Key benchmark indices edged lower after witnessing high intraday volatility. The barometer index, the S&P BSE Sensex, was provisionally down 22.51 points or 0.09%, off 246.62 points from the day's high and up 41.01 points from the day's low. The market breadth, indicating the overall health of the market was strong. The BSE Mid-Cap index was up more than 1.5%. The BSE Small-Cap index was up more than 3%. Both these indices outperformed the Sensex.
Shares of power equipment major Bharat Heavy Electricals (Bhel) hit 52-week high after the company on Monday, 19 May 2014, said it has signed a Memorandum of Understanding (MOU) with PT Star Vyobros, Indonesia for setting up a 200 megawatts (MW) coal fired power plant in the Sulawesi region in Indonesia. Many realty stocks gained.
Key benchmark indices regained positive zone after reversing gains after a firm opening. Key benchmark indices extended intraday gains in morning trade. Volatility ruled the roost as the key benchmark indices slipped into the red after extending intraday gains in morning trade. Intraday volatility continued as key benchmark indices regained positive zone in early afternoon trade after Prime Minister-designate Narendra Modi was elected as BJP Parliamentary Party leader unanimously. Key benchmark indices alternately moved between positive and negative zone near the flat line in afternoon trade. High volatility was seen in late trade as the key benchmark indices once again slipped into the red after regaining positive zone.
As per provisional closing, the S&P BSE Sensex was down 22.51 points or 0.09% to 24,340.54. The index jumped 224.11 points at the day's high of 24,587.16 in early trade, its highest level since 16 May 2014. The index fell 63.52 points at the day's low of 24,299.53 in mid-morning trade.
The CNX Nifty was down 0.55 points or 0.01% to 7,263. The index hit a high of 7,353.65 in intraday trade, its highest level since 16 May 2014. The index hit a low of 7,247.70 in intraday trade.
The BSE Mid-Cap index was up 141.13 points or 1.74% at 8,232.40. The BSE Small-Cap index was up 255.63 points or 3.06% at 8,600.33. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was strong. On BSE, 2,143 shares gained and 742 shares fell. A total of 104 shares were unchanged.
The total turnover on BSE amounted to Rs 5566 crore, lower than Rs 5714.28 crore on Monday, 19 May 2014.
Among the 30-share Sensex pack, 15 stocks declined and rest of them gained.
Sesa Sterlite (up 7.67%), Tata Steel (up 3.65%) and Mahindra & Mahindra (up 3.55%) edged higher from the Sensex pack.
Coal India tumbled 6.36% to Rs 364.85 on profit booking after recent strong gains. The stock had surged 32.47% in the preceding seven trading sessions to settle at Rs 389.65 on Monday, 19 May 2014, from a recent low of Rs 294.15 on 8 May 2014. The stock had hit a 52-week high of Rs 393.80 in intraday trade on Monday, 19 May 2014.
ONGC lost 4.3% to Rs 398.50, with the stock reversing direction after scaling a record high of Rs 420 in intraday trade. Shares of ONGC had rallied 12.96% in three trading sessions to settle at Rs 416.40 on Monday, 19 May 2014, from a recent low of Rs 368.60 on 14 May 2014. ONGC on 18 May 2014 said that the company remains committed to create more value for all its stakeholders after a recent sharp surge in its stock price.
GAIL (India) fell 2.18% to Rs 421. The stock was volatile. The scrip hit 52-week high of Rs 435.90 in intraday trade, matching its 52-week high hit in intraday trade on Monday, 19 May 2014. The stock hit an intraday low of Rs 418.65.
Bharat Heavy Electricals (Bhel) was up 3.04% at Rs 276.40. The stock hit 52-week high of Rs 287.80 in intraday trade. Bhel on Monday, 19 May 2014, said it has signed a Memorandum of Understanding (MoU) with PT Star Vyobros, Indonesia for setting up a 200 megawatts (MW) Coal fired power plant in the Sulawesi region in Indonesia. Financial details of the MoU were not divulged by the company.
Aditya Birla Nuvo rose 0.8% after consolidated reported net profit declined 11.55% to Rs 176 crore on 1.65% growth in revenue to Rs 7112 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced during market hours today, 20 May 2014.
Aditya Birla Nuvo (ABNL)'s consolidated EBITDA rose 19.94% to Rs 1263 crore in Q4 March 2014 over Q4 March 2013. ABNL's consolidated reported net profit rose 7.93% to Rs 1143 crore on 1.58% growth in revenue to Rs 25893 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA rose 19.19% to Rs 4937 crore in FY 2014 over FY 2013.
ABNL's board of directors at its meeting held today, 20 May 2014, recommended dividend of Rs 7 per share for FY 2014.
Many realty stocks gained. D B Realty (up 19.99%), Housing Development & Infrastructure (up 6.82%), Godrej Properties (up 1.64%), Oberoi Realty (up 10.71%), Sobha Developers (up 2.8%) and Unitech (up 14.85%) gained. Indiabulls Real Estate lost 0.18%.
DLF rose 0.52% to Rs 183.40 in volatile trade. The stock hit high of Rs 190.70 and low of Rs 178. DLF during trading hours on Monday, 19 May 2014, said that the Hon'ble COMPAT has pronounced the order on Monday, 19 May 2014, upholding certain findings of the earlier orders of CCI. The company is yet to examine the detailed order and therefore the company at this stage will not be in a position to make any further comments. The company shall be challenging this order passed by the Hon'ble COMPAT in the Hon'ble Supreme Court for which COMPAT has given 60 days time, DLF said. The realty major said that the company wishes to point out that it has successfully delivered Park Place, Belaire and Magnolia projects which were the subject matter of the above appeals. The company has respected in true letter and spirit the customer commitments made by it, DLF said. In testament thereof, out of over 2,600 apartments, over 2,200 have been handed over and more than 1,800 families are already residing therein, DLF said.
In the foreign exchange market, the rupee edged lower against the dollar as importers stepped up dollar purchases. The partially convertible rupee was hovering at 58.71, compared with its close of 58.59/60 on Monday, 19 May 2014.
The Bharatiya Janata Party Parliamentary party today, 20 May 2014, elected Narendra Modi as its leader, officially making him the Prime Minister-in-making.
After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in the recently concluded Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy. There are expectations that Gujarat chief minister and Prime Minister-designate Narendra Modi will be in a position to replicate the economic success he enjoyed in Gujarat state when he takes over as the country's Prime Minister. Gujarat's economy expanded by 10.1% a year, on average and adjusting for inflation, from 2001 and 2012, compared with 7.7% growth a year for India's economy as a whole. India's GDP growth slowed sharply at 4.7% in Q3 December 2013. Investors hope that a BJP-led government would be able to accelerate policy reforms and overhaul the country's poor infrastructure. Investors will now be keenly watching policy announcements from the new government to drive a turnaround in the investment cycle.
Ever since NDA's victory in the election last week, speculation has been rife about the likely allocation of key ministerial portfolios in the Modi-led NDA government.
The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
European stocks edged lower on Tuesday, 20 May 2014, as investors weighed corporate earnings. Key benchmark indices in Germany, France and UK shed 0.22% to 0.54%.
Asian stocks edged higher on Tuesday, 20 May 2014, tracking overnight gains in US markets. Key benchmark indices in Singapore, Hong Kong, China and Japan were up 0.09% to 0.57%. Key benchmark indices in Taiwan, Indonesia and South Korea were off 0.14% to 2.37%.
Thailand's army today, 20 May 2014, imposed martial law nationwide after months of political turmoil that brought down an elected government and tipped the economy into a contraction.
China plans to have about 100 initial public offerings from June through the end of this year as the government pushes for development in capital markets. The stock sales will be spread out to ensure there are a similar number each month, China Securities Regulatory Commission Chairman Xiao Gang said in a statement posted on the regulators website yesterday, 19 May 2014.
Singapore's gross domestic product expanded an annualized 2.3% in the three months through March from the previous quarter, when it climbed a revised 6.9%, the trade ministry said in a statement today, 20 May 2014.
Trading in US index futures indicated that the Dow could fall 6 points at the opening bell on Tuesday, 20 May 2014. US stocks ended Monday's thinly traded session higher with small-cap and tech companies leading the gains.
The Federal Reserve releases minutes from the April 29-30 meeting of Federal Open Market Committee tomorrow, 21 May 2014. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
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