Key benchmark indices held firm in afternoon trade as gains in European and Asian stocks boosted sentiment. The S&P BSE Sensex was up 203.34 points or 1.06%, up close to 135 points from the day's low and off about 30 points from the day's high. The market breadth, indicating the overall health of the market, was positive. Metal stocks were mostly higher. Most Auto stocks also gained. Shares of two wheeler makers dropped. Index heavyweight and cigarette major ITC extended intraday gains. Reliance Anil Dhirubhai Ambani (ADA) Group shares surged, with Reliance Communications hitting 52-week high.
Key benchmark indices cut initial gains triggered by higher Asian stocks. Volatility ruled the roost in morning trade as the key benchmark indices regained strength after hitting intraday low. Key benchmark indices held firm in mid-morning trade. The Sensex extended gains to strike fresh intraday high in early afternoon trade. The market held firm in afternoon trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 705.06 crore on Wednesday, 3 July 2013, as per provisional data from the stock exchanges.
At 13:20 IST, the S&P BSE Sensex was up 203.34 points or 1.06% to 19,381.10. The index gained 234.27 points at the day's high of 19,412.03 in afternoon trade, its highest level since 2 July 2013. The index rose 67.25 points at the day's low of 19,245.01 in morning trade.
The CNX Nifty was up 63.20 points or 1.1% to 5,834.10. The index hit a high of 5,843.95 in intraday trade, its highest level since 2 July 2013. The index hit a low of 5,787.70 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,152 shares gained and 809 shares fell. A total of 122 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined. Tata Power Company (up 3.39%), Bharti Airtel (up 2.68%) and TCS (up 2.44%), edged higher.
Index heavyweight and cigarette major ITC advanced 2.94%, with the stock extending intraday gain.
Metal stocks were mostly higher. Hindalco Industries (up 1.82%), Jindal Steel & Power (up 0.51%), and Tata Steel (up 0.07%), edged higher. But, Sterlite Industries declined 1.13%.
Most Auto stocks also gained. Tata Motors rose 1.27%. The company on 1 July 2013, said that total sales of Tata commercial and passenger vehicles declined 18.08% to 52,708 units in June 2013 over June 2012. The company's domestic sales of Tata commercial and passenger vehicles declined 16.40% to 48,712 units in June 2013 over June 2012. Exports declined 34.17% to 3,996 units in June 2013 over June 2012.
Maruti Suzuki India rose 0.38%. The company on Tuesday, 2 July 2013, announced the launch of limited edition of sporty version of its compact car model Swift. The Swift RS comes with new styling and graphics, which give it a distinct sporty character and looks, Maruti said. Swift RS will be available only in limited numbers and for a short period.
The company reported 12.6% fall in total sales to 84,455 units in June 2013 over June 2012. The company's domestic sales fell 7.8% to 77,002 units in June 2013 over June 2012. Exports declined 43% to 7,453 units in June 2013 over June 2012. The company announced the monthly sales data on 1 July 2013.
M&M gained 0.25%. The company on Wednesday, 3 July 2013, announced that it has successfully placed a NCD series of 50-year maturity for Rs 500 crore on private placement basis. The NCDs will be unsecured, rated, listed, redeemable at the end of 50th year and will carry a coupon of 9.55% per annum payable annually. This is the first ever INR-denominated NCD issue with a 50-year bullet maturity offered by an Indian corporate. The successful placement of the NCDs is testimony to the unassailable reputation and credit worthiness of M&M, the company said. The proceeds of this issue will be used for capex, long term working capital requirements and refinancing of loans taken for capital expenditure. Credit Rating agencies, CRISIL and ICRA have assigned AA+/stable rating to the issue.
M&M on 1 July 2013, said its domestic tractor sales rose 19% to 26,723 units in June 2013 over June 2012. M&M's total tractor sales rose 17% to 27,749 units in June 2013 over June 2012. Exports declined 19.33% to 1,026 units in June 2013 over June 2012.
M&M's total automobile sales fell 7.81% to 38,092 units in June 2013 over June 2012. Sales of the company's passenger vehicle segment (which includes UVs and Verito) declined 12.93% to 17,232 units in June 2013 over June 2012. The company's domestic sales declined 7.04% to 36,207 units in June 2013 over June 2012. Exports fell 20% to 1,885 units in June 2013 over June 2012.
Ashok Leyland lost 5.71% as the stock turned ex-dividend today, 4 July 2013, for dividend of 60 paise per share for the year ended 31 March 2013 (FY 2013). The company's total sales declined 31.3% to 6,967 units in June 2013 over June 2012. Ashok Leyland's sales of commercial vehicles excluding small commercial vehicle (SCV) Dost declined 36.5% to 4,714 units in June 2013 over June 2012. Sales of SCV Dost fell 17.3% to 2,253 units in June 2013 over June 2012. The company announced the sales numbers on 1 July 2013.
Shares of two wheeler makers dropped. Hero MotoCorp dropped 0.56%. The company reported a 5.95% decline in total sales at 5.02 lakh units in June 2013 over June 2012.
Bajaj Auto slipped 1.38% as the stock turned ex-dividend today, 4 July 2013, for dividend of Rs 45 per share for the year ended 31 March 2013 (FY 2013). The company on Tuesday, 2 July 2013, reported 14% fall in total sales to 2.95 lakh units in June 2013 over June 2012. Motorcycles sales fell 20% to 2.54 lakh units in June 2013 over June 2012. The company said that the illegal strike at Chakan caused a loss of production of 20,000 motorcycles in June 2013. The company's commercial vehicles sales jumped 54% to 41,205 units in June 2013 over June 2012. Exports rose 4% to 1.20 lakh units in June 2013 over June 2012.
Reliance Anil Dhirubhai Ambani (ADA) Group shares surged. Reliance Infrastructure, Reliance Broadcast Network, Reliance Capital, Reliance MediaWorks and Reliance Power gained by between 3.7% to 6.72%.
Reliance Communications rose 3.93% to Rs 136.30. The stock hit 52-week high of Rs 136.60 in intraday trade today, 4 July 2013.
Meanwhile, the government on Wednesday finally cleared an ambitious Rs 1.25 lakh crore food security plan, promising subsidized food to two out of every three Indians. The move is expected to help the Congress party gain significant political support in the run-up to the 2014 general election, although it may stretch the government's fiscal deficit.
European stocks advanced on Thursday, halting a two-day decline, as investors awaited interest-rate decisions from the European Central Bank and the Bank of England. Key benchmark indices in France, Germany and UK were up 0.64% to 0.87%.
The European Central Bank (ECB) is widely expected to keep its main refinancing rate unchanged at 0.5% after a monetary policy review today, 4 July 2013, with the spotlight set to fall on ECB President Mario Draghi's press conference following the meeting. The Bank of England is also expected to leave its lending rate unchanged at a record low 0.5% after a monetary policy review today, 4 July 2013.
Asian stocks were mostly higher on Thursday, 4 July 2013, after positive US jobs data spurred gains on Wall Street overnight. Key benchmark indices in Hong Kong, Indonesia, South Korea, China and Singapore were up 0.18% to 1.62%. Key benchmark indices in Japan and Taiwan were down 0.22% to 0.26%.
The US stock market remains closed today, 4 July 2013, for Independence Day holiday. US stocks edged higher on Wednesday as positive jobs data countered international concerns in the abbreviated trading session.
The US government will unveil the influential nonfarm payrolls data for June 2013 on Friday, 5 July 2013.
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