Key indices edge higher for the second straight day
Gains in global stocks aided small upmove for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 83.67 points or 0.33% to settle at 25,772.53. The gains for the Nifty 50 index were lower than Sensex's gains in percentage terms. The Nifty gained 21.75 points or 0.28% to settle at 7,887.80. The Sensex, and the Nifty, both, hit their highest closing level in almost two weeks. The two key benchmark indices edged higher for the second day in a row.
Shares of FMCG giant Hindustan Unilever (HUL) edged higher after the company's Chief Financial Officer P.B. Balaji was quoted as saying after the announcement of the company's Q4 March 2016 results yesterday, 9 May 2016, that he expects a sequential improvement in the company's sales volume growth in Q1 June 2016.
Hindalco Industries fell on worries that increase in Chinese output could further weigh on global aluminium prices. JSW Steel edged lower on reports that the company is among seven bidders shortlisted for Tata Steel's UK assets. Shares of microfinance firm Ujjivan Financial Services made a modest debut on the bourses.
In overseas stock markets, banking stocks led gains in European stocks after Swiss lender Credit Suisse Group posted a smaller-than-expected net loss in the first quarter. Resources shares also edged higher as crude and metal prices rose. Trading in US stock index futures indicated gains for US stocks at the opening bell. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 62 points at the opening bell today, 10 May 2016. Minneapolis Fed President Neel Kashkari said in a speech yesterday, 9 May 2016, that he supported the current dovish stance of the Federal Reserve. Chicago Fed President Charles Evans said in a speech in London yesterday, 9 May 2016, that a stronger labor market is underpinning growth prospects. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 14-15 June 2016.
Japanese stocks led gains in Asian equities after Japanese finance minister Taro Aso told a parliamentary session today, 10 May 2016, that it would be natural for the Japanese government to intervene if the yen were to gain abruptly against the US dollar. The Nikkei 225 Average settled 2.15% higher. A strong local currency puts pressure on the earnings of exporters because it can make their goods more expensive overseas. The Japanese finance minister yesterday, 9 May 2016, said that he was prepared to undertake intervention in the foreign-exchange market.
Chinese stocks edged higher as consumer inflation numbers were seen as leaving enough room for further monetary easing from China's central bank amid a continued slowdown in growth. In mainland China, the Shanghai Composite index ended 0.04% higher. In Hong Kong, the Hang Seng index settled 0.43% higher. The latest data showed that China's consumer price index remained unchanged at 2.3% in April from a year earlier. The producer price index declined 3.4% in April from a year earlier, compared with a 4.3% year on-year drop in March.
The Sensex rose 83.67 points or 0.33% to settle at 25,772.53, its highest closing level since 27 April 2016. The index rose 121.07 points or 0.47% at the day's high of 25,809.93. The index lost 74.62 points or 0.29% at the day's low of 25,614.24.
The Nifty rose 21.75 points or 0.28% to settle at 7,887.80, its highest closing level since 27 April 2016. The index rose 30.85 points or 0.39% at the day's high of 7,896.90. The index lost 28.35 points or 0.36% at the day's low of 7,837.70.
The BSE Mid-Cap index rose 0.2%. The BSE Small-Cap index rose 0.11%. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,334 shares declined and 1,277 shares rose. A total of 153 shares were unchanged.
Total turnover on BSE amounted to Rs 2107 crore, lower than turnover of Rs 2467.95 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.53%), the BSE IT index (up 0.52%), the BSE Telecom index (up 0.41%), the BSE Bankex index (up 0.62%) and the BSE capital goods index (up 1.48%) outperformed the Sensex. The S&P BSE Energy index (down 0.55%), the BSE Auto index (down 0.87%), the BSE Metal index (down 1.16%), the BSE Oil & Gas index (down 0.74%) and the BSE Power index (down 0.5%) underperformed the Sensex.
Stocks of public sector banks witnessed a mixed trend. Bank of Baroda (up 1.39%), Indian Bank (up 1.62%), Syndicate Bank (up 0.64%) and State Bank of India (up 0.34%) edged higher. Union Bank of India (down 0.94%), Bank of India (down 0.22%), Punjab National Bank (down 0.12%) and Canara Bank (down 0.21%) edged lower.
Stocks of private sector banks edged higher. Axis Bank (up 2.22%), Kotak Mahindra Bank (up 1.12%), Yes Bank (up 0.41%), HDFC Bank (up 0.36%) and ICICI Bank (up 0.09%) rose. IndusInd Bank (down 0.02%) declined.
Oil sector stocks declined across the board. Among oil exploration and production (E&P) stocks, Cairn India (down 2.92%), Oil India (down 1.85%) and ONGC (down 1.65%) declined.
Index heavyweight Reliance Industries was down 0.16% at Rs 981.35. The stock hit a high of Rs 984.85 and a low of Rs 978.05 in intraday trade.
Among public sector oil marketing companies (PSU OMCs), HPCL (down 0.28%), BPCL (down 0.9%) and Indian Oil Corporation (down 1.23%) edged lower.
Crude oil prices edged higher as production outages in some major oil producing nations outweighed concerns over global glut of crude. Brent for July settlement was currently up 66 cents at $44.29 a barrel. The contract had tumbled $1.74 a barrel or 3.83% to settle at $43.63 a barrel during the previous trading session.
Pharma stocks were mixed. Cadila Healthcare (up 3.88%), Dr Reddy's Laboratories (up 3.04%), Glenmark Pharmaceuticals (up 2.51%), Divi's Laboratories (up 2.31%), Wockhardt (up 0.8%), Cipla (up 0.06%), Strides Shasun (up 0.79%) and Lupin (up 0.63%) edged higher. Alkem Laboratories (down 1.68%), GlaxoSmithkline Pharmaceuticals (down 1.47%), Ipca Laboratories (down 0.76%), Aurobindo Pharma (down 0.1%) and Sun Pharmaceutical Industries (down 0.29%) edged lower.
Index heavyweight and housing finance major HDFC was up 1.2% at Rs 1,218.50. The stock hit a high of Rs 1,220 and a low of Rs 1,197.95 in intraday trade.
Index heavyweight and software major Infosys rose 1.12% at Rs 1,212.55. The stock hit a high of Rs 1,216 and a low of Rs 1,196.40 in intraday trade.
Shares of FMCG giant Hindustan Unilever (HUL) edged higher after the company's Chief Financial Officer P.B. Balaji was quoted as saying after the announcement of the company's Q4 March 2016 results yesterday, 9 May 2016, that he expects a sequential improvement in the company's sales volume growth in Q1 June 2016. The stock rose 1.93% to Rs 862.45. His comments came after the company reported a tepid volume growth in its domestic consumer business in Q4 March 2016. Volume growth stood at 4% on year-on-year basis in Q4 March 2016. Balaji was quoted as saying that the demand remains subdued, especially in rural areas, and a good monsoon would be a welcome tailwind. He also said that raw material prices are going up and HUL is considering options including price increases. The HUL stock shed 0.8% to settle at Rs 846.10 yesterday, 9 May 2016, after the company's tepid sales volume growth in Q4 March 2016 disappointed investors.
Shares of Tata Motors declined 3.58% at Rs 388.90. The stock hit a high of Rs 401.85 and a low of Rs 387.20 in intraday trade.
NTPC lost 1.75% at Rs 140.65. The company after market hours today, 10 May 2016, announced the commissioning of a 200 megawatts (MW) solar power project at Anantapuram.
Hindalco Industries fell 1.96% at Rs 89.85 on worries that increase in Chinese output could further weigh on global aluminium prices. Reports indicated that China's aluminium output increased to 84,500 tonnes per day in March, up from 71,400 tonnes per day in February. Aluminum prices have been on a sustained downtrend in the past few days. China is the world's largest consumer of steel, copper and aluminum.
Tata Steel declined in volatile trade. The stock dropped 0.33% to Rs 327.95. The stock hit high of Rs 337 and low of Rs 325.55 in intraday trade. Tata Steel before market hours today, 10 May 2016, announced that seven expressions of interest submitted for Tata Steel's UK business have been immediately taken forward to the next stage of the sale process. Only those bidders who have put in initial bid for Tata Steel UK's entire business have been considered for the next stage of the sale process, Tata Steel said. Expressions of interest for parts of the UK business are not being taken forward at this point. In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage. Tata Steel Europe has put Tata Steel UK on the block due to the deteriorating financial performance of the UK subsidiary.
JSW Steel fell 2.92% to Rs 1,288.20 on reports the company is among seven bidders shortlisted for Tata Steel's UK assets. Worries about the acquisition of the loss making business and possible increase in debt to finance the acquisition if it becomes a successful bidder weighed on the counter.
Shares of microfinance firm Ujjivan Financial Services made a modest debut on the bourses. The stock settled at Rs 231.60, a premium of 10.29% over the initial public offer (IPO) price of Rs 210. The stock debuted at Rs 227, a premium of 8.1% to the IPO price. The stock hit a high of Rs 244 and low of Rs 217.05, in intraday trade. On BSE, 96.83 lakh shares were traded on the counter.
The Reserve Bank of India (RBI) yesterday, 9 May 2016, notified that the aggregate ceiling on investment by Foreign Institutional Investors (FII)/Registered Foreign Portfolio Investors (RFPI) in Ujjivan Financial Services remains at 49%. The ceiling on total foreign investment in the company from all sources also remains at 49%.
Key indices gained for the second straight day. The Sensex has risen 544.03 points or 2.15% in two trading sessions from its close of 25,228.50 on 6 May 2016. The Sensex has risen 165.91 points or 0.64% in this month so far (till 10 May 2016). The Sensex has fallen 345.01 points or 1.32% in calendar year 2016 so far (till 10 May 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,277.92 points or 14.57%. The Sensex is off 2,805.80 points or 9.81% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 4,252.21 points or 14.16% from a record high of 30,024.74 hit on 4 March 2015.
Shares of FMCG giant Hindustan Unilever (HUL) edged higher after the company's Chief Financial Officer P.B. Balaji was quoted as saying after the announcement of the company's Q4 March 2016 results yesterday, 9 May 2016, that he expects a sequential improvement in the company's sales volume growth in Q1 June 2016.
Hindalco Industries fell on worries that increase in Chinese output could further weigh on global aluminium prices. JSW Steel edged lower on reports that the company is among seven bidders shortlisted for Tata Steel's UK assets. Shares of microfinance firm Ujjivan Financial Services made a modest debut on the bourses.
In overseas stock markets, banking stocks led gains in European stocks after Swiss lender Credit Suisse Group posted a smaller-than-expected net loss in the first quarter. Resources shares also edged higher as crude and metal prices rose. Trading in US stock index futures indicated gains for US stocks at the opening bell. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 62 points at the opening bell today, 10 May 2016. Minneapolis Fed President Neel Kashkari said in a speech yesterday, 9 May 2016, that he supported the current dovish stance of the Federal Reserve. Chicago Fed President Charles Evans said in a speech in London yesterday, 9 May 2016, that a stronger labor market is underpinning growth prospects. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 14-15 June 2016.
Japanese stocks led gains in Asian equities after Japanese finance minister Taro Aso told a parliamentary session today, 10 May 2016, that it would be natural for the Japanese government to intervene if the yen were to gain abruptly against the US dollar. The Nikkei 225 Average settled 2.15% higher. A strong local currency puts pressure on the earnings of exporters because it can make their goods more expensive overseas. The Japanese finance minister yesterday, 9 May 2016, said that he was prepared to undertake intervention in the foreign-exchange market.
Chinese stocks edged higher as consumer inflation numbers were seen as leaving enough room for further monetary easing from China's central bank amid a continued slowdown in growth. In mainland China, the Shanghai Composite index ended 0.04% higher. In Hong Kong, the Hang Seng index settled 0.43% higher. The latest data showed that China's consumer price index remained unchanged at 2.3% in April from a year earlier. The producer price index declined 3.4% in April from a year earlier, compared with a 4.3% year on-year drop in March.
The Sensex rose 83.67 points or 0.33% to settle at 25,772.53, its highest closing level since 27 April 2016. The index rose 121.07 points or 0.47% at the day's high of 25,809.93. The index lost 74.62 points or 0.29% at the day's low of 25,614.24.
The Nifty rose 21.75 points or 0.28% to settle at 7,887.80, its highest closing level since 27 April 2016. The index rose 30.85 points or 0.39% at the day's high of 7,896.90. The index lost 28.35 points or 0.36% at the day's low of 7,837.70.
The BSE Mid-Cap index rose 0.2%. The BSE Small-Cap index rose 0.11%. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,334 shares declined and 1,277 shares rose. A total of 153 shares were unchanged.
Total turnover on BSE amounted to Rs 2107 crore, lower than turnover of Rs 2467.95 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.53%), the BSE IT index (up 0.52%), the BSE Telecom index (up 0.41%), the BSE Bankex index (up 0.62%) and the BSE capital goods index (up 1.48%) outperformed the Sensex. The S&P BSE Energy index (down 0.55%), the BSE Auto index (down 0.87%), the BSE Metal index (down 1.16%), the BSE Oil & Gas index (down 0.74%) and the BSE Power index (down 0.5%) underperformed the Sensex.
Stocks of public sector banks witnessed a mixed trend. Bank of Baroda (up 1.39%), Indian Bank (up 1.62%), Syndicate Bank (up 0.64%) and State Bank of India (up 0.34%) edged higher. Union Bank of India (down 0.94%), Bank of India (down 0.22%), Punjab National Bank (down 0.12%) and Canara Bank (down 0.21%) edged lower.
Stocks of private sector banks edged higher. Axis Bank (up 2.22%), Kotak Mahindra Bank (up 1.12%), Yes Bank (up 0.41%), HDFC Bank (up 0.36%) and ICICI Bank (up 0.09%) rose. IndusInd Bank (down 0.02%) declined.
Oil sector stocks declined across the board. Among oil exploration and production (E&P) stocks, Cairn India (down 2.92%), Oil India (down 1.85%) and ONGC (down 1.65%) declined.
Index heavyweight Reliance Industries was down 0.16% at Rs 981.35. The stock hit a high of Rs 984.85 and a low of Rs 978.05 in intraday trade.
Among public sector oil marketing companies (PSU OMCs), HPCL (down 0.28%), BPCL (down 0.9%) and Indian Oil Corporation (down 1.23%) edged lower.
Crude oil prices edged higher as production outages in some major oil producing nations outweighed concerns over global glut of crude. Brent for July settlement was currently up 66 cents at $44.29 a barrel. The contract had tumbled $1.74 a barrel or 3.83% to settle at $43.63 a barrel during the previous trading session.
Pharma stocks were mixed. Cadila Healthcare (up 3.88%), Dr Reddy's Laboratories (up 3.04%), Glenmark Pharmaceuticals (up 2.51%), Divi's Laboratories (up 2.31%), Wockhardt (up 0.8%), Cipla (up 0.06%), Strides Shasun (up 0.79%) and Lupin (up 0.63%) edged higher. Alkem Laboratories (down 1.68%), GlaxoSmithkline Pharmaceuticals (down 1.47%), Ipca Laboratories (down 0.76%), Aurobindo Pharma (down 0.1%) and Sun Pharmaceutical Industries (down 0.29%) edged lower.
Index heavyweight and housing finance major HDFC was up 1.2% at Rs 1,218.50. The stock hit a high of Rs 1,220 and a low of Rs 1,197.95 in intraday trade.
Index heavyweight and software major Infosys rose 1.12% at Rs 1,212.55. The stock hit a high of Rs 1,216 and a low of Rs 1,196.40 in intraday trade.
Shares of FMCG giant Hindustan Unilever (HUL) edged higher after the company's Chief Financial Officer P.B. Balaji was quoted as saying after the announcement of the company's Q4 March 2016 results yesterday, 9 May 2016, that he expects a sequential improvement in the company's sales volume growth in Q1 June 2016. The stock rose 1.93% to Rs 862.45. His comments came after the company reported a tepid volume growth in its domestic consumer business in Q4 March 2016. Volume growth stood at 4% on year-on-year basis in Q4 March 2016. Balaji was quoted as saying that the demand remains subdued, especially in rural areas, and a good monsoon would be a welcome tailwind. He also said that raw material prices are going up and HUL is considering options including price increases. The HUL stock shed 0.8% to settle at Rs 846.10 yesterday, 9 May 2016, after the company's tepid sales volume growth in Q4 March 2016 disappointed investors.
Shares of Tata Motors declined 3.58% at Rs 388.90. The stock hit a high of Rs 401.85 and a low of Rs 387.20 in intraday trade.
NTPC lost 1.75% at Rs 140.65. The company after market hours today, 10 May 2016, announced the commissioning of a 200 megawatts (MW) solar power project at Anantapuram.
Hindalco Industries fell 1.96% at Rs 89.85 on worries that increase in Chinese output could further weigh on global aluminium prices. Reports indicated that China's aluminium output increased to 84,500 tonnes per day in March, up from 71,400 tonnes per day in February. Aluminum prices have been on a sustained downtrend in the past few days. China is the world's largest consumer of steel, copper and aluminum.
Tata Steel declined in volatile trade. The stock dropped 0.33% to Rs 327.95. The stock hit high of Rs 337 and low of Rs 325.55 in intraday trade. Tata Steel before market hours today, 10 May 2016, announced that seven expressions of interest submitted for Tata Steel's UK business have been immediately taken forward to the next stage of the sale process. Only those bidders who have put in initial bid for Tata Steel UK's entire business have been considered for the next stage of the sale process, Tata Steel said. Expressions of interest for parts of the UK business are not being taken forward at this point. In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage. Tata Steel Europe has put Tata Steel UK on the block due to the deteriorating financial performance of the UK subsidiary.
JSW Steel fell 2.92% to Rs 1,288.20 on reports the company is among seven bidders shortlisted for Tata Steel's UK assets. Worries about the acquisition of the loss making business and possible increase in debt to finance the acquisition if it becomes a successful bidder weighed on the counter.
Shares of microfinance firm Ujjivan Financial Services made a modest debut on the bourses. The stock settled at Rs 231.60, a premium of 10.29% over the initial public offer (IPO) price of Rs 210. The stock debuted at Rs 227, a premium of 8.1% to the IPO price. The stock hit a high of Rs 244 and low of Rs 217.05, in intraday trade. On BSE, 96.83 lakh shares were traded on the counter.
The Reserve Bank of India (RBI) yesterday, 9 May 2016, notified that the aggregate ceiling on investment by Foreign Institutional Investors (FII)/Registered Foreign Portfolio Investors (RFPI) in Ujjivan Financial Services remains at 49%. The ceiling on total foreign investment in the company from all sources also remains at 49%.
Key indices gained for the second straight day. The Sensex has risen 544.03 points or 2.15% in two trading sessions from its close of 25,228.50 on 6 May 2016. The Sensex has risen 165.91 points or 0.64% in this month so far (till 10 May 2016). The Sensex has fallen 345.01 points or 1.32% in calendar year 2016 so far (till 10 May 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,277.92 points or 14.57%. The Sensex is off 2,805.80 points or 9.81% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 4,252.21 points or 14.16% from a record high of 30,024.74 hit on 4 March 2015.
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