Key benchmark indices extended intraday gains to hit fresh intraday high in early afternoon trade as Asian stocks rose. The S&P BSE Sensex hit highest level in almost 9 weeks. The Sensex was up 113.72 points or 0.56%, up about 200 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Ambuja Cements dropped after a foreign brokerage firm downgraded the stock to neutral from outperform. IT stocks rose, with Tech Mahindra hitting 52-week high. Sun Pharmaceutical Industries and Hindalco Industries extended intraday gain.
A bout of initial volatility was witnessed as key benchmark indices trimmed losses after a weak opening. The Sensex reversed initial losses and moved into positive zone in morning trade. The market hovered in positive terrain in mid-morning trade. The Sensex extended intraday gains in early afternoon trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 252.26 crore on Friday, 19 July 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 113.72 points or 0.56% to 20,263.57. The index rose 115.05 points at the day's high of 20,264.90 in early afternoon trade, its highest level since 21 May 2013. The index fell 84.16 points at the day's low of 20,065.69 in early trade, its lowest level since 18 July 2013.
The CNX Nifty was up 32.65 points or 0.54% to 6,061.85. The index hit a high of 6,064.15 in intraday trade. The index hit a low of 6,004.25 in intraday trade, its lowest level since 18 July 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 943 shares gained and 890 shares fell. A total of 123 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks rose and rest of them fell. HDFC (up 2.74%), M&M (up 1.87%) and Bajaj Auto (up 1.75%), edged higher.
IT stocks edged higher. IT major TCS rose 0.18% to Rs 1,746.70, with the stock extending Friday's 4.92% gain triggered by the company's strong Q1 results. The stock had struck a record high of Rs 1,755 in intraday trade on Friday, 19 July 2013. TCS' net profit rose 5.9% to Rs 3831 crore on 9.5% growth in revenue to Rs 17987 crore in Q1 June 2013 over Q4 March 2013. Operating profit rose 12% to Rs 4847 crore in Q1 June 2013 over Q4 March 2013. The company reported Q1 results after trading hours on Thursday, 18 July 2013.
TCS said growth in Q1 June 2013 was seen across all industry segments, led by life sciences, retail, telecom and BFSI. There was balanced growth across IT and other service lines led by Assurance, EiS, Global Consulting and Asset Leveraged Solutions. Major markets grew smartly led by USA, Europe and UK alongside growth in emerging markets like Latin America and Asia Pacific, TCS said in a statement. The company added two new $100 million clients in Q1 June 2013.
During the quarter, TCS closed the acquisition of Alti, one of the top 5 system integrators of SAP solutions in France with several top French corporations in the banking, financial services, luxury, manufacturing and utilities sectors as its key customers.
Infosys was up 1.52%. Infosys retained its revenue growth guidance in dollar terms for the year ending 31 March 2014 (FY 2014) at the time of announcing Q1 June 2013 result on 12 July 2013, belying fears that it may lower the guidance.
Wipro rose 0.14%.
HCL Technologies advanced 0.39% to Rs 896. The stock had hit a record high of Rs 906.15 in intraday trade on Friday, 19 July 2013. The company declares year ended 30 June 2013 results on 31 July 2013.
Tech Mahindra rose 2.99% to Rs 1,164.25. The stock hit 52-week high of Rs 1,173 in intraday trade today, 22 July 2013.
Sun Pharmaceutical Industries rose 2.09%, with the stock extending intraday gain.
Hindalco Industries gained 1.98%, with the stock extending intraday gain.
Ambuja Cements dropped after a foreign brokerage firm downgraded the stock to neutral from outperform. Cement stocks declined on sluggish construction activity during monsoon season. ACC (down 2.55%) and UltraTech Cement (down 1.84%), edged lower.
Ambuja Cements dropped 4.68% to Rs 198 after a leading global brokerage firm downgraded the stock to neutral. The brokerage said that the stock is trading at its peak multiples and is already pricing in a margin recovery in 2014 as part of potential merger synergies with ACC. Shares of ACC were off 2.55%.
Shares of cement major UltraTech Cement were off 1.84%.
Bajaj Holdings & Investment rose 2.69% after consolidated net profit surged 27% to Rs 443 crore on 93.15% growth in net sales plus other income to Rs 141 crore in Q1 June 2013 over Q1 June 2012. Bajaj Holdings & Investment's (BHIL) consolidated income from associates after tax rose 12.16% to Rs 332 crore in Q1 June 2013 over Q1 June 2012.
Brigade Enterprises lost 1.4% as the stock turned ex-dividend today, 22 July 2013, for dividend of Rs 1.50 per share for the year ended 31 March 2013.
GMR Infrastructure (up 7.84%), MMTC (up 4.91%), Century Textiles & Industries (up 4.22%), M&M Financial Services (up 3.94%) and Crompton Greaves (up 3.48%), were the biggest gainers from the BSE's 'A' Group.
Asian stocks edged higher on Monday, 22 July 2013. Key benchmark indices in China, Japan, South Korea, Singapore, and Taiwan rose by 0.22% to 0.67%. Key benchmark indices in Indonesia and Hong Kong fell by 0.04% to 0.57%.
A day after his party won a resounding victory in national upper-house elections, Japanese Prime Minister Shinzo Abe on Monday, 22 July 2013, said that the government's top priority remains rebuilding the economy. Calling the Liberal Democratic Party's (LDP) win "a supportive push" from voters for his economic policies of easy money, massive government spending and deregulatory reforms, Mr. Abe said he would continue to implement growth policies, including tax cuts on capital investments.
Meanwhile, the People's Bank of China removed a floor on banks' lending rates, according to a July 19 statement. China currently caps the interest rates that banks pay on deposits, a factor that often pushes savers toward riskier investments in search of higher returns.
Trading in US index futures indicated that the Dow could gain 17 points at the opening bell on Monday, 22 July 2013. US stocks closed mixed on Friday, 19 July 2013. The S&P 500 index eked out gains to end at another all-time high on Friday, 19 July 2013 while losses for the technology sector weighed on the Dow Jones Industrial Average and the Nasdaq Composite after disappointing earnings from Advanced Micro Devices Inc. and Microsoft Corp.
Powered by Capital Market - Live News
