Key benchmark indices edged higher in volatile trade as European and Asian stocks rose. The S&P BSE Sensex was provisionally up 240 points or 1.25%, up 172.75 points from the day's low and off 27.26 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Reliance Industries gained in volatile trade. FMCG stocks gained on renewed buying. Index heavyweight and cigarette major ITC extended intraday gain in late trade on reports that the company has raised the price of its Gold Flake Regular Filter cigarettes. FMCG giant Hindustan Unilever hit a record high on high volume. IT stocks rose as rupee weakened against the dollar. Shares of pharma major Lupin hit record high, with the stock gaining for third day in a row.
Key benchmark indices cut initial gains triggered by higher Asian stocks. Volatility ruled the roost in morning trade as the key benchmark indices regained strength after hitting intraday low. Key benchmark indices held firm in mid-morning trade. The Sensex extended gains to strike fresh intraday high in early afternoon trade. The market held firm in afternoon trade. A bout of volatility was witnessed in mid-afternoon trade as key benchmark indices pared intraday gains. Volatility ruled the roost as the Sensex regained strength in late trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 705.06 crore on Wednesday, 3 July 2013, as per provisional data from the stock exchanges.
As per provisional closing, the S&P BSE Sensex was up 240 points or 1.25% to 19,417.76. The index gained 267.26 points at the day's high of 19,445.02 in late trade, its highest level since 2 July 2013. The index rose 67.25 points at the day's low of 19,245.01 in morning trade.
The CNX Nifty was up 71.35 points or 1.24% to 5,842.25. The index hit a high of 5,848.20 in intraday trade, its highest level since 2 July 2013. The index hit a low of 5,786.05 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,285 shares gained and 1,062 shares fell. A total of 142 shares were unchanged.
The total turnover on BSE amounted to Rs 1855 crore, lower than Rs 1923 crore on Wednesday, 3 July 2013.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.
Reliance Industries (RIL) rose 1.39% to Rs 862.10. The stock hit a high of Rs 870 and low of Rs 848. The government on 27 June 2013 agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic gas output. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April next year, from current $4.2 mmBtu.
Index heavyweight and cigarette major ITC surged 3.62% to Rs 338.10. The stock hit a high of Rs 339.35 and low of Rs 325.95. As per reports, the company has raised the price of its Gold Flake Regular Filter cigarettes from Rs 55 to Rs 58 for a pack of 10 cigarettes.
FMCG stocks gained on renewed buying. Britannia Industries (up 1.36%), Colgate-Palmolive (India) (up 2.71%), Dabur India (up 1.69%), Godrej Consumer Products (up 0.04%), Marico (up 2.08%), Nestle India (up 1.17%) and Tata Global Beverages (up 2.12%) gained.
FMCG giant Hindustan Unilever rose 2.61% to Rs 602.75. The stock hit a record high of Rs 605.20 in intraday trade today, 4 July 2013. The stock rose on high volume of 12.75 lakh shares as against average daily volume of 2.72 lakh shares in the past one quarter.
Anglo-Dutch consumer goods major Unilever's open offer to raise its stake in Indian unit, which opened on 21 June 2013, closes today, 4 July 2013. Unilever will buyback shares from minority shareholders at Rs 600 per share to hike its stake in Hindustan Unilever from 52.48% to up to 75%.
Bata India rose 2.81% to Rs 868 after foreign brokerage initiated coverage on the stock with a buy rating and a target price of Rs 990.
IT stocks rose as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. The partially convertible rupee was hovering at 60.30, lower than its previous close of 60.215/225 per dollar. The rupee had slumped to all-time low of 60.76 in intraday deals on 26 June 2013. TCS (up 3.26%), Infosys (up 1.9%), Wipro (up 2.4%) and HCL Technologies (up 4.03%) edged higher.
Lupin gained 1.82% to Rs 846.10 after striking a record high of Rs 854.30 in intraday trade today, 4 July 2013. The stock had gained 6.97% in prior two trading days.
Meanwhile, the government on Wednesday finally cleared an ambitious Rs 1.25 lakh crore food security plan, promising subsidized food to two out of every three Indians. The move is expected to help the Congress party gain significant political support in the run-up to the 2014 general election, although it may stretch the government's fiscal deficit.
European stocks advanced on Thursday, halting a two-day decline, as investors awaited interest-rate decisions from the European Central Bank and the Bank of England. Key benchmark indices in France, Germany and UK were up 0.63% to 0.95%.
The European Central Bank (ECB) is widely expected to keep its main refinancing rate unchanged at 0.5% after a monetary policy review today, 4 July 2013, with the spotlight set to fall on ECB President Mario Draghi's press conference following the meeting. The Bank of England is also expected to leave its lending rate unchanged at a record low 0.5% after a monetary policy review today, 4 July 2013.
Asian stocks were mostly higher on Thursday, 4 July 2013, after positive US jobs data spurred gains on Wall Street overnight. Key benchmark indices in Hong Kong, Indonesia, South Korea, China and Singapore were up 0.1% to 1.6%. Key benchmark indices in Japan and Taiwan were down 0.22% to 0.26%.
The US stock market remains closed today, 4 July 2013, for Independence Day holiday. US stocks edged higher on Wednesday as positive jobs data countered international concerns in the abbreviated trading session.
The US government will unveil the influential nonfarm payrolls data for June 2013 on Friday, 5 July 2013.
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