Trading on BSE was affected in early morning trade due to technical snag. Share prices on BSE were not updating since about 9:40 IST. On NSE, the 50-unit CNX Nifty regained positive terrain after slipping into the negative terrain from positive terrain in morning trade. At 10:17 IST, the Nifty was up 6.95 points or 0.09%.
IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Tech Mahindra rose after the company said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia. L&T edged higher after the company said its construction division has won orders worth Rs 1459 crore across various business segments in June 2014.
At 10:17 IST, the CNX Nifty was up 6.95 points or 0.09% to 7,732.10. The index hit a high of 7,754.65 in intraday trade, a lifetime high for the index. The index hit a low of 708.65 in intraday trade.
L&T rose 0.05% to Rs 1,755 after the company said during market hours that its construction division has won orders worth Rs 1459 crore across various business segments in June 2014.
IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Infosys (up 0.26% to Rs 3,227), TCS (up 1.37% to Rs 2,430) and Wipro (up 0.99% to Rs 547) gained. HCL Technologies fell 0.02% to Rs 1,480.
Tech Mahindra rose 1.76% to Rs 2,141 after the company said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia. The company made the announcement after trading hours on Wednesday, 2 July 2014. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in KSA, the company said in a statement.
Tech Mahindra Arabia will provide gamut of Information Technology (IT) and IT-enabled services (ITES) to cater to the established and emerging sectors in KSA. The solutions would aim to provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational & maintenance services and business process outsourcing, the company said.
In the foreign exchange market, the rupee edged higher against the dollar as crude oil prices fell. The partially convertible rupee was hovering at 59.585, compared with its close of 59.6875/6975 on Wednesday, 2 July 2014.
The market edged higher in early trade as crude oil prices dropped. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit lifetime high. Trading on BSE was halted in early morning trade due to technical snag. On NSE, the 50-unit CNX Nifty regained positive terrain after slipping into the negative terrain from positive terrain in morning trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1290.68 crore on Wednesday, 2 July 2014, as per provisional data from the stock exchanges.
Concerns about India's macroeconomic situation have eased as crude prices have come off 9-month high which it hit last month. Brent crude oil futures for August delivery were down 14 cents at $111.10 a barrel. Brent crude fell $1.05 a barrel, or 0.9%, to settle at $111.24 a barrel on the London-based ICE Futures Europe exchange on Wednesday, 2 July 2014, the lowest settlement price since 11 June 2014. The latest decline in crude oil prices came following reports that the Libyan government had reached an agreement with rebels to reopen two oil ports in the country, which could allow higher crude exports from Libya.
Expectations of a growth oriented Budget is driving uptrend on the bourses. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Service Tax are some of the expectations from the Budget. Finance Minister Arun Jaitley will table the final Union Budget for 2014-15 in parliament on 10 July 2014.
Markit Economics will unveil the result of a monthly survey on India's services sector for June 2014 today, 3 July 2014. The headline HSBC Services Business Activity Index had risen to 50.2 in May 2014, from April's reading of 48.5, the first expansion of output in 11 months. The survey showed rebound in new orders for services companies in that month.
Asian stocks were mixed on Thursday, 3 July 2014, before US jobs reports and a euro-area monetary-policy decision. Key benchmark indices in South Korea, Hong Kong, Indonesia, and Japan were off 0.1% to 0.27%. Key benchmark indices in China, Singapore and Taiwan were up 0.08% to 0.44%.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell on Thursday, 3 July 2014. Most US stocks gained on Wednesday, 2 July 2014, on a positive read on private sector employment and ahead of the highly anticipated June payrolls report.
Employment at companies climbed in June by the most since November 2012, a sign the US job market is strengthening along with demand, a private payrolls report showed on Wednesday. The 281,000 surge exceeded the most optimistic forecast and followed a 179,000 increase in May, data from the ADP Research Institute in Roseland, New Jersey, showed.
The European Central Bank meets today, 3 July 2014, to make a policy decision after enacting unprecedented stimulus last month.
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