HDFC gains ahead of Q4 results

Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, was up 147 points or 0.65%, up about 80 points from the day's low. The market breadth, indicating the overall health of the market, was strong.

HDFC rose ahead of its Q4 results today, 6 May 2014. Emami gained on good Q4 results.

The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 5 May 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 279.86 crore on Monday, 5 May 2014, as per provisional data from the stock exchanges.

At 9:30 IST, the S&P BSE Sensex was up 147 points or 0.65% to 22,592.12. The index rose 149.51 points at the day's high of 22,594.63 in early trade. The index gained 67.11 points at the day's low of 22,512.23 in early trade.

The CNX Nifty was up 34.25 points or 0.51% to 6,733.60. The index hit a high of 6,740.80 in intraday trade. The index hit a low of 6,719 in intraday trade.

The BSE Mid-Cap index rose 36.92 points or 0.5% to 7,384.98. The BSE Small-Cap index rose 28.44 points or 0.38% to 7,526.53. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 594 shares gained and 190 shares fell. A total of 38 shares were unchanged.

Among the 30-share Sensex pack, 26 stocks gained and rest of them fell. ICICI Bank (up 1.5%), Tata Steel (up 1.28%) and Hindalco Industries (up 1.19%) edged higher from the Sensex pack.

HDFC rose 0.85% ahead of its Q4 results today, 6 May 2014.

Asian Paints gained 0.91%. The company announced after market hours on Monday, 5 May 2014 that the company has offered a Voluntary Retirement/Separation Scheme along with an alternate option of relocation to other factories/establishments of the company to all the workmen at the Bhandup plant in Mumbai. All workmen have accepted either the Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the company. The company has discontinued manufacturing activities at the plant with effect from 5 May 2014.

Emami rose 2.46% on good Q4 results. The company announced after market hours on Monday, 5 May 2014, 18.26% rise in consolidated net profit to Rs 111.15 crore on 1.32% fall in total income to Rs 464.14 crore in Q4 March 2014 over Q4 March 2013.

Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2014 today, 6 May 2014. The HSBC Services Business Activity Index adjusted for seasonal factors fell from 48.8 in February to 47.5 in March.

The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.

A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.

Asian stocks rose on Tuesday, with trading volume curbed by holidays in Japan, Hong Kong and South Korea. Key benchmark indices in China, Singapore, Indonesia and Taiwan were up 0.1% to 0.5%.

US stocks edged higher on Monday on the back of positive economic data. The Institute for Supply Management's US services sector index rose to 55.2 in April, the fastest pace in eight months and easily topping forecasts. A reading above 50 indicates expansion. The data added to evidence that the US economy is emerging from a particularly harsh winter-induced slowdown and provided a welcome offset to worries about China.

Federal Reserve Chair Janet Yellen is due to testify to lawmakers tomorrow, 7 May 2014 after the US central bank pressed ahead April 30 with reductions to its monthly bond-buying, while holding its short-term interest-rate target at near zero.

In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled on Thursday, 8 May 2014.

The European Central Bank (ECB) will hold monetary policy meeting on Thursday, 8 May 2014, in Brussels, Belgium.

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