Key benchmark indices sharply pared intraday gains in afternoon trade after European market opened lower. The barometer index, the S&P BSE Sensex, was up 65.99 points or 0.29%, off close to 148 points from the day's high and up about 33 points from the day's low. The market breadth, indicating the overall health of the market, turned negative from positive. The mid-cap index and the small-cap index on BSE underperformed the Sensex.
The market surged in early trade. It held firm in morning trade. It continued to trade firm in mid-morning trade. It trimmed intraday gains in early afternoon trade. Key benchmark indices sharply pared intraday gains in afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 29 April 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 287.98 crore on Tuesday, 29 April 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 1 May 2014, on account of May Day.
At 13:15 IST, the S&P BSE Sensex was up 65.99 points or 0.29% to 22,532.18. The index rose 214.27 points at the day's high of 22,680.46 in mid-morning trade. The index gained 32.19 points at the day's low of 22,499.10 in early trade.
The CNX Nifty was up 15.95 points or 0.24% to 6,731.20. The index hit a high of 6,780.15 in intraday trade, its highest level since 28 April 2014. The index hit a low of 6,723.65 in intraday trade.
The BSE Mid-Cap index rose 5.05 points or 0.07% to 7,411.17. The BSE Small-Cap index fell 21.01 points or 0.28% to 7,594.65. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,359 shares gained and 1,162 shares fell. A total of 143 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks gained and rest of them fell. GAIL (India) (up 2.45%), Dr Reddy's Laboratories (up 2.15%), Tata Motors (up 1.77%), HDFC (up 1.37%), M&M (up 1.31%), State Bank of India (up 1.24%), Reliance Industries (up 1.16%), HDFC Bank (up 1.03%), ITC (up 0.90%), Maruti Suzuki India (up 0.81%) and ONGC (up 0.78%), edged higher from the Sensex pack.
Sesa Sterlite (down 1.37%), Tata Power (down 1.36%), Bajaj Auto (down 1.31%), Hindalco Industries (down 1.17%), Sun Pharmaceutical Industries (down 1.1%), Tata Steel (down 0.59%), Cipla (down 0.45%), Hindustan Unilever (down 0.44%), Larsen & Toubro (down 0.44%) and TCS (down 0.39%), edged lower from the Sensex pack.
Alstom T&D India jumped 11.05% to Rs 294.50 after net profit rose 17.3% to Rs 62.24 crore on 19.3% growth in total income to Rs 1313.09 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Tuesday, 29 April 2014.
Advanta rose 3.64% to Rs 192 after consolidated net profit galloped 329.46% to Rs 24.05 crore on 35.83% growth in total income from operations to Rs 308.34 crore in Q1 March 2014 over Q1 March 2013. The Q1 result was announced before market hours today, 30 April 2014.
Swaraj Engines rose 5.51% to Rs 717.75 after net profit rose 25.3% to Rs 17.46 crore on 39.7% growth in net sales to Rs 158.27 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Tuesday, 29 April 2014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.38, compared with its close of 60.42 on Tuesday, 29 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
European shares lost ground in early trade on Wednesday after sharp gains in the previous session as tensions in Ukraine continued to dog sentiment. Key benchmark indices in UK, France and Germany were down by 0.08% to 0.29%.
Asian stocks rose on Wednesday as investors weighed corporate earnings before Federal Reserve's report on monetary policy. Key benchmark indices in China, Japan, Singapore, and Indonesia rose 0.11% to 0.86%. Key benchmark indices in South Korea, Taiwan and Hong Kong were off 0.15% to 1.34%.
The Chinese Academy of Social Sciences (CASS), one of Beijing's top government think tanks, has revised its 2014 GDP growth forecast down to 7.4%, below the official 7.5% target, and says that growth could slow to as low as 7%, state media reported on Wednesday.
The Bank of Japan kept monetary policy steady on Wednesday and is set to lay out projections underscoring its conviction that inflation will head steadily towards its 2 percent target, suggesting no additional stimulus is on the near-term horizon. As widely expected, the BOJ maintained its pledge to increase base money, its key policy gauge, at an annual pace of 60 trillion to 70 trillion yen ($588-$686 billion).
Data today showed Japan's industrial output grew less than forecast in March, while factory output growth in South Korea missed estimates.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Wednesday, 30 April 2014. US stocks rose on Tuesday as Internet stocks rallied for the first time in five days and results from Merck & Co. to Sprint Corp. topped estimates before a Federal Reserve decision on monetary policy.
A report showed home prices in 20 US cities rose at a slower pace in the year ended February as the residential real-estate market cooled. The S&P/Case-Shiller index of property values increased 12.9% from February 2013, the smallest 12-month gain since August, after rising 13.2% in the year ended in January, a report from the group showed in New York.
The Conference Board's index of US consumer confidence decreased to 82.3 in April from 83.9 a month earlier, the New York-based private research group said.
A two-day meet of the Federal Open Market Committee (FOMC) on monetary policy review concludes today, 30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
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