Key benchmark indices edged higher in early trade after provisional data showed that foreign funds made substantial purchases of Indian stocks on Monday, 30 June 2014. The barometer index, the S&P BSE Sensex, was up 111.30 points or 0.44%, up about 55 points from the day's low and off close to 10 points from the day's high. The market breadth indicating the overall health of the market was strong.
L&T Finance Holdings rose after the company's board of directors approved private placement of Preference Shares aggregating Rs 263.40 crore. Index heavyweight and cigarette major ITC rose after the company said that demerger of the non-engineering business comprising Safety Matches Business and Agri (Forestry) Business of Wimco into the company was sanctioned by the High Court of Bombay and the High Court at Calcutta.
At 9:30 IST, the S&P BSE Sensex was up 111.30 points or 0.44% to 25,525.08. The index jumped 122.44 points at the day's high of 25,536.22 in early trade. The index rose 56.16 points at the day's low of 25,469.94 in opening trade.
The CNX Nifty was up 26.20 points or 0.34% to 7,637.55. The index hit a high of 7,639.95 in intraday trade. The index hit a low of 7,627.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,061 shares gained and 259 shares fell. A total of 37 shares were unchanged.
The BSE Mid-Cap index was up 61.34 points or 0.65% at 9,440.29. The BSE Small-Cap index was up 76.27 points or 0.75% at 10,279.46. Both these indcies outperformed the Sensex.
Hindalco Industries (up 4.08%), Maruti Suzuki India (up 2.28%) and Coal India (up 1.48%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC rose 0.46% to Rs 326.40. The company said after market hours on Monday, 30 June 2014, that the Scheme of Arrangement between Wimco and the company and their respective shareholders for demerger of the non-engineering business comprising Safety Matches Business and Agri (Forestry) Business of Wimco into the company has been sanctioned by the High Court of Judicature at Bombay and the High Court at Calcutta. Consequent to the above, the Scheme of Arrangement has become effective from 27 June 2014, ITC said.
L&T Finance Holdings rose 2.28% to Rs 76.20. The company said after market hours on Monday, 30 June 2014, that the Committee of Directors of the company at its meeting held on 30 June 2014 has approved the allotment of 2.63 crore Listed, Cumulative Compulsorily Redeemable Preference Shares on private placement aggregating to Rs 263.40 crore including all options to eligible allottees.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
Markit Economics will unveil the results of a monthly survey on India's manufacturing sector for June 2014 today, 1 July 2014. The seasonally adjusted HSBC India Purchasing Managers' Index had risen marginally to 51.4 in May 2014, from 51.3 in April 2014. The survey showed a seventh successive month of expansion of manufacturing output, a moderate increase in new business flows for manufacturers and increase in workforce by manufacturers in May.
The month of May 2014 saw a fiscal deficit of Rs 1.27 lakh crore, against a fiscal deficit of Rs 1.13 lakh crore seen previous month. The fiscal deficit for the period April to May was placed at Rs 2.40 lakh crore, which amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year, data released by the government after trading hours on Monday, 30 June 2014, showed.
The output of eight core Industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP) recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014, data released by the government after trading hours on Monday, 30 June 2014, showed.
Most Asian stocks edged lower on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, South Korea and Singapore were off 0.13% to 0.36%. Key benchmark indices in Japan and Taiwan rose 0.53% to 1.35%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Most US stocks edged lower on Monday, 30 June 2014. The number of contracts to purchase previously owned US homes jumped 6.1% in May, the most in more than four years. Another data showed that the Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
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