Key benchmark indices trimmed intraday losses in early afternoon trade. The barometer index, the S&P BSE Sensex, was down 79.32 points or 0.36%, up about 80 points from the day's low and off close to 130 points from the day's high. The market breadth, indicating the overall health of the market, turned positive from negative. Indian stocks fell today, 29 April 2014, extending their recent losses triggered by the India Meteorological Department (IMD) on Thursday, 24 April 2014, announcing that the country will likely get below-normal levels of monsoon rain this year. Investors also maintained caution ahead of the announcement of Federal Reserve's monetary policy review tomorrow, 30 April 2014. IT stocks rose on positive economic data in US.
The market dropped in early trade. It extended initial losses and hit fresh intraday low in morning trade. The Sensex and the 50-unit CNX Nifty, both, hit their lowest level in almost two weeks. It languished in the negative terrain in mid-morning trade. It trimmed intraday losses in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 77.02 crore on Monday, 28 April 2014, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was down 79.32 points or 0.36% to 22,552.29. The index fell 161.18 points at the day's low of 22,470.43 in morning trade, its lowest level since 17 April 2014. The index rose 50.28 points at the day's high of 22,681.89 in early trade.
The CNX Nifty was down 16.35 points or 0.24% to 6,744.90. The index hit a low of 6,711.10 in intraday trade, its lowest level since 17 April 2014. The index hit a high of 6,779.70 in intraday trade.
The BSE Mid-Cap index was up 22.57 points or 0.3% to 7,461.06. The BSE Small-Cap index was up 40.83 points or 0.54% to 7,658.11. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1,132 shares rose and 1,123 shares fell. A total of 125 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks declined and rest of them rose. Tata Steel (down 2.91%), Hindustan Unilever (down 2.02%) and Bajaj Auto (down 1.93%) edged lower from the Sensex pack.
IT stocks rose on positive economic data in US. US is the biggest outsourcing market for the Indian IT firms. TCS (up 0.21%), Tech Mahindra (up 1.55%), HCL Technologies (up 0.31%) and Wipro (up 1.12%) gained.
Infosys rose 0.37%. The company announced after market hours on Monday, 28 April 2014 that Ms. Ann Fudge, Independent Director who is scheduled to complete her term on the lnfosys board on 14 June 2014, has conveyed her intention not to seek re-appointment owing to her busy schedule.
Currently, the Infosys board has seven Independent Directors and six Executive Directors. The lnfosys board has also recently announced the appointment of Ms. Carol M. Browner, Distinguished Senior Fellow at the Center for American Progress and Counselor to the Albright Stonebridge Group, as an Additional Director of the Company. Her appointment shall be effective on the date Ms. Browner receives her Director Identification Number from the Ministry of Corporate Affairs.
Said Ms. Fudge, "Due to increasing time commitments on other Boards, I have decided not to seek re-appointment on the Infosys Board. With the addition of new Board Members and a solid succession plan in place, I know the company is well-positioned for success."
Said Mr. N.R. Narayana Murthy, Executive Chairman, "I thank Ann for her seminal contribution to Infosys. The Board will miss Ann's wisdom, insight and analysis. We wish her all the best for the future".
Navin Fluorine International rose 2.06% after the company reported net profit of Rs 18.13 crore in Q4 March 2014 as against net loss of Rs 7.60 crore in Q4 March 2013. The Q4 result was announced after market hours on Monday, 28 April 2014.
Navin Fluorine International's net sales rose 18.4% to Rs 123.79 crore in Q4 March 2014 over Q4 March 2013.
Navin Fluorine International's net profit rose 17.4% to Rs 50.66 crore on 14.5% decline in net sales to Rs 447.15 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
On consolidated basis, Navin Fluorine International's net profit surged 51.47% to Rs 65.71 crore on 11.59% decline in total income from operations to Rs 486.24 crore in FY 2014 over FY 2013.
There has been no income from sale of Certified Emission Reductions (Carbon Credits) during the quarter/year.
Navin Fluorine International's board of directors at its meeting held on Monday, 28 April 2014, recommended final dividend of Rs 8.50 per share for FY 2014.
SKS Microfinance rose 2.36% after net profit jumped 904.1% to Rs 27.11 crore on 44.5% growth in total income to Rs 147.38 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Monday, 28 April 2014. The un-availed deferred tax benefit stood at Rs 558 crore as on 31 March 2014 and will be available to offset tax on future taxable income, SKS Microfinance said. Given the carried forward tax loss, no tax provision was required in FY 2014, SKS Microfinance said in a statement.
SKS Microfinance reported a net profit of Rs 69.85 crore in the year ended 31 March 2014 (FY 2014) as against net loss of Rs 297.14 crore in the year ended 31 March 2013 (FY 2013). Total income rose 54.5% to Rs 544.84 crore in FY 2014 over FY 2013.
The country will likely get below-normal levels of monsoon rain this year, the India Meteorological Department (IMD) said on Thursday, 24 April 2014. The IMD said that the rainfall during the June-September summer rainy season will likely be 95% of the long-term average for the country. India's weather department defines a normal monsoon as one with rainfall between 96% and 104% of the 50-year average, which is 89 centimeters this year. This year could be a below normal monsoon, the weather department said, as there is a 60% possibility of the emergence of the El Ni weather phenomenona warm weather system that starts in the southern Pacific can affect weather around the world. El Ni last affected India's monsoon in 2009 when the monsoon rainfall was 23% below normal.
Annual rains are important for India as most of its farmlands are dependent or rain for irrigation and more than half of its workforce is employed in agriculture. The monsoon rains usually arrive over the southern state of Kerala by the end of May or the first week of June, and gradually cover the entire country by July. The IMD will issue the update forecasts in June 2014 as a part of the second stage forecast. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall over the country as a whole and seasonal (June-September) rainfall over the four geographical regions of India will also be issued.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.53, compared with its close of 60.6450/65 on Monday, 28 April 2014.
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.
Most Asian stocks edged lower on Tuesday as investors weighed corporate earnings. Key benchmark indices in China, Indonesia, South Korea and Singapore were off 0.1% to 0.37%. Key benchmark indices in Taiwan and Hong Kong rose 0.12% to 0.71%.
Trading in US index futures indicated that the Dow could gain 20 points at the opening bell on Tuesday, 29 April 2014. US stocks rose, with the Standard & Poor's 500 Index erasing an earlier slide on Monday, 28 April 2014,, as Internet and smaller companies pulled back from a selloff amid optimism over merger activity.
A report by the National Association of Realtors showed contracts to purchase previously owned US homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilize entering the spring selling season. The pending home sales index rose 3.4%, the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported.
A two-day meet of the Federal Open Market Committee (FOMC) on monetary policy review resumes today, 29 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
Investors are also watching developments in Ukraine. The Obama administration imposed sanctions on seven Russian officials and 17 companies linked to Russian President Vladimir Putin's inner circle involved in banking, energy and infrastructure. The sanctions, announced by the White House, are being imposed in conjunction with the European Union, which said it is adding 15 names to its list of previously sanctioned individuals.
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