After a relatively steady start, key benchmark indices edged higher in early trade as weaker-than-expected US retail sales data reinforced speculation that the Federal Reserve won't rush to raise rates. The barometer index, the S&P BSE, Sensex regained the psychological 26,000 mark. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. The Sensex was up 109.59 points or 0.42% at 26,028.54. The market breadth indicating the overall health of the market was strong. Tata Steel declined after reporting weak Q1 result. ONGC fell after announcing Q1 result. Cipla fell ahead of its Q1 June 2014 results today, 14 August 2014. Hindalco Industries rose ahead of its Q1 June 2014 results today, 14 August 2014. Indian Oil Corporation (IOC) fell as the stock turned ex-dividend today, 14 August 2014.
At 9:25 IST, the S&P BSE Sensex was up 109.59 points or 0.42% to 26,028.54. The index gained 114.46 points at the day's high of 26,033.41 in early trade. The index rose 26.40 points at the day's low of 25,945.35 in early trade.
The CNX Nifty was up 29.50 points or 0.38% to 7,769.05. The index hit a high of 7,769.95 in intraday trade. The index hit a low of 7,739 in intraday trade.
The market breadth indicating the overall health of the market, was strong. On BSE, 901 shares gained and 501 shares fell. A total of 46 shares were unchanged.
The BSE Mid-Cap index rose 30.62 points or 0.34% to 8,931.37. The BSE Small-Cap index rose 45.42 points or 0.47% to 9,756.73. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 202 crore by 09:20 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
ICICI Bank (up 1.34%), HDFC Bank (up 1.25%) and Tata Power Company (up 1.24%) edged higher from the Sensex pack.
Tata Steel fell 1.77%. Tata Steel's consolidated net profit fell 70.38% to Rs 337.33 crore on 11.08% increase in total income to Rs 36643.35 crore in Q1 June 2014 over Q1 June 2013. Tata Steel said the net profit was affected by exceptional charges of Rs 262 crore in Q1 June 2014. The result was announced at the fag end of the trading session on Wednesday, 13 August 2014.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose 15.18% to Rs 4325 crore in Q1 June 2014 over Q1 June 2013. Steel deliveries rose 6.25% to 6.46 million tonnes in Q1 June 2014 over Q1 June 2013. The Group continues to undertake several financial initiatives to strengthen the balance sheet. Non-core assets such as Dhamra Port and Borivali land are being monetized, Tata Steel said.
On 30 July 2014, Rio Tinto reached an agreement for sale of Rio Tinto Coal Mozambique which includes the Benga Project in which Tata Steel has a 35% stake. Consequently, Tata Steel undertook an impairment review exercise of its investment in the Benga Project and the board approved a non-cash write-down of Rs 1577 crore, Tata Steel said in a statement.
ONGC declined 1.69%. ONGC reported 19.06% surge in net profit to Rs 4781.79 crore on 10.93% rise in total income to Rs 22746.45 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 13 August 2014.
Net profit increased in Q1 June 2014 on the back of higher realisation from sale of crude oil. The net realisation for crude oil sales during the quarter was 25% higher than the same quarter last year at Rs 2818 a barrel, and in dollar terms, it was $47.15 a barrel. Production of crude oil grew slowly at 0.83% to 6.007 million tonnes, while natural gas production fell 2.34% to 6.181 billion cubic metres.
ONGC said that due to the discounts given to the public sector oil marketing companies, net profit was lower by Rs 7396 crore in Q1 June 2014. The net profit was impacted by Rs 7131 crore in Q1 June 2013.
The company also announced five new discoveries during the quarter, four of which are in the western part of India and one in the Krishna-Godavari basin.
National Aluminium Company (Nalco) jumped 5.39%. Nalco reported 69.68% rise in net profit to Rs 270.99 crore on 7.53% rise in total income to Rs 1870.40 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 13 August 2014.
MMTC rose 2.81%. MMTC's net profit surged 712.2% to Rs 40.77 crore on 41.3% decline in net sales to Rs 5179.85 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 13 August 2014.
Cipla fell 0.65% ahead of its Q1 June 2014 results today, 14 August 2014.
Hindalco Industries rose 1.06% ahead of its Q1 June 2014 results today, 14 August 2014.
Indian Oil Corporation (IOC) fell 2.66% as the stock turned ex-dividend today, 14 August 2014, for dividend of Rs 6.70 per share for the year ended 31 March 2014 (FY 2014).
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. FPIs bought shares worth a net Rs 718.27 crore on Wednesday, 13 August 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 15 August 2014, on account of Independence Day.
The government will announce data on inflation based on the wholesale price index (WPI) for July 2014 at about 12:00 IST today, 14 August 2014. Inflation based on the wholesale price index eased to 5.43% in June 2014 from 6.01% in May 2014.
Asian stocks edged higher today, 14 August 2014, as a slowdown in the US retail sales fueled bets the US Federal Reserve won't raise interest rates earlier than expected. Key benchmark indices in Taiwan, Japan, Singapore, Indonesia and South Korea were up 0.03% to 0.66%. Key benchmark indices in China and Hong Kong were off 0.05% to 0.07%.
After holding its policy unchanged for more than a year, the Bank of Korea cut its benchmark interest rate today, 14 August 2014, by a quarter point to 2.25%, the lowest since late 2010.
US stocks rose on Wednesday, 13 August 2014, as a slowdown in retail sales boosted speculation the Federal Reserve won't be forced to raise rates sooner than anticipated.
Sales at US retailers were unchanged in July, the weakest result in six months, as sales fell at auto dealers, but rose at gas stations and food and beverage stores, according to government data released on Wednesday, 13 August 2014. Separately, business inventories rose in June by more than expected.
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