Intraday volatility continued as key benchmark indices pared gains after striking fresh intraday high in early afternoon trade. The market turned volatile after the Central Bureau of Investigation (CBI) said in a fresh affidavit filed in the Supreme Court on its probe into the coal blocks allocation that changes were made by law minister, coal ministry, attorney general and officials of the Prime Minister's Office in CBI's draft status report on the coal scam. The barometer index, the S&P BSE Sensex, was up 40.31 points or 0.21%, off 78.34 points from the day's high and up 61.64 points from the day's low. Index heavyweight and cigarette major ITC hovered in the red. Another index heavyweight Reliance Industries (RIL) extended intraday gains. Auto stocks were in demand on renewed buying. Airline stocks were mostly higher. The market breadth, indicating the overall health of the market, was positive.
Key benchmark indices edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as the key benchmark indices regained positive zone after slipping into the red in morning trade. The market retained positive zone in mid-morning trade. Volatility continued as key benchmark indices pared gains after striking fresh intraday high in early afternoon trade.
At 12:23 IST, the S&P BSE Sensex was up 40.31 points or 0.21% to 19,615.95. The index jumped 118.65 points at the day's high of 19,694.29 in early afternoon trade. The index declined 21.33 points at the day's low of 19,554.31 in morning trade.
The CNX Nifty was up 9.75 points or 0.16% to 5,953.75. The index hit a high of 5,976.50 in intraday trade. The index hit a low of 5,928.45 in intraday trade, its lowest level since 2 May 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,155 shares advanced and 921 shares declined. A total of 112 shares were unchanged.
The total turnover on BSE amounted to Rs 869 crore by 12:20 IST compared to Rs 657 crore by 11:20 IST.
Among the 30-share Sensex pack, 19 stocks gained while rest of them declined. ONGC (down 1.36%), NTPC (down 0.97%) and HDFC (down 0.72%) edged lower from the Sensex pack.
Hindalco Industries (up 2.91%), TCS (up 2.66 %) and Bhel (up 1.23%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) rose 2.31% to Rs 819.80. The scrip hit high of Rs 824.70 and a low of Rs 802.50 so far during the day.
Index heavyweight and cigarette major ITC shed 1.21% to Rs 326.70 on profit booking. The scrip hit high of Rs 332.40 and a low of Rs 326.40 so far during the day. The stock had hit record high of Rs 335.90 in intraday on 30 April 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.
Auto stocks were in demand on renewed buying. Tata Motors rose 1.4%. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period.
Car maker Maruti Suzuki India gained 0.54%. The company's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company announced its sales figures on 1 May 2013.
Mahindra & Mahindra (M&M) rose 0.93%. The company's automotive division reported a 2% rise in total sales to 41,432 in April 2013 over April 2012. Total domestic sales rose 2% to 39,902 in April 2013 over April 2012. Exports rose 8% to 1,530 during the period.
M&M's Farm Equipment Sector (FES) reported 38% rise in total sales to 23,202 units in April 2013 over April 2012. Total domestic sales rose 38% to 22,196 in April 2013 over April 2012. Exports rose 34% to 1,006 during the period.
Bajaj Auto rose 0.07%. The company's total sales fell 10% to 3.44 lakh units in April 2013 over April 2012. Motorcycle sales fell 12% to 3 lakh units in April 2013 over April 2012. Commercial vehicle sales rose 10% to 43,351 units in April 2013 over April 2012. Exports fell 23% to 1.30 lakh units in April 2013 over April 2012. The company announced its sales figures during market hours on Thursday, 2 April 2013.
Hero MotoCorp advanced 1.87%. The company said on 1 May 2013, its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
SpiceJet gained 3.48% after influential investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala, bought 25 lakh shares of the low-cost air carrier on BSE for Rs 9.73 crore through a block deal for an average price of Rs 38.94 a share on Friday, 3 May 2013.
Other airline stocks were mixed. Jet Airways (India) rose 1.34%. Kingfisher Airlines fell 0.36%.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. HDFC and Lupin unveil Q4 results on Wednesday, 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on Thursday, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed today, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013, its lowest since October 2011. It was the third straight month of decline, and took the index dangerously close to the 50 mark that separates growth from contraction. The index had stood at 51.4 in March. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The Budget session of the Parliament ends on Friday, 10 May 2013.
The RBI on Friday, 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 central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. 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.
Asian stocks rose on Monday as investors gave thumbs up to an upbeat US labor force report that sent Wall Street to an all-time closing high on Friday, 3 May 2013. Key benchmark indices in China, Hong Kong, Taiwan, Indonesia and Singapore rose by 0.42% to 1.29%. South Korea's KOSPI Composite index fell 0.22%. Japanese financial markets are shut on Monday for a public holiday and will reopen on Tuesday.
Trading in US index futures indicated that the Dow could gain 14 points at the opening bell on Monday, 6 May 2013. US stocks on Friday, 3 May 2013, rose to record highs, with the Dow industrials soaring above 15,000 and the S&P 500 index above 1,600, as Wall Street celebrated an upbeat April jobs report. US nonfarm payrolls rose by 165,000 last month and the jobless rate fell to a four-year low of 7.5%, the Labor Department said on Friday, 3 May 2013.
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