Key benchmark indices continued to hover in negative terrain in early afternoon trade. The barometer index, the S&P BSE Sensex, was down 69.43 points or 0.36%, up close to 25 points from the day's low and off about 50 points from the day's high. The market breadth, indicating the overall health of the market, was negative. Index heavyweight and cigarette major ITC hovered in red. Another index heavyweight Reliance Industries (RIL) extended intraday losses. Pharma stocks rose on renewed buying. Auto stocks were mixed. FMCG stocks declined.
The market edged lower in early trade. The Sensex hovered in negative terrain in morning trade. The market trimmed losses after hitting fresh intraday low in mid-morning trade. The Sensex continued to hover in negative terrain in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1449.70 crore on Thursday, 25 April 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was down 69.43 points or 0.36% to 19,337.42. The index declined 96.88 points at the day's low of 19,309.97 in early afternoon trade. The index fell 21.90 points at the day's high of 19,384.95 in early trade.
The CNX Nifty was down 32.55 points or 0.55% to 5,883.75. The index hit a high of 5,907.05 in intraday trade. The index hit a low of 5,875.85 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,087 shares declined and 827 shares rose. A total of 115 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks declined while rest of them rose.
Index heavyweight Reliance Industries (RIL) fell 1.62% to Rs 806. The scrip hit high of Rs 824.85 and a low of Rs 805 in intraday trade today, 26 April 2013. The company's telecom arm -- Reliance Jio Infocomm -- and Bharti Airtel on Tuesday, 23 April 2013, signed an agreement for international data connectivity under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.
Earlier, at the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Shares of Bharti Airtel surged 4.88%, with the stock advancing for the second straight day.
Index heavyweight and cigarette major ITC declined 0.47% to Rs 318.65 on profit booking. The scrip hit high of Rs 319.75 and a low of Rs 317 in intraday trade today, 26 April 2013. The stock had hit record high of Rs 323.85 in intraday trade on Thursday, 25 April 2013. West Bengal chief minister Mamata Banerjee on Wednesday, 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, 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, which was unveiled on 28 February 2013.
Among other FMCG stocks, Marico, Hindustan Unilever and Godrej Consumer Products shed by 0.3% to 4.55%.
Auto stocks were mixed. Maruti Suzuki India shed 1.05% ahead of its Q4 results today, 26 April 2013.
Tata Motors rose 0.77%. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) on 10 April 2013 said its global sales rose 16% to a record 53,772 units in March 2013 over March 2012. JLR's global sales rose 17% to a record 115,504 units in Q1 March 2013 over Q1 March 2012.
Mahindra & Mahindra (M&M) declined 2.37%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
The Minister of Heavy Industries & Public Enterprises has requested the Ministry of Finance either to withdraw the additional 3% excise duty imposed on SUVs in the current Union Budget or to exempt all such vehicles classified as SUV that have an assessable value up to Rs 10 lakh. Giving this information in written reply to a question in the Rajya Sabha on 23 April 2013, the Minister of Heavy Industries & Public Enterprises Mr. Praful Patel said that the auto industry in the country is going through difficult times and the notification issued by the Finance Ministry for the levy of additional 3% excise duty will further impact the industry and will also discourage the consumers as the commonly used vehicles in rural and semi-urban area have come under this additional 3% excise duty.
Shares of two-wheeler makers were mixed. Hero MotoCorp declined 1.64% ahead of its Q4 results today, 26 April 2013. Bajaj Auto rose 2.04%. PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT) on 15 April 2013 because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
Pharma stocks rose on renewed buying. Cipla and Ranbaxy Laboratories gained by 0.02% to 0.18%.
Dr Reddy's Laboratories rose 0.07% to Rs 1994. The stock pared gains after hitting record high of Rs 2008.30 in intraday trade today, 26 April 2013.
Sun Pharmaceutical Industries fell 1.44% to Rs 961.20. The stock had scaled a record high of Rs 980.30 in intraday trade on Thursday, 25 April 2013.
The focus of the market is on Q4 results. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013
The Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the PMEAC said. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
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.
The government has lined up a number of key bills for consideration and passing during the ongoing Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
Asian stocks were mixed on Friday. Key benchmark indices in Hong Kong, Indonesia and Singapore rose by 0.13% to 0.8%. Key benchmark indices in China, Japan and South Korea fell by 0.3% to 0.65%. Taiwan's Taiwan Weighted was flat.
The Bank of Japan held off on any new policy moves after a monetary policy meeting today, 26 April 2013, in the wake of major new easing initiatives at its previous meeting. In an unusually terse, two-sentence statement, the Japanese central bank only said that it "will conduct money-market operations so that the monetary base will increase at an annual pace of about 60 [trillion]-70 trillion yen," or roughly $610 billion to $710 billion, unchanged from its previous target.
Trading in US index futures indicated that the Dow could fall 8 points at the opening bell on Friday, 26 April 2013. US stocks edged higher on Thursday, buoyed by corporate-earnings reports and data showing a sharp drop in weekly jobless claims.
In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava on 2 May 2013 to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% amid the euro zone's worsening economic outlook and subdued inflation.
Powered by Capital Market - Live News
