A bout of volatility was witnessed as the barometer index, the S&P BSE Sensex, slipped into the red from green after trading resumed on BSE in early afternoon trade after a nearly 3-hour shutdown caused by network outage. The Sensex was down 21.65 points or 0.08%, off 179.52 points from the day's high and up 18.56 points from the day's low. The market breadth indicating the overall health of the market was negative.
Bajaj Auto and Hero MotoCorp dropped as both these stocks turned ex-dividend. TVS Motor Company edged higher after the company reported strong growth in sales for June 2014.
At 13:15 IST, the S&P BSE Sensex was down 21.65 points or 0.08% to 25,819.56. The Sensex gained 157.87 points at the day's high of 25,999.08 in early trade, a lifetime high for the index. The index fell 40.21 points at the day's low of 25,801 in afternoon trade.
The CNX Nifty was down 12.45 points or 0.16% to 7,712.70. The index hit a high of 7,754.65 in intraday trade, a lifetime high for the index. The index hit a low of 7,708.65 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 987 shares declined and 895 shares gained. A total of 51 shares were unchanged.
The BSE Mid-Cap index was down 22.15 points or 0.23% at 9,484.75, underperforming the Sensex. The BSE Small-Cap index was off 1.14 points or 0.01% at 10,433.04, outperforming the Sensex.
Among the 30-share Sensex pack, 16 stocks declined and rest of them gained.
Hero MotoCorp lost 2.95% to Rs 2595.35 as the stock turning ex-dividend today, 3 July 2014, for the dividend of Rs 65 per share for the year ended 31 March 2014 (FY 2014). Before turning ex-dividend, the stock offered a dividend yield of 2.43% based on the closing price of Rs 2,674.20 on Wednesday, 2 July 2014.
Hero MotoCorp said after market hours on Wednesday, 2 July 2014, that the company's two-wheelers sales rose 8% to 5.41 lakh units in June 2014 over June 2013. Hero MotoCorp reported 10% growth in two-wheelers sales to 17.15 lakh units in Q1 June 2014 over Q1 June 2013.
Since the beginning of FY 2015, Hero MotoCorp has sustained robust volume sales despite the overall sluggish industry environment. The recent extension of the current excise duty rate is expected to act as an impetus for the auto sector and hopefully, it will lift the industry sentiment, Hero MotoCorp said. However, a sub-normal monsoon is likely to dampen demand both in rural as well as urban markets. The need of the hour, therefore, is a long-term, consistent and uniform excise policy for the benefit of customers and sustainable revival of the industry, the company said.
Bajaj Auto declined 2.09% to Rs 2,302.30 as the stock turned ex-dividend for dividend of Rs 50 per share for the year ended 31 March 2014 (FY 2014). Before turning ex-dividend, the stock offered a dividend yield of 2.12% based on the closing price of Rs 2,351.45 on Wednesday, 2 July 2014.
TVS Motor Company rose 2.42% to Rs 171.55 after scaling a record high of Rs 174.50 in intraday trade. TVS Motor Company's total sales jumped 23% to 2.02 lakh units in June 2014 over June 2013. The company made the announcement after market hours on Wednesday, 2 July 2014.
Total two-wheeler sales increased by 23% to 193,758 units in June 2014 over June 2013. Scooters sales surged 46% to 56,524 units in June 2014 over June 2013. Motorcycles sales grew by 27% to 74,772 units in June 2014 over June 2013. The recently launched TVS StaR City+ has been well received in the market, TVS Motor Company said.
Three-wheeler sales rose 24% to 8,419 units in June 2014 over June 2013.
Total exports grew by 24% to 32,290 units in June 2014 over June 2013. Two wheeler exports registered a growth of 26% to 25,237 units in June 2014 over June 2013.
Mahindra & Mahindra (M&M) rose 1.11%, with the stock extending recent gains triggered by the company announcing decent tractor sales in June. The company's total tractor sales rose 8% to 29,884 units in June 2014 over June 2013. M&M's domestic tractor sales rose 8% to 28,893 units in June 2014 over June 2013. Total tractor exports fell 3% to 991 units in June 2014 over June 2013. The company announced sales figures during trading hours on Tuesday, 1 July 2014.
M&M's total automobile sales rose 1% to 38,471 units in June 2014 over June 2013.
Tata Motors gained 2.13%, with the stock extending recent gains. The company's total sales (including exports) of Tata commercial and passenger vehicles declined 27% to 38,557 vehicles in June 2014 over June 2013. The sales figures were announced after market hours on Tuesday, 1 July 2014. The company's exports declined 5% to 3,814 units in June 2014 over June 2013.
Maruti Suzuki India fell 0.23%, with the stock halting prior two-day gains triggered by the company reporting robust sales in June. Maruti's total sales rose 33.5% to 1.12 lakh units in June 2014 over June 2013. Domestic sales rose 31.1% to 1 lakh units in June 2014 over June 2013. Exports jumped 58.4% to 11,809 units in June 2014 over June 2013. The company announced sales figures during trading hours on Tuesday, 1 July 2014.
Ashok Leyland fell 1.38%. The company reported 7% increase in total sales to 7,452 units in June 2014 over June 2013. The company announced sales figures after trading hours on Tuesday, 1 July 2014.
Sun Pharmaceutical Industries gained 2.02%. As per reports, Sun Pharmaceutical Industries is recalling 200 vials of the chemotherapy drug gemcitabine in the United States due to a lack of assurance of sterility. The drug being recalled was manufactured by Sun Pharma's unit Caraco Pharmaceutical Laboratories at its plant in Gujarat, reports added.
Report further informed that the voluntary recall was initiated in April and was classified by the FDA as Class II, meaning that use of or exposure to the recalled drug may cause temporary or medically reversible adverse health consequences.
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 in mid-morning trade. The Nifty regained positive terrain after slipping into the red for a bried period in early afternoon trade. A bout of volatility was witnessed as the barometer index, the S&P BSE Sensex, slipped into the red from green after trading resumed on BSE in early afternoon trade after a nearly 3-hour shutdown caused by network outage.
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 30 cents at $110.94 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.
European stocks edged higher on Thursday, 3 July 2014, as investors awaited the outcome of the European Central Bank's policy meeting and a report on American jobs. Key benchmark indices in UK, France and Germany were up 0.14% to 0.22%.
The European Central Bank meets today, 3 July 2014, to make a policy decision after enacting unprecedented stimulus last month.
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 0.09% to 0.25%. Key benchmark indices in China, Singapore and Taiwan were up 0.19% 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 a flat opening of US stocks 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.
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