Key benchmark indices hit fresh intraday lows in afternoon trade, tracking a weak opening in European market. However, both the indices managed to recover as bargain hunting emerged at lower levels. The barometer index, BSE Sensex, flirted with the psychological 20,000 level, having alternately moved above and below that mark in intraday trade so far. The CNX Nifty continued to hover below the psychological 6,000 level, having alternately moved above and below that mark earlier in the day.
The Sensex was up 30.73 points or 0.15%, up 23 points from the day's low and off 80 points from the day's high. The market breadth, indicating the overall health of the market, was negative. Info Edge India, Indraprastha Gas, Apollo Tyres, Kotak Mahindra Bank and Hindustan Unilever saw a surge in volumes on BSE today, 18 July 2013.
Key benchmark indices edged higher in early trade on mostly higher Asian stocks. The Sensex moved past the psychological 20,000 mark. The CNX Nifty hit the psychological 6,000 mark. Key benchmark indices pared gains in morning trade. The Nifty fell below the psychological 6,000 mark. A bout of volatility was witnessed in mid-morning trade as the key benchmark indices recovered after paring intraday gains in morning trade. Key benchmark indices once again pared gains in early afternoon trade. Key benchmark indices hit fresh intraday lows in afternoon trade, tracking a weak opening in European market. However, both the indices managed to recover as bargain hunting emerged at lower levels.
At 13:20 IST, the S&P BSE Sensex was up 30.73 points or 0.15% to 19,979.46. The index rose 7.47 points at the day's low of 19956.20 in afternoon trade. The index gained 110.30 points at the day's high of 20,059.03 in early trade, its highest level since 15 July 2013.
The CNX Nifty was up 9.05 points or 0.15% to 5,982.35. The index hit a high of 6,005.60 in intraday trade. The index hit a low of 5,974.55 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,171 shares declined and 966 shares gained. A total of 144 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined. ONGC (up 3.41%), Bhel (up 2.68%), Hindalco Industries (up 2.45%), Cipla (up 2.08%), Infosys (up 1.77%), Bharti Airtel (up 1.57%) and Tata Power (up 1.37%), edged higher from the Sensex pack.
M&M (down 2.63%), Sterlite Industries (down 2.19%), NTPC (down 1.79%), ICICI Bank (down 1.13%), Tata Steel (down 0.92%), Coal India (down 0.82%), TCS (down 0.71%) and ITC (down 0.48%), edged lower from the Sensex pack.
Kotak Mahindra Bank clocked volume of 1.68 lakh shares, a 3.92-fold surge over two-week average daily volume of 43,000 shares. The stock fell 2.34% to Rs 693.60 after declaring Q1 June 2013 as its first quarter results showed that that the bank's sticky loans rose.
Gross non-performing assets surged to Rs 995.39 crore as on 30 June 2013, from Rs 758.11 crore as on 31 March 2013 and Rs 684.68 crore as on 30 June 2012. The ratio of the bank's gross non-performing assets (NPAs) to gross advances increased to 1.95% as on 30 June 2013, from 1.55% as on 31 March 2013 and 1.6% as on 30 June 2012. The ratio of the bank's net non-performing assets (NPAs) to net advances increased to 0.98% as on 30 June 2013 from 0.64% as on 31 March 2013 and 0.8% as on 30 June 2012.
The bank during market hours today reported 42.61% rise in net profit to Rs 402.82 crore on 28.94% rise in total income to Rs 2652.40 crore in Q1 June 2013 over Q1 June 2012.
FMCG major Hindustan Unilever (HUL) saw volume of 11.27 lakh shares, a 2.44-fold rise over two-week average daily volume of 4.62 lakh shares. The stock fell 0.89% to Rs 678.65, with the stock reversing direction after scaling a record high of Rs 718 in intraday trade today, 18 July 2013. The stock had surged on Wednesday on reports that the company has raised prices of several personal care products.
HUL's parent Unilever PLC on 11 July 2013 said that pursuant to the voluntary open offer to increase its stake in HUL, the shareholders of HUL tendered a total of 31.99 crore shares, out of which 31.95 crore shares have been accepted by Unilever PLC on completion of the verification of the shares tendered. Based on the shares tendered which represent 14.78% of HUL, the Unilever Group will increase its stake in HUL from 52.48% to 67.26%.
Info Edge (India) clocked volume of 3.26 lakh shares, a 52.30-times surge over two-week average daily volume of 6,000 shares. The stock jumped 4.81% to Rs 301.
Indraprastha Gas notched up volume of 3.76 lakh shares, a 4.18-fold surge over two-week average daily volume of 90,000 shares. The stock fell 3.87% to Rs 296.45.
Apollo Tyres saw volume of 41.73 lakh shares, a 4.02-fold surge over two-week average daily volume of 10.37 lakh shares. The stock fell 0.70% to Rs 70.80.
The government had on Tuesday, 16 July 2013, announced increase of FDI ceiling in the telecom services sector to 100% from 74%. FDI in the telecom services sector was increased from 74% to 100%, but all investments above 49% will continue to be routed through the FIPB.
The Reserve Bank of India (RBI) on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.
RBI governor D. Subbarao on Wednesday, 17 July 2013, said that the rupee exchange rate is largely market-determined and that the central bank intervenes only to dampen currency volatility and preserve macroeconomic stability.
European indices were mostly lower in early trade on Thursday after US Federal Reserve Chairman Ben Bernanke made it clear that there was no predetermined timeline for reducing US monetary stimulus. Key benchmark indices in France and Germany were down by 0.03% to 0.21%. However, UK's FTSE 100 was up 0.25%.
Asian markets were mostly lower on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. China is the world's second biggest economy after the United States. Key benchmark indices in Hong Kong, China, Taiwan and South Korea were down 0.15% to 1.05%. Key benchmark indices in Japan, Singapore and Indonesia were up 0.16% to 1.32%.
Chinese Finance Minister Lou Jiwei on Wednesday, 17 July 2013, said that the government is unlikely to use massive fiscal stimulus this year.
Trading in US index futures indicated that the Dow could fall 26 points at the opening bell on Thursday, 18 July 2013. US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.
The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.
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