Key benchmark indices trimmed gains in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 52.56 points or 0.24%, off close to 90 points from the day's high and up about 100 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Oil & gas stocks gained with HPCL scaling 52-week high.
Key indices hovered between gains and losses near the flat line in early trade. It regained strength after trimming gains after hitting fresh intraday high in morning trade. It trimmed gains in mid-morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 386.95 crore on Friday, 2 May 2014, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 52.56 points or 0.24% to 22,456.54. The index rose 141.29 points at the day's high of 22,545.18 in morning trade. The index shed 49.44 points at the day's low of 22,354.45 in early trade, its lowest level since 30 April 2014.
The CNX Nifty was up 7.45 points or 0.11% to 6,702.25. The index hit a high of 6,732.05 in intraday trade. The index hit a low of 6,680.45 in intraday trade, its lowest level since 30 April 2014.
The BSE Mid-Cap index rose 10.87 points or 0.15% to 7,368.33. The BSE Small-Cap index rose 1.43 points or 0.02% to 7,534.24. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,064 shares gained and 946 shares fell. A total of 107 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks gained and rest of them fell. Bajaj Auto (up 0.86%), Axis Bank (up 0.75%) and ITC (up 1.12%) edged higher from the Sensex pack.
Oil & gas stocks gained. Reliance Industries (RIL) (up 2.19%), ONGC (up 2.39%), BPCL (up 2.18%), Cairn India (up 0.01%), GAIL (India) (up 1.13%) and IOCL (up 1.63%) gained.
HPCL gained 1.87% to Rs 335.55 after hitting 52-week high of Rs 337.35 in intraday trade.
Astral Poly Technik lost 4.14% after net profit declined 4.89% to Rs 27.78 crore on 29.04% growth in total income from operations to Rs 336.96 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced before market hours today, 5 May 2014. Astral Poly Technik's board of directors at a meeting held on Saturday, 3 May 2014, approved 2-for-1 stock split.
Deepak Nitrite jumped 7.5% after the company said its board approved stock split and bonus issue. The company made the announcement after market hours on Friday, 2 May 2014. Deepak Nitrite said that its board of directors at its meeting held on Friday, 2 May 2014, approved 5-for-1 stock split. The board also approved issue of bonus shares in the ratio of 1:1.
Deepak Nitrite's net profit surged 68.25% to Rs 15.85 crore on 16.13% growth in total income from operations to Rs 360.61 crore in Q4 March 2014 over Q4 March 2013.
Net profit rose 1.32% to Rs 38.32 crore on 24.54% growth in total income from operations to Rs 1269.62 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The result was announced after market hours on Friday, 2 May 2014.
The board approved payment of dividend of Rs 10 per share for FY 2014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.065, compared with its close of 60.16 on Friday, 2 May 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Asian stocks fell on Monday after a private gauge of Chinese manufacturing contracted for a fourth month, missing market estimates. Key benchmark indices in China, Singapore, Taiwan and Hong Kong declined 0.01% to 1.54%. Indonesia's Jakarta Composite rose 0.17%. Markets in Japan and South Korea are closed today and tomorrow for holidays.
China's manufacturing contracted in April for a fourth month, according to a private survey, signaling the risk of a deeper slowdown in an economy already projected to expand this year at the slowest pace since 1990. A purchasing managers' index was at 48.1, HSBC Holdings Plc and Markit Economics said in a statement today. That compared with 48 the previous month. Numbers below 50 indicate contractions.
Growth in China's services sector accelerated slightly in April as new orders held steady, an official survey showed, an encouraging sign of strength in an economy that otherwise faces a cloudy outlook. The purchasing manufacturing index (PMI) for the services industry edged up to 54.8 last month, the National Bureau of Statistics said on Saturday, up marginally from 54.5 in March. A reading above 50 in PMI surveys indicates growth on a monthly basis, while a number below that threshold points to a contraction in activity.
Indonesia's economic growth missed economists' estimates in the first quarter after interest-rate increases last year curbed lending and foreign investment. Gross domestic product rose 5.21% in the three months ended March 31 from a year earlier, the Central Bureau of Statistics said in Jakarta today.
Trading in US index futures indicated that the Dow could fall 22 points at the opening bell on Monday, 5 May 2014. US stocks eased on Friday as concerns about more violence in Ukraine prompted profit-taking ahead of the weekend and offset optimism about the fastest job growth in more than two years.
The labor market shifted into a higher gear in April with payroll gains showing the most widespread advance in two years, a sign the US economic expansion is on the verge of speeding up. The 288,000 increase in employment marked the biggest upside surprise since February 2012 and followed a 203,000 rise the prior month, Labor Department figures showed in Washington. An index measuring the share of industries hiring climbed to 67, the highest level since January 2012. The jobless rate dropped to 6.3%, the lowest since September 2008.
The Federal Reserve will likely bring its massive bond-buying program to an end in October, and only after that will it consider when to raise rates, a top Fed official said on Sunday. "I personally expect us to end that program in October," Dallas Federal Reserve Bank President Richard Fisher said in an interview on Fox News. "Then we have to see how the economy is doing, including these broader measures of unemployment and where we stand before we can talk about how we might move the short-term rate," he added.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled on Thursday, 8 May 2014.
The European Central Bank (ECB) will hold monetary policy meeting on Thursday, 8 May 2014, in Brussels, Belgium.
Powered by Capital Market - Live News
