Key benchmark indices gained for second day in a row to settle at their highest level in seven weeks. The barometer index, BSE Sensex, settled above the psychological 20,000 level, having alternately moved above and below that mark in intraday trade. The CNX Nifty also finished above the psychological 6,000 level, having alternately moved above and below that mark during the day. The Sensex was up 179.68 points or 0.9%, up 172.21 points from the day's low and off 48.49 points from the day's high. The market breadth, indicating the overall health of the market, turned positive from negative in late trade. Gains in European stocks aided gains on the domestic bourses.
Index heavyweight Reliance Industries (RIL) edged higher in choppy trade. ONGC surged after a foreign brokerage upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices. Bank stocks rose across the board after private sector bank Axis Bank reported strong Q1 results. Shares of liquor major United Spirits hit record high. Tyre maker MRF surged.
FMCG stocks extended Wednesday's gains as a bountiful rainfall this year has prepared the ground for bumper harvest. Shares of Hindustan Unilever, Nestle India, Dabur India and Godrej Consumer Products scaled record high. Index heavyweight and cigarette major ITC reversed direction after striking record high. Asian Paints scaled record high. In the pharma pack, Lupin scaled record high after the company announced forming a strategic partnership with MSD to co-market MSD's 23-valent Pneumococcal polysaccharide vaccine for Indian market. Pharma major Sun Pharmaceutical Industries also hit record high. Realty stocks rose on bargain hunting. Telecom stocks were mostly higher in volatile trade. Capital goods shares were in demand on renewed buying.
Key benchmark indices edged higher in early trade on mostly higher Asian stocks. The Sensex moved past the psychological 20,000 mark. The CNX Nifty hit the psychological 6,000 mark. Key benchmark indices pared gains in morning trade. The Nifty fell below the psychological 6,000 mark. A bout of volatility was witnessed in mid-morning trade as the key benchmark indices recovered after paring intraday gains in morning trade. Key benchmark indices once again pared gains in early afternoon trade. Key benchmark indices held positive zone in mid-afternoon trade as European markets reversed initial losses. Key benchmark indices surged in late trade.
The S&P BSE Sensex was up 179.68 points or 0.9% to 20,128.41, its highest closing level since 30 May 2013. The index gained 228.17 points at the day's high of 20,176.90 in late trade, its highest level since 31 May 2013. The index rose 7.47 points at the day's low of 19,956.20 in afternoon trade.
The CNX Nifty was up 64.75 points or 1.08% to 6,038.05, its highest closing level since 30 May 2013. The index hit a high of 6,051.10 in intraday trade, its highest level since 31 May 2013. The index hit a low of 5,974.55 in intraday trade.
The market breadth, indicating the overall health of the market, turned positive from negative in late trade. On BSE, 1,238 shares gained and 1,141 shares declined. A total of 171 shares were unchanged.
The total turnover on BSE amounted to Rs 1898 crore, lower than Rs 2035 crore on Wednesday, 17 July 2013.
Among the 30-share Sensex pack, 23 stocks gained and rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 0.09% at Rs 915.95. The stock hit high of Rs 919.90 and low of Rs 909.05. The Cabinet Committee on Economic Affairs (CCEA) on 27 June 2013 approved new gas pricing formula from 1 April 2014. The price of gas as per the formula is likely to be about $8.4 mmBtu as opposed to $4.2 mmBtu currently.
State-run oil exploration giant ONGC surged 4.74% to Rs 315 and was the top gainer from the Sensex pack. A foreign brokerage has upgraded the stock to 'buy' from 'outperform', on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices.
Bank stocks rose across the board after private sector bank Axis Bank reported strong Q1 results.
Axis Bank jumped 4.04% after net profit jumped 22.14% to Rs 1408.93 crore on 15.86% increase in total income to Rs 9059.12 crore in Q1 June 2013 over Q1 June 2012. The result was announced during trading hours today, 18 July 2013.
Kotak Mahindra Bank fell 0.11% in volatile trade as its first quarter results showed that that the bank's sticky loans rose. Gross non-performing assets surged to Rs 995.39 crore as on 30 June 2013, from Rs 758.11 crore as on 31 March 2013 and Rs 684.68 crore as on 30 June 2012. The ratio of the bank's gross non-performing assets (NPAs) to gross advances increased to 1.95% as on 30 June 2013, from 1.55% as on 31 March 2013 and 1.6% as on 30 June 2012. The ratio of the bank's net non-performing assets (NPAs) to net advances increased to 0.98% as on 30 June 2013 from 0.64% as on 31 March 2013 and 0.8% as on 30 June 2012.
The bank during market hours today reported 42.61% rise in net profit to Rs 402.82 crore on 28.94% rise in total income to Rs 2652.40 crore in Q1 June 2013 over Q1 June 2012.
Private sector banking major HDFC Bank advanced 3.18%. The bank on Wednesday, 17 July 2013 reported 30.08% rise in net profit to Rs 1843.86 crore on 17.94% growth in total income to Rs 11588.56 crore in Q1 June 2013 over Q1 June 2012.
Among other private sector bank stocks ICICI Bank (up 0.29%) and Yes Bank (up 3.19%) gained.
Among PSU bank stocks, State Bank of India (up 1.21%), Canara Bank (up 3.02%), Union Bank of India (up 4.26%), Bank of India (up 2.17%), Bank of Baroda (up 3.18%) and Punjab National Bank (up 3.13%) gained.
IDBI Bank gained 2.16%. The state-run bank's net profit declined 28.17% to Rs 306.95 crore on 9.65% growth in total income to Rs 7445.42 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours today, 18 July 2013.
IDBI Bank's ratio of net non-performing assets (NPAs) to net advances increased to 2.16% as on 30 June 2013, from 1.58% as on 31 March 2013 and 2.07% as on 30 June 2012. The ratio of gross NPAs to gross advances increased to 4.34% as on 30 June 2013, from 3.22% as on 31 March 2013 and 3.24% as on 30 June 2012.
UCO Bank surged 14.92% to Rs 73.55 on high volume of 27.52 lakh shares, as against an average daily volume of 6.64 lakh shares in the past one quarter. The state-run bank announces Q1 June 2013 results tomorrow, 19 July 2013.
Bajaj Finserv rose 1.01%. The company at the fag end of the day's trading session reported 43% growth in net profit to Rs 279 crore on 7% growth in gross revenue to Rs 3465 crore in Q1 June 2013 over Q1 June 2012.
Bajaj Finance lost 2.47%. The company's net profit surged 27% to Rs 176 crore on 33% growth in total income to Rs 932 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced during trading hours today, 18 July 2013.
IDFC rose 0.63%. The stock turned ex-dividend today, 18 July 2013, for dividend of Rs 2.60 per share for the year ended 31 March 2013 (FY 2013).
Liquor major United Spirits rose 3.98% to Rs 2,810 after striking a record high of Rs 2,815 in intraday trade today, 18 July 2013.
FMCG stocks extended recent gains as a bountiful rainfall this year has prepared the ground for bumper harvest. India's monsoon is so far progressing well across the country and if the rains continue as expected, this could boost rural incomes. FMCG companies derive substantial revenue from rural India.
Shares of FMCG major Hindustan Unilever rose 0.33% to Rs 687 in volatile trade after scaling a record high of Rs 718 in intraday trade today, 18 July 2013. The stock had surged on Wednesday on reports that the company has raised prices of several personal care products.
HUL's parent Unilever PLC on 11 July 2013 said that pursuant to the voluntary open offer to increase its stake in HUL, the shareholders of HUL tendered a total of 31.99 crore shares, out of which 31.95 crore shares have been accepted by Unilever PLC on completion of the verification of the shares tendered. Based on the shares tendered which represent 14.78% of HUL, the Unilever Group will increase its stake in HUL from 52.48% to 67.26%.
Index heavyweight and cigarette major ITC shed 0.07% to Rs 368.10, with the stock reversing direction after striking a record high of Rs 371.85 in intraday trade today, 18 July 2013. The company announces Q1 results on 25 July 2013.
Dabur India gained 3.08% to Rs 170.90 after hitting a record high of Rs 172.90 in intraday trade today, 18 July 2013.
Nestle India rose 1.17% to Rs 5,820 after striking a record high of Rs 5,864.85 in intraday trade today, 18 July 2013.
Godrej Consumer Products jumped 3.96% to Rs 935 after striking a record high of Rs 977.40 in intraday trade today, 18 July 2013.
Colgate-Palmolive (India) (up 0.63%) and Britannia Industries (up 1.78%) gained.
Asian Paints gained 4.42% to Rs 5,228.70 after scaling a record high of Rs 5,235.85 in intraday trade today, 18 July 2013.
Heritage Foods (India) jumped 5.46% after the company after market hours on Wednesday, 17 July 2013 said its board of directors has approved a liberal 1:1 bonus issue. The record date for the bonus issue is set as 29 July 2013. Heritage Foods (India)'s consolidated net profit jumped 73.6% to Rs 14.67 crore on 4.7% growth in net sales to Rs 427.39 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Wednesday, 17 July 2013.
Software major TCS fell 0.95%, with the stock reversing direction after hitting record high in early trade. TCS unveils its Q1 June 2013 results today, 18 July 2013. The stock came off the day's high of Rs 1,695.
Info Edge (India) jumped 10.32% after net profit surged 363.72% to Rs 29.40 crore on 3.15% rise in total income from operations to Rs 120.76 crore in Q1 June 2013 over Q4 March 2013. The result was announced during trading hours today, 18 July 2013.
Pharma major Sun Pharmaceutical Industries rose 0.52% to Rs 1,118.90 after striking a record high of Rs 1,132.70 in intraday trade today, 18 July 2013.
Lupin rose 1.84% to Rs 889.60 after striking a record high of Rs 904.95 in intraday trade today, 18 July 2013. Lupin during market hours today, 18 July 2013, it has entered into a strategic partnership with MSD to co-market MSD's 23-valent Pneumococcal polysaccharide vaccine for Indian market. Lupin will have a non-exclusive licence to market, promote and distribute MSD's 23-valet Pnemococcal Polysaccharide vaccine under a different brand name in India. MSD is one of the world's leading players in the Pneumococcal polysaccharide vaccine (PPV) category.
Glenmark Pharmaceuticals rose 0.41%. The stock turned ex-dividend today, 18 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).
Mahindra & Mahindra shed 1.64% after turning ex-dividend today, 18 July 2013, for total dividend of Rs 13 per share for the year ended 31 March 2013 (FY 2013).
Tyre maker MRF jumped 8.14% to Rs 13,605.40.
Exide Industries jumped 4.83%. Two foreign brokerages assigned 'outperform' and 'overweight' ratings respectively on the Exide Industries stock, citing a return in pricing power and a faster-than-expected correction in its replacement segment mix. The brokerages also cited a recovery in replacement demand, further noting that the company is well placed to benefit given its dealer network and output capacity.
Capital goods shares were in demand on renewed buying. ABB (up 0.54%), Bhel (up 2.92%), BEML (up 1.66%), Crompton Greaves (up 0.45%), and Thermax (up 0.9%) edged higher.
L&T rose 1.86%. The company on Wednesday, 17 July 2013, said its transportation infrastructure business made a major breakthrough in its international business by securing a new order worth Rs 2085 crore from the Ministry of Transport and Communications, Sultanate of Oman, for the construction of the Al Batinah Expressway Package 4. The project is scheduled to be completed in 36 months. This order was won against stiff international competition and augurs well for L&T's expansion in international infrastructure, the company said.
Telecom stocks were mostly higher in volatile trade. Idea Cellular rose 0.17% to Rs 151. The stock had hit a record high of Rs 163.50 in intraday trade on 17 July 2013.
Bharti Airtel gained 2.15%.
Reliance Communications rose 2.97% to Rs 147.15. The stock had hit 52-week high of Rs 151.25 in intraday trade on 18 July 2013.
Tata Teleservices (Maharashtra) fell 2.57%. MTNL declined 2.89%.
The government had on Tuesday, 16 July 2013, announced increase of FDI ceiling in the telecom services sector to 100% from 74%. FDI in the telecom services sector was increased from 74% to 100%, but all investments above 49% will continue to be routed through the FIPB.
Realty stocks rose on bargain hunting. DLF (up 2.99%), Indiabulls Real Estate (up 9.17%), HDIL (up 3.41%), Unitech (up 3.59%), Oberoi Realty (up 0.71%) and D B Realty (up 4.94%) gained.
Diamond Power Infrastructure rose 3.52% to Rs 58.75 after the company said its board will consider a proposal for issue of bonus shares along with Q1 June 2013 results on 24 July 2013.
Ajanta Pharma jumped 8.56% to Rs 1,147.80 after the company said its board will consider a proposal for issue of bonus shares along with Q1 June 2013 results on 29 July 2013.
The Reserve Bank of India (RBI) on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.
RBI governor D. Subbarao on Wednesday, 17 July 2013, said that the rupee exchange rate is largely market-determined and that the central bank intervenes only to dampen currency volatility and preserve macroeconomic stability.
European indices were mostly higher on Thursday, 18 July 2013, after Federal Reserve Chairman Ben Bernanke on Wednesday, 17 July 2013, said Fed's asset purchases "are by no means on a preset course" and could even be expanded should economic conditions warrant. Key benchmark indices in UK and France were up 0.11% to 0.35%. In Germany, the DAX index was off 0.03%.
Asian markets were mostly lower on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. China is the world's second biggest economy after the United States. Key benchmark indices in Hong Kong, China, Taiwan and South Korea were down 0.12% to 1.05%. Key benchmark indices in Japan, Singapore and Indonesia were up 0.31% to 1.32%.
Chinese Finance Minister Lou Jiwei on Wednesday, 17 July 2013, said that the government is unlikely to use massive fiscal stimulus this year.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 18 July 2013. US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.
The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.
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