Key benchmark indices saw divergent trend in early afternoon trade after alternately swinging between positive and negative zone. The barometer index, the S&P BSE Sensex, was slightly lower. The 50-unit CNX Nifty was marginally higher. The barometer index, the S&P BSE Sensex, was down 10.27 points or 0.05%, up 32.93 points from the day's low and off 84.34 points from the day's high. The market breadth, indicating the overall health of the market, was strong. In the foreign exchange market, the rupee edged higher against the dollar.
Punjab National Bank (PNB) gained after the state-run bank reported fall in ratio of net non-performing asset to 2.8% as on 31 December 2013 from 3.07% as on 30 September 2013 at the time of announcing Q3 result during trading hours today, 31 January 2014. Many metal stocks gained. Neyveli Lignite Corporation rose after declaring good Q3 result after market hours on Thursday, 30 January 2014.
Key benchmark indices alternately swung between positive and negative zone in early trade. Key benchmark indices extended intraday gains and hit fresh intraday high in morning trade. A bout of volatility was witnessed as key benchmark indices reversed intraday gains in mid-morning trade. Key benchmark indices saw divergent trend in early afternoon trade after alternately swinging between positive and negative zone. The barometer index, the S&P BSE Sensex, was slightly lower. The 50-unit CNX Nifty was marginally higher.
Foreign institutional investors (FIIs) sold shares worth a net Rs 430.20 crore on Thursday, 30 January 2014, as per provisional data from the stock exchanges.
At 12:18 IST, the S&P BSE Sensex was down 10.27 points or 0.05% to 20,487.98. The index gained 74.07 points at the day's high of 20,572.32 in morning trade, its highest level since 29 January 2014. The index fell 43.20 points at the day's low of 20,455.05 in mid-morning trade.
The CNX Nifty was up 3.75 points or 0.06% to 6,077.45. The index hit a high of 6,097.30 in intraday trade, its highest level since 29 January 2014. The index hit a low of 6,068.35 in intraday trade.
The BSE Mid-Cap was up 58.03 points or 0.93% at 6,269.40. The BSE Small-Cap index was up 64.04 points or 1.04% to 6,245.84. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,359 shares gained and 883 shares fell. A total of 108 shares were unchanged.
The total turnover on BSE amounted to Rs 771 crore by 12:20 IST compared to Rs 536 crore by 11:20 IST.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Punjab National Bank (PNB) gained 4.66% after the state-run bank reported fall in ratio of net non-performing asset to 2.8% as on 31 December 2013 from 3.07% as on 30 September 2013. The bank net profit declined 42.14% to Rs 755.41 crore on 3.68% growth in total income to Rs 11922.30 crore in Q3 December 2013 over Q3 December 2012. The Q3 result hit the market during trading hours today, 31 January 2014.
Meanwhile, PNB said its board of directors at its meeting held today, 31 January 2014, has declared an interim dividend of Rs 10 per equity share for the year ending 31 March 2014. The record date has been fixed as 12 February 2014 to ascertain the entitlement of shareholders to receive the interim dividend, PNB said.
Many metal stocks gained. Sesa Sterlite rose 1.36%. On a consolidated basis, Sesa Sterlite reported a net profit Rs 1868.29 crore on total income of Rs 19912.90 crore in Q3 December 2013. The result was announced after market hours on Tuesday, 28 January 2014. The Q3 December 2013 figures are non comparable with Q3 December 2012 as the merger of copper producer Sterlite Industries (India) and iron-ore miner Sesa Goa, to form Sesa Sterlite took effect in August 2013.
JSW Steel gained 2.06%. The company reported a consolidated net profit of Rs 466.49 crore in Q3 December 2013 as against net loss of Rs 73.70 crore in Q3 December 2012. The Q3 result was announced during trading hours on Tuesday, 28 January 2014.
JSW Steel's consolidated total income rose 53.29% to Rs 13637.21 crore in Q3 December 2013 over Q3 December 2012.
JSW Steel said that the Q3 December 2013 results are after giving effect to the scheme of amalgamation and arrangement (scheme) between the company and JSW ISPAT Steel and others, which became effective 1 June 2013 with appointed date of 1 July 2012. Hence, the current quarter figures are not strictly comparable with that of Q3 December 2012 as the effect of implementation of the scheme is included in the current quarter figures, JSW Steel said in a statement.
Jindal Steel & Power (JSPL) rose 1.12%. The company's consolidated net profit jumped 23% to Rs 559.21 crore 8% growth in turnover to Rs 5377.37 crore in Q3 December 2013 over Q2 September 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 17% to Rs 1700.69 crore in Q3 December 2013 over Q2 September 2013. The company announced the results during trading hours Tuesday, 28 January 2014.
Tata Steel (up 2.22%), NMDC (up 1.51%), Hindustan Copper (up 0.57%) and Hindalco Industries (up 0.6%) edged higher.
Steel Authority of India (Sail) (down 1.15%) and Hindustan Zinc (down 0.19%) declined.
National Aluminium Company (Nalco) lost 3.41%, with the stock extending Thursday's 3.56% fall triggered after announcing Q3 result after trading hours on Wednesday, 29 January 2014. Nalco's net profit rose 10.16% to Rs 131.03 crore on 2.26% decline in total income to Rs 1764.64 crore in Q3 December 2013 over Q3 December 2012.
Balasore Alloys jumped 14.16% after net profit galloped 793.02% to Rs 11.52 crore on 15.34% growth in total income from operations to Rs 188.62 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Thursday, 30 January 2014.
Suven Life Sciences rose 3.77% after the firm said it has received 3 product patents one each from Canada, China and India corresponding to NCEs for treatment of disorders associated with neurodegenerative diseases. The announcement was made during trading hours today, 31 January 2014.
Suven Life Sciences (Suven) announced today, 31 January 2014 the grant of three product patents one each from Canada and India corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2025.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, Suven said in a statement.
With these new patents, Suven has a total of fourteen granted patents from Canada, twelve granted patents from China and seventeen granted patents from India. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts, the company said. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven said in a statement.
Venkat Jasti, CEO, Suven Life Sciences said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".
Neyveli Lignite Corporation rose 2.77% after net profit jumped 120.6% to Rs 489.02 crore on 4.7% growth in net sales to Rs 1314.95 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Thursday, 30 January 2014.
Neyveli Lignite Corporation (NLC)'s other income surged 379.39% to Rs 553.41 crore in Q3 December 2013 over Q3 December 2012. Other income includes an amount of Rs 426.63 crore towards dues of surcharge and interest receivable from TANGEDCO, as agreed and recorded in the minutes of meeting held with them on 19 December 2013, NLC said.
NLC said that disputed income tax demand of Rs 315.01 crore, which has not been provided since the identical issue has been decided in favour of the company in appeal in earlier year and the appeal for the same will be preferred in due course.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.46, compared with its close of 62.56/57 /11 on Thursday, 30 January 2014.
India's consumer inflation should ease in the next two months, and will fall to 8% by the end of the year, Reserve Bank of India (RBI) Governor Raghuram Rajan said in an interview with TV news channel on Thursday, 30 January 2014. The consumer price index eased to a three-month low of 9.87% in December 2013. "There is some disinflation in the system. What was 9.87 is going to come down further next month, and probably a little further into March," Rajan said. "We are setting rates at a level that we think is consistent with that disinflation for us to get some bite and for the inflation in the system to come down to about 8% at the end of the year," Rajan said.
In an interview to another TV news channel, Rajan on Thursday disputed criticism that lower interest rates would lead to higher growth because banks are fixing interest rates based on inflation. "This notion somehow that the RBI is standing in the way of growth is complete nonsense, Rajan said. "Today what is standing in the way of growth is inflation. Unless we bring inflation down, growth with lower interest rates has no hope," Rajan said.
Rajan warned of a breakdown in global policy coordination after the Federal Reserve further cut stimulus, noting how emerging markets helped pull the global economy out of crisis starting in late 2008. "Industrial countries have to play a part in restoring that, and they can't at this point wash their hands off and say we'll do what we need to and you do the adjustment. Fortunately the IMF has stopped giving this as its mantra, but you hear from the industrial countries: We'll do what we have to do, the markets will adjust and you can decide what you want to do," Rajan said. "We need better cooperation and unfortunately that's not been forthcoming so far," he said.
Rajan said developed countries might not like adjustments emerging markets take to cope with the outflows, without elaborating on specific measures.
Most Asian markets were closed today, 31 January 2014, for the Lunar new year holiday. In Japan, the Nikkei 225 index lost 0.62% to settle at 14,914.53. China's markets remain closed until 7 February 2014 for the Lunar New Year holiday, while Hong Kong is shut until 4 February 2014.
Japanese industrial production rose 1.1% on month in December, the Ministry of Economy, Trade and Industry said Friday, on a demand rush ahead of an April sales tax increase. It also comes after a 0.1% decline in November. The increase in industrial output was due to a rise in production in the general purpose and production machinery sectors as well as electronic parts and devices.
Meanwhile, Japanese consumer prices rose at their sharpest rate in over five years in December, the government said Friday. Consumer prices also increased for the whole of 2013, the first annual increase in five years, according to data released by the Ministry of Internal Affairs and Communications.
The core consumer price index, which excludes volatile fresh-food costs, climbed 1.3% from a year earlier in December, faster than a 1.2% gain in the previous month, according to data released by the Ministry of Internal Affairs and Communications. It was the biggest rise since a 1.9% increase in October 2008. The core index for 2013 increased 0.4% after a 0.1% fall the previous year. The CPI including fresh food prices rose 1.6% on year in December.
Employment data released Friday also suggested a strongly recovering economy. The jobless rate fell to 3.7% of the work force, down from 4% in November and the lowest rate since December 2007. The closely watched ratio of available jobs to applicants also improved to 1.03, meaning 103 jobs were on offer for every 100 job seekers.
Trading in US index futures indicated that the Dow could fall 9 points at the opening bell on Friday, 31 January 2014. US stocks rebounded on Thursday, 30 January 2014, as investors welcomed data showing a robust pace of growth in the economy in the final quarter of last year, while upbeat earnings from Facebook Inc. boosted the tech sector.
The US economy expanded rapidly in the final quarter of 2013, the Commerce Department said on Thursday, 30 January 2014, as consumers shrugged off a government shutdown, with the data fueling hopes of even faster growth ahead. The gross domestic product grew at 3.2% annual pace.
The number of people who sought US unemployment benefits near the end of January rose to the highest level in six weeks, but it's unclear whether the increase is the residue of holiday-season distortions or reflects a deterioration in the labor market. The less-volatile, four-week average rose by a fraction.
Meanwhile, Janet Yellen will be sworn in as chairwoman of the Federal Reserve on Monday, 3 February 2014, the US central bank announced Thursday, 30 January 2014. Yellen will replace outgoing Fed Chairman Ben Bernanke, whose term as chairman expires on Friday, 31 January 2014.
The Federal Reserve on 29 January 2014 took another gradual step toward exiting its controversial bond-buying program. As expected, the Fed decided, after a monetary policy review, to reduce the pace of monthly asset purchases to $65 billion, from January's $75 billion. The Fed also signaled that it is likely to keep reducing its purchases in the coming months, citing a pickup in economic activity and improvement in the labor market.
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