Bajaj Auto hits record high

A bout of volatility was witnessed as key benchmark indices regained strength after paring initial gains in morning trade. The barometer index, the S&P BSE Sensex, hit fresh lifetime high. The 50-unit CNX Nifty hit 3-week high. The Sensex was up 202.65 points or 0.79%, up about 60 points from the day's low and off close to 15 points from the day's high. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. The BSE Mid-Cap index was almost 1%. The BSE Small-Cap index was up more than 1%. Both these indices outperformed the Sensex. Gains in Asian stocks and overnight upmove in US stocks underpinned sentiment on the domestic bourses. Provisional data showing that foreign investors made decent purchases of Indian stocks on Tuesday, 1 July 2014, also boosted sentiment.

Most IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. With small gains, shares of Bajaj Auto hit record high after the company reported increase in sales volumes for the month just gone by.

At 10:20 IST, the S&P BSE Sensex was up 202.65 points or 0.79% to 25,719. The index jumped 220.72 points at the day's high of 25,737.07 in morning trade, a lifetime high for the index. The index rose 143.81 points at the day's low of 25,660.16 in early trade.

The CNX Nifty was up 60.60 points or 0.79% to 7,695.30. The index hit a high of 7,698.05 in intraday trade, its highest level since 11 June 2014. The index hit a low of 7,677.30 in intraday trade.

The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 1,435 shares gained and 556 shares fell. A total of 41 shares were unchanged.

The BSE Mid-Cap index was up 91 points or 0.96% at 9,624.74. The BSE Small-Cap index was up 111.70 points or 1.08% at 10,433.33. Both these indices outperformed the Sensex.

Most IT shares rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Wipro (up 0.49% to Rs 541.30), Infosys (up 0.47% to Rs 3,237), and TCS (up 0.4% to Rs 2,400), edged higher. Tech Mahindra (down 0.07% to Rs 2,110.60) and HCL Technologies (down 1% to Rs 1,486.25) edged lower.

Bajaj Auto rose 0.83% to Rs 2,349.20. The stock hit record high of Rs 2,354.95 in intraday trade. The company said during market hours that its total sales rose 3% to 3.05 lakh units in June 2014 over June 2013. Motorcycles sales rose 3% to 2.62 lakh units in June 2014 over June 2013. Commercial vehicles sales rose 5% to 43,263 units in June 2014 over June 2013. The company's total exports rose 12% to 1.35 lakh units in June 2014 over June 2013.

Key benchmark indices surged in early trade on firm Asian stocks and on overnight upmove in US stocks. The Sensex hit record high. A bout of volatility was witnessed as key benchmark indices regained strength after paring initial gains in morning trade.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 856.35 crore on Tuesday, 1 July 2014, as per provisional data from the stock exchanges.

In the foreign exchange market, the rupee edged higher against the dollar as equities rose. The partially convertible rupee was hovering at 60.04, compared with its close of 60.07/08 on Tuesday, 1 July 2014.

Asian stocks rose on Wednesday, 2 July 2014, after reports showing manufacturing expansion in US, the world's biggest economy sent US stocks to record high overnight. Key benchmark indices in Indonesia, Hong Kong, South Korea, Singapore, and Japan were up 0.05% to 0.97%. Key benchmark indices in China and Taiwan fell 0.19% to 0.23%.

Trading in US index futures indicated that the Dow could gain 8 points at the opening bell on Wednesday, 2 July 2014. The S&P 500 index and the Dow Jones Industrial Average both climbed to all-time highs on Tuesday, 1 July 2014, as manufacturing activity picked up in the US and Asia in June and on increased optimism about the global economy's health.

The Institute for Supply Management's US factory index was little changed at 55.3 in June from 55.4 in the prior month, the Tempe, Arizona-based group's report showed on Tuesday. Readings above 50 indicate expansion.

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