Key benchmark indices further pared intraday losses in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was down 41.59 points or 0.16%, up close to 120 points from the day's low and off about 110 points from the day's high. The market breadth indicating the overall health of the market was negative.
Realty stocks edged higher.
At 14:20 IST, the S&P BSE Sensex was down 41.59 points or 0.16% to 25,782.16. The index fell 164.42 points at the day's low of 25,659.33 in afternoon trade, its lowest level since 1 July 2014. The index rose 69.56 points at the day's high of 25,893.31 in mid-morning trade.
The CNX Nifty was down 15.20 points or 0.2% to 7,699.60. The index hit a low of 7,661.30 in intraday trade, its lowest level since 1 July 2014. The index hit a high of 7,733.50 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,506 shares declined and 1,381 shares gained. A total of 131 shares were unchanged.
The BSE Mid-Cap index was up 35.43 points or 0.37% at 9,526.01. The BSE Small-Cap index was up 50.92 points or 0.49% at 10,470.30. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 20 stocks declined and rest of them gained. Hindalco Industries (down 1.32%), Wipro (down 1.19%) and Tata Steel (down 1.13%) edged lower from the Sensex pack.
Realty stocks edged higher. DLF (up 0.97% to Rs 218), Sobha Developers (up 2.22% to Rs 491.60), Housing Development & Infrastructure (HDIL) (up 1.02% to Rs 103.75) and Unitech (up 0.46% to Rs 32.95) gained.
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
Akzo Nobel India rose 4.36% to Rs 1,125 after the company said it formally inaugurated a new laboratory facility at its Thane site on 2 July 2014 at a cost of about Rs 1.30 crore. The new facility will primarily focus on catering to the needs of agrochemicals sector in India. The company made the announcement after market hours on Thursday, 3 July 2014.
The Sensex regained positive terrain after slipping into the red for a brief period after opening higher. Key benchmark indices hovered in positive terrain in morning trade. Key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices witnessed a sudden slide in early afternoon trade after comments from Finance Minister Arun Jaitley that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices in the last few days. Key benchmark indices cut losses in afternoon trade. Key benchmark indices further pared intraday losses in mid-afternoon trade.
India imports about 80% of its crude oil requirement. Brent crude oil futures for August delivery were up 3 cent at $111.03 a barrel. The contract fell 24 cents to settle at $111 a barrel on Thursday, 3 July 2014, on prospects of increase in oil exports from Libya.
All eyes are now on the final Union Budget for 2014-15 due next week. Finance Minister Arun Jaitley will present the Budget in Lok Sabha at 11:00 IST on Thursday, 10 July 2014. After a clear mandate in Lok Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high. There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Service Tax are some of the expectations from the Budget.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.7675, compared with its close of 59.73/74 on Thursday, 3 July 2014.
European stocks edged lower on Friday, 4 July 2014, as German factory orders fell more than expected in May. Key benchmark indices in UK, France and Germany were off 0.06% to 0.1%.
German factory orders fell more than expected in May as geopolitical risks weighed on confidence in the strength of Europe's largest economy. Orders, adjusted for seasonal swings and inflation, fell 1.7% from April, when they rose a revised 3.4%, the Economy Ministry in Berlin said today.
European Central Bank chief Mario Draghi said on Thursday, 3 July 2104, after a policy meeting that borrowing costs will stay at current levels for an extended period after the introduction of unprecedented stimulus in June.
Asian stocks edged higher on Friday, 4 July 2014, as US jobs growth bolstered the outlook for the world's largest economy. Key benchmark indices in South Korea, Indonesia, Hong Kong, and Japan were up 0.01% to 0.58%. Key benchmark indices in China, Singapore and Taiwan were down 0.07% to 0.19%.
US stocks rose on Thursday, 3 July 2014, with the Dow Jones Industrial Average hitting record high above 17,000 for the first time and the S&P 500 index also scaling record high after the June jobs report came in much stronger than expected.
US employers added 288,000 workers to nonfarm payrolls in June, following a 224,000 increase in May that was bigger than previously estimated. A 1.39 million increase in employment over the past six months was the largest since early 2006, while the unemployment rate fell to 6.1%, the lowest level since September 2008.
US markets are closed today, 4 July 2104, for Independence Day holiday.
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