Key benchmark indices regained strength in mid-morning trade. The S&P BSE Sensex was up 113.60 points or 0.6%, up 106.93 points from the day's low and off 49.05 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Gains in Asian stocks underpinned sentiment. Metal and mining stocks gained amid hopes that Beijing would step in to support the economy. L&T rose after announcing large order win.
Key benchmark indices edged higher in early trade on firm Asian stocks. The Sensex and the 50-unit CNX Nifty hit highest level in almost a week. Key benchmark indices pared gains in morning trade as index heavyweight Reliance Industries dropped in volatile trade. Key benchmark indices regained strength in mid-morning trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 395.78 crore on Thursday, 8 August 2013, as per provisional data from the stock exchanges.
At 11:18 IST, the S&P BSE Sensex was up 113.60 points or 0.6% to 18,902.94. The index jumped 162.65 points at the day's high of 18,951.99 in early trade, its highest level since 6 August 2013. The index rose 6.67 points at the day's low of 18,796.01 in morning trade.
The CNX Nifty was up 19.95 points or 0.36% to 5,585.60. The index hit a high of 5,610.65 in intraday trade, its highest level since 6 August 2013. The index hit a low of 5,557.10 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,071 shares gained and 577 shares fell. A total of 83 shares were unchanged.
The total turnover on BSE amounted to Rs 586 crore by 11:20 IST on BSE compared to Rs 352 crore by 10:20 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
L&T rose 0.62%. The company during market hours today, 12 August 2013 said L&T Construction has won new orders worth Rs 4160 crore across various business segments in July and August 2013.
Metal and mining stocks rose after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's largest consumer of copper and aluminum
JSW Steel (up 3.76%), Tata Steel (up 6.71%), Sail (up 3.87%), National Aluminium Company (up 1.15%), Hindustan Zinc (up 1.51%), Jindal Steel & Power (up 4.85%), NMDC (up 4.85%), Hindustan Copper (up 2.42%) and Hindalco Industries (up 1.97%) edged higher.
Sterlite Industries (India) gained 4.72%. The company after trading hours on Thursday, 8 August 2013, said the National Green Tribunal (NGT) has in its judgment upheld its interim order of 31 May 2013, and has allowed the company's Tuticorin Copper Smelter to continue to operate. "We welcome this judgment and shall implement all recommendations laid down by the NGT appointed Expert Committee in a time bound manner. We will work closely with the regulatory authorities and the government and will continue to ensure the highest environment standards at our operations," the company said in a statement.
Ajanta Pharma rose 1.59% after the company said it has been successful in its challenge to revoke patents held by Allergan Inc for two drugs used for eye treatment in India. The company made the announcement on Friday, 9 August 2013.
Godrej Industries rose 3.32% after consolidated net profit rose 28.5% to Rs 53.25 crore on 3.5% growth in net sales to Rs 1852.40 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced on Saturday, 10 August 2013.
Commenting on the company's Q1 performance, Mr. A. B. Godrej, Chairman, Godrej Industries said: "Our results this quarter have demonstrated the strength of our business model which captures a diverse range of businesses in some of the key growth sectors of the economy. Overall performance has been encouraging as some of the core operations registered sustained growth. Our agri businesses have commenced the year on a strong note with the top‐line increasing by 27% and operating profit increasing by 37%, driven mainly by the animal feed and agri inputs segments. Our joint ventures also reported improvement despite a volatile external environment as the impact of bird flu diminished and feed costs stabilized. Godrej Seeds continues to expand its revenues and outreach to newer geographies. Overall the quarter was a heartening period for Godrej Agrovet, encouraging us to gear up for greater opportunities in the coming future."
"Going forward, through our CREATE strategy, we will continue to strengthen our positions in all our core businesses while fostering an inspiring place to work and creating shared value for all our stakeholders., Mr. Godrej said.
Housing Development and Infrastructure (HDIL) rose 1.17%. The company during market hours today, 12 August 2013, said that the company's promoters have paid the interest arrears on their loan from Indiabulls Housing Finance. Indiabulls have acknowledged the receipt of their dues and have withdrawn their notice under Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002, HDIL said.
Industrial production is seen registering a decline of 1.5% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had registered a contraction of 1.6% in May 2013. The government will unveil industrial production data for June 2013 today, 12 August 2013.
Consumer price inflation is expected to ease a bit in July 2013. The combined consumer price index (CPI) for urban and rural India is expected to ease at 9.7% in July 2013, from 9.9% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will also unveil the CPI data for July 2013 today, 12 August 2013.
Mainland Chinese and Hong Kong stocks jumped to lead most Asian markets higher on Monday, 12 August 2013, after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's second biggest economy after the United States. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were up by 0.14% to 1.88%. Key benchmark indices in Indonesia and Japan fell by 0.66% to 0.88%.
Data released on Friday, 9 August 2013, showed that Chinese banks made 699.9 billion yuan ($114.3 billion) worth of local-currency loans in July, beating expectations.
Japan's economy grew an annualized 2.6% in the April-June period, the Cabinet Officer reported Monday, cooling sharply from a rapid 4.1% gain in the first calendar quarter. On a seasonally adjusted quarterly basis, gross domestic product rose 0.6% from the first quarter's 0.9% increase.
Trading in US index futures indicated a flat opening of US stocks on Monday, 12 August 2013. US stock indexes declined Friday, 9 August 2013, with the Dow Jones Industrial Average halting its longest weekly winning streak since August of last year.
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