Key benchmark indices registered small losses, with turnover on BSE seeing a sharp decline due to a near 3-hour shutdown caused by network outage. The barometer index, the S&P BSE Sensex, was provisionally down 28.95 points or 0.11%, off close to 185 points from the day's high and up about 20 points from the day's low. The market breadth indicating the overall health of the market was negative. The total turnover on BSE amounted to Rs 1418 crore, much lower than Rs 4315.78 crore on Wednesday, 2 July 2014. Trading on BSE was halted in early morning trade due to technical glitch. It took about 3 hours for trading on the exchange to resume at about 12:45 IST.
Index heavyweight Reliance Industries (RIL) declined. Realty stocks edged lower. Steel Authority of India (Sail) dropped after reports that the government could sell a 5% stake in the state-run steel manufacturer in the last week of this month in its effort to speed up divestments to bolster revenue generation at a time of weak economic growth.
As per provisional figures, the S&P BSE Sensex was down 28.95 points or 0.11% to 25,812.26. The index fell 47.51 points at the day's low of 25,793.70 in late trade. The Sensex jumped 157.87 points at the day's high of 25,999.08 in early trade, a lifetime high for the index.
The CNX Nifty was down 15.35 points or 0.2% at 7,709.80, as per provisional figures. The index hit a low of 7,706.80 in intraday trade. The index hit a high of 7,754.65 in intraday trade, a lifetime high for the index.
The total turnover on BSE amounted to Rs 1418 crore, much lower than Rs 4315.78 crore on Wednesday, 2 July 2014, due to a near 3-hour shutdown caused by network outage.
The market breadth indicating the overall health of the market was negative. On BSE, 1,467 shares declined and 1,292 shares gained. A total of 104 shares were unchanged.
The BSE Mid-Cap index was down 16.22 points or 0.17% at 9,490.58. The BSE Small-Cap index was down 14.80 points or 0.14% at 10,419.38. Both these indices underperformed the Sensex.
Index heavyweight Reliance Industries (RIL) declined 1.29% to Rs 1,005.10. The stock hit high of Rs 1,023 and low of Rs 977..
Realty stocks edged lower. DLF (down 1.46% to Rs 215.55), Sobha Developers (down 1.76% to Rs 481.80), Indiabulls Real Estate (down 3.8% to Rs 94.95) and Unitech (down 4.66% to Rs 32.75) declined.
There are expectations that the government will take steps towards providing the long awaited industry status to the real estate sector and provide boost to low cost housing in the final Union Budget 2014-15 to be unveiled on 10 July 2014. There are also expectations that the tax benefit with respect to interest payment on housing loans will be raised. At present, a maximum deduction of Rs 1.5 lakh is allowed on taxable income towards interest on housing loan.
Steel Authority of India (Sail) dropped 2.79% to Rs 99.45. The government will reportedly sell a 5% stake in the state-run steel manufacturer in the last week of this month in its effort to speed up divestments to bolster revenue generation at a time of weak economic growth.
Sesa Sterlite rose 0.37% to Rs 310.55. The stock was volatile. The scrip hit high of Rs 314.95 and low of Rs 309.25. The company's vice president Aniruddha Joshi, was quoted by the media as saying that the company expects to resume production in Goa in September following a court-imposed ban of nearly two years. Sesa Sterlite expects its total iron ore output from India, where it operates in Goa and neighbouring Karnataka, jumping to 9.29 million tonnes in the current financial year ending 31 March 2015 (FY 201%) from about 1.5 million in FY 2014, he added.
The Supreme Court in April lifted the ban on iron ore mining in Goa, which was aimed at curbing illegal mining, but ordered firms to renew mining leases and environmental clearances before restarting work. The court also capped Goa's total annual output at 20 million tonnes.
JSW Energy declined 1.23% to Rs 84.05. The company during market hours said that the company continues to evaluate various opportunities as part of its growth strategy. However, it is currently not in any conclusive discussions for any particular project. JSW Energy issued this clarification after news reports said that the company is set to acquire Lanco Infratech's 1,200 megawatts (MW) Udupi Power plant which is situated in coastal Karnataka for about Rs 5700 crore.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.80, compared with its close of 59.6875/6975 on Wednesday, 2 July 2014.
The market edged higher in early trade as crude oil prices dropped. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit lifetime high. Trading on BSE was halted in early morning trade due to technical snag. On NSE, the 50-unit CNX Nifty regained positive terrain after slipping into the negative terrain from positive terrain in morning trade. The Nifty moved in a narrow range in positive zone in mid-morning trade. The Nifty regained positive terrain after slipping into the red for a brief period in early afternoon trade. A bout of volatility was witnessed as the Sensex slipped into the red from green after trading resumed on BSE in early afternoon trade after a nearly 3-hour shutdown caused by network outage. Key benchmark indices alternately swung between positive and negative terrain in mid-afternoon trade. Key benchmark indices trimmed losses after hitting fresh intraday low in late trade.
Indian stocks snapped four-day winning streak today, 3 July 2014.
Concerns about India's macroeconomic situation have eased as crude prices have come off 9-month high which it hit last month. Brent crude oil futures for August delivery were down 49 cents at $110.75 a barrel. Brent crude fell $1.05 a barrel, or 0.9%, to settle at $111.24 a barrel on the London-based ICE Futures Europe exchange on Wednesday, 2 July 2014, the lowest settlement price since 11 June 2014. The latest decline in crude oil prices came following reports that the Libyan government had reached an agreement with rebels to reopen two oil ports in the country, which could allow higher crude exports from Libya.
European stocks edged higher on Thursday, 3 July 2014, as investors awaited the outcome of the European Central Bank's policy meeting and a report on American jobs. Key benchmark indices in UK, France and Germany were up 0.35% to 0.47%.
Employment at UK services companies rose by a record last month amid brightening prospects, helping the economy maintain its momentum at the end of the second quarter. Markit Economics said the employment component of its Purchasing Managers' Index rose to 58.8 from 56.2 in May. The headline measure for services, the biggest part of the economy, was at 57.7, down from 58.6 the previous month. That's still above the 50 level that divides expansion from contraction.
The European Central Bank meets today, 3 July 2014, to make a policy decision after enacting unprecedented stimulus last month.
Asian stocks were mixed on Thursday, 3 July 2014, before US jobs reports and a euro-area monetary-policy decision. Key benchmark indices in South Korea, Hong Kong, Indonesia, and Japan were off 0.08% to 0.21%. Key benchmark indices in China, Singapore and Taiwan were up 0.19% to 0.44%.
The HSBC China services Purchasing Managers' Index rose to 53.1 in June from 50.7 in May. The June reading is the highest since March 2013
Trading in US index futures indicated that the Dow could gain 15 points at the opening bell on Thursday, 3 July 2014. Most US stocks gained on Wednesday, 2 July 2014, on a positive read on private sector employment and ahead of the highly anticipated June payrolls report.
Employment at companies climbed in June by the most since November 2012, a sign the US job market is strengthening along with demand, a private payrolls report showed on Wednesday. The 281,000 surge exceeded the most optimistic forecast and followed a 179,000 increase in May, data from the ADP Research Institute in Roseland, New Jersey, showed.
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