Key benchmark indices extended gains in early afternoon trade as Asian stocks rose. The 50-unit CNX Nifty scaled fresh record high in early afternoon trade. The market breadth, indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was up 60.26 points or 0.27%, up about 90 points from the day's low and off close to 30 points from the day's high.
Ambuja Cements and Crompton Greaves hit 52-week high. Shares of Adani group companies surged on renewed buying. Adani Ports & Special Economic Zone and Adani Enterprises hit 52-week high.
The Sensex edged higher in early trade after overnight rally in US stocks. The Sensex and the 50-unit CNX Nifty, both, hit record high. A bout of volatility was witnessed as the Sensex regained positive zone after a sudden slide pushed the barometer index into negative zone from positive zone in morning trade. The Sensex hovered in positive terrain in mid-morning trade. Key benchmark indices extended gains in early afternoon trade as Asian stocks rose.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1043.86 crore on Wednesday, 9 April 2014, as per provisional data from the stock exchanges.
Asian stocks edged higher in choppy trade on Thursday, 10 April 2014, as China's central bank pumped money into the banking system for the first time in nine weeks.
At 12:20 IST, the S&P BSE Sensex was up 60.26 points or 0.27% to 22,762.60. The index jumped 90.15 points at the day's high of 22,792.49 in early trade, a lifetime high for the index. The index fell 29.62 points at the day's low of 22,672.72 in morning trade.
The CNX Nifty was up 18.05 points or 0.27% at 6,814.25. The index hit a high of 6,819.05 in intraday trade, a lifetime high for the index. The index hit a low of 6,781.25 in intraday trade.
The BSE Mid-Cap index was up 63.71 points or 0.87% at 7,349.10. The BSE Small-Cap index was up 65.26 points or 0.88% to 7,492.61. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,445 shares rose and 990 shares fell. A total of 126 shares were unchanged.
Tata Motors (up 3.01%), State Bank of India (SBI) (up 2.66%) and Bharat Heavy Electricals (Bhel) (up 2.5%) edged higher from the Sensex pack.
Cairn India edged higher after the company unveiled production data for Q4 and year ended 31 March 2014 (FY 2014). The stock was up 0.88% at Rs 353.60. The stock hit 52-week high of Rs 358 in intraday trade.
Cairn India during market hours today, 10 April 2014, said its average gross production rose 6% to 218,651 barrels of oil equivalent per day (boepd) in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). During the year, the Rajasthan block achieved a landmark oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014, the company said.
The average daily gross operated production jumped 11% to 224,429 boepd in Q4 March 2014 over Q4 March 2013. The average daily working interest production jumped 13% to 142,796 boepd in Q4 March 2014 over Q4 March 2013. The company attributed increase in production to production ramp-up at Rajasthan. In Rajasthan, infill drilling continues across all major fields and has driven a 13% increase in the production rate to 190,881 boepd, Cairn India said.
Ambuja Cements rose 1.86% to Rs 214 after hitting 52-week high of Rs 215.80 in intraday trade.
Crompton Greaves surged 6.09% to Rs 178.30 after hitting 52-week high of Rs 179.15 in intraday trade.
Shares of Adani group companies surged on renewed buying. The Adani group is known for its proximity to Gujarat Chief Minister and Bharatiya Janata Party's (BJP) prime ministerial candidate Narendra Modi. Investors are betting that the BJP led National Democratic Alliance (NDA) will be able to form the next government at the centre with support from some regional parties after Lok Sabha elections which conclude in mid-May this year. Shares of Adani Power were up 3.66%.
Adani Ports & Special Economic Zone surged 6.96% to Rs 196 after hitting 52-week high of Rs 197.65 in intraday trade.
Adani Enterprises was up a staggering 18.37% at Rs 452, a 52-week high for the stock.
Anuh Pharma gained 3.52% after the company said it has received approval from Health Authority of Mexico for three of its Erythromycin products. The announcement was made during market hours today, 10 April 2014. Anuh Pharma during market hours today, 10 April 2014 said that the company has received approval from COFEPRIS (Health Authority of Mexico) GMP certificate for three of its Erythromycin products namely Erythromycin Estolate, Erythromycin Ethyl Succinate and Erythromycin Stearate.
Suven Life Sciences rose 3.25% after the firm said it has secured 2 product patents one each from Hong Kong and Canada corresponding to the NCEs for the treatment of disorders associated with Neurodegenerative diseases. The announcement was made during trading hours today, 10 April 2014.
Suven Life Sciences (Suven) said it has received one product patent from Hong Kong and one product patent from Canada corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2023 and 2029 respectively.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, Suven said in a statement.
With these new patents, Suven has a total of fifteen granted patents from Canada and fourteen product patents from Hong Kong. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts, Suven said. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven said in a statement.
Venkat Jasti, CEO of Suven said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.185, compared with its close of 60.14/15 on Wednesday, 9 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY 2014) corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results to see if there is any revision in their future earnings forecast of the company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016 (FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014, with Infosys announcing its results on 15 April 2014. The results season will conclude in end-May 2014.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31.
Polling for 91 seats in the third phase of the Lok Sabha elections began today, 10 April 2014. Polling is being held in the sugarcane belts of western Uttar Pradesh, Delhi, the drought and hailstorm-hit Vidarbha region of Maharashtra, the Vindhya region of Madhya Pradesh, the plains of Jammu, the politically charged Kerala and the Maoist-affected belts of Jharkhand and Chhattisgarh.
Asian stocks edged higher in choppy trade on Thursday, 10 April 2014, as China's central bank pumped money into the banking system for the first time in nine weeks. Key benchmark indices in China, Hong Kong, South Korea and Taiwan were up 0.12% to 1.12%. Japan's Nikkei Average ended almost unchanged of the day. In Singapore, the Straits Times index was off 0.13%.
Stocks tumbled in Indonesia after the nation's early legislative vote results showed the opposition party favored by investors failed to win enough support to run for the presidency without forming a coalition. The Jakarta Composite index was off 3.18%.
Chinese exports fell 6.6% in March, extending the steepest drop since 2009 in February and missing the estimate. China's imports plunged 11.3% last month down from growth of 10.1% in February and below the estimates. China's export data have been distorted by inflated numbers in early 2013, when some companies filed fake invoices to disguise capital inflows.
China's Premier Li Keqiang today, 10 April 2014, said China will not take any forceful stimulus measures to counter short-term fluctuations in its economic growth, stressing again that authorities have flexibility in achieving the 2014 growth target. Sustaining healthy growth in China's labour market is most important for the government, Li told an investment forum in China's southern island of Hainan. Whether China's annual economic growth comes in slightly above or below a targeted 7.5% is less important in comparison, he said.
Li said China plans to create conditions that will link the stock exchanges in Hong Kong and Shanghai to deepen the nation's capital markets.
The Bank of Korea left its key rate unchanged at its first policy meeting under Lee Ju Yeol, as low inflation gives the new governor room to support growth in Asia's fourth-biggest economy. The central bank held the seven-day repurchase rate at 2.5% for an 11th straight month, it said in a statement in Seoul today, 10 April 2014.
Trading in US index futures indicated that the Dow could advance 5 points at the opening bell on Thursday, 10 April 2014. US stocks rallied on Wednesday, 9 April 2014, with technology shares gaining the most in two months, as minutes from the Federal Reserve's last meeting eased concern about the timing of future interest-rate increases.
Several Fed policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening, according to minutes of their March 18-19 meeting released on Wednesday, 9 April 2014. Federal Reserve officials fretted last month that investors would overreact to policymakers' fresh forecasts on interest rates that appeared to map out a more aggressive cycle of rate hikes than was actually anticipated.
The published rate forecasts of the current 16 Fed policymakers, known as the "dots" charts, suggested the federal funds rate would end 2016 at 2.25%, a half percentage point above Fed officials' projections in December. In minutes of the March 18-19 meeting published on Wednesday, several of the meeting's participants said the charts "overstated the shift in the projections," suggesting the Fed is not as eager to tighten policy as the dots had seemed to suggest. The minutes also showed that officials wanted to emphasize that the official policy statement, and not the dots charts, give a better indication of the likely path of rates.
After its March meeting, the Fed said in a statement that it would wait a "considerable time" following the end of its bond-buying program before finally raising interest rates.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled today, 10 April 2014.
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