Key benchmark indices edged higher on the first trading session of July, with the market sentiment boosted by provisional data showing that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014. Firmness in European stocks and the result of a private survey showing that growth in the India's manufacturing sector was maintained in June 2014 also supported domestic bourses. The barometer index, the S&P BSE Sensex, was provisionally up 115.26 points or 0.45%, up about 60 points from the day's low and off close to 45 points from the day's high. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up more than 1%, outperforming the Sensex.
Maruti Suzuki India surged to record high after the company reported robust sales in June. Bajaj Auto hit record high. Mahindra & Mahindra (M&M) surged after reporting increase in tractor and auto sales for the month just gone by. Gas utility stocks surged.
As per provisional figures, the S&P BSE Sensex was up 115.26 points or 0.45% to 25,529.04. The index jumped 158.12 points at the day's high of 25,571.90 in late trade, its highest level since 18 June 2014. The index rose 52.99 points at the day's low of 25,466.67 in mid-morning trade.
The CNX Nifty was up 27.35 points or 0.36% to 7,638.70, as per provisional figures. The index hit a high of 7,649.50 in intraday trade, its highest level since 18 June 2014. The index hit a low of 7,618.15 in intraday trade.
The total turnover on BSE amounted to Rs 3649 crore, higher than Rs 3550.80 crore on Monday, 30 June 2014.
The market breadth indicating the overall health of the market was strong. On BSE, 1,907 shares gained and 1,141 shares fell. A total of 111 shares were unchanged.
The BSE Mid-Cap index was up 54.79 points or 0.58% at 9,433.74. The BSE Small-Cap index was up 118.44 points or 1.16% at 10,321.63. Both these indices outperformed the Sensex.
Auto stocks gained. Tata Motors (up 4.98% to Rs 452.60), Ashok Leyland (up 0.96% to Rs 36.85), Hero MotoCorp (up 0.56% to Rs 2,642) and TVS Motor Company (up 0.83% to Rs 163.90) gained.
Mahindra & Mahindra (M&M) rose 3.93% to Rs 1,193 after the company said its total tractor sales rose 8% to 29,884 units in June 2014 over June 2013. The company made the announcement during trading hours today, 1 July 2014. M&M's domestic tractor sales rose 8% to 28,893 units in June 2014 over June 2013. Total tractor exports fell 3% to 991 units in June 2014 over June 2013.
In a separate announcement, M&M reported 1% rise in total automobile sales to 38,471 units in June 2014 over June 2013. Total domestic automobiles sales rose 1% to 36,457 units in June 2014 over June 2013. Total automobiles exports rose 7% to 2,014 units in June 2014 over June 2013.
Maruti Suzuki India rose 5.93% to Rs 2,583, with the stock extending intraday gains in late trade. The company said during market hours that its total sales rose 33.5% to 1.12 lakh units in June 2014 over June 2013. The stock hit record high of Rs 2.603.25 in intraday trade. Maruti's domestic sales rose 31.1% to 1 lakh units in June 2014 over June 2013. Exports jumped 58.4% to 11,809 units in June 2014 over June 2013.
Bajaj Auto rose 0.94% to Rs 2,335 after hitting record high of Rs 2,350 in intraday trade.
Gas utility stocks surged. Gujarat Gas Company (up 20% to Rs 495.35), Gujarat State Petronet (up 7.56% to Rs 96.70) and Indraprastha Gas (up 5.16% to Rs 377.10) surged. On 25 June 2014, the Cabinet Committee on Economic Affairs (CCEA) deferred a decision on revision of natural gas pricing for three months.
Key benchmark indices edged higher in early trade after provisional data showed that foreign investors made substantial purchases of Indian stocks on Monday, 30 June 2014. The Sensex hovered in positive terrain in morning trade. The Sensex regained strength after paring intraday gains in mid-morning trade. IT extended gains and hit fresh intraday high in early afternoon trade.. A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in afternoon trade. Firmness continued on the bourses in mid-afternoon trade. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost two weeks.
Indian stocks rose for the third day in a row today, 1 July 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.0975, compared with its close of 60.17/18 on Monday, 30 June 2014.
A survey from Markit Economics showed that growth in India's manufacturing sector was maintained in June 2014. Adjusted for seasonal variations, the seasonally adjusted HSBC India Purchasing Managers' Index (PMI) rose marginally to 51.5 in June from 51.4 in May. Greater domestic and foreign demand led companies to increase production levels further. Buying activity expanded at a faster rate, while employment continued to rise. Input cost and output price inflation accelerated over the month, although in both cases the rates of increase were below their respective long-run averages, the survey showed today, 1 July 2014.
Manufacturing production rose for the eighth successive month in June 2014. There was a moderate expansion of incoming new orders, with growth in export orders at three-month high, the survey showed.
Data released by the government after trading hours on Monday, 30 June 2014, showed that the government's fiscal deficit for the period April-May 2014 at Rs 2.40 lakh crore amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year. In the Interim Budget for 2014-15 presented in February this year, the previous government estimated that the fiscal deficit will fall to 4.1% of gross domestic product in the year through March 2015 from 4.6% the previous year.
The output of eight core industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP) recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014, data released by the government after trading hours on Monday, 30 June 2014, showed.
European stocks edged higher on Tuesday, 1 July 2014, as investors awaited reports on American and euro-area manufacturing. Key benchmark indices in UK, France and Germany were up 0.25% to 0.56%.
The euro-area unemployment rate was unchanged in May as the currency bloc struggled to shake off the legacy of the debt crisis. The jobless rate remained at 11.6% after the April number was revised down from 11.7%, the European Union's statistics office in Luxembourg said today.
German unemployment unexpectedly increased for a second month amid signs of a slowdown in Europe's largest economy. The number of people out of work rose a seasonally adjusted 9,000 to 2.916 million in June, the Nuremberg-based Federal Labor Agency said today.
UK manufacturing growth unexpectedly accelerated to the fastest pace in seven months as demand surged, adding to signs of a broadening recovery. An industry index rose to 57.5 in June from 57 in May, Markit Economics said today.
Asian stocks were mixed on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, Japan and Taiwan rose 0.1% to 1.08%. Key benchmark indices in South Korea and Singapore were off 0.16% to 0.4%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Trading in US index futures indicated that the Dow could gain 36 points at the opening bell on Tuesday, 1 July 2014. Most US stocks edged lower on Monday, 30 June 2014. The number of contracts to purchase previously owned US homes jumped 6.1% in May, the most in more than four years. Another data showed that the Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
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