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 hit their highest level in almost two weeks. The Sensex was provisionally up 264.13 points or 1.05%, up close to 185 points from the day's low and off about 100 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.
As per provisional figures, the S&P BSE Sensex was up 264.13 points or 1.05% to 25,364.05. 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 93.40 points or 1.24% to 7,602.20. 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, 2,118 shares gained and 940 shares fell. A total of 94 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.
Among the 30-share Sensex pack, 27 stocks gained and only three of them declined.
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.
Shares of ONGC (up 2.72% to Rs 422.25), Oil India (up 1.7% to Rs 583.10) and Cairn India (up 1.11% to Rs 365.95) gained.
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.
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.
In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.09, 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 63 cents at $112.67 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 advanced on Monday, 30 June 2014, as investors awaited data on US home sales later in the global day. Key benchmark indices in UK and Germany were up 0.02% to 0.26%. France's CAC 40 fell 0.07%.
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 a flat opening of US stocks 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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