Key benchmark indices pared gains in afternoon trade. The S&P BSE Sensex was up 67.25 points or 0.35%, off 60.76 points from the day's high and up 93.93 points from the day's low. Index heavyweight Reliance Industries (RIL) edged higher in choppy trade. Another index heavyweight and cigarette major also ITC was marginally higher in volatile trade after hitting record high at the onset of the trading session. The market breadth, indicating the overall health of the market, was positive.
FMCG stocks gained on reports of likely normal monsoon this year. Coal India gained on reports the Cabinet Committee on Economic Affairs may meet today, 22 April 2013, to discuss coal price pooling. Cairn India was unchanged ahead of its Q4 results today, 22 April 2013. UltraTech Cement lost ahead of its Q4 results today, 22 April 2013. Sun TV Network surged after twin bulk deals were executed on the counter on BSE today, 22 April 2013.
Wipro slumped over 8% after the company said at the time of announcing Q4 results that it expects revenue from IT services business to remain flat on sequential basis in Q1 June 2013.
The market edged higher in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their highest level in almost five weeks. The market pared gains after hitting fresh intraday high in morning trade. The market hovered in positive terrain in mid-morning trade. The market continued to hover in green in early afternoon trade. Key benchmark indices pared gains in afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 18 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 940.07 crore on Thursday, 18 April 2013, as per provisional data from the stock exchanges.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The May 2013 F&O contracts expire on Thursday, 25 April 2013. The stock market remains shut on Wednesday, 24 April 2013, on account of Mahavir Jayanti.
At 13:18 IST, the S&P BSE Sensex was up 67.25 points or 0.35% to 19,083.71. The index jumped 128.01 points at the day's high of 19,144.47 in morning trade, its highest level since 19 March 2013. The index fell 26.68 points at the day's low of 18,989.78 in early trade.
The CNX Nifty was up 17.10 points or 0.3% to 5,800.20. The index hit a high of 5,833.45 in intraday trade, its highest level since 19 March 2013. The index hit a low of 5,789.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,230 shares advanced and 998 shares declined. A total of 154 shares were unchanged.
The total turnover on BSE amounted to Rs 1115 crore by 13:20 IST on BSE.
Among the 30-share Sensex pack, 21 stocks advanced while rest of them declined.
Index heavyweight Reliance Industries (RIL) rose 1.14% to Rs 790.75. The scrip hit high of Rs 793 and a low of Rs 778.65 so far during the day. On the back of a surge in refining margins, RIL's net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. On sequential basis, RIL's net profit rose 1.58% to Rs 5589 crore on 10.06% decline in turnover to Rs 86618 crore in Q4 March 2013 over Q3 December 2012. The company reported Q4 March 2013 results on 16 April 2013.
At the time of announcement of the results, RIL said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
FMCG stocks gained on reports of likely normal monsoon this year. FMCG companies derive a substantial revenue from rural markets.
Britannia Industries (up 2.48%), Colgate-Palmolive (India) (up 1.59%), Dabur India (up 0.95%), Godrej Consumer Products (up 2.52%), Hindustan Unilever (up 0.24%), Marico (up 0.4%), Nestle India (up 0.51%) and Tata Global Beverages (up 0.06%) gained.
Index heavyweight and cigarette major ITC rose 0.06% to Rs 315.45. The stock hit record high of Rs 317.30 in intraday trade today, 22 April 2013. The stock hit low of Rs 312.55 in intraday trade today, 22 April 2013. The government raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Mahindra & Mahindra (M&M) shed 1.54%. M&M during market hours today, 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013, has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
M&M said it has revoked the suspension of two workers, which was based on disciplinary action. The management has taken a sympathetic view after its suspended workers tendered a written apology that they would not breach any discipline in future and such instances will not be repeated within the plant, the company said.
Coal India gained 3.86% on reports the Cabinet Committee on Economic Affairs may meet today, 22 April 2013, to discuss coal price pooling. Coal price pooling is the averaging of prices of domestic and imported coal to get a uniform feedstock price. Finance minister P Chidambaram had earlier said the Cabinet will take a view on price pooling of coal to address the fuel supply issue. The CCEA in February 2013 had approved in-principle the price-pooling mechanism.
Reports suggest that a final decision on the issue is pending due to differences between the ministries of coal and power on how the impact of higher imported coal prices will be shared between Coal India and power companies.
The Prime Minister's Office had earlier reportedly directed Coal India and Central Electricity Authority (CEA) to work on pooling coal prices to ensure 80% supplies to power plants.
Cairn India was unchanged at Rs 293.45 ahead of its Q4 results today, 22 April 2013.
UltraTech Cement lost 2.99% ahead of its Q4 results today, 22 April 2013.
Sun TV Network surged 5.18% to Rs 411.45 after 0.2% equity changed hands in two bulk deals on the BSE today, 22 April 2013. A bulk deal of 3 lakh shares was executed on the Sun TV Network counter at Rs 395 per share at 09:49 IST on the BSE today, 22 April 2013. Another bulk deal of 4.5 lakh shares was struck on the scrip at Rs 395 per share at 09:49 IST on the BSE.
Wipro slumped 8.44% to Rs 337.55 after the company said at the time of announcing Q4 results that it expects revenue from IT services business to remain flat on sequential basis in Q1 June 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012. Wipro announced the fourth quarter results on Friday, 19 April 2013, when the stock market was closed on account of Ram Navmi.
The focus of the market is on Q4 results. HDFC Bank announces Q4 results tomorrow, 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. Jindal Steel & Power declares its Q4 results on 25 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 26 April 2013. IDFC announces Q4 results on 1 May 2013.
Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The India Meteorological Department will issue its initial forecast of 2013 southwest monsoon in this month.
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.
Parliament reconvened for the second half of the Budget Session today, 22 April 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
European stock markets opened higher on Monday, taking inspiration from a strong session in Asia, where markets rallied as the yen tumbled after a statement from the Group of 20 major economies. A statement from the G-20 meeting late Friday was interpreted as a wider international support for Tokyo's aggressive easing measures, which recently have sent the yen to multi-year lows. Key benchmark indices in UK, Germany and France were up by 0.09% to 0.56%.
Asian stocks rose for the second day in a row on Monday led by Japanese exporters as the yen slid to a four-year low against the US dollar after the Bank of Japan's stimulus policies were unopposed at a Group of 20 meeting. Key benchmark indices in Japan, South Korea, Hong Kong, Singapore and Taiwan rose by 0.31% to 1.89%. Key benchmark indices in China and Indonesia shed by 0.11% to 0.35%.
Bank of Japan (BOJ) Governor Haruhiko Kuroda emerged from the G-20 meeting saying he was emboldened to press ahead with the campaign to defeat deflation. The central bank holds a policy meeting this week after pledging on 4 April 2013 to double the monetary base in two years.
Trading in US index futures indicated that the Dow could gain 69 points at the opening bell on Monday, 22 April 2013. US stocks rose on Friday as earnings from Google and other companies lifted tech shares.
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