A bout of volatility was witnessed as key benchmark indices regained strength after trimming intraday gains in mid-afternoon trade. The market breadth was positive. The S&P BSE Sensex was up 142.15 points or 0.71%, up about 50 points from the day's low and off almost equal points from the day's high. Two wheeler stocks reversed intraday gains. IT major Wipro also reversed intraday gains. L&T Finance Holdings rose on good Q1 result. Sun Pharmaceutical Industries extended intraday losses. Shriram Transport Finance Company rose after the company reported increase in net profit Q1 June 2013.
The market surged in early trade on firm Asian stocks. The market held firm in morning trade. Key benchmark pared gains after hitting fresh intraday high in mid-morning trade. The market hovered in positive terrain in early afternoon trade. Key benchmark indices extended intraday gains to hit fresh intraday high in afternoon trade as European stocks rose in early trade there. The barometer index, the BSE Sensex, hit its highest level in over nine weeks. The 50-unit CNX Nifty hit 7-1/2-week high. The market regained strength after paring intraday gains in mid-afternoon trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
At 14:20 IST, the S&P BSE Sensex was up 142.15 points or 0.71% at 20,301.27. The index jumped 191.94 points at the day's high of 20,351.06 in afternoon trade, its highest level since 20 May 2013. The index gained 90.86 points at the day's low of 20,249.98 in opening trade.
The CNX Nifty was up 48.60 points or 0.81% at 6,079.65. The index hit a high of 6,093.35 in intraday trade, its highest level since 31 May 2013. The index hit a low of 6,061.30 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,062 shares gained and 1,045 shares fell. A total of 142 shares were unchanged.
Hindustan Unilever (up 2.43%), State Bank of India (up 2.13%) and Bhel (up 2.04%), edged higher.
IT major Wipro dropped 2.01%, with the stock reversing intraday gains.
Sun Pharmaceutical Industries declined 1.71%, with the stock extending intraday losses.
Two wheeler stocks reversed intraday gains. Hero MotoCorp fell 0.64%. The company unveils Q1 results tomorrow, 24 July 2013.
Bajaj Auto declined 0.33%. The stock had risen in the preceding two trading sessions after the company reported a significant improvement in profit margin in Q1 June 2013 despite the gloomy automobile scenario in the country. The company's net profit rose 3% to Rs 738 crore on 1% growth in total income to Rs 5087 crore in Q1 June 2013 over Q1 June 2012. The result was announced during trading hours on Friday, 19 July 2013.
L&T Finance Holdings rose 0.33% on good Q1 result. The company's consolidated net profit rose 20% to Rs 144.90 crore on 29.43% growth in total income to Rs 1183.06 crore in Q1 June 2013 over Q1 June 2012. The growth in net profit was driven by the continued momentum in the Retail Finance Business.
L&T after market hours on Monday, 22 July 2013, said that the company has been allowed to sell upto 1% equity shares of L&T Finance Holdings on the floor of stock exchanges for meeting the minimum public shareholding requirement of L&T Finance Holdings as prescribed by the Securities Exchange Board of India. In addition to sale of shares of L&T Finance Holdings on the floor of the stock exchanges, the company has been advised to explore other options for meeting the minimum public shareholding norms of L&T Finance Holdings, L&T said. L&T Finance Holdings is a subsidiary of L&T.
Shares of Shriram Transport Finance Company, an asset finance NBFC, rose 0.18% after the company today, 23 July 2013, said its consolidated profit after tax rose 7.07% to Rs 366.27 crore in Q1 June 2013 over Q1 June 2012. Net interest income rose 14.12% to Rs 962.88 crore.
European stock markets edged higher on Tuesday, 23 July 2013, mirroring a positive session in Asia overnight after officials signaled China is committed to supporting growth in the country. Key benchmark indices in UK, Germany and France were up 0.05% to 0.14%.
Asian stocks surged on Tuesday, 23 July 2013, after data showing decline in US home sales dampened concerns the Federal Reserve will reduce stimulus measures. Key benchmark indices in Indonesia, South Korea, Singapore and Taiwan were up 0.52% to 1.35%.
Chinese stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. In mainland China, the Shanghai Composite index jumped 1.95%. In Hong Kong, the Hang Seng index was up 2.33%. Chinese Vice Premier Zhang Gaoli on Monday, 22 July 2013, said that policy makers are committed to speeding up economic restructuring and will take steps to support reasonable infrastructure and social-welfare investments, according to media reports.
China's foreign-exchange regulator said separately that the country wasn't seeing any capital flight.
Japanese shares edged higher after the government upgraded its view of the economy for a third straight month. The Nikkei 225 Average advanced 0.82%.
Trading in US index futures indicated that the Dow could gain 18 points at the opening bell on Tuesday, 23 July 2013. US stocks posted modest gains on Monday, with the S&P 500 notching its 23rd record close this year, as the financial and health-care sectors led the market higher. Sales of previously owned US homes unexpectedly dropped 1.2% in June, data yesterday showed.
Federal Reserve Chairman Ben Bernanke last week said it is too early to determine whether the central bank will taper asset purchases at its meeting in September. The central bank currently purchases $85 billion a month in government and US mortgage debt, aimed at encouraging economic growth.
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