Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 244.30 points or 1.19%, off about 40 points from the day's high and up close to 220 points from the day's low. All the thirteen sectoral indices on BSE were in the green. The market breadth, indicating the overall health of the market, was strong.
Sesa Sterlite edged high on reports that the government may take a decision today, 29 November 2013, on the long-delayed plans to sell government's stake in Balco and Hindustan Zinc. Realty and pharma stocks edged higher. Jubilant Life Sciences spurted after the company said it has received abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel. IL&FS Transportation Networks rose after the company said its Spain-based subsidiary received a road maintenance contract in Ukraine worth approximately Rs 427 crore.
The market surged in early trade. The market extended initial gains and hit fresh intraday high in morning trade. The Sensex, and the 50-unit CNX Nifty, both, hit their highest level in more than a week. The Sensex trimmed gains after hitting fresh intraday high in mid-morning trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 28 November 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 102.91 crore on Thursday, 28 November 2013, as per provisional data from the stock exchanges.
Domestic institutional investors (DIIs) bought shares worth a net Rs 330.51 crore on Thursday, 28 November 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 244.30 points or 1.19% to 20,779.21. The index jumped 284.86 points at the day's high of 20,819.77 in mid-morning trade, its highest level since 20 November 2013. The index gained 24.02 points at the day's low of 20,558.93 in early trade.
The CNX Nifty was up 75.95 points or 1.18% to 6,163.65. The index hit a high of 6,182.40 in intraday trade, its highest level since 20 November 2013. The index hit a low of 6,103.80 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,284 shares rose and 721 shares dropped. A total of 122 shares were unchanged.
From the 30-share Sensex pack, 29 rose and only one fell.
Sesa Sterlite edged high on reports that the government may take a decision today, 29 November 2013, on the long-delayed plans to sell government's stake in Balco and Hindustan Zinc. The stock was up 3.9% at Rs 182.10. Sesa Sterlite had acquired the government's 51% stake in Balco in 2001 for Rs 551 crore. It had also acquired a 45% stake in Hindustan Zinc for Rs 750 crore and the remaining 20% through an open offer. Both were acquired during privatisation carried out by the Atal Bihari Vajpayee-headed NDA government. The government owns 29.5% in Hindustan Zinc and 49% in Balco.
HDFC rose 1.28% to Rs 824.80. Two block deals were executed in the counter on BSE. One block deal was of 4.5 lakh shares at 817.50 per share at 9:28 IST and second block deal was of 5 lakh shares at Rs 825 per share at 10:05 IST.
Realty stocks edged higher. DLF (up 1.81%), HDIL (up 0.9%), D B Realty (up 1.77%) and Unitech (up 3.38%) gained.
Pharma stocks were in demand. Cipla (up 2.56%), Dr Reddy's Laboratories (up 0.42%), Lupin (up 0.98%), Ranbaxy Laboratories (up 0.88%) and Sun Pharmaceutical Industries (up 1.16%) rose.
Jubilant Life Sciences spurted 8.17% after the company said it has received abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel. The announcement was made after market hours on Thursday, 28 November 2013.
Jubilant Life Sciences said that it has received abbreviated new drug application (ANDA) approval from the US Food and Drug Administration (USFDA) for Quetiapine Fumarate Tablet, 25 mg (base), the generic version of AstraZeneca's Seroquel, which is an atypical antipsychotic medication indicated for the treatment of schizophrenia, and for the treatment of acute manic episodes associated with bipolar disorder.
The current total market size for Quetiapine Fumarate Tablet, 25 mg (base) as per IMS is $59 million per annum, the company said. Jubilant Life Sciences said it expects to launch this product in Q4 FY 2014.
As on 30 September 2013, Jubilant Life Sciences had a total of 676 filings for formulations of which 218 have been approved in various regions of the world. This includes 58 ANDAs filed in the US and 48 Dossier filings in Europe, the company said in a statement.
MRF lost 1.59%. The company's net profit rose 11.73% to Rs 184.10 crore on 4.87% growth in total income to Rs 3159.80 crore in Q4 September 2013 over Q4 September 2012. The Q4 result was announced after market hours on Thursday, 28 November 2013.
MRF's operating profit margin edged up to 13.84% in Q4 September 2013, from 11.7% in Q4 September 2012.
MRF's net profit jumped 40.15% to Rs 802.21 crore on 2.16% growth in total income to Rs 12160.19 crore in the year ended 30 September 2013 (FY 2013) over the year ended 30 September 2012 (FY 2012). On consolidated basis, the company's net profit jumped 39.55% to Rs 808.60 crore on 2.28% increase in total income to Rs 12273.29 crore in FY 2013 over FY 2012.
MRF's board of directors at a meeting held on Thursday, 28 November 2013, recommended a final dividend of Rs 24 per share for the year ended 30 September 2013.
IL&FS Transportation Networks rose 2.65% after the company said its Spain-based subsidiary received a road maintenance contract in Ukraine worth approximately Rs 427 crore. The announcement was made during trading hours today, 29 November 2013.
IL&FS Transportation Networks (ITNL) said that Elsamex SA, a wholly-owned subsidiary of the company in Spain, has received a contract by state road agency of Ukraine for rehabilitation and improvement of a road and for executing routine and periodic maintenance of the same over a period of seven years.
The estimated total contract value is 50.5 million euros (approximately Rs 427 crore), which is being financed by the European Bank for reconstruction and development, ITNL said in a statement.
In a separate announcement today, ITNL said that its wholly-owned subsidiary, ITNL International (IIPL), in Singapore entered into an agreement with three Chinese companies to establish an equity joint venture (JV) by the name of 'Chongqing Heng Yi Project Maintenance and Technology Consultancy' in which IIPL will hold 28% equity interest. The JV will provide road construction and maintenance services.
ITNL said that the JV partners believe that there is huge market for testing and inspection of roads, tunnels and bridges and other services related to operation and maintenance of expressways in China and other countries and hence wish to work together through a strategic alliance for providing specialised services in this field.
The alliance aims at utilising the experience of Elsamex SA, a wholly-owned subsidiary of ITNL in Spain, for over 25 years in operation and maintenance of expressways across Europe, ITNL said in a statement.
In the foreign exchange market, the rupee gave away entire initial gains aginst the dollar. The partially convertible rupee was hovering at 62.415, compared with its close of 62.41/42 on Thursday, 28 November 2013.
Indian government bond prices rose. The yield on 10-year benchmark federal paper, 7.16% GS 2023, was hovering at 9.0078%, lower than its close of 9.0138% on Thursday, 28 November 2013. Bond yields and bond prices are inversely related.
On macro data front, the government unveils Q2 September 2013 GDP growth data after trading hours today, 29 November 2013. The GDP growth for Q2 September 2013 is projected at 4.7%, as per the median estimate of a poll of economists carried out by Capital Market. India's GDP grew at its slowest pace in four years at 4.4% in Q1 June 2013.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Asian stocks edged lower in choppy trade on Friday, 29 November 2013. Key benchmark indices in Indonesia, South Korea, Singapore, and Japan were down 0.04% to 0.84%. Key benchmark indices in China, Hong Kong and Taiwan were up 0.1% to 0.45%.
Consumer prices excluding fresh food, the Bank of Japan's gauge for its 2 percent inflation target, rose 0.9% in October from a year earlier, a fifth straight gain, according a government report today.
Trading in US index futures indicated that the Dow could advance 34 points at the opening bell on Friday, 29 November 2013. The US stock market will close early at 1:00 p.m. today, 29 November 2013. The market was closed on Thursday, 28 November 2013, for the Thanksgiving holiday.
Investors are keeping a close watch on economic data in the United States as the Federal Reserve monitors the pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been aimed at encouraging growth. The US government will release the influential US non-farm payrolls data for November 2013 on 6 December 2013. The Fed has said improvement in the labor market is a key factor in its policy assessment.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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