A divergent trend between two key benchmark indices was witnessed in mid-morning trade. The barometer index, the S&P BSE Sensex, was a tad higher whereas the 50-unit CNX Nifty was slightly lower. The Sensex was currently up 12.84 points or 0.05% at 26,100.26. The Sensex has alternately swung between positive and negative zone within a relatively narrow range so far during the day. The market breadth indicating the overall health of the market was positive. Metal stocks gained. Torrent Pharmaceuticals rose on good Q1 results.
At 11:25 IST, the S&P BSE Sensex was up 12.84 points or 0.05% to 26,100.26. The index rose 31.46 points at the day's high of 26,118.88 in mid-morning trade, its highest level since 28 July 2014. The index fell 52.87 points at the day's low of 26,034.55 in early trade.
The CNX Nifty was down 4.85 points or 0.06% to 7,786.55. The index hit a low of 7,768.70 in intraday trade. The index hit a high of 7,791.25 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,298 shares rose and 889 shares fell. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 67.53 points or 0.74% at 9,239.04. The BSE Small-Cap index was up 69.04 points or 0.69% at 10,033.97. Both these indices outperformed the Sensex.
Metal stocks gained. JSW Steel (up 0.91%), Hindalco Industries (up 0.8%), Jindal Steel & Power (up 1.6%), Bhushan Steel (up 0.23%), Tata Steel (up 2.36%), Steel Authority of India (Sail) (up 1.2%) and National Aluminum Company (up 0.93%) gained. NMDC (down 0.9%), Hindustan Zinc (down 0.26%), and Hindustan Copper (down 0.37%) declined.
Sesa Sterlite rose 1.23%, with the stock extending Wednesday's small post-results gains. As per reports, the company on Wednesday, 30 July 2014, got nod from the local public to expand capacity of its Lanjigarh alumina refinery from one million tonnes per annum (mtpa) to six mtpa.
The company's consolidated attributable PAT before exceptional items more than doubled to Rs 1341 crore in Q1 June 2014, from Rs 600 crore in Q1 June 2013. Revenue jumped 19% to Rs 17056 crore in Q1 June 2014 over Q1 June 2013. The result was announced on Tuesday, 29 July 2014, when the stock market was closed for a public holiday. The company has a strong balance sheet, with cash and cash equivalents of over Rs 47500 crore.
Grasim Industries rose 0.55% after the company said during market hours that the commercial production at the company's Greenfield Viscose Staple Fibre (VSF) plant at Vilayat in Gujarat has commenced with the commissioning of 2 lines with a capacity of 77,000 metric tonnes (MT) per annum of Grey/Dyed Fibre. The work on the remaining 2 lines to produce Modal/Micro Modal Fibre is at an advanced stage of commissioning. On completion, the capacity at Vilayat plant will increase to 1.2 lakh MT per annum.
Torrent Pharmaceuticals rose 3.24% on good Q1 results. The company's consolidated net profit jumped 72% to Rs 256 crore on 15% increase in revenue to Rs 1114 crore in Q1 June 2014 over Q1 June 2013. The result was announced after trading hours on Wednesday, 30 July 2014. Torrent Pharmaceuticals' EBITDA (earnings before interest, taxes, depreciation and amortization) rose 66% to Rs 345 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin increased to 31% in Q1 June 2014 compared with 21% in Q1 June 2013.
Amtek Auto gained 3.03% after the company's net profit surged 60.6% to Rs 86.08 crore on 73.4% growth in net sales to Rs 978.80 crore in the quarter ended 30 June 2014 over the quarter ended 30 June 2013. The result was announced after market hours on Wednesday, 30 July 2014.
Heritage Foods fell 4.01% after consolidated net profit fell 63.9% to Rs 5.30 crore on 16.2% increase in net sales to Rs 496.80 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 30 July 2014.
Pidilite Industries rose 1.99% after consolidated net profit rose 4.7% to Rs 168.52 crore on 19.4% increase in total income to Rs 1362.08 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 30 July 2014.
The market may remain volatile today, 31 July 2014, 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 today, 31 July 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.24, compared with its close of 60.07 on Wednesday, 30 July 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 381.66 crore on Wednesday, 30 July 2014, as per provisional data from the stock exchanges.
Finance Minister Arun Jaitley said on Wednesday, 30 July 2014, said that the government is yet to decide the implementation date of the general anti-avoidance rules (GAAR) and whether any changes are needed to the existing provisions of GAAR. GAAR is scheduled to come into effect from 1 April 2015 or assessment year 2016-17. GAAR announced by the previous government had sparked alarm among foreign investors because of provisions that included tightening rules on investments from countries that have double taxation treaties with India. The implementation of GAAR was deferred by two years until 1 April 2015.
Asian stocks were mixed today, 31 July 2014, after global credit rating agency Standard & Poor's declared Argentina in default on its foreign-currency obligations after the government missed a deadline for paying interest on $13 billion of restructured bonds. Key benchmark indices in Hong Kong, South Korea, and Taiwan fell by 0.19% to 1.22%. Key benchmark indices in China, Japan and Singapore rose by 0.01%to 0.79%.
A breakdown in talks between Argentina and US creditors late Wednesday has sent the country tumbling into its second default in 13 years.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell on Thursday, 31 July 2014. US stocks were little changed on Wednesday, 30 July 2014, as data showing better-than-forecast economic growth was offset by weaker earnings and the US Federal Reserve's decision to keep trimming asset purchases.
The Federal Reserve after two-day policy meeting on Wednesday, 30 July, said it would reduce its purchases of mortgage and Treasury bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected. The Fed retained a dovish monetary policy stance. To support continued progress toward maximum employment and price stability, the Federal Open Market Committee (FOMC) reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate, the FOMC said in a statement.
Meanwhile, data showed that the US economy expanded at a seasonally adjusted annual rate of 4% in the second quarter, exceeding expectations for a 3% pace.
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