Key benchmark indices trimmed initial losses in morning trade as index heavyweight Reliance Industries (RIL) edged higher. The barometer index, the S&P BSE Sensex, was down 21.08 points or 0.11%, up close to 50 points from the day's low and off about 60 points from the day's high. Index heavyweight and cigarette major ITC hovered in red. Shares of power transmission and power generation firms were mixed. Capital goods pivotals edged lower. The market breadth, indicating the overall health of the market, was positive.
The market edged lower amid initial volatility as weakness in Asian stocks weighed on sentiment. The S&P BSE Sensex edged lower after a higher opening took the index to 5-week high. The Sensex trimmed initial losses in morning trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The April 2013 F&O contracts expire on Thursday, 25 April 2013. The stock market remains shut tomorrow, 24 April 2013, on account of Mahavir Jayanti.
Foreign institutional investors (FIIs) bought shares worth a net Rs 915.82 crore on Monday, 22 April 2013, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was down 21.08 points or 0.11% to 19,148.75. The index rose 40.43 points at the day's high of 19,210.26 in opening trade, its highest level since 19 March 2013. The index fell 69.20 points at the day's low of 19,100.63 in early trade.
The CNX Nifty was down 11.55 points or 0.2% to 5,822.85. The index hit a high of 5,843.35 in intraday trade. The index hit a low of 5,808.90 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 711 shares advanced and 512 shares declined. A total of 71 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks rose while rest of them fell. Hindalco Industries, Sterlite Industries and Bajaj Auto rose by 1.71% to 1.99%. Tata Motors, SBI and M&M dropped by 1.02% to 1.77%.
Index heavyweight Reliance Industries (RIL) rose 0.54% to Rs 794. The scrip hit high of Rs 795.15 and a low of Rs 786.50 so far during the day. On the back of a surge in refining margins, RIL's net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. The company reported Q4 March 2013 results on 16 April 2013.
At the time of announcement of the results, RIL said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC fell 0.6% to Rs 315. The stock reversed direction after hitting record high of Rs 317.50 at the onset of the trading session today, 23 April 2013. The stock hit low of Rs 314.10 in intraday trade today, 23 April 2013. The government 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, which was unveiled on 28 February 2013.
Shares of power transmission and power generation firms were mixed. Adani Power, JSW Energy, Tata Power Company and NTPC shed 0.4% to 0.68%. NHPC, Torrent Power, GVK Power & Infra, Reliance Power, Power Grid Corporation of India and Reliance Infrastructure rose by 0.01% to 1.27%.
The Cabinet Committee on Investment (CCI) on Monday, 22 April 2013, gave its approval for a total of 13 projects involving investment of about Rs 33000 crore in the transmission, hydro power and thermal power sector. The clearance was given to expedite implementation of these projects where various clearances were pending mostly with the Ministry of Environment & Forests (MoEF). The details of the projects cleared by the CCI were not announced.
Coal India rose 1.25%. A Cabinet panel on Monday, 22 April 2013, reportedly decided against allowing state-run Coal India to blend local and imported coal to meet its supply shortfall. Blending of local and imported coal would have increased costs for power producers which source the fuel from the state-run monopoly supplier.
Capital goods pivotals edged lower. L&T and Bhel shed by 0.55% to 2.02%. But, Siemens rose 1.66%.
The focus of the market is on Q4 results. Axis Bank will announce its Q4 March 2013 results tomorrow, 24 April 2013. Jindal Steel & Power declares its Q4 results on 25 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 26 April 2013. IDFC announces Q4 results on 1 May 2013.
Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
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.
Parliament reconvened for the second half of the Budget Session Monday, 22 April 2013. The session ends on 10 May 2013.
Asian stocks reversed initial gains on Tuesday after a preliminary report showed Chinese manufacturing expanded less than economists estimated. Key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan fell by 0.26% to 2.14%.
China's manufacturing is expanding at a slower pace this month, adding to concern that the world's second-biggest economy is faltering. The preliminary report for a Purchasing Managers' Index released by HSBC Holdings Plc and Markit Economics showed a reading of 50.5 for April compared with a final 51.6 for March.
Trading in US index futures indicated that the Dow could fall 39 points at the opening bell on Tuesday, 23 April 2013. US stocks edged higher on Monday as last week's sharp losses brought buyers back to the market and Microsoft Corp shares jumped after an activist investor took a stake in the company.
In Europe, PMI reports from Germany and the euro zone as a whole are due to be released later in the global day today, 23 April 2013.
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