Key benchmark indices extended gains and hit fresh intraday high in afternoon trade as European stocks rose in early trade there. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit fresh two-week high. The Sensex was up 267.15 points or 1.04%, up 201.93 points from the day's low and off 1.88 points from the day's high. The market breadth indicating the overall health of the market was positive. Gains in Asian and European stocks boosted sentiment on the domestic bourses. Asian and European stocks rose as investors shrugged off geopolitical tension in Ukraine and the Middle East.
HDFC and HDFC Bank gained in volatile trade after both these companies clarified that there is no proposal for the merger of HDFC and HDFC Bank after media reports suggested that there is a buzz of a possible merger between the two. Among auto stocks, Tata Motors scaled record high. Asian Paints scaled record high ahead of its Q1 result today, 22 July 2014. Thermax slumped after reporting weak Q1 result.
Among pharma pack, Dishman Pharmaceuticals and Chemicals and Novartis India hit 52-week high and Alembic Pharmaceuticals scaled record high. Timken India galloped to hit 52-week high.
At 13:15 IST, the S&P BSE Sensex was up 267.15 points or 1.04% to 25,982.32. The index jumped 269.03 points at the day's high of 25,984.20 in afternoon trade, its highest level since 8 July 2014. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty was up 68.03 points or 0.89% to 7,752.50. The index hit a high of 7,754.60 in intraday trade, its highest level since 8 July 2014. The index hit a low of 7,704.80 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,539 shares rose and 1,197 shares fell. A total of 123 shares were unchanged.
The BSE Mid-Cap index was up 47.41 points or 0.51% at 9,347.83. The BSE Small-Cap index was up 75.11 points or 0.73% at 10,344.70. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 1869 crore by 13:15 IST.
Among the 30-share Sensex pack, 25 stocks gained and rest of them declined.
Bharti Airtel (up 4.27%), Reliance Industries (up 3.22%) and Hindalco Industries (up 3.13%) edged higher from the Sensex pack.
HDFC gained 2.39% to Rs 1,035.20. The stock was volatile. The stock hit high of Rs 1,037 and low of Rs 1,008 so far during the day. HDFC during market hours clarified that there is no proposal for the merger of HDFC and HDFC Bank after media reports suggested that there is a buzz of a possible merger between the two. HDFC Bank had already denied buzz of merger between the two after trading hours yesterday, 21 July 2014.
HDFC's net profit rose 14.62% to Rs 1344.66 crore on 16.1% growth in total income to Rs 6461.24 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours yesterday, 21 July 2014.
HDFC Bank rose 1.47% to Rs 840.20. The stock was volatile. The stock hit high of Rs 842 and low of Rs 827.40 so far during the day. The bank's net profit rose 21.1% to Rs 2233.04 crore on 12.78% rise in total income to Rs 13070.65 crore in Q1 June 2014 over Q1 June 2013. The result was announced during trading hours yesterday, 21 July 2014.
Tata Motors rose 1.67% to Rs 482.25 after scaling a record high of Rs 484.75 in intraday trade.
Asian Paints rose 1.68% to Rs 603.90 after scaling a record high of Rs 608 in intraday trade. The company announces its Q1 results today, 22 July 2014.
Thermax tumbled 6.4% after net profit fell 17.7% to Rs 41.40 crore on 2.7% decline in operating revenue to Rs 839.40 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours today, 22 July 2014.
Thermax's order balance as on 30 June 2014 stood at Rs 5206 crore, down 5.9% from Rs 5530 crore as on 30 June 2013. During the quarter, the company booked orders worth Rs 662 crore, significantly lower than the corresponding figure last year of Rs 2123 crore, which included a big order of Rs 1350 crore from a petrochemical company, Thermax said in a statement.
On consolidated basis, Thermax had on order balance of Rs 6296 crore as on 30 June 2014, compared to Rs 6322 crore as on 30 June 2013.
Dishman Pharmaceuticals and Chemicals rose 3.57% to Rs 155.40 after hitting a 52-week high of Rs 159.80 in intraday trade.
Novartis India jumped 6.46% to Rs 697 after hitting a 52-week high of Rs 720.40 in intraday trade.
Alembic Pharmaceuticals surged 3.54% to Rs 360.75 after scaling a record high of Rs 370.35 in intraday trade.
Timken India galloped 11.29% to Rs 356.30 after hitting a 52-week high of Rs 371.45 in intraday trade.
Key benchmark indices surged in early trade on firm Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. Firmness continued on the bourses in early afternoon trade. Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit two-week high.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.24, compared with its close of 60.295 on Monday, 21 July 2014.
European stocks rose today, 22 July 2014, amid signs that tension over Ukraine's crisis is easing. Key benchmark indices in UK, Germany and France were up by 0.47% to 0.74%.
Asian stocks rose today, 22 July 2014, as investors shrugged off international tension after the downing of a passenger jet in Ukraine on 17 July and fighting between Israel and Palestinian militants in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.12% to 1.6%. Indonesia's Jakarta Composite fell 1.18%.
Trading in US index futures indicated that the Dow could gain 26 points at the opening bell on Tuesday, 22 July 2014. US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
Russia is facing international pressure after pro-Russian rebels downed Malaysia Airlines flight MH17 in Ukraine on 17 July, killing all 298 people on board. Malaysian Prime Minister Najib Razak said yesterday, 21 July 2014, that the separatists agreed to release the victims' bodies, grant access to the crash site and hand over the two black boxes and data recorders.
As per reports, European Union foreign ministers are set to today, 22 July 2014, approve sanctions against a range of Russian oligarchs.
Meanwhile, in the Middel East, the death toll continues to mount on both sides of the Gaza conflict as the United States pushes for a halt to fighting between Hamas and Israel.
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