Key benchmark indices edged higher on first trading day of the week. The barometer index, the S&P BSE Sensex, was provisionally up 91.23 points or 0.47%, up 112.56 points from the day's low and off 27.42 points from the day's high. Index heavyweight and cigarette major ITC dropped. Another index heavyweight Reliance Industries (RIL) advanced. The market breadth, indicating the overall health of the market, was positive.
IT stocks were in demand on an upbeat April job report. Metal stocks edged higher on renewed buying. Pharma major Sun Pharmaceutical Industries reversed direction after scaling a record high. Adani Power fell after reporting weak Q4 March 2013 results.
Key benchmark indices edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as the key benchmark indices regained positive zone after slipping into the red in morning trade. The market retained positive zone in mid-morning trade. Volatility continued as key benchmark indices pared gains after striking fresh intraday high in early afternoon trade. The market regained positive terrain after slipping into the red for a brief period in afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade. The market retained positive zone in late trade.
As per provisional closing, the S&P BSE Sensex was up 91.23 points or 0.47% to 19,666.87. The index jumped 118.65 points at the day's high of 19,694.29 in early afternoon trade. The index declined 21.33 points at the day's low of 19,554.31 in morning trade.
The CNX Nifty was up 31.10 points or 0.52% to 5,975.10. The index hit a high of 5,976.50 in intraday trade. The index hit a low of 5,928.45 in intraday trade, its lowest level since 2 May 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,414 shares advanced and 1,000 shares declined. A total of 143 shares were unchanged.
The total turnover on BSE amounted to Rs 1809 crore, lower than Rs 2229.98 crore on Friday, 3 May 2013.
Among the 30-share Sensex pack, 21 stocks gained while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 2.46% to Rs 820.90. The scrip hit high of Rs 824.70 and a low of Rs 802.50.
Index heavyweight and cigarette major ITC shed 1.62% to Rs 325.40 on profit booking. The scrip hit high of Rs 332.40 and a low of Rs 325.40. The stock had hit record high of Rs 335.90 in intraday on 30 April 2013. 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.
IT stocks were in demand on an upbeat April job report. US is the biggest outsourcing market for the Indian IT firms. Infosys gained 1.57%. Wipro rose 0.41%. Tata Consultancy Services (TCS) advanced 3.37%.
HCL Technologies shed 0.13% to Rs 749.20. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results.
Metal stocks rose on renewed buying. Jindal Steel & Power (up 1.95%), JSW Steel (up 1.46%), Tata Steel (up 3.7%), Sail (up 1.1%) and Hindustan Zinc (up 2.6%) edged higher.
Shares of copper producers rose after benchmark copper jumped 6.09% to settle at $7,265 per tonne on the London Metal Exchange on Friday, 3 May 2013. Hindalco Industries (up 3.72%), Sterlite Industries (India) (up 1.5%) and Hindustan Copper (up 1.45%) edged higher
Asian Paints rose 3.38%. The company has announced the results of Berger International (BIL), Singapore which is an indirect subsidiary of the company. BIL has reported net profit attributable to shareholders of Rs 3.49 crore for Q4 March 2013 as against a loss of Rs 2.21 crore in Q4 March 2012. BIL's total revenue rose 12.4% to Rs 117.99 crore in Q4 March 2013 over Q4 March 2012.
Asian Paints has scheduled a board meeting on 9 May 2013 to consider sub-division of equity shares.
Pharma major Sun Pharmaceutical Industries fell 0.17% to Rs 982.60. The stock reversed direction after scaling a record high of Rs 994.45 in intraday trade today, 6 May 2013.
Adani Power shed 0.51% after the company reported a net loss of Rs 586 crore in Q4 March 2013, higher than net loss of Rs 292 crore in Q4 March 2012. The result was announced during trading hours today, 6 May 2013. The company said the increase in net loss in Q4 March 2013 was mainly on account of higher prices of imported coal and transmission constraints. Consolidated total income surged 79% to Rs 1889 crore in Q4 March 2013 over Q4 March 2012.
The Central Bureau of Investigation (CBI) said in a fresh affidavit filed in the Supreme Court on its probe into the coal blocks allocation today, 6 May 2013, that changes were made by law minister, coal ministry, attorney general and officials of the Prime Minister's Office in CBI's draft status report on coal scam. Last week, the Supreme Court had issued strong observations against CBI sharing the draft coal block scam report with the government. The apex court had asserted that the probe agency must be liberated and should not be controlled by political masters.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. HDFC and Lupin unveil Q4 results on Wednesday, 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on Thursday, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's 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 and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed today, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013, its lowest since October 2011. It was the third straight month of decline, and took the index dangerously close to the 50 mark that separates growth from contraction. The index had stood at 51.4 in March. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The Budget session of the Parliament ends on Friday, 10 May 2013.
The RBI on Friday, 3 May 2013, cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
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.
European stocks edged lower on Monday. Key benchmark indices in France and Germany fell by 0.11% to 0.23%. The stock market in UK was closed for a holiday.
Asian stocks rose on Monday as investors gave thumbs up to an upbeat US labor force report that sent Wall Street to an all-time closing high on Friday, 3 May 2013. Key benchmark indices in China, Hong Kong, Taiwan, Indonesia and Singapore rose by 0.37% to 1.35%. South Korea's KOSPI Composite index fell 0.22%. Japanese financial markets are shut on Monday for a public holiday and will reopen on Tuesday.
Trading in US index futures indicated that the Dow could gain 11 points at the opening bell on Monday, 6 May 2013. US stocks on Friday, 3 May 2013, rose to record highs, with the Dow industrials soaring above 15,000 and the S&P 500 index above 1,600, as Wall Street celebrated an upbeat April jobs report. US nonfarm payrolls rose by 165,000 last month and the jobless rate fell to a four-year low of 7.5%, the Labor Department said on Friday, 3 May 2013.
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