IT and pharma stocks edged higher as key benchmark indices eked out small gains after moving in a narrow range for most part of the trading session. The barometer index, the S&P BSE Sensex, advanced 37.25 points or 0.15%, up close to 65 points from the day's low and off close to 110 points from the day's high. The market breadth indicating the overall health of the market was positive.
IT stocks rose across the board after US-based consulting and outsourcing services provider Accenture on Thursday, 26 June 2014, reported good Q3 May 2014 earnings. GAIL (India) edged lower on reports more than a dozen people were killed today, 27 June 2014, after a blast at a gas pipeline in Andhra Pradesh operated by the state-run gas transmission major. Shares of organised retailers rallied. Ranbaxy Laboratories and Sun Pharmaceutical Industries surged after Ranbaxy announced that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for a generic version of a medicine for treatment of hypertension and heart failure.
The S&P BSE Sensex garnered 37.25 points or 0.15% to settle at 25,099.92, its highest closing level since 25 June 2014. The index jumped 146.94 points at the day's high of 25,209.61 in early trade. The index shed 29.73 points at the day's low of 25,032.94 in early afternoon trade.
The CNX Nifty garnered 15.60 points or 0.21% to settle at 7,508.80, its highest closing level since 25 June 2014. The index hit a high of 7,538.75 and low of 7,482.30 in intraday trade.
The total turnover on BSE amounted to Rs 3317 crore, higher than Rs 3288.65 crore on Thursday, 26 June 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,715 shares gained and 1,281 shares fell. A total of 114 shares were unchanged.
The BSE Mid-Cap index was up 24.33 points or 0.27% at 9,205. The BSE Small-Cap index was up 40.91 points or 0.41% at 10,022.29. Both these indcies outperformed the Sensex.
GAIL (India) dropped on reports fourteen people were killed and 20 injured today, 27 June 2014, in a blast and fire at a gas pipeline operated by GAIL (India) in Andhra Pradesh. The stock lost 0.27% at Rs 458.50. The stock hit high of Rs 461.05 and low of Rs 451.25. The victims were local residents and a fire at the scene had been brought under control, reports said.
The blast in the pipeline belonging to GAIL (India) took place around 5:30 IST due to a gas leak in the pipeline. The fire has been brought under control. All the steps have been taken on the site for prevention, like closing of input/output valves to the pipeline, the Ministry of Petroleum & Natural Gas said. The cause of the accident is still not known.
The Minister of State (Independent charge) for Petroleum and Natural gas Dharmendra Pradhan has ordered a high level inquiry into the pipeline explosion at Tatipaka in the East Godavari District of Andhra Pradesh. He has expressed concern at the accident, and assured that strong steps for safety and security of oil and gas installations will be taken so as to ensure non-recurrence of such incidents. Pradhan has directed immediate rescue, relief and rehabilitation measures.
ONGC fell 0.01% to Rs 411.05. The stock hit high of Rs 418.80 and low of Rs 408. As per reports, ONGC has shut two gas fields in Andhra Pradesh after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh killed more than a dozen people.
PSU OMCs edged higher as crude prices dropped on Thursday, 26 June 2014. Indian Oil Corporation (IOCL) (up 1.37% to Rs 322.80) and BPCL (up 0.41% to Rs 570.15) gained. HPCL fell 0.24% to Rs 397.15. Lower crude oil prices will decrease under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
IT stocks rose across the board after US-based consulting and outsourcing services provider Accenture on Thursday, 26 June 2014, reported good Q3 May 2014 earnings. HCL Technologies (up 3.24% to Rs 1,481.25), Wipro (up 1.9% to Rs 545.85), and Infosys (up 1.02% to Rs 3,221.95) edged higher.
TCS was up 3.85% at Rs 2,398.40. The stock hit record high of Rs 2,404.95 in intraday today.
Tech Mahindra was up 4.14% at Rs 2,127.15. The stock hit record high of Rs 2,135.05 in intraday today. The company announced after market hours on Thursday, 26 June 2014, that Comptel Corporation and the company have operationalised their strategic alliance, which was announced earlier this year. The companies have set up a Centre of Excellence (CoE) at Tech Mahindra's Hinjewadi facility in Pune, India to support communications service providers (CSPs) with their complex OSS/BSS transformation projects.
Accenture reported strong financial results for the third quarter of fiscal 2014, ended 31 May 2014, with net revenues of $7.74 billion, an increase of 7% in both US dollars and local currency over the same period last year, above the company's guided range of $7.40 billion to $7.65 billion.
Diluted EPS for the third quarter of fiscal 2014 increased 11 percent from adjusted EPS for the third quarter last year.
Accenture expects net revenues for the fourth quarter of fiscal 2014 to be in the range of $7.45 billion to $7.70 billion. This range assumes a foreign-exchange impact of positive 1.5% compared with the fourth quarter of fiscal 2013.
Accenture now expects new bookings for the full fiscal year to be in the upper end of its previously guided range of $33 billion to $36 billion.
Ranbaxy Laboratories surged after the company announced that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for Valsartan 40 mg, 80 mg, 160 mg and 320 mg tablets -- a generic version of a medicine for treatment of hypertension and heart failure. The stock was up 5.38% at Rs 497.15. The Office of Generic Drugs, USFDA, has determined Ohm formulations to be bioequivalent and have the same therapeutic effect as that the branded drug Diovan. The total annual market sales for Diovan in the United States stands at $2.19 billion (IMS-MAT: April 2014).
Sun Pharmaceutical Industries rose 3.97% to Rs 660.65 after hitting record high of Rs 674.70 in intraday trade. In April this year, Sun Pharma had acquired Ranbaxy in a $4 billion transaction.
Dr Reddy's Laboratories rose 1.8% to Rs 2,550 after the company said during market hours that it has launched Duloxetine Delayed-Release Capsules USP 20 mg, 30 mg and 60 mg, a therapeutic equivalent generic version of CYMBALTA (Duloxetine Delayed-Release Capsules) in the US market on 26 June 2014. The CYMBALTA brand and its generic version had US sales of approximately $5.04 billion for twelve months ended 30 April 2014, according to IMS Health data.
Cipla (up 2.59% to Rs 437.30) and Lupin (up 1.86% to Rs 1,047.65) gained.
Shares of organised retailers rallied. Shoppers Stop (up 3.58% to Rs 389.65), Trent (up 4.71% to Rs 1,258.65) and Future Retail (up 5.62% to Rs 135.30) gained.
Gas utility stocks rose after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, 25 June 2014, deferred a decision on revision of natural gas pricing for three months. Gujarat Gas Company (up 0.08% to Rs 412.90), Gujarat State Petronet (up 2.3% to Rs 89), and Indraprastha Gas (up 1.14% to Rs 351.55) gained.
Havells India jumped 6.57% to Rs 1,175.90 ahead of board meet on 30 June 2014 to consider stock split.
Key benchmark indices edged higher amid initial volatility as crude oil prices dropped on Thursday, 26 June 2014. Intraday volatility continued as key benchmark indices pared gains after extending initial gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade. A bout of volatility was witnessed as key benchmark indices reversed gains and hit fresh intraday low in early afternoon trade. Key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade. The Sensex recovered from lower level after cutting entire intraday gains in late trade.
Indian stocks snapped two-day losing streak today, 27 June 2014. From a recent high of 25,368.90 on 24 June 2014, the Sensex had declined 306.23 points or 1.2% in two trading sessions to settle at 25,062.67 on 26 June 2014. The Sensex has risen 882.58 points or 3.64% in this month so far (till 27 June 2014). The Sensex has gained 3,929.24 points or 18.55% in calendar year 2014 so far (till 27 June 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 7,651.21 points or 43.84%. From a record high of 25,725.12 hit on 11 June 2014, the Sensex is off 625.20 points or 2.43%.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.1225, compared with its close of 60.14/15 on Thursday, 26 June 2014.
Oil prices edged higher in choppy trade. Brent crude oil futures for August delivery were up 14 cents at $113.35 a barrel. The contract lost 79 cents to settle at $113.21 on Thursday, 26 June 2014, its lowest settlement since 16 June 2014.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Meanwhile, rain shortfall shrank in the third week since the onset of its monsoon, recovering a little after a poor start. Rains were 31% below average in the week to June 25, improving from 45% below average in the second week of the monsoon. India's farm sector accounts for 14% of its nearly $2 trillion economy.
The Reserve Bank of India on Thursday, 26 June 2014, said in its Financial Stability Report (FSR) June 2014 that the return to political stability has provided impetus to the domestic economic outlook and the capital markets reflect the expectations on policy measures to address the adverse growth-inflation dynamics and saving-investment balance as also efficient implementation of policies and programmes. Further progress on fiscal consolidation, a predictable tax and policy regime, and low and stable inflation rates will be the key anchors in promoting India's macroeconomic as well as financial stability, RBI Governor Raghuram Rajan said in his foreword to the FSR.
European stocks edged higher on Friday, 27 June 2014, as investors awaited data on US consumer confidence to gauge the outlook for the world's largest economy. Key benchmark indices in Germany, France and UK were up 0.1% to 0.22%.
Euro-area economic confidence unexpectedly declined in June, led by industry, as tensions in Ukraine and the single currency's strength hindered efforts by the European Central Bank to boost lending and growth. An index of executive and consumer sentiment fell to 102 from a revised 102.6 in May, the European Commission in Brussels said today.
Asian stocks edged lower on Friday, 27 June 2014, after a Federal Reserve official said the US may raise interest rates by March. Key benchmark indices in China, Japan, Indonesia, Singapore, South Korea and Taiwan fell by 0.11% to 1.39%. Hong Kong's Hang Seng rose 0.1%.
Trading in US index futures indicated that the Dow could fall 24 points at the opening bell on Friday, 27 June 2014. US stocks slipped for the third time in four days on Thursday, 26 June 2014, after James Bullard, president of the Federal Reserve Bank of St. Louis, suggested that higher interest rates may happen sooner than people thought. Economic data showing that consumer spending rose less than forecast also led to losses in US stocks. Bullard, speaking in an interview to a business channel, predicted the central bank's first interest-rate rise will happen in the first quarter of next year.
Consumer spending, which accounts for about 70% of the economy, climbed 0.2% in May after being little changed in April, US Commerce Department figures showed.
Powered by Capital Market - Live News
