Key benchmark indices extended gains to hit fresh intraday high in mid-morning trade as gains in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, hit its highest level in over five weeks. The CNX Nifty hit its highest level in nearly six weeks. The Sensex was up 161.54 points or 0.84%, up close to 150 points from the day's low and off about 5 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Index heavyweight Reliance Industries (RIL) extended intraday gains. Another index heavyweight and cigarette major ITC retained positive zone. Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations.
The market edged higher in early trade on higher Asian stocks. The S&P BSE Sensex hit its highest level in over five weeks. The CNX Nifty hit its highest level in nearly six weeks. The market held firm in morning trade. The market extended gains to hit fresh intraday high in mid-morning trade.
The market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 23 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 226.21 crore on Tuesday, 23 April 2013, as per provisional data from the stock exchanges.
The market may remain volatile today, 25 April 2013, 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 today, 25 April 2013.
At 11:20 IST, the S&P BSE Sensex was up 161.54 points or 0.84% to 19,340.90. The index jumped 168.65 points at the day's high of 19,348.01 in mid-morning trade, its highest level since 19 March 2013. The index rose 12.75 points at the day's low of 19,192.11 in opening trade.
The CNX Nifty was up 61.40 points or 1.05% to 5,898.30. The index hit a high of 5,899.95 in intraday trade, its highest level since 15 March 2013. The index hit a low of 5,853.30 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,024 shares advanced and 689 shares declined. A total of 99 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks gained while rest of them fell.
Index heavyweight Reliance Industries (RIL) rose 1.94% to Rs 819.10. The scrip hit high of Rs 819.50 and a low of Rs 806 so far during the day. The company's telecom arm -- Reliance Jio Infocomm -- and Bharti Airtel on Tuesday, 23 April 2013, signed an agreement for international data connectivity under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.
Earlier, at the time of announcement of its Q4 results, RIL on 16 April 2013 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 rose 0.76% to Rs 319.90. The stock hit record high of Rs 320 in intraday trade today, 25 April 2013. The stock hit low of Rs 313.15 in intraday trade today, 25 April 2013. West Bengal chief minister Mamata Banerjee on Wednesday, 24 April 2013, announced a 10% tax hike on cigarettes to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, 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, which was unveiled on 28 February 2013.
Auto stocks rose as slowing wholesale price inflation has raised rate cut expectations. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.
Tata Motors gained 2.54%. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) on 10 April 2013 said its global sales rose 16% to a record 53,772 units in March 2013 over March 2012. JLR's global sales rose 17% to a record 115,504 units in Q1 March 2013 over Q1 March 2012.
Small-car maker Maruti Suzuki India rose 1.74% ahead of its Q4 results tomorrow, 26 April 2013.
Mahindra & Mahindra (M&M) gained 0.94%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
The Minister of Heavy Industries & Public Enterprises has requested the Ministry of Finance either to withdraw the additional 3% excise duty imposed on SUVs in the current Union Budget or to exempt all such vehicles classified as SUV that have an assessable value up to Rs 10 lakh. Giving this information in written reply to a question in the Rajya Sabha on Tuesday, 23 April 2013, the Minister of Heavy Industries & Public Enterprises Mr. Praful Patel said that the auto industry in the country is going through difficult times and the notification issued by the Finance Ministry for the levy of additional 3% excise duty will further impact the industry and will also discourage the consumers as the commonly used vehicles in rural and semi-urban area have come under this additional 3% excise duty.
Shares of two-wheeler makers gained. Hero MotoCorp gained 0.94% ahead of its Q4 results tomorrow, 26 April 2013. Bajaj Auto rose 1.6%. PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT) on 15 April 2013 because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
Petronet LNG (PLL) rose 1.41% after the company said during market hours today, 25 April 2013, that the company has executed a preliminary conditional agreement with United LNG (a US based firm) for supply of around 4 million metric tonnes per annum (MMTPA) of liquified natural gas (LNG) for supply for 20 years through the Main Pass Energy Hub, which is been jointly developed by United LNG and Freeport McMoRan Energy. The binding LNG SPA is yet to be executed and is expected by the end of this year, PLL said.
NTPC surged 3.79%. The stock was the top gainer from the Sensex pack.
The focus of the market is on Q4 results. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results tomorrow, 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. BPCL announces Q4 results on 29 May 2013.
The Prime Minister's Economic Advisory Council in a report released on Tuesday, 23 April 2013, projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the PMEAC said. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
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.
Most Asian stocks edged higher on Thursday as investors weighed earnings reports and energy shares led gains. Key benchmark indices in Singapore, Hong Kong, Japan and South Korea rose by 0.26% to 1.28%. Key benchmark indices in China, Indonesia and Taiwan fell by 0.12% to 0.48%.
Trading in US index futures indicated that the Dow could gain 22 points at the opening bell on Thursday, 25 April 2013. The S&P 500 and Nasdaq ended flat on Wednesday with Boeing's five-year high among the day's highlights, but weakness in Procter & Gamble and AT&T kept the Dow Jones Industrial Average in negative territory. Economic data showed orders for US durable goods fell in March by the most in seven months as demand slumped for commercial aircraft and business investment cooled.
Powered by Capital Market - Live News
