Key benchmark indices further weakened and hit fresh intraday low in afternoon trade. The market breadth indicating the overall health of the market was weak. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit almost one-week low. The Sensex traded below the psychological 26,000 mark. The Sensex was down 215.89 points or 0.83%, off about 270.97 points from the day's high and up about 10.61 points from the day's low. Gains in crude oil prices weighed on sentiment.
Index heavyweight Reliance Industries (RIL) declined. Havells India declined after reporting Q1 results. Godrej Consumer Products fell after reporting Q1 June 2014 results.
At 13:14 IST, the S&P BSE Sensex was down 215.89 points or 0.83% to 25,910.86. The index lost 226.50 points at the day's low of 25,900.25 in afternoon trade, its lowest level since 22 July 2014. The index rose 55.08 points at the day's high of 26,181.83 in early trade.
The CNX Nifty was down 63.55 points or 0.82% to 7,726.90. The index hit a low of 7,722.65 in intraday trade, its lowest level since 22 July 2014. The index hit a high of 7,799.90 in intraday trade.
The BSE Mid-Cap index was off 33.37 points or 0.36% at 9,144.84. The BSE Small-Cap Index was off 71.62 points or 0.71% at 9,965.55. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was weak. On BSE, 1,591 shares fell and 1,000 shares rose. A total of 105 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks declined and rest of them gained.
Index heavyweight Reliance Industries (RIL) declined 1.59% to Rs 1,005.50. The stock hit high of Rs 1,023.80 and low of Rs 1,004.50 so far during the day.
Havells India fell 3.42%. The company during market hours reported a 13.22% rise in net profit to Rs 107.27 crore on 22.19% growth in total income to Rs 128.84 crore in Q1 June 2014 over Q1 June 2013.
Godrej Consumer Products (GCPL) declined 3.49%. The company during market hours reported a 8.09% growth in consolidated net profit at Rs 143.45 crore on 10.1% growth in total income to Rs 1915.89 crore in Q1 June 2014 over Q1 June 2013.
GCPL said it continues to do well in its core categories in India, backed by the success of new innovations.
A bout of volatility was witnessed as key benchmark indices edged lower after opening higher. Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. The Sensex and CNX Nifty both hit fresh intraday low in afternoon trade.
Gains in crude oil prices weighed on Indian stocks. September-delivery Brent was off 46 cents at $107.93 a barrel on the ICE Futures Europe exchange in London. The contract soared $1.32 or 1.2% to close at $108.39 per barrel on Friday, 25 July 2014. It was the highest price the future has closed at since 10 July 2014. India imports about 80% of its crude oil requirement.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire on Thursday, 31 July 2014.
The stock market remains closed tomorrow, 29 July 2014, on account of Ramzan Id.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.1125, compared with its close of 60.11 on Friday, 25 July 2014.
European stocks edged higher today, 28 July 2014, as investors awaited data on American services and home sales. Key benchmark indices in UK and France were up 0.03% to 0.26%. In Germany, the DAX index was off 0.24%.
Chinese stocks led gains in Asian stocks on Monday, 28 July 2014, on strong growth in profit at China's industrial companies in June 2014. Key benchmark indices in China, Hong Kong, Japan, and were up by 0.46% to 2.41%. Taiwan's Taiwan Weighted fell 0.2%.
Chinese industrial-company profits jumped the most last month since September, data yesterday showed. Profits at industrial companies in Asia's largest economy increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China's statistics bureau showed. It was the biggest gain since an 18.4% climb in September of last year and came after a private gauge of Chinese manufacturing advanced to an 18-month high.
Trading in US index futures indicated that the Dow could fall 17 points at the opening bell on Monday, 28 July 2014. US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
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