The market grew cold in early trading firm in Asian shares. Firmness prevailed in the morning trade. Sensex hit a fresh intraday high in the mid-morning trade. Market extended gains in early trading day.
Combined net profit of a total of 188 companies rose 33.8% to Rs 11824 Rs 17,5% growth of sales of Rs 71384 Rs 1 block in June 2010 to June 2009 Q1.
Foreign funds have made significant purchases of Indian shares this month. Foreign funds have bought Indian shares worth a net Rs 5515.90 crore in this month so far, until July 20, 2010, in accordance with data from stock exchanges. Foreign funds had pumped in Rs 7,713.97 crore in equities in June 2010.
Domestic funds sold shares worth net Rs 2724.44 crore in this month so far, until July 20, 2010. They sold shares worth a net Rs 4777.05 crore in June 2010.
Most Asian stocks rose on Wednesday as investors welcomed the strong Apple earnings and optimism that China could return policy tightening measures this year. Key benchmark indices in Hong Kong, Indonesia, South Korea and China, increased by 0,17% to 0,8%. But the key benchmark indices in Japan, Singapore and Taiwan dropped by 0,14% from 0,28% up.
U.S. index futures were lower than the initial minimum. Futures Trading U.S. showed that the Dow could fall 11 points at the opening bell on Wednesday, July 21, 2010.
U.S. stock placed at the end of the day rebound before the end higher on Tuesday, shaking from frustration at a company's earnings reports and falling housing starts in the U.S., as investors bought beaten-down shares amid speculation the Fed will take steps to stimulate lending. Dow Jones Industrial Average rose 75.53 points, or 0.74% to 10,229.96. Standard and Poor's 500 Index was 12.23 points, or 1.14% to 1,083.48. The Nasdaq Composite Index added 24.26 points, or 1.10% to 2,222.49.
After hours trading in the U.S. in Tuesday, July 20, 2010, Apple issued a 78% surge in third quarter profit as customers flocked to the new computer iPad tablet.
In economic news, housing construction fell more than expected in June, the government says, but applications for building permits, a measure of future activity, rose unexpectedly. Federal Reserve Chairman Ben Bernanke gives his semiannual report to Congress on the economy today and tomorrow against lowering expectations that interest rates will rise soon.
Back home, the Center for Communications looks like you're ready to bring direct tax code bill and amendments to the Constitution required for the export of goods and services tax in the forthcoming Monsoon session of Parliament beginning next week. The Union Finance Minister Pranab Mukherjee will hold a meeting of finance ministers the state today to discuss the constitutional amendments necessary for the deployment of GST. The new tax will replace the excise and service tax at the central level and value-added tax at the state level and some other local taxes, thereby helping to create a pan-India market for goods and services.
In sharp changes with an optimistic assessment of the International Monetary Fund on the prospects for growth in India in 2010, the Asian Development Bank (ADB) on Tuesday kept its assessment of the growth of India's 8.2%. ADB has also stuck with its forecast of China's 9.6%, but slightly revised, that in the Asian region to 7.9%. The International Monetary Fund (IMF) raised its estimate for growth in India reaches 9,5% from 8,8% previously estimated.
Analysts expect another 25 basis point increase in interest rates the central bank at its quarterly review on July 27, 2010, aimed at strengthening inflationary expectations. Reserve Bank of India (RBI), 2 July 2010 raised the repo rate by 25 basis points to 5,5% from 5,25%, and in force immediately. He also raised the reverse repo rate, at which it absorbs excess cash from the banking system, equal to 25 basis points to 4% from 3.75%. The central bank said that recent increases in interest rates is part of the output from the calibrated expansionary monetary policy.
Recent data showed that the index of fuel prices rose 14.27% year on July 3, 2010, and the food price index rose 12.81%. Fuel price inflation eased from an annual growth in the previous week to 18.02% and the rate of growth in food prices edged up slightly from 12.63% last week. Food inflation edged up due to the increase of rice and wheat prices. The main index of articles to 16.25% compared with the reading last week about 16,08%.
Inflation rose a lower-than-expected 10.55% in June 2010. Growth rates were higher than in May this year, 10.16%. Inflation in April 2010 was revised upwards to 11.23% from 9.59%. Investors close watching the progress of monsoon rains. Southwest monsoon was vigorous over Bihar and Uttar Pradesh East and West in active Uttar Pradesh, Uttarakhand, Haryana, Chandigarh and Delhi, Punjab, Konkan and Goa, Rayalaseema, Karnataka and Kerala in the past 24 hours, the India Meteorological Department ( IMD) said in its daily update on Tuesday, July 20, 2010. Weather Service expects widespread rain / thunderstorms over the western Himalayas and the Indo-Gangetic plains in the next 48 hours and decrease thereafter. He expects widespread rain / thunderstorms over the western coast in the near future.
IMD expects fairly widespread rain / thunderstorm over northeastern states and Sub-Himalayan West Bengal and Sikkim in the near future. He expects a fairly widespread rainfall activity over central India, the rest of the eastern part of India, the interior of Maharashtra, Gujarat and the state of Andhra Pradesh, in the near future. IMD expects fairly widespread rainfall in the central, eastern and north-east India, on the west coast and along the foothills of the Himalayas, in the near future.
Monsoon rains were 24% below normal for the week ended July 14, 2010. Out of 36 meteorological divisions, rainfall was excess in 8, normal in 4, deficiencies in 19 and scanty in 5 units during the week. Bihar, eastern Madhya Pradesh, Chhattisgarh, Vidarbha, Andhra Pradesh, Tamil Nadu and Sub-Himalayan West Bengal and Sikkim have received good rainfall during the week. Weak monsoon rains in recent weeks will not significantly damage the crop production in the country and the prospects weather is encouraging, Farm Minister Sharad Pawar said July 16, 2010.
Cumulative seasonal rainfall for the country as a whole for the monsoon Upto this year July 15 at 14% below the average long period (MPD). Of the 36 meteorological subdivisions, rainfall was excess of 6 normal over 16 years and weaknesses in 14 units.
South west monsoon is important for India, as around 60% of agricultural lands are rain-fed and more than half the working population employed in agriculture. Weather service expects this year's monsoon rains to be 102% of the long period average. Good monsoon rains will help increase agricultural production, raising rural incomes and lower food inflation.
The committee created the stock market regulator Securities and Exchange Board of India (Sebi) recommended major changes to existing legislation governing the substantial acquisition of shares and takeovers. Committee headed by C. Achutan recommended an increase in the threshold of acquiring the initial trigger open offer from the current level of 15% to 25% of the voting capital of listed companies. Although no changes were recommended in the annual creeping acquisition limit of 5%, the committee recommended that the creeping acquisition allowed only customers who already have more than 25% of the voting capital, taking into account the aggregate shareholding after the acquisition, no more than the maximum allowable non-actions.
The Committee recommended that the open offer should be made for all shares of target companies to provide equal opportunities and equal treatment of all shareholders, large and small. The exception to this rule is the size of the open offer, where is voluntary. Current status of the mandate of the minimum offer only 20%.
At 12:20 IST, BSE 30-share Sensex rose 114.93 points or 0.64% to 17,993.07. Sensex rose 134.06 points to 18,012.20 daytime high in the beginning of the trading day. The index lost 4.22 points to the day low 17,873.92 in early trade.
S and P CNX Nifty was up 33.25 points or 0.62% to 5,401.25.
Index BSE Mid-Cap rose 0.5%. BSE Small Cap index rose 0.68%.
The market breadth, indicating the strength of the broad market was strong. On BSE, 1,683 stocks advanced while 1024 shares declined. A total of 120 shares remained unchanged.
From 30 Proportion of package Sensex, 24 stocks rose and the rest fell.
Index heavyweight Reliance Industries (RIL) rose 0.75%. RIL can reportedly be able to establish a commercially viable oil and gas finds in the country's largest gas field KG-D6 with the Cabinet allows the company additional time to drill wells.
The expansion will help RIL full assessment of at least three wells in the KG-D6 block, where drilling is not authorized by the relevant regulator Directorate General of Hydrocarbons (DGH) after the company missed period, reports suggest.
RIL and Reliance Natural Resources (RNRL) on June 25, 2010, entered into a new contract gas supplies, in accordance with the instructions of the Supreme Court. The Supreme Court ruled the two companies to review supply master agreement, which was signed between the Ambani brothers as part of the business division in 2005. RIL has also recently announced its seventh discovery of oil in Cambay basin in Gujarat.
Copper maker, Sterlite industries increased by 3.04% after the depositary has received an American company, or ADR jumped 3.48%, to $ 14.29 on the New York Stock Exchange on Tuesday, July 20, 2010. Cruising the top prize from the package Sensex.
India's largest dedicated housing finance firm by revenue, HDFC fell 0.7%, but shares fall, the second consecutive day. Net profit rose 22.95% to Rs 694.59 rupees in a quarter in June 2010 to June 2009 Q1. Income from operations increased by 0.15% to 2,797.13 rupees rupees in a quarter in June 2010 to June 2009 Q1. The results were announced July 14, 2010.
Kotak Mahindra Bank fell 0.86% on net interest margin, on a consolidated basis, fell to 5,7% in 1 quarter in June 2010 to 6,1% in 1 quarter in June 2009. Consolidated net profit jumped 27% to Rs 327.70 rupees in a quarter in June 2010 to June 2009 Q1.
Some consumer durables stocks rose on a sustainable hunt. Blue Star, Gitanjali Gems, Rajesh Exports Videocon Industries "and" Titan of industry grew by 0.26% to between 2.49%.
Some medical stocks fell on profit taking. Laboratory of Dr Reddy's, Sun Pharmaceutical Industries and Pfizer declined to 0.53% from 2.21% up.
Banking shares were mixed. India's largest commercial bank in terms of branch network, the State Bank of India (SBI) fell 0.14%, while shares fall, the second consecutive day. The government on July 15, 2010 approved the merger of State Bank of Indore with the State Bank of India (SBI).
SBI said recently signed an agreement establishing a joint venture with the State General Reserve Fund (SGRF), Sultanate of Oman to establish a common goal of an investment fund to invest in various assets in India. This is part of the sovereign level cooperation between the Government of India and Government of the Sultanate of Oman. The Fund will have an initial corpus of the target of $ 100 million and proposed to be expanded in the future to the level of 1,5 billion dollars.
Among other PSU stocks, Bank of Baroda Bank of India and Punjab National Bank rose 0.28% to between 2.38%.
India's largest private sector bank by market capitalization, ICICI Bank rose 0.64%. The Bank recently announced prices for International Relations offers a $ 500 million. The Bank has recently established its base rate on loans to 7.5% from July 1, 2010, as part of the new rules establish minimum lending rates.
Private banking sector major HDFC Bank fell 0.65%, but shares fall, the second consecutive day. Net profit rose 33.92% to Rs 811.72 rupees in a quarter in June 2010 to June 2009 Q1. The bank announced the results during the market on Monday.
Jindal Hotels rose 1.56% after net profit rose 41.18% to Rs 0.48 rupees to 16.38% rise in net sales to Rs 4.69 crore in a quarter in June 2010 to June 2009 Q1.
Supreme Petrochem rose 4.44% after net profit jumped 215.3% Rs 60.47 Rs 15,6% growth in net sales of Rs 1,612.71 crore in the year ending in June 2010, which ended in June 2009 .
Monsanto India jumped 4.37% in the first quarter of the company June 2010 net profit of Rs 58.66 rupees, net profit exceeded the last full year of Rs 53.82 crore.
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