Key benchmark indices extended gains and hit fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit two-week high. The Sensex was up 220.52 points or 0.86%, up about 155 points from the day's low and off about 15 points from the day's high. The market breadth indicating the overall health of the market was strong. Gains in Asian stocks boosted sentiment on the domestic bourses.
Reliance Industries (RIL) extended Monday's gains triggered by strong Q1 result. Realty stocks edged higher. Among pharma stocks, Sun Pharmaceutical Industries scaled record high. Shares of decorative paints maker Asian Paints also hit record high.
At 11:20 IST, the S&P BSE Sensex was up 220.52 points or 0.86% to 25,935.69. The index jumped 233.87 points at the day's high of 25,949.04 in mid-morning trade, its highest level since 8 July 2014. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty was up 58.40 points or 0.76% to 7,742.60. The index hit a high of 7,748.70 in intraday trade, its highest level since 8 July 2014. The index hit a low of 7,704.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,520 shares rose and 801 shares fell. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 64.21 points or 0.69% at 9,364.63. The BSE Small-Cap index was up 87.63 points or 0.85% at 10,357.22. Both these indices underperformed the Sensex.
Reliance Industries (RIL) extended Monday's gains triggered by strong Q1 result. The stock was up 2.67% at Rs 1,024. The stock hit high of Rs 1,026.30 and low of Rs 1,001.05 so far during the day. The company announced on Saturday, 19 July 2014, that its consolidated net profit rose 13.7% to Rs 5957 crore on 7.2% growth in revenue to Rs 1.07 lakh crore in Q1 June 2014 over Q1 June 2013. RIL's gross refining margin stood at $8.7 per barrel in Q1 June 2014 as against $8.4 per barrel in Q1 June 2013 and $9.3 per barrel in Q4 March 2014.
RIL attributed the increase in top line during the quarter to higher prices. Operating profit before other income and depreciation rose 14.4% to Rs 8989 crore in Q1 June 2014 over Q1 June 2013, due to higher contribution from refinery, petrochemicals and oil and gas business.
Sun Pharmaceutical Industries rose 1.13% to Rs 752.30 after hitting record high of Rs 757.50 in intraday trade.
Asian Paints rose 1.46% to Rs 602.55 after hitting record high of Rs 602.95 in intraday trade. The company announces its Q1 results today, 22 July 2014.
Realty stocks edged higher. DLF (up 1.16%), D B Realty (up 0.58%), Housing Development & Infrastructure (HDIL) (up 0.37%), Sobha Developers (up 0.85%) and Unitech (up 0.74%) gained.
Foseco India rose 1.96% after net profit rose 26.3% to Rs 6.34 crore on 12% increase in net sales to Rs 64.72 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Monday, 21 July 2014.
Linde India lost 1.61% after the company reported a net loss of Rs 1.69 crore in Q2 June 2014 as against net profit of Rs 5.94 crore in Q2 June 2013. Linde India's net sales rose 8.2% to Rs 351.55 crore in Q2 June 2014 over Q2 June 2013. The Q2 result was announced after market hours on Monday, 21 July 2014. Operating profit (EBITDA) rose 17% to Rs 68.50 crore in Q2 June 2014 over Q2 June 2013. The company recorded a loss of Rs 1.80 crore before taxes in Q2 June 2014, compared to a profit of Rs 9.30 crore in Q2 June 2013 due to higher depreciation and interest cost for the newly capitalized plants which are currently in the ramp up phase, Linde India said in a statement.
Key benchmark indices surged in early trade on firm Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. The Sensex and the 50-unit CNX Nifty, both, hit two-week high.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.19, compared with its close of 60.295 on Monday, 21 July 2014.
Asian stocks rose today, 22 July 2014, as investors shrugged off international tension after the downing of a passenger jet in Ukraine on 17 July and fighting between Israel and Palestinian militants in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.07% to 1.31%. Indonesia's Jakarta Composite fell 0.46%.
Trading in US index futures indicated that the Dow could gain 21 points at the opening bell on Tuesday, 22 July 2014. US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
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