Key benchmark indices trimmed gains after hitting fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, hit its highest level in more than 13 weeks. The CNX Nifty hit over 13-week high above the psychological 6,000 level. The Sensex was up 156.49 points or 0.8%, up about 130 points from the day's low and off close to 40 points from the day's high. Gains in European stocks boosted sentiment. Index heavyweight and cigarette major ITC edged higher. The market breadth, indicating the overall health of the market, was positive.
Among banking stocks, IndusInd Bank hit record high. Auto stocks were mixed. Index heavyweight Reliance Industries (RIL) was slightly higher.
Key benchmark indices edged higher in early trade on positive Asian stocks. Key benchmark indices extended gains to strike fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in over 13 weeks. Key benchmark indices held firm in mid-morning trade. Key benchmark indices held firm in early afternoon trade. The market trimmed gains after hitting fresh intraday high in afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 6 May 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 897.47 crore on Monday, 6 May 2013, as per provisional data from the stock exchanges
At 13:20 IST, the S&P BSE Sensex was up 156.49 points or 0.8% to 19,830.13. The index jumped 193.06 points at the day's high of 19,866.70 in afternoon trade, its highest level since 4 February 2013. The index rose 23.69 points at the day's low of 19,697.33 in opening trade.
The CNX Nifty was up 50.30 points or 0.84% to 6,021.35. The index hit a high of 6,032.45 in intraday trade, its highest level since 4 February 2013. The index hit a low of 5,982.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,175 shares advanced and 932 shares declined. A total of 114 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks gained while rest of them declined. Coal India, Wipro and Dr Reddy's Laboratories shed by 0.45% to 1.95%. Jindal Steel & Power, Bharti Airtel and NTPC gained by 1.66% to 2.35%.
Index heavyweight Reliance Industries (RIL) rose 0.55% to Rs 826. The scrip hit high of Rs 835.65 and a low of Rs 819.40 so far during the day.
Index heavyweight and cigarette major ITC rose 1.98% to Rs 332.60. The scrip hit high of Rs 333.55 and a low of Rs 325.15 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.
Siemens declined 0.95%. The company said during market hours today, 7 May 2013, that it has fixed 15 May 2013 as the record date for the purpose of determining the shareholders of Winergy Drive Systems India to whom the equity shares of the company will be issued and allotted consequent upon the amalgamation of Winergy Drive Systems India with the company with effect from 31 March 2013.
Auto stocks were mixed. Tata Motors rose 2.47%. 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. The company announced the monthly sales data on 1 May 2013.
Car maker Maruti Suzuki India declined 0.05%. The company during market hours today, 7 May 2013, reported 7.58% fall in production to 1.05 lakh units in April 2013 over April 2012. 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 had announced its sales figures on 1 May 2013.
Mahindra & Mahindra (M&M) dropped 1.3%. M&M on Monday, 6 May 2013, announced the launch of the 'Bolero Maxi Truck Plus' (BMT Plus) -- a pick-up vehicle to cater to urban transportation needs. The vehicle has been priced at Rs 4.33 lakh (BS3) ex-showroom Thane and Rs 4.43 lakh (BS4), ex-showroom Mumbai excluding Octroi.
Speaking on the launch, Pravin Shah, Chief Executive, Automotive Division, M&M, said, "The Indian pick-up market is growing more rapidly than ever before and Mahindra has been leading this category (2-3.5 Ton GVW LCV segment) with a 54% market share during the year ended 31 March 2013. We have continuously updated and evolved our products to deliver greater value to our customers while retaining the basic tough and rugged DNA associated with Mahindra vehicles. The Bolero Maxi Truck Plus is aimed to cater to the transportation needs of the discerning urban city customer and will also meet the growing needs of current customers who want to upgrade and earn more. We are sure that the stylish new advanced Bolero Maxi Truck Plus will strengthen our Pickup portfolio and help consolidate our market share in this segment."
Two wheeler makers gained. Bajaj Auto rose 0.82%. 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 the sales figures on 2 May 2013.
Hero MotoCorp advanced 2.14%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
IndusInd Bank jumped 3.59% to Rs 490.40 after striking a record high of Rs 493.90 in intraday trade today, 7 May 2013.
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 tomorrow, 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 and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 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 on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. 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 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.
European stocks opened slightly higher on Tuesday, with London markets returning to action after a holiday and several companies reacting to earnings news. Key benchmark indices in France, Germany and UK rose by 0.01% to 0.37%. Stock markets in UK were closed for a holiday on Monday, 6 May 2013.
Asian stocks climbed for a second day today, 7 May 2013, dominated by Japanese shares, on optimism central banks will continue to revive growth. Key benchmark indices in Hong Kong, Singapore, Japan, China and Indonesia were up by 0.2% to 3.55%. Key benchmark indices in South Korea and Taiwan were down by 0.07% to 0.36%.
China is due to release a slew of economic data this week. The trade data for April 2013 will be out tomorrow, 8 May 2013. On Thursday, 9 May 2013, attention will shift to China's consumer and producer inflation figures for April 2013.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 7 May 2013. US stocks mostly advanced on Monday, with S&P 500 index extending its record run above 1,600 after the April jobs report exceeded expectations. 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 had said on Friday, 3 May 2013.
Powered by Capital Market - Live News
