.45 in intraday trade, its highest level since 1 July 2013. The index hit a low of 5,868.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,164 shares gained and 937 shares fell. A total of 148 shares were unchanged. The breadth was strong earlier in the day.
Among the 30-share Sensex pack, 24 shares gained and six of them declined.
Jindal Steel & Power (up 2.43%), HDFC Bank (up 2.24%), Reliance Industries (up 2.12%), Tata Power (up 1.87%), Hindalco Industries (up 1.65%), Sterlite Industries (India) (up 1.56%) and Tata Motors (up 1.51%), edged higher from the Sensex pack.
M&M (down 0.97%), Bharti Airtel (down 0.86%), GAIL (India) (down 0.78%), Coal India (down 0.60%) and ICICI Bank (down 0.09%), edged lower from the Sensex pack.
Exide Industries clocked volume of 6.06 lakh shares on BSE, a 3.17-times surge over two-week average daily volume of 1.91 lakh shares. The stock rose 2.06% to Rs 124.10.
Vakrangee Softwares notched up volume of 7.17 lakh shares, a 2.11-fold surge over two-week average daily volume of 3.41 lakh shares. The stock was flat at Rs 79.50.
Turbotech Engineering saw volume of 1.62 lakh shares, a 1.50-fold surge over two-week average daily volume of 1.08 lakh shares. The stock rose 2.49% to Rs 432.50.
Adani Enterprises clocked volume of 3.03 lakh shares, a 1.25-fold surge over two-week average daily volume of 2.43 lakh shares. The stock fell 0.97% to Rs 203.40.
MRF saw volume of 4,270 shares, a 1.15-fold rise over two-week average daily volume of 3,609 shares. The stock rose 0.37% to Rs 12,462.
European market were mostly higher in early trade. Key benchmark indices in Germany and France were up 0.22% to 0.23%. However, UK's FTSE 100 was down 0.14%.
The European Central Bank (ECB), as expected, kept its main lending rate at a record low 0.5% on Thursday, the same level it's been at since it was cut from 0.75% back in May. ECB president Mario Draghi said rates wouldn't rise for "an extended period."
The Bank of England (BOE) decided to keep its key lending rate at a record low 0.5% and to leave the size of its bond-buying program unchanged at 375 billion pounds ($572 billion). The Bank of England on Thursday signaled it won't be raising interest rates anytime soon, saying in a statement that the recovery is on track but it "remains weak by historical standards and a degree of slack is expected to persist for some time."
Asian markets edged higher on Friday, 5 July 2013, after the two most important central banks in Europe on Thursday, 4 July 2013, said after monetary policy review that they are in no hurry to wind down stimulus. Key benchmark indices in China, Hong Kong, Indonesia, Singapore and Japan were up 0.05% to 2.08%. South Korea's KOSPI Composite fell 0.32%.
Trading in US index futures indicated that the Dow could gain 135 points at the opening bell on Friday, 5 July 2013. The US government will unveil the influential nonfarm payrolls data for June 2013 today, 5 July 2013, which the Federal Reserve is monitoring as it decides when it will slow the pace of its bond purchases. Fed Chairman Ben Bernanke said last month that bond purchases, currently at $85 billion a month, may be tapered down this year if the economy improves in line with the central bank's projections. The Fed is looking for the unemployment rate to fall toward 6.5% by next year.
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