Key benchmark indices edged higher in early trade taking relief from slide in consumer price inflation in September 2014. The barometer index, the S&P BSE Sensex was currently up 99.01 points or 0.38% at 26,483.08. The market breadth indicating the overall health of the market was strong with more than six gainers for every loser on BSE. Both BSE Mid-Cap and Small-Cap indices outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) edged higher after Q2 September 2014 earnings. Tata Steel dropped after Q2 September 2014 production numbers. Bajaj Auto gained ahead of its Q2 September 2014 earnings today, 14 October 2014.
Asian shares were higher in early trading today, 14 October 2014, despite stocks US stocks posting their third straight decline as investors awaited earnings and fretted about signs of slowing global growth.
At 9:18 IST, the S&P BSE Sensex was up 99.01 points or 0.38% at 26,483.08. The index surged 166.72 points at the day's high of 26,550.79 in early trade. The index rose 88.17 points at the day's low of 26,472.24 in early trade.
The CNX Nifty was up 41.25 points or 0.52% at 7,925.50. The index hit a high of 7,928 in intraday trade. The index hit a low of 7,901.75 in intraday trade.
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The BSE Mid-Cap index was up 55.01 points or 0.58% at 9,544.77. The BSE Small-Cap index was up 52.78 points or 0.5% at 10,699.25. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong with more than six gainers for every loser. On BSE, 550 shares gained and 87 shares declined. A total of 22 shares were unchanged.
RIL rose 1.32% at Rs 970.50 after consolidated net profit rose 1.7% to a record Rs 5972 crore in Q2 September 2014 over Q2 September 2013. Turnover declined 4.3% to Rs 113396 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 13 October 2014.
RIL attributed the decline in turnover to lower crude prices and decline in volumes in the refining and oil & gas businesses. RIL's other income or non-operational income dropped 14.36% to Rs 2009 crore in Q2 September 2014 over Q2 September 2013. RIL said the decline in non-operational income was primarily on account of lower investible surplus.
RIL's net profit rose 0.3% to a record Rs 5972 crore on 5.1% growth in turnover to Rs 113396 crore in Q2 September 2014 over Q1 June 2014. Other income rose 1.77% to Rs 2009 crore in Q2 September 2014 over Q1 June 2014.
RIL's gross refining margins (GRM) edged up to $8.3 a barrel in Q2 September 2014, from $7.7 a barrel in Q2 September 2013. The GRM was lower than $8.7 a barrel in Q1 June 2014.
The net addition to RIL's fixed assets for the half year ended 30 September 2014 was Rs 44895 crore, including exchange rate difference capitalization. Capital expenditure was principally on account of ongoing expansion projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broad band Access and US Shale gas projects, RIL said.
Bajaj Auto rose 1.64% at Rs 2.389.80 ahead of its Q2 September 2014 earnings today, 14 October 2014.
Tata Steel lost 0.17% at Rs 457. The company after trading hours yesterday, 13 October 2014, said that its saleable steel production rose 0.31% to 2.21 million tonnes in Q2 September 2014 over Q2 September 2013. The company's hot metal production rose 4.78% to 2.58 million tones in Q2 September 2014 over Q2 September 2013. Crude steel production declined 0.91% to 2.26 million tones in Q2 September 2014 over Q2 September 2013. Tata Steel's steel deliveries rose 3.53% to 2.11 million tones in Q2 September 2014 over Q2 September 2013.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 6.46% in September 2014, from 7.73% in August 2014, data released by the government after trading hours yesterday, 13 October 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 7.67% in September 2014, from 9.35% in August 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 5.9% in September 2014, from 6.82% in August 2014.
The inflation data based on the Wholesale Price Index (WPI) is seen further decelerating to 3.3% in September 2014, from 3.74% in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the inflation data based WPI at 12 noon today, 14 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 13 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 671.06 crore on that day.
Asian shares were higher in early trading today, 14 October 2014, despite stocks US stocks posting their third straight decline as investors awaited earnings and fretted about signs of slowing global growth. Key indices in China, Hong Kong, Taiwan, Singapore, South Korea, and Indonesia were up 0.14% to 0.67%. In Japan, the Nikkei 225 was down 1.67%.
US stocks slumped yesterday, 13 October 2014 as airlines sank on Ebola concerns and energy shares plunged as Brent dropped to the lowest in almost four years.
US Federal Reserve Bank of Chicago President Charles Evans reportedly said on Monday, 13 October 2014, the "biggest risk" to the economy right now is that the central bank would raise interest rates sooner than it should. Mr. Evans's comments stood as a pushback to the rising speculation about the timing of Fed rate increases. Most central bank officials believe the economy will have improved enough to boost rates off of near-zero levels at some point next year.
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