Key benchmark indices held positive zone in mid-afternoon trade as European markets reversed initial losses. The barometer index, BSE Sensex, regained the psychological 20,000 level, having alternately moved above and below that mark in intraday trade so far. The CNX Nifty also regained the psychological 6,000 level, having alternately moved above and below that mark in intraday trade so far. The Sensex was up 88.35 points or 0.44%, up 80.88 points from the day's low and off 21.95 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
ONGC surged after a foreign brokerage upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices. Small car maker Maruti Suzuki India extended intraday gain. Capital goods shares were in demand on renewed buying. Asian Paints scaled record high. Tyre maker MRF surged.
Key benchmark indices edged higher in early trade on mostly higher Asian stocks. The Sensex moved past the psychological 20,000 mark. The CNX Nifty hit the psychological 6,000 mark. Key benchmark indices pared gains in morning trade. The Nifty fell below the psychological 6,000 mark. A bout of volatility was witnessed in mid-morning trade as the key benchmark indices recovered after paring intraday gains in morning trade. Key benchmark indices once again pared gains in early afternoon trade. Key benchmark indices held positive zone in mid-afternoon trade as European markets reversed initial losses.
At 14:20 IST, the S&P BSE Sensex was up 88.35 points or 0.44% to 20,037.08. The index rose 7.47 points at the day's low of 19,956.20 in afternoon trade. The index gained 110.30 points at the day's high of 20,059.03 in early trade, its highest level since 15 July 2013.
The CNX Nifty was up 23.85 points or 0.4% to 5,997.15. The index hit a high of 6,005.60 in intraday trade. The index hit a low of 5,974.55 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,182 shares declined and 1,088 shares gained. A total of 133 shares were unchanged.
The total turnover on BSE amounted to Rs 1326 crore by 14:20 IST
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined. Sterlite Industries (India) (down 2.36%), ICICI Bank (down 1.31%) and NTPC (down 1.22%) edged lower from the Sensex pack.
ONGC surged 3.67% to Rs 311.75 and was the top gainer from the Sensex pack. A foreign brokerage has upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices. The Cabinet Committee on Economic Affairs (CCEA) on 27 June 2013 approved new gas pricing formula from 1 April 2014. The price of gas as per the formula is likely to be about $8.4 mmBtu as opposed to $4.2 mmBtu currently.
Small car maker Maruti Suzuki India rose 1.46% to Rs 1,443.15, with the stock extending intraday gain.
Capital goods shares were in demand on renewed buying. ABB (up 0.41%), Bhel (up 3.41%), BEML (up 3.14%), Crompton Greaves (up 0.28%), and Thermax (up 0.42%) edged higher.
L&T rose 1.47%. The company on Wednesday, 17 July 2013, said its transportation infrastructure business made a major breakthrough in its international business by securing a new order worth Rs 2085 crore from the Ministry of Transport and Communications, Sultanate of Oman, for the construction of the Al Batinah Expressway Package 4. The project is scheduled to be completed in 36 months. This order was won against stiff international competition and augurs well for L&T's expansion in international infrastructure, the company said.
Asian Paints gained 3.83% to Rs 5,199.15 after scaling a record high of Rs 5,200 in intraday trade today, 18 July 2013.
Tyre maker MRF jumped 7.87% to Rs 13,571.10.
Bajaj Finance lost 2.39%. The company's net profit surged 27% to Rs 176 crore on 33% growth in total income to Rs 932 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours today, 18 July 2013.
Exide Industries jumped 4.43%. Two foreign brokerages assigned 'outperform' and 'overweight' ratings respectively on the Exide Industries stock, citing a return in pricing power and a faster-than-expected correction in its replacement segment mix. The brokerages also cited a recovery in replacement demand, further noting that the company is well placed to benefit given its dealer network and output capacity.
Denso India rose 1.16% at Rs 96.10 after the company's promoter announced an indicative offer price of Rs 95 per share for delisting shares of the company from the stock exchanges. The announcement was made after market hours on Wednesday, 17 July 2013.
Supreme Petrochem gained 2.72% after net profit surged 183.9% to Rs 13.03 crore on 26.4% increase in net sales to Rs 755.31 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Wednesday, 17 July 2013.
The Reserve Bank of India (RBI) on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.
RBI governor D. Subbarao on Wednesday, 17 July 2013, said that the rupee exchange rate is largely market-determined and that the central bank intervenes only to dampen currency volatility and preserve macroeconomic stability.
European indices edged higher on Thursday, 18 July 2013, after Federal Reserve Chairman Ben Bernanke on Wednesday, 17 July 2013, said Fed's asset purchases "are by no means on a preset course" and could even be expanded should economic conditions warrant. Key benchmark indices in UK and France were up 0.26% to 0.41%. In Germany, DAX was off 0.01%.
Asian markets were mostly lower on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. China is the world's second biggest economy after the United States. Key benchmark indices in Hong Kong, China, Taiwan and South Korea were down 0.14% to 1.06%. Key benchmark indices in Japan, Singapore and Indonesia were up 0.34% to 1.32%.
Chinese Finance Minister Lou Jiwei on Wednesday, 17 July 2013, said that the government is unlikely to use massive fiscal stimulus this year.
Trading in US index futures indicated that the Dow could fall 31 points at the opening bell on Thursday, 18 July 2013. US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.
The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.
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