Key benchmark indices edged higher on the last trading session of the month and the quarter as a decline in crude oil prices boosted market sentiment. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both settled at almost two-week high. The Sensex was up 313.86 points or 1.25%, up 234.23 points from the day's low and off 47.18 points from the day's high. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. The BSE Mid-Cap index was up 1.89%. The BSE Small-Cap index was up 1.8%. Both these indices outperformed the Sensex. Today being the last day of the quarter, there was a buzz of buying by mutual funds for window dressing.
Shares of PSU OMCs gained as crude oil prices fell. Shares of ONGC and Oil India also gained. Reliance Industries (RIL) edged higher in choppy trade, with the stock shrugging off reports that the Securities Appellate Tribunal (SAT) has upheld the Rs 11 crore penalty imposed on a unit of RIL by the Securities and Exchange Board of India (Sebi) for insider trading.
Shares of decoratives paint major Asian Paints hit record high. Auto major Bajaj Auto scaled record high. Among FMCG stocks, Britannia Industries scaled record high. Capital goods stocks edged higher, with shares of ABB India and Alstom T&D India hitting 52-week high. Power generation stocks edged higher with shares of CESC hitting 52-week high. Shares of Jaypee group companies were in demand on renewed buying. Shares of infrastructure finance firm IDFC, which has received an in-principle approval from the Reserve Bank of India for a banking license surged. Pharma stocks gained. Bank stocks rose across the board. Shares of United Spirits dropped.
The S&P BSE Sensex was up 313.86 points or 1.25% to 25,413.78, its highest closing level since 17 June 2014. The index jumped 361.04 points at the day's high of 25,460.96 in late trade, its highest level since 18 June 2014. The index rose 79.63 points at the day's low of 25,179.55 in opening trade.
The CNX Nifty was up 102.55 points or 1.37% to 7,611.35, its highest closing level since 17 June 2014. The index hit a high of 7,623.65 in intraday trade, its highest level since 18 June 2014. The index hit a low of 7,531.60 in intraday trade.
The total turnover on BSE amounted to Rs 3535 crore, lower than Rs 3361.27 crore on Friday, 27 June 2014.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 2,130 shares gained and 927 shares fell. A total of 95 shares were unchanged.
The BSE Mid-Cap index was up 173.78 points or 1.89% at 9,378.95. The BSE Small-Cap index was up 180.90 points or 1.8% at 10,203.19. Both these indices outperformed the Sensex.
The S&P BSE Power index (up 2.88%), the S&P BSE Capital Goods index (up 2.18%), the S&P BSE Healthcare index (up 1.8%), the S&P BSE Bankex (up 1.71%), the S&P BSE Oil & Gas index (up 1.46%) outperformed the Sensex.
The S&P BSE Metal index (up 1.24%), the S&P BSE Realty index (up 1.05%), the S&P BSE Teck index (up 0.85%), the S&P BSE IT index (up 0.81%), the S&P BSE FMCG index (up 0.75%), the S&P BSE Consumer Durables index (up 0.56%) and the S&P BSE Auto index (up 0.34%) underperformed the Sensex.
Among the 30-share Sensex pack, 27 stocks gained and only three of them declined.
Index heavyweight and cigarette major ITC rose 1.58%. ITC after market hours informed that the Scheme of Arrangement between Wimco and the company and their respective shareholders for demerger of the non-engineering business comprising Safety Matches Business and Agri (Forestry) Business of Wimco into the company, has been sanctioned by the Hon'ble High Court of Judicature at Bombay and the Hon'ble High Court at Calcutta. Consequent to the above, the Scheme of Arrangement has become effective from 27 June 2014, ITC said.
Ranbaxy Laboratories extended Friday's gains triggered by the company announcement that its wholly owned subsidiary Ohm Laboratories, Inc (Ohm) has received first to file approval from the United States Food & Drug Administration (USFDA) with 180-day marketing exclusivity for Valsartan 40 mg, 80 mg, 160 mg and 320 mg tablets -- a generic version of a medicine for treatment of hypertension and heart failure. The stock was up 3.67%. The formulation is bioequivalent to and have the same therapeutic effects as that the branded drug Diovan. The total annual market sales for Diovan in the United States stands at $2.19 billion (IMS-MAT: April 2014).
Sun Pharmaceutical Industries rose 3.87% to Rs 686.25 after hitting record high of Rs 688 in intraday trade. In April this year, Sun Pharma had announced acquisition of Ranbaxy in a $4 billion transaction.
Cipla rose 0.15% to Rs 437.95. The company said before market hours that it has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen. Given the recent preference to local manufacturing, the acquisition secures Cipla's presence in a fast growing market in Yemen. Cipla already has a leading position in Yemen with over 200 products. Cipla will pay $21 million for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones. The closing of the transaction is subject to completion of certain conditions precedent.
Dr Reddy's Laboratories rose 2.43% to Rs 2,616.15, with the stock extending Friday's gains. The company during trading hours on Friday, 27 June 2014, announced that it has launched Duloxetine Delayed-Release Capsules USP 20 mg, 30 mg and 60 mg, a therapeutic equivalent generic version of CYMBALTA (Duloxetine Delayed-Release Capsules) in the US market on 26 June 2014. The CYMBALTA brand and its generic version had US sales of approximately $5.04 billion for twelve months ended 30 April 2014, according to IMS Health data.
Shares of Lupin gained 0.1%.
Torrent Pharmaceuticals (TPL) rose 1.01% after the company said before market hours that the company has completed the acquisition of Elder Pharmaceuticals' (Elder) branded domestic formulations business in India and Nepal on a slump sale basis. This transaction was in pursuance of the Business Transfer Agreement entered into between TPL and Elder on 13 December 2013.
Shares of Elder Pharmaceuticals gained 2.42% to Rs 217.55.
PSU OMCs gained as crude oil prices fell. Indian Oil Corporation (IOCL) (up 3.43% to Rs 344.20), HPCL (up 4.53% to Rs 415.15) and BPCL (up 5.41% to Rs 601) gained. Lower crude oil prices will decrease under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at government controlled prices. The government has already freed pricing of petrol.
A monthly revision in diesel prices is due today, 30 June 2014. PSU OMCs have been raising diesel prices by 50 paise per litre at the end of every month after the Congress led United Progressive Alliance (UPA) government in January 2013 allowed PSU OMCs to increase the retail selling price within a small range every month.
Oil India (up 1.7% to Rs 583.10) and Cairn India (up 1.11% to Rs 365.95) gained.
Shares of ONGC gained 2.72% to Rs 422.25 after the company said after market hours on Friday, 27 June 2014, said that its board has approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 5706.47 crore which includes foreign exchange component of Rs 4421.76 crore. The implementation of the project will lead to incremental gain of 6.997 million tonne (MMT) crude oil and 5.253 billion cubic metres (BCM) gas by 2030. This project is designed to carry forward the success of the previous two editions of redevelopment projects and give a new lease of life to the giant field which is so vital for the economy of the country, ONGC said. The capital expenditure includes creation of surface facilities for Rs 2586.42 crore, new oil and gas wells for Rs 1992.11 crore and sidetracking of existing wells for Rs 1127.94 crore.
ONGC's board has also taken note of a new pool discovery at Gandhar which has already been notified to DGH. This new pool discovery in GS-6B sand in the south western part of Gandhar field opens up the sector for further field growth, ONGC said. With this, ONGC has notified 5 new discoveries during the financial year 2014-15, ONGC said in a statement.
Reliance Industries (RIL) rose 0.09% to Rs 1,014. The stock hit high of Rs 1,019.40 and low of Rs 1,000.10. The Securities Appellate Tribunal (SAT) in a ruling today, 30 June 2014, has reportedly upheld the Rs 11 crore penalty imposed on a unit of RIL by the Securities and Exchange Board of India (Sebi) for insider trading. Sebi had fined Reliance Petroinvestments Rs 11 crore last year, accusing the unit and parent company Reliance Industries of insider trading in a transaction involving a separate company.
GAIL (India) rose 1.37%. The company clarified after market hours on Friday, 27 June 2014, that loss in revenue is expected to be nominal from the incidence of blast at the company's Tatipaka-Kondalpalli gas pipeline in Andhra Pradesh on Friday, 27 June 2014. Fire at the pipeline was extinguished on the same day, GAIL (India) said. GAIL (India) is covered under Public Liability Insurance upto Rs 15 crore per annum and Industrial Insurance upto Rs 400 core per annum. Insurance is taken for the gas in the pipelines. However, insurance for pipeline is not taken as per company's policy.
Separately, the company announced on Sunday, 29 June 2014, that it has initiated implementation of a slew of relief measures for the affected families and villagers of Nagaram. This is following the tragic gas pipeline incident in which nineteen people lost their lives and several were injured.
The compensation of Rs 20 lakhs per deceased and Rs 50,000 to each of the 19 injured, totaling to Rs 3.89 crore was handed over to the district administration. Pending the outcome of the enquiry set up both by the Centre as well as the company, two senior officials in charge of the regional operations and maintenance of the pipeline network have been suspended.
GAIL (India) has that the company has initiated several relief and rehabilitation measures in addition to the relief measures announced by the Union Minister of State (Independent Charge) for Petroleum & Natural Gas during his visit to the incident site along with Chief Minister, Andhra Pradesh.
The Ministry of Petroleum & Natural Gas on Friday, 27 June 2014, announced relief measures for people affected by the gas pipeline blast which includes financial compensation to be paid by GAIL (India).
Bank stocks edged higher on renewed buying. Among private sector banks, ICICI Bank (up 2.43%), HDFC Bank (up 0.73%), Yes Bank (up 1.62%), Kotak Mahindra Bank (up 1.98%) and Axis Bank (up 0.56%) gained.
IndusInd Bank shed 0.05% to Rs 570.60. The bank today, 30 June 2014, announced the launch of its Tractor and farm Equipment (TFE) finance vertical across the country to cater to the growing financial needs of agricultural community. On the occasion of the launch, the bank announced various flexible schemes to the rural populace, which will encourage easy payment options from time to time with hassle free documentation.
Separately, the bank announced its plans to further strengthen its presence and customer reach in Maharashtra. The bank announced that it has opened a branch eaich in Navi Mumbai, Solapur and Karanje Tarf area of Satara.
Among PSU bank stocks, State Bank of India (SBI) (up 1.86%), Canara Bank (up 6.77%), Union Bank of India (up 6.18%), Bank of India (up 5.94%), Bank of Baroda (up 3.65%) and Punjab National Bank (up 4.13%) gained.
United Spirits fell 4.21% to Rs 2,294.95. The stock has been sliding after the voluntary unconditional open offer by Diageo plc for acquiring 26% additional stake in United Spirits at Rs 3,030 per share ended on 19 June 2014. Diageo had made the open offer with an intension to raise its stake in United Spirits to 54.78% from 28.78%.
United Spirits is yet to announce its financial performance for Q4 and year ended 31 March 2014.
Britannia Industries advanced 2.93% to Rs 1,006.85 after scaling record high of Rs 1,021.60 in intraday trade.
Asian Paints rose 1.57% to Rs 592.70 after hitting record high of Rs 596.75 in intraday trade.
Bajaj Auto fell 1.02% to Rs 2,285, with the stock reversing direction after scaling record high of Rs 2,329 in intraday trade.
Shares of infrastructure finance firm IDFC, which has received an in-principle approval from the Reserve Bank of India for a banking license surged. The stock was up 5.38% at Rs 135.05. The stock hit a high of Rs 135.80 and low of Rs 129.
Capital goods stocks edged higher on renewed buying. Bharat Heavy Electricals (Bhel) (up 2.12%), Bharat Electronics (up 5.2%), Crompton Greaves (up 2.79%), L&T (up 2.12%), Siemens (up 2.87%) and Thermax (up 0.52%) gained.
ABB India gained 1.97% to Rs 1,122.05 after hitting 52-week high of Rs 1,125 in intraday trade.
Power generation stocks edged higher. Reliance Infrastructure (up 5.42%), Tata Power Company (up 3.81%), NTPC (up 2.16%), Reliance Power (up 3.14%), Adani Power (up 3.65%) and JSW Energy (up 7.88%) edged higher.
CESC jumped 8.69% to Rs 706.65 after hitting 52-week high of Rs 710.95 in intraday trade.
Reliance Capital rose 3.38% after the company said that the management is continuously engaged in discussions with various international players for potential strategic partnerships in relation to its business. The company issued the clarification after media reports last week said that Japanese financial services giant Sumitomo Mitsui Trust Holdings Inc may buy a 10% stake for $400 million in Reliance Capital.
Reliance Communications (RCom) gained 0.34% after the company said after market hours on Friday, 27 June 2014, that the qualified institutional placement (QIP) Committee of the Board of Directors of the company at its meeting held on 27 June 2014 has closed the QIP issue and approved the issuance of 33.82 crore shares to Qualified Institutional Buyers (the QIBs) at an issue price of Rs 142.14 per share, including a premium of Rs 137.14 per share, aggregating approximately Rs 4808 crore. The issue had opened on 24 June 2014.
Shares of Jaypee group companies were in demand on renewed buying. Jaiprakash Associates (up 3%), Jaiprakash Power Ventures (up 8.62%) and Jaypee Infratech (up 4.33%) surged.
WABCO India rose amid high intraday volatility on reports that the government has issued a notification to make anti-lock braking system (ABS) compulsory for all new models of commercial vehicles staring April 2015 as a safety measure. The stock was up 5.69% at Rs 3,317.35. The scrip jumped as much 13.73% to the day's high of Rs 3,569.90 in early trade. The stock rose 3.22% at the day's low of Rs 3,240. For existing commercial vehicles, the vehicle makers will have to fit ABS before April next year, as per reports. WABCO India provides solutions to the commercial vehicle segment of the automotive industry, which includes manufacturing ABS.
Shares of tyre maker CEAT rose after the company said workers at its Nasik plant on Friday, 27 June 2014, called off a flash strike within a day after intervention by Deputy Labour Commissioner. The stock was up 4.2%. CEAT said that the workmen of the company's Nasik plant went for a flash strike from second shift on 26 June 2014, which was called off by the second shift on 27 June 2014.
The Sensex moved higher in early trade tracking gains in Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices remained firm after hitting fresh intraday high in early afternoon trade. The 50-unit CNX Nifty hit 1-1/2-week high. Firmness prevailed on the bourses in afternoon trade. The Sensex remained firm in mid-afternoon trade. A bout of volatility was witnessed in late trade as the Sensex trimmed gains after hitting fresh intraday high in late trade.
The Sensex has risen 351.11 points or 1.4% in two trading days from recent low of 25,062.67 on 26 June 2014. The Sensex has risen 1,196.44 points or 4.94% in June 2014. The Sensex has risen 3,027.51 points or 13.52% in the quarter ended 30 June 2014. The Sensex has risen 4,243.10 points or 20.04% in the half year ended 30 June 2014. From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 7,965.07 points or 45.64%. From a record high of 25,725.12 hit on 11 June 2014, the Sensex is off 311.34 points or 1.21%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.22, compared with its close of 60.085/095 on Friday, 27 June 2014.
Oil prices edged lower adding to last week's fall as supply disruption fears from Iraq eased as government forces launched a pushback against a Sunni militant takeover of large areas of the country. Brent crude oil futures for August delivery were off 68 cents at $112.62 a barrel.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
European stocks declined in volatile trade on Monday, 30 June 2014, as investors awaited data on US home sales later in the global day. Key benchmark indices in UK, France and Germany were off 0.02% to 0.53%.
The euro-area inflation rate held steady in June at less than half the European Central Bank's target, underscoring the challenge faced by Mario Draghi as he tries to stoke prices and ignite growth. Consumer prices grew 0.5% in the year, equaling May's increase, the European Union's statistics office in Luxembourg said today.
Asian stocks edged higher on Monday, 30 June 2014 ahead of packed week of economic data that will test investor hopes for a pick up in the US and global economy. Key benchmark indices in Japan, Indonesia, China, South Korea and Taiwan were up 0.44% to 0.93%. Key benchmark indices in Singapore and Hong Kong fell by 0.13% to 0.47%.
Trading in US index futures indicated that the Dow could rise 11 points at the opening bell on Monday, 30 June 2014. US stocks ended modestly higher on Friday, 27 June 2014, led by technology shares, though downbeat second-quarter and full-year forecasts from DuPont Co kept a lid on gains.
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