Key benchmark indices edged higher in early trade on positive Asian stocks. Index heavyweight and cigarette major ITC gained in early trade. Shares of FMCG giant Hindustan Unilever scaled a record high. Reliance Industries rose in early trade. The S&P BSE Sensex was up 189.03 points or 0.97%, up 33.24 points from the day's low and off 19.99 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Foreign institutional investors (FIIs) bought shares worth a net Rs 164.56 crore on Thursday, 4 July 2013, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was up 189.03 points or 0.97% to 19,599.87. The index gained 209.02 points at the day's high of 19,619.86 in early trade. The index rose 155.79 points at the day's low of 19,566.63 in early trade.
The CNX Nifty was up 46.55 points or 0.8% to 5,883.50. The index hit a high of 5,896.15 in intraday trade. The index hit a low of 5,882.50 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 769 shares gained and 195 shares fell. A total of 37 shares were unchanged.
The total turnover on BSE amounted to Rs 154 crore by 09:30 IST.
Maruti Suzuki India was the lone loser among the 30-share Sensex pack. Shares of the small car maker Maruti Suzuki India fell 0.29%.
Reliance Industries (RIL) rose 0.88% to Rs 869.20. The government on 27 June 2013 agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic gas output. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April next year, from current $4.2 mmBtu.
Index heavyweight and cigarette major ITC gained 1.57% to Rs 343.80. As per reports, the company has raised the price of its Gold Flake Regular Filter cigarettes from Rs 55 to Rs 58 for a pack of 10 cigarettes.
FMCG giant Hindustan Unilever surged 3.12% to Rs 619.50 after scaling a record high of Rs 631.95 in intraday trade today, 5 July 2013. As per reports, parent firm Unilever's shareholding in Hindustan Unilever has increased from 52.48% to 67.28% following buyback of close to 32 crore shares. Anglo-Dutch consumer goods major Unilever had floated an open offer to raise its stake to 75% in Indian unit at Rs 600 per share. The open offer opened on 21 June 2013 and closed on 4 July 2013.
Neyveli Lignite Corporation rose 0.08%. The company said after market hours on Thursday, 4 July 2013 that the recognized trade unions and other registered trade unions have resorted to an indefinite strike commencing from night shift of Wednesday, 3 July 2013 in protest against the Government of India's decision to disinvest 5% of equity shares of the company. The Officers and Engineers' Associations have withdrawn from the strike and are attending duties. The lignite production and power generation are being presently maintained at the same level as of the previous day, company said in a statement.
Strides Arcolab surged 3.82%. The company after market hours on Thursday, 4 July 2013 said that its board of directors has approved the increase in the limit of investments by foreign institutional investors (FIls) in the equity share capital of the company from 49% to 74%, subject to approval of the members, Reserve Bank of India and any other approvals as may be required. Earlier on that day, the company had said that the intermediate ceiling for investment by FIIs capped at 49% limit of its paid up equity capital which was confirmed by the Reserve Bank of India vide its letter dated 8 December 2005 has been crossed and the company is taking necessary steps to increase the cap to a higher limit.
Axis Bank rose 0.75%. The stock turned ex-dividend today, 5 July 2013, for dividend of Rs 18 per share for the year ended 31 March 2013 (FY 2013).
Pidilite Industries rose 0.09%. The stock turned ex-dividend today, 5 July 2013, for dividend of Rs 2.60 per share for the year ended 31 March 2013 (FY 2013).
Asian markets gained after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus. Key benchmark indices in China, Hong Kong, Indonesia, Singapore and Japan were up 0.27% to 1.43%. South Korea's KOSPI Composite fell 0.12%.
The US stock market remained closed on Thursday, 4 July 2013, for Independence Day holiday.
The US government will unveil the influential nonfarm payrolls data for June 2013 today, 5 July 2013.
The European Central Bank (ECB), as expected, kept its main lending rate at a record low 0.5% on Thursday, the same level it's been at since it was cut from 0.75% back in May. That marked the first cut in 10 months. ECB president Mario Draghi said rates wouldn't rise for "an extended period."
The Bank of England (BOE) decided to keep its key lending rate at a record low 0.5% and to leave the size of its bond-buying program unchanged at 375 billion pounds ($572 billion). The Bank of England on Thursday signaled it won't be raising interest rates anytime soon, saying in a statement that the recovery is on track but it "remains weak by historical standards and a degree of slack is expected to persist for some time."
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