Key benchmark indices extended intraday fall and hit fresh intraday low in afternoon trade. Lower start by European stocks and mostly negative Asian stocks weighed on sentiment. The market sentiment was also hit adversely by data showing that foreign funds were net sellers of Indian stocks on Wednesday, 28 May 2014. The market breadth, indicating the overall health of the market once again turned negative from positive. The barometer index, the S&P BSE Sensex, was down 205.45 points or 0.84%, off 177.56 points from the day's high and up 4.57 points from the day's low.
Metal and mining stocks declined. Infosys slumped after the company after market hours on Wednesday, 28 May 2014, announced the resignation of its President and Member of the Board B. G. Srinivas.
The market edged lower in early trade. Key benchmark indices languished in negative terrain in morning trade. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. The Sensex hit one-week low. Key benchmark indices languished in negative terrain in early afternoon trade. Key benchmark indices extended intraday fall and hit fresh intraday low in afternoon trade.
The market sentiment was hit adversely by data showing that foreign funds were net sellers of Indian stocks on Wednesday, 28 May 2014. Foreign institutional investors (FIIs) sold shares worth a net Rs 286.54 crore on Wednesday, 28 May 2014, as per provisional data from the stock exchanges.
The market may remain volatile today, 29 May 2014, as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The May 2014 derivatives contract expire today, 29 May 2014.
At 13:15 IST, the S&P BSE Sensex was down 205.45 points or 0.84% to 24,350.64. The index dropped 210.02 points at the day's low of 24,346.07 in afternoon trade, its lowest level since 22 May 2014. The index fell 27.89 points at the day's high of 24,528.20 in early trade.
The CNX Nifty was down 48.70 points or 0.66% to 7,280.95. The index hit a low of 7,278.25 in intraday trade, its lowest level since 27 May 2014. The index hit a high of 7,325.40 in intraday trade.
The BSE Mid-Cap index was down 4.44 points or 0.05% at 8,458.65. The BSE Small-Cap index was down 10.59 points or 0.12% at 9,018.23. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market once again turned negative from positive. The breadth alternately swung between positive and negative zone so far during the day. On BSE, 1,478 shares declined and 1,398 shares rose. A total 100 shares were unchanged.
The total turnover on BSE amounted to Rs 2002 crore by 13:15 IST.
Among the 30-share Sensex pack, 19 stocks fell and rest of them rose.
Wipro (down 1.84%), HDFC Bank (down 1.34%) and Cipla (down 1.07%) edged lower from the Sensex pack.
Dr Reddy's Laboratories (up 1.37%), NTPC (up 0.76%) and GAIL (India) (up 0.82%) edged higher from the Sensex pack.
Metal and mining stocks declined. Hindustan Zinc (down 0.39%), Sesa Sterlite (down 1.86%), NMDC (down 1.65%), Hindustan Copper (down 2.77%), Jindal Steel & Power (down 1.91%) and Tata Steel (down 0.36%) declined.
Steel Authority of India (Sail) lost 4.13%, with the stock extending Wednesday's fall triggered by announcing muted Q4 result. The company's net profit rose 1.35% to Rs 452.58 crore on 9.12% rise in total income to Rs 13684 crore in Q4 March 2014 over Q4 March 2013. The result was announced during trading hours on Wednesday, 28 May 2014.
Hindalco Industries dropped 1.39% ahead of its Q4 results today, 29 May 2014.
National Aluminium Company (Nalco) declined 2.13% on weak Q4 result. The company's net profit fell 29.9% to Rs 172.45 crore on 0.63% decline in total income to Rs 1973.59 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Wednesday, 28 May 2014.
Nalco's net profit rose 8.35% to Rs 642.35 crore on 1.19% decline in total income to Rs 7338.56 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013).
JSW Steel rose 0.39%. The company reported 63.16% rise in consolidated net profit to Rs 482.83 crore on 44.86% rise in total income to Rs 14343.53 crore in the Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Tuesday, 27 May 2014.
Infosys slumped after the company after market hours on Wednesday, 28 May 2014, announced the resignation of its President and Member of the Board B. G. Srinivas. The stock was off 7.16%. The resignation of Srinivas is effective 10 June 2014, Infosys said in a statement.
The Board of Directors placed on record their deep sense of appreciation for the services rendered by B. G. Srinivas during his tenure as Member of the Board and for his contribution to the company, Infosys said in a statement.
Srinivas, who joined Infosys in 1999, was the head of some of the largest businesses at Infosys, including the groups that do programming for financial services and manufacturing businesses. His resignation comes at a time when Infosys is the process of appointing a new CEO after current CEO, S.D. Shibulal, retires next January. Infosys said last month that it had hired external agencies to search for a new CEO. Infosys has been struggling with a string of senior management resignations ever since its founder N.R. Narayana Murthy returned to the company in June. Infosys had called back Murthy from retirement, hoping he could revive growth at the IT major.
Meanwhile, the Infosys stock turned ex-dividend today, 29 May 2014, for final dividend of Rs 43 per share for the year ended 31 March 2014 (FY 2014).
Infosys during market hours today, 29 May 2014, said that Al Hilal Bank, one of the fastest growing banks in the UAE has successfully implemented the award winning Infosys Finacle e-banking solution.
Indian Oil Corporation rose 0.95%. Indian Oil Corporation's net profit fell 35.30% to Rs 9389.85 crore on 5.32% increase in total income to Rs 135465.86 crore in Q4 March 2014 over Q4 March 2013. The result was announced during trading hours today, 29 May 2014.
Indian Oil Corporation's net profit rose 40.24% to Rs 7019.09 crore on 5.77% increase in total income to Rs 476627.38 crore in the year ended March 2014 over the year ended March 2013.
On a consolidated basis, net profit rose 59.26% to Rs 7085.59 crore on 5.69% increase in total income to Rs 491787.31 crore in the year ended March 2014 over the year ended March 2013.
Indian government bond prices rose after the latest data showed that overseas investors raised holdings of local bonds this month by the most since January 2012. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.6860%, lower than its close of 8.7025% on Wednesday, 28 May 2014. Bond yield and bond prices move in opposite direction. Foreign institutional investors bought Indian government and corporate notes aggregating Rs 1683.10 crore on Tuesday, 27 May 2014, as per data from Securities & Exchange Board of India.
In the foreign exchange market, the rupee edged higher against the dollar after the latest data showed that overseas investors raised holdings of local bonds this month by the most since January 2012. The partially convertible rupee was hovering at 58.8675, compared with its close of 58.93/94 on Wednesday, 28 May 2014.
The inaugural session of the new Lok Sabha will commence on 4 June 2014 and end on 11 June 2014, Parliamentary Affairs Minister Venkaiah Naidu announced today, 29 May 2014, and added that this was decided today by the Narendra Modi-led Union Cabinet. The seven-day-long session has been convened to enable the newly-elected MPs to be sworn in. This will be followed by the election of the Speaker of the 16th Lok Sabha. President Pranab Mukherjee will also address a joint sitting of the two Houses during the session. The special session will be followed by a full-fledged budget session after a gap.
Finance Minister Arun Jaitley is expected to table Union Budget for 2014-15 in Lok Sabha by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) undertakes a 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.
European stocks edged down Thursday, following up on a pullback in the previous session that stopped a five-day winning streak. Key benchmark indices in France and Germany were down 0.11% to 0.33%. In UK, the FTSE 100 index rose 0.22%.
Spain's statistics institute INE Thursday said it's cutting its estimate for economic growth in the first quarter from the same quarter last year to 0.5%, down from a previous 0.6%, as it presented final gross domestic product data for the period. INE kept unchanged its earlier estimate of 0.4% growth in the first quarter from the fourth quarter of 2013. Despite the cut, the GDP estimate represents a significant acceleration from 0.2% quarterly growth in the fourth quarter last year.
Many Asian stocks declined in choppy trade on Thursday, 29 May 2014. Key benchmark indices in China, Japan, South Korea and Taiwan were off 0.14% to 0.47%. Key benchmark indices in Hong Kong and Singapore were up 0.07% to 0.93%.
Japan's retail sales dropped at the fastest pace in at least 14 years last month after the first consumption-tax increase since 1997 depressed consumer spending. Sales in April declined 13.7% from the previous month, the trade ministry reported today
Data released by the Bank of Korea today showed the nation's current account surplus narrowed to $7.12 billion in April from a revised $7.29 billion in March.
Philippine economic growth in first quarter eased to below 6% for the first time in nine quarters, giving the central bank scope to keep interest rates at a record low. Gross domestic product increased 5.7% in the three months through March from a year earlier, the Philippine Statistics Authority said in Manila today, after a 6.3% gain in the previous quarter.
Trading in US index futures indicated that the Dow could gain 10 points at the opening bell on Thursday, 29 May 2014. US stocks fell on Wednesday, 28 May 2014, as losses among retailers overshadowed gains in phone shares and utilities before a report that may show the economy contracted in the first quarter.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
Russia called for unspecified emergency measures to halt the violence in eastern Ukraine after separatist militias suffered the heaviest casualties of their insurgency. Ukraine stepped up air patrols over the eastern city of Donetsk yesterday as a convoy of pro-Russian rebels moved through the city with an anti-aircraft gun in tow, threatening renewed violence after dozens of militants were killed in a government operation to retake the area's biggest airport. Both sides suffered casualties as rebels stormed a National Guard base in Luhansk last night, the Interior Ministry said on its website, without further details. President-elect Petro Poroshenko has vowed to wipe out the insurgents and re-establish order after winning office May 25.
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