Trading on BSE remained suspended in mid-morning trade. On NSE, the 50-unit CNX Nifty moved in a narrow range in positive zone. At 11:20 IST, the Nifty was up 9.60 points or 0.12%. The BSE halted trading since early morning due to network outage.
Realty stocks edged lower. Reliance Capital rose after the company said it has begun the process of unlocking value from investments in non-core sectors to focus on its key financial services businesses.
At 11:20 IST, the CNX Nifty was up 9.60 points or 0.12% to 7,734.75. The index hit a high of 7,754.65 in intraday trade, which is a lifetime high for the index. The index hit a low of 7,708.65 in intraday trade.
The CNX Mid-Cap index was up 0.61%. The CNX Small-Cap index was up 0.18%. Both these indices outperformed Nifty.
Realty stocks edged lower. DLF (down 0.78%), Sobha Developers (down 1.05%), Indiabulls Real Estate (down 1.47%) and Unitech (down 2.48%) declined.
Reliance Capital rose 0.8% to 661 after the company said it has begun the process of unlocking value from investments in non-core sectors to focus on its key financial services businesses. The company made the announcement after market hours on Wednesday, 2 July 2014. Reliance Capital (RCap) said that the company will align its non core investments with successful entrepreneurs and support their future growth. The company will singularly focus on and accelerate growth in its core businesses in financial services. Further, RCap said that Reliance MediaWorks and Prime Focus will combine their global film & media services business and create the world's largest media services powerhouse.
Shares of Prime Focus rose 0.55% to Rs 54.95.
Castrol India lost 3.66% to Rs 348.30 after the company said it is not aware of the foreign promoter's plan to delist its equity shares from the stock exchanges. Shares of Castrol India had surged 9% to Rs 361.55 on Wednesday, 2 July 2104, on reports that foreign promoter Castrol is exploring options to delist its India subsidiary Castrol India. Castrol holds 70.92% stake in the Castrol India (as per shareholding pattern as on 31 March 2014).
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 59.68, 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 as trading on BSE remained suspended in mid-morning trade.
India's services sector registered a strong growth in June 2014, a survey showed today, 3 July 2014. The seasonally adjusted HSBC Services Business Activity Index edged up to a 17-month high of 54.4 in June 2014, from 50.2 in May 2014. New business flows and stronger business sentiment supported expansion in the services sector activity in June 2014.
Meanwhile, 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 19 cents at $111.05 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.
Expectations of a growth oriented Budget is driving uptrend on the bourses. 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. Finance Minister Arun Jaitley will table the final Union Budget for 2014-15 in parliament on 10 July 2014.
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 0.18% to 0.3%. Key benchmark indices in China, Singapore and Taiwan were up 0.1% to 0.48%.
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 fall 9 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.
The European Central Bank meets today, 3 July 2014, to make a policy decision after enacting unprecedented stimulus last month.
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