Key benchmark indices reversed initial gains triggered on mostly positive Asian stocks. The S&P BSE Sensex was down 58.67 points or 0.29%, off 114.34 points from the day's high and up 21.51 points from the day's low. Index heavyweight Reliance Industries (RIL) halted two-day gains triggered after the company along with partners announced huge gas discovery in KG-D6 block after market hours on Friday, 24 May 2013. Another index heavyweight and cigarette major ITC also slipped in early trade. The market breadth, indicating the overall health of the market, was positive.
Sun Pharmaceutical Industries surged to strike a record high on good Q4 result and a liberal 1:1 bonus issue announced after market hours on Tuesday, 28 May 2013. Hindalco Industries slipped on poor Q4 result announced after market hours on Tuesday, 28 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 711.12 crore on Tuesday, 28 May 2013, as per provisional data from the stock exchanges.
At 9:29 IST, the S&P BSE Sensex was down 58.67 points or 0.29% to 20,102.15. The index gained 55.67 points at the day's high of 20,216.49 in early trade. The index fell 80.18 points at the day's low of 20,080.64 in early trade.
The CNX Nifty was down 23.55 points or 0.39% to 6,087.70. The index hit a high of 6,125.05 in intraday trade. The index hit a low of 6,083.50 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 423 shares rose and 401 shares fell. A total of 31 shares were unchanged.
The total turnover on BSE amounted to Rs 121 crore by 09:25 IST.
Among the 30-share Sensex pack, 19 stocks declined and the rest of them gained.
Index heavyweight Reliance Industries (RIL) fell 0.97% to Rs 834.95, with the stock halting two-day gains. RIL after market hours on Friday, 24 May 2013 said that the company and its partners BP and NIKO on 24 May 2013 announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.
RIL said that the discovery, named 'D-55', has been notified to the Government of India (GoI) and the Management Committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field, RIL said in a statement.
RIL is the operator of KG D6 with 60% equity. BP has a 30% share and NIKO the remaining 10%.
Index heavyweight and cigarette major ITC shed 0.46% to Rs 338.35. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
Hindalco Industries slipped 1.05%. The company's net profit declined 24.7% to Rs 482.03 crore on 8.6% fall in net sales to Rs 6915.59 crore in Q4 March 2013 over Q4 March 2012. The Q4 result was announced after market hours on Tuesday, 28 May 2013.
Sun Pharmaceutical Industries surged 3.59% to Rs 1,031.25 after striking a record high of Rs 1,045.95 in intraday trade today, 29 May 2013. The company's consolidated net profit rose 23.3% to Rs 1011.56 crore on 31.8% rise in net sales to Rs 3071.49 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Sun Pharmaceutical Industries said that the board of directors of the company at its meeting held on Tuesday, 28 May 2013, has recommended a liberal 1:1 bonus issue.
Neyveli Lignite Corporation gained 2.26%. The company's net profit rose 1.6% to Rs 614.79 crore on 9.5% rise in net sales to Rs 1653.35 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
HPCL rose 0.38%. The company's net profit jumped 65.8% to Rs 7679.33 crore on 16.9% rise in net sales to Rs 61237.91 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Tuesday, 28 May 2013.
Sun TV Network rose 0.66%. The company's promoter Kalanithi Maran is selling 78.81 lakh shares representing 2% of the equity share capital of the company via Offer for Sale (OFS) through the the separate window provided by the stock exchanges for this purpose. The OFS will take place today, 29 May 2013. The floor price for the OFS has been fixed at Rs 403 per share.
Godrej Industries rose 1.75%. The company's consolidated net profit jumped 119% to Rs 94 crore on 0.47% decline in total income to Rs 1472 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Tuesday, 28 May 2013.
Godrej Industries' consolidated net profit jumped 34% to Rs 391 crore on 24% growth in total income to Rs 7198 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Godrej Industries' board of directors at a meeting held on Tuesday, 28 May 2013, declared final dividend of Rs 1.75 per share for FY 2013.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near-month May 2013 series to June 2013 series. The May 2013 derivatives contracts expire tomorrow, 30 May 2013.
The Q4 March 2013 earnings season gets over this week. DLF, M&M and Tata Power unveil Q4 results tomorrow, 30 May 2013.
On the macro front, the government will announce Q4 March 2013 gross domestic product (GDP) data on Friday, 31 May 2013. India's GDP grew 4.5% in Q3 December 2012, sharply slower than the 5.3% expansion reported for Q2 September 2012.
The Reserve Bank of India (RBI) undertakes mid-quarter review of the monetary policy on 17 June 2013. RBI Governor D Subbarao on 14 May 2013 said that the central bank will take note of falling inflation when discussing potential interest rate cuts. The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Asian shares were mostly higher on Wednesday as US stocks rallied to record highs overnight. Key benchmark indices in Japan, Taiwan, Singapore, South Korea, and China rose by 0.05% to 0.76%. Key benchmark indices in Indonesia and Hong Kong fell by 0.19% to 0.69%.
US stocks climbed on Tuesday, bouncing back from last week's losses after data showed consumer confidence rising in May and the real-estate market picking up speed.
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