Wednesday, July 23, 2014

THE END SESSION ( 23 / 07 )

Sensex, Nifty attain record closing high
IT stocks led gains on the domestic bourses in what was a volatile trading session. The barometer index, the S&P BSE Sensex, attained record closing high. The 50-unit CNX Nifty hit record high on intraday basis as well as on closing basis. The Sensex garnered 121.53 points or 0.47%, up 146.93 points from the day's low and off 41.31 points from the day's high. Gains for the key benchmark indices were driven by upmove in Asian and European stocks. Asian and European stocks rose after better-than-expected inflation and housing reports in the US on Tuesday, 22 July 2014. However, the broad market lacked strength. The market breadth indicating the overall health of the market was negative. The BSE Small-Cap index was off 0.63%. The BSE Mid-Cap index was almost unchanged for the day.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. TCS rose after the company announced a new partnership with MapR Technologies, Inc. PSU OMCs edged higher as crude oil prices declined. Hindalco Industries hit 52-week high as aluminum prices surged on London Metal Exchange (LME). Cement stocks declined. Bank stocks were mixed. Most auto stocks gained. Cement stocks declined.
The S&P BSE Sensex garnered 121.53 points or 0.47% to settle at 26,147.33, a record closing high. The index jumped 162.84 points at the day's high of 26,188.64 in morning trade. The index fell 25.40 points at the day's low of 26,000.40 in mid-afternoon trade.
The CNX Nifty garnered 27.90 points or 0.36% to settle at 7,795.75, a record closing high. The index hit a high of 7,809.20 in intraday trade, a lifetime high for the index. The index hit a low of 7,752.90 in intraday trade.
The total turnover on BSE amounted to Rs 3008 crore, lower than Rs 3029.89 crore on Tuesday, 22 July 2014.
The market breadth indicating the overall health of the market was negative. On BSE, 1,649 shares fell and 1,318 shares rose. A total of 98 hares were unchanged.
The BSE Mid-Cap index rose 0.63 points or 0.01% to settle at 9,311.72. The BSE Small-Cap index shed 64.58 points or 0.63% to settle at 10,204.18. Both these indices underperformed the Sensex.
The S&P BSE IT index (up 2.24%) and the S&P BSE Teck index (up 1.74%) outperformed the Sensex.
The S&P BSE Consumer Durables index (up 0.37%), the S&P BSE Bankex (up 0.24%), the S&P BSE Auto index (up 0.19%), the S&P BSE Oil & Gas index (up 0.14%), the S&P BSE Capital Goods index (up 0.13%), the S&P BSE FMCG index (up 0.08%), the S&P BSE Realty index (down 0.05%), the S&P BSE Power index (down 0.14%), the S&P BSE Healthcare index (down 0.17%) and the S&P BSE Metal index (down 0.39%) underperformed the Sensex.
Among the 30-share Sensex pack, 16 stocks declined and rest of them rose.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Infosys (up 3.37%), Wipro (up 1.93%), Tech Mahindra (up 0.7%) and HCL Technologies (up 0.73%) gained.
TCS gained 2.09% to Rs 2,583.95 after hitting record high of Rs 2,595 in intraday trade. The company after market hours on Tuesday, 22 July 2014, announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours on Tuesday, 22 July 2014.
Polaris Financial Technology tumbled 7.62% after consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014. The Q1 result was announced during market hours today, 23 July 2014.
KPIT Technologies slumped 11.34% after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014. The Q1 result was announced after market hours on Tuesday, 22 July 2014. KPIT Technologies' EBITDA margin declined steeply to 12% in Q1 June 2014, from 16% in Q4 March 2014. The sharp decline in EBITDA margin was attributed to wage hikes effective 1 April which had a negative impact of 240 basis points (bps) on the EBITDA margin during the quarter. On a like to like basis, the average wage hikes were 4%-5% onsite and 9%-11% offshore. Some corrections and promotions will additionally take effect from 1 July and 1 October. The net impact on operational margins due to this would be around 0.5% in Q2 and Q3, KPIT Technologies said in a statement.
Tata Power Company dropped 1.29% as the stock turned ex-dividend today, 23 July 2014, for dividend of Rs 1.25 per share for the year ended 31 March 2014 (FY 2014).
Tata Power after trading hours on Tuesday, 22 July 2014, said that the Appellate Tribunal for Electricity (APTEL) in its interim order has directed procurer states to make electricity payments raised during and after March 2014 by Mundra ultra mega power project (UMPP) as per the compensatory tariffs directed by the Central Electricity Regulatory Commission (CERC) in February this year. Coastal Gujarat Power (CGPL) which operates the 4,000 megawatts (MW) Mundra project has to keep an account of the amount received from procurers as compensatory tariff until further notice. The next hearing of the matter is scheduled on 19 August 2014. CGPL is a subsidiary of Tata Power.
Tata Power said that CGPL has been delivering the full potential of Mundra across beneficiary states despite incurring losses. The company said that the indicative compensatory tariff of about Rs 2.80 per unit is much lower and very competitive compared to the average purchase price in all five states and is also substantially lower than the current market rate for providing replacement power at a cost upwards of Rs 4.10 per unit, which could leave all five states prone to load shedding. If Mundra UMPP were to be rendered unviable, the cost of purchasing replacement power would mean higher tariffs by at least Rs 1 per unit for all five states, Tata Power said.
Hindalco Industries gained 2.36% to Rs 192.70 after hitting a 52-week high of Rs 193.60 in intraday trade. The stock rose tracking rally in aluminum prices on the London Metal Exchange.
On the London Metal Exchange (LME), aluminum for three-month delivery advanced 1.63% to $2,020.50 a tonne on Tuesday, 22 July 2014. The price has risen 7.16% from a recent closing low of $1,885.50 on 10 July 2014.
The price has risen 9.19% so far in July 2014 (till 22 July 2014). It has risen 14.51% so far in calendar year 2014 (till 22 July 2014).
Most auto stocks gained. Ashok Leyland (up 1.05%), Mahindra & Mahindra (M&M) (up 1.58%), Hero MotoCorp (up 1.74%) and Bajaj Auto (up 1.62%) gained. Maruti Suzuki India (down 0.95%) and Tata Motors (down 0.36%), declined.
Bank stocks were mixed. Among PSU bank stocks, State Bank of India (SBI) (up 0.41%), Vijaya Bank (up 0.7%) and Bank of India (up 1.16%) gained. Punjab National Bank (down 0.23%), Canara Bank (down 0.35%) and Union Bank of India (down 0.15%) fell.
Bank of Baroda rose 2.9% after the Reserve Bank of India lifted curb on purchases of the shares of the bank by foreign investors. The Reserve Bank of India (RBI) on Tuesday, 22 July 2014, notified that the aggregate share holdings by foreign institutional investors (FIIs)/ registered foreign portfolio investors (FPIs)/non resident indian (NRI)/persons of Indian origin (PIO) under portfolio investment scheme in Bank of Baroda have gone below the prescribed threshold caution limit.
As on 30 June 2014, FIIs held 16.95% stake in Bank of Baroda.
Among private sector banks, ICICI Bank (up 1.44%) and Federal Bank (up 0.73%) gained. IndusInd Bank (down 0.51%), Kotak Mahindra Bank (down 0.9%) and HDFC Bank (down 0.46%) declined.
Yes Bank fell 1.83%. The bank during market hours reported 9.63% rise in net profit to Rs 439.48 crore on 9.33% rise in total income to Rs 3105.21 crore in Q1 June 2014 over Q1 June 2013.
Axis Bank shed 0.67% to Rs 2,004 in volatile trade after reporting good Q1 results. The stock hit high of Rs 2,042.95 and low of Rs 1,985.05. The bank after market hours on Tuesday, 22 July 2014, reported 18.29% rise in net profit to Rs 1666.76 crore on 10.17% rise in total income to Rs 9980.47 crore in Q1 June 2014 over Q1 June 2013.
Axis Bank's gross non-performing assets (NPAs) were at 1.34% of gross advances as on 30 June 2014, higher than 1.22% as on 31 March 2014 and 1.1% as on 30 June 2013. Net NPAs were 0.44% of net advances as on 30 June 2014, higher than 0.4% as on 31 March 2014 and 0.35% as on 30 June 2013.
ING Vysya Bank lost 3.13% after net profit declined 18.11% to Rs 143.40 crore on 4.77% growth in total income to Rs 1627.28 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Tuesday, 22 July 2014.
ING Vysya Bank's board of directors at its meeting held on Tuesday, 22 July 2014, proposed to seek approval of the shareholders of the bank through postal ballot to borrow such amount that the total amount of borrowings of the bank outstanding at any time shall not exceed Rs 20000 crore notwithstanding that the money to be borrowed together with the moneys already borrowed by the bank (apart from temporary loans obtained from the bank's bankers in the ordinary course of business), will exceed the aggregate of the paid-up capital of the bank and its free reserves as against the existing authorization to borrow upto four times of the aggregate of the paid-up capital and free reserves.
The bank also proposes to augment its capital either through a Tier I and/or Tier II debt issuance (which qualifies under Basel III requirement) or a combination of both in India rupees or equivalent foreign currency not exceeding Rs 700 crore through private placement of securities.
The Reserve Bank of India on Tuesday, 22 July 2014, said that it is expected that about 4 to 6 banks may be designated as domestic systemically important banks (D-SIBs) and that the RBI will disclose the names of the banks classified as D-SIBs in the month of August every year starting from 2015. For identifying D-SIBs, the RBI will use four indicators viz. size, interconnectedness, substitutability and complexity of the bank. Based on their systemic importance scores in ascending order, banks will be plotted into four different buckets and will be required to have additional Common Equity Tier 1 capital requirement ranging from 0.2% to 0.8% of risk weighted assets, depending upon the bucket they are plotted into. D-SIBs will also be subjected to differentiated supervisory requirements and higher intensity of supervision based on the risks they pose to the financial system, the RBI said a press release. Size is a more important measure of systemic importance than any other indicators and therefore, size indicator will be assigned more weight than the other indicators, the RBI said.
During the recent global financial crisis, it was observed that problems faced by certain large and highly interconnected financial institutions hampered the orderly functioning of the financial system, which in turn, negatively impacted the real economy. Government intervention was considered necessary in many jurisdictions to ensure financial stability. Cost of public sector intervention and consequential increase in moral hazard require that future regulatory policies should aim at reducing the probability of failure of systemically important banks (SIBs) and the impact of the failure of these banks, the RBI said. In October 2010, the Financial Stability Board (FSB) recommended that all member countries needed to have in place a framework to reduce risks attributable to systemically important financial institutions (SIFIs) in their jurisdictions.
ABB India lost 2.83%. The company's net profit rose 20% to Rs 48 crore on 3.69% growth in revenue to Rs 1794 crore in Q2 June 2014 over Q2 June 2013. The Q2 result was announced during market hours today, 23 July 2014. ABB India said that the top line during the quarter remained stable with encouraging growth mainly from short cycle business. The company maintains its policy of cash over revenue, ABB India said in a statement.
ABB India attributed the growth in bottom line during the quarter to higher focus on continuous localization, cost optimization and striking the right balance of risks and returns.
The company's order backlog stood at Rs 8083 crore as on 30 June 2014 as against Rs 8260 crore as on 30 June 2013. The order backlog position of the company has been steadily increasing over the last six months providing revenue visibility, ABB India said in a statement.
PSU OMCs edged higher as crude oil prices declined on Tuesday, 22 July 2014. Indian Oil Corporation (up 1.41%), BPCL (up 4.41%) and HPCL (up 2.99%) edged higher.
Brent crude oil futures for September delivery were up 32 cents or 0.3% at $107.65 a barrel in electronic trading today, 23 July 2014. The contract fell 35 cents to settle at $107.33 a barrel on Monday, 22 July 2014, as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
Lower crude oil prices could reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
Cement stocks declined. ACC (down 2.02%), Ambuja Cements (down 2.76%), Shree Cement (down 0.9%) and UltraTech Cement (down 2.77%) declined.
Grasim Industries was off 1.85%. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
Cairn India rose 0.85% ahead of its Q1 results today, 23 July 2014.
Reliance Communications shed 0.15%. In clarification to media report indicating that IBM, Wipro and other companies are in race for Rs 1200 crore call centre deal with Reliance Communications, Reliance Communications after market hours said that it does not comment on media reports on routine and ongoing business negotiations which may or may not result in to any transaction.
L&T Finance Holdings fell 0.68%. L&T Finance Holdings after market hours reported net loss of Rs 5.57 crore in Q1 June 2014, higher than net loss of Rs 1.22 crore in Q1 June 2013. Income from operations fell 22.67% to Rs 8.97 crore in Q1 June 2014 over Q1 June 2013.
Jet Airways (India) rose 3.3%. Jet Airways (India) and Etihad Airways after market hours said that they have finalized a major strategy for Jet Airways (India) to return to profitability in three years, which includes long-term network, fleet and product developments to optimise Jet's domestic and international operations. Etihad Airways holds 24% stake in Jet Airways (India). To initiate the three-year turnaround plan, Jet Airways board and management team have already worked with auditors to clean up Jet's balance sheet and write down overvalued non-cash assets, Jet and Etihad said in a joint statement.
Under the new plan, focus areas for international operations include widening network with new services to markets such as Europe, China, Australia and South East Asia. The airline will also expand frequencies on its existing routes and sign additional codeshares.
Naresh Goyal, chairman of Jet Airways (India), said that the company will address challenges in the domestic market with a model that removes complexity in its fleet, product and brand.
MRF rose 7.27% after net profit rose 1.29% to Rs 230.22 crore on 9.71% increase in total income to Rs 3,357.03 crore in Q3 June 2014 over Q3 June 2013. The result was announced during trading hours today, 23 July 2014.
Atul jumped 14.15% after net profit surged 47.78% to Rs 59.78 crore on 25.22% growth in total income from operations to Rs 647.08 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced during market hours today, 23 July 2014.
Key benchmark indices surged in early trade as firmness in Asian stocks and provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session boosted sentiment. A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The Sensex trimmed gains after hitting its highest level in more than two weeks. Key benchmark indices further pared gains in mid-morning trade. Volatility continued as key benchmark indices recovered from lower level after erasing most of the intraday gains in mid-morning trade. Key benchmark indices once again trimmed gains after extending intraday gains in afternoon trade. Key benchmark indices regained positive zone after reversing intraday gains after a sudden slide in afternoon trade. Key benchmark indices extended gains in late trade.
Indian stocks gained for the seventh straight day today, 23 July 2014. From a recent low of 25,006.98 on 14 July 2014, the Sensex has risen 1,140.35 points or 4.56% in seven trading sessions. The Sensex has risen 733.55 points or 2.88% in this month so far (till 23 July 2014). The Sensex has gained 4,976.65 points or 23.5% in calendar year 2014 so far (till 23 July 2014). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 8,698.62 points or 49.85%. From a record high of 26,190.44 on 8 July 2014, the Sensex is off 43.11 points or 0.16%.
The market sentiment was boosted by data showing that foreign funds were net buyers of Indian stocks on Tuesday, 22 July 2014. Foreign portfolio investors (FPIs) bought shares worth a net Rs 372.25 crore from the secondary equity markets on Tuesday, 22 July 2014, as per the data from the Securities & Exchange Board of India (Sebi).
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.09, compared with its close of 60.25 on Tuesday, 22 July 2014.
European stocks edged higher today, 23 July 2014, as risk aversion triggered by recent geopolitical tensions continued to ebb. Key benchmark indices in UK, France and Germany were up 0.3% to 0.61%.
The European Union (EU) agreed Tuesday, 22 July 2014, to expand a list of Russian entities and individuals subject to asset freezes and travel bans. The EU's latest sanctions against Russia come amid accusations that pro-Russian rebels shot down Malaysia Airlines flight MH17 in Ukraine on 17 July. All 298 people on the flight died after the downing of the jet. EU has reportedly threatened to expand the sanctions against Russia to include vast sectors of the Russian economy if Russia does not act swiftly to rein in rebels.
Russia's Ambassador to Malaysia, Lyudmila Vorobyeva, said on Tuesday, 22 July 2014, that Russia played no role in the attack and Ukrainian separatists don't have the required long-range anti-aircraft weapons.
Meanwhile, the US aviation regulator -- the Federal Aviation Administration -- on Tuesday, 22 July 2014, temporarily banned US flights to Tel Aviv after a rocket attack near Israel's main airport. As per reports, more than 600 Palestinians have been killed and over 4,000 wounded as fighting continues between Israel and Palestinian militants in Gaza Strip.
Most Asian stocks edged higher today, 23 July 2014, boosted by better-than-expected inflation and housing reports in the US. Key benchmark indices in Hong Kong, China, Singapore and Indonesia were up 0.14% to 0.8%. Key benchmark indices in Japan and South Korea were off 0.03% to 0.1%. The stock market in Taiwan was closed due to a typhoon.
Trading in US index futures indicated that the Dow could gain 29 points at the opening bell on Wednesday, 23 July 2014. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. The data damped concerns that the US Federal Reserve will bring forward increase in interest rates.
Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.

FOREIGN MARKET

Asia Pacific Market: stocks rise as focus shifts to company earnings
Asia Pacific share market advanced for second consecutive day on Wednesday, 23 July 2014, as investors shifted focus on company earnings more than geopolitical tensions.
Regional blue chips opened higher today, inspired by firm closing of Wall Street overnight. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
Traders welcomed news that pro-Russian rebels had handed over the black boxes from downed flight MH17, helping ease geopolitical concerns. The downing of the Malaysia Airlines jet last Thursday in Ukraine fanned fears that a regional crisis could become an international one, with Western governments saying it was shot down by pro-Russian separatists.
Those tensions eased yesterday after it emerged the rebels had given the plane's two black boxes to Malaysian officials. They also announced a cease-fire in an area around the crash site to provide safe access for investigators.
The focus of investors was returning to earnings, with hundreds of U.S. companies set to report quarterly results this week. Many of the U.S. earnings reports have been positive so far, easing jitters that stock prices have climbed too high in the past several months.
After U.S. markets closed on Tuesday, two tech giants boosted investor sentiment with their better-than-expected earnings reports.
Apple Inc. reported a 12% increase in its quarterly profit, exceeding analysts' estimate. The company said its iPhone shipments rose 13% over a year earlier, showing consumers still snapped up its devices even as the next version will likely to come out this fall.
Microsoft reported a 7.1% fall in quarterly profit, disappointing Wall Street forecasters, as it took a financial hit from the purchase of Nokia Corp's cellphone unit. Microsoft's CEO painted a rosy vision for the company's future after saying its profit excluding items related to the absorption of Nokia was higher than forecasts.
Meanwhile, earnings from Boeing Co, PepsiCo Inc and Facebook Inc, among others, also due to release later in global day which will possibly command investors' attention.
Among Asian bourses
Australia shares surges to six year high
Australian stock market advanced to highest level in six years on the back of positive cues from offshore bourses, with shares in lenders and miners leading the gain. But gain on the upside capped after domestic second-quarter consumer price data showing core inflation rose 2.8% from a year earlier, near the upper end of the Reserve Bank of Australia's 2%-3% target. The benchmark S&P/ASX 200 Index advanced 33.40 points, or 0.6% to 5576.70, a highest closing level since June 2008, while the broader All Ordinaries Index added 33 points, or 0.6%, to 5567.
Shares of material & resources companies advanced, led by BHP Billiton, with gain of 1.2% to A$38.98 after resources giant posted stronger than expected full year iron ore results today. BHP production lifted by 19% in the quarter and said it expects its FY15 production from the Pilbara region to exceed FY14. Main rival Rio Tinto rose 0.6% to A$64.53, while iron ore miner Fortescue Metals Group added 0.2% to A$4.62.
Starpharma rocketed 14.4% to A$0.84 after the biotech firm received key regulatory approval, making its virus-killing condom one step closer to sale.
Computershare climbed 1.7% to A$12.84 after saying it will acquire Homeloan Management for an upfront consideration of GBP 47.5 million.
Nikkei falls on growth woes
Japan share market declined on concerns about domestic economic growth after the government cut its fiscal year growth forecast. The benchmark Nikkei 225 index slipped 0.1%, or 14.72 points, to 15,328.56, while the Topix index of all first-section issues edged down 0.07%, or 0.88 points, to 1,272.39.
The Cabinet Office revised down growth forecast for the world's number three economy to 1.2% in the year to March, compared with a previous estimate of 1.4%, blaming weak exports and rising imports as well as the impact of April's sales tax hike on consumer spending and business confidence. The announcement comes a week after the Bank of Japan also lowered its outlook to 1% from an earlier 1.1%.
Financial firms and communications shares were lower. Aplus Financial Co, a credit-card company, fell 3.1% to 154 yen. Japan Exchange Group Inc, operator of the nation's main bourse, lost 2% to 2,367 yen. KLab sank 3.5% to 1,670 yen, while SoftBank Corp declined 1.3% to 7,596 yen.
Tokyo Electron lost 2.9% to 6,935 yen on a report its tie-up with Applied Materials received strong opposition from China's Ministry of Industry.
Lasertec jumped 5.1% to 1,045 yen on forecasting a 27 yen full-year dividend, up from a previous 20 yen estimate.
Cyberdyne Inc. surged 19% to 13,980 yen, a record close, after SMBC Nikko rated shares of the medical equipment researcher outperform in new coverage.
Melco Holdings Inc. gained 0.8% to 2,254 yen. The maker of computer equipment reported a tripling in quarterly net income.
China stocks closed mixed
Mainland China share market advanced for second day in row on Wednesday, 23 July 2014, on calming Ukraine tension and hopes the government will do more to shore up economic growth. But gain on the upside was limited on concerns about possible liquidity crunch in the market as funding availability dried up. The benchmark Shanghai Composite advanced 3.01 points, or 0.14%, to 2078.4. Trading turnover increased to 106.70 billion yuan from yesterday's 98.70 billion yuan.
HSBC upgrade of domestic GDP forecast also underpinned risk appetite buying. HSBC has upgraded its forecast for China's year-on-year gross domestic product growth to 7.5% from 7.4%, saying recovery has been stronger than expected. The Chinese economy expanded 7.5% year on year and 2% quarter to quarter (seasonally adjusted) in the second quarter. In the first half of 2014, China's economy expanded 7.4% from a year earlier.
The People's Bank of China on Tuesday suspended first of the regular biweekly open market operation. Just 18 billion yuan in outstanding PBOC paper comes due this week, and that won't be enough to counter the impact of tax payments as well as another 11 initial public offering. Initial public offerings this week may freeze an estimated 700 billion yuan to 1 trillion yuan in funding, according to China International Capital Corp., a government-owned investment bank. Tax payments this week could see another 200 billion yuan flowing out.
Hang Seng rises on strong offshore cues
Hong Kong share market advanced, registering gain for second day in row, on tracking strong lead from Wall Street overnight and firm regional cues. The benchmark Hang Seng Index climbed up 189.76 points, or 0.8%, to 23971.87. Turnover increased to HK$79.82 billion from yesterday's HK$71.70 billion.
Shares of mainland property developers extended react run, on speculation Beijing would remove restrictions on home purchases after official data showed prices fell in a record number of cities last month. Haikou has become the latest city to relax home-purchase restrictions, joining cities including Wenzhou, Jinan and Wuhan that have loosened curbs to prevent falling home prices.
CR Land (01109) soared 7% to HK$16.86. COLI (00699) jumped 4% to HK$22.4. China Vanke (02202) shot up 5.7% to HK$17.12 after hitting all-time high of HK$17.22. Anhui Conch rose 3.1% to HK$30.10.
China Cinda jumped 4.9% to HK$4.31, extending yesterday's 4.6% gain. The stock gained after rival China Huarong Asset Management Co. sold a 20% stake to investors including Goldman Sachs Group Inc. and China International Capital Corp.
Gome Electrical Appliances Holding jumped 6.9% to HK$1.39 after saying six-month net-income may more than double. The Company expects profit to increase significantly by more than 110% for the six-month period ended 30 June 2014 as compared with the corresponding period last year.
China Modern Dairy Holdings rose 1.4% to HK$3.71 after Daiwa Securities Group estimated first-half sales will jump more than 80%.
Great Wall Motor shares rose 1% to HK$30.25 after announcing its Operating revenue jumped 8% to 28.53 billion yuan.
Nifty end at record closing highs
Indian stock market settled at record high led by IT stocks in what was a volatile trading session. Gains for the key benchmark indices were driven by upmove in Asian and European stocks. Asian and European stocks rose after better-than-expected inflation and housing reports in the US on Tuesday, 22 July 2014. However, the broad market showed weakness. The S&P BSE Sensex was up 121.53 points or 0.47% at 26,147.33, a record closing high. The CNX Nifty was up 27.90 points or 0.36% to 7,795.75, a record closing high.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Infosys (up 3.37%), Wipro (up 1.93%), Tech Mahindra (up 0.7%) and HCL Technologies (up 0.73%) gained.
TCS gained 2.09% to Rs 2,583.95 after announcing a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights.
Polaris Financial Technology tumbled 7.62% after consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014. KPIT Technologies slumped 11.34% after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014.
Elsewhere in the Asia Pacific region-- New Zealand's NZX50 added 0.25% to 5146.53. Malaysia's KLSE Composite added 0.03% to 1871.83. Singapore's Straits Times index added 0.72% to 3340.70. Indonesia's Jakarta Composite Index rose 0.19% to 5093.53 after Joko "Jokowi" Widodo was declared the winner of presidential election. Bucking the trend, South Korea's KOSPI index was edge down 0.03% to 2028.32. Taiwan market closed for holiday.

TOP 50

BSE Sensex on Jul 23,2014 26147.33 [121.53]
Prev. Day Close:26025.80 Change:0.47%
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532540  TCS LTD. 506696.10 195.87 2586.90 27.59 .01 Jul 23,2014 106662 
500312  ONGC CORPN 346582.49 4277.74 405.10 19.21 .01 Jul 23,2014 474115 
500325  RELIANCE 334055.31 3233.68 10 1033.05 33.31 .01 Jul 23,2014 322420 
500875  ITC LTD. 280454.02 795.84 352.40 24.73 .01 Jul 23,2014 701644 
533278  COAL INDIA 242579.81 6316.36 10 384.05 8.70 .00 Jul 23,2014 226537 
500180  HDFC BANK 201359.95 481.78 835.90 26.03 .01 Jul 23,2014 311433 
500209  INFOSYS LTD 192198.13 287.12 3347.00 22.61 .01 Jul 23,2014 67559 
500112  STATE BANK 189651.18 746.57 10 2540.30 47.01 .02 Jul 23,2014 185053 
532174  ICICI BANK 174126.19 1156.37 10 1505.80 48.98 .03 Jul 23,2014 325248 
500010 10  HDFC 162296.85 313.39 1035.75 7.56 .00 Jul 23,2014 73009 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500570 11  TATA MOTORS 155715.87 643.72 483.80 17.43 .01 Jul 23,2014 360225 
524715 12  SUN PHARMA. 154345.82 207.12 745.20 12.68 .01 Jul 23,2014 170129 
500510 13  LARSEN & TOU 153520.43 185.54 1654.85 17.28 .01 Jul 23,2014 104445 
532454 14  BHARTI ARTL 141607.90 1998.70 354.25 7.77 .01 Jul 23,2014 219354 
507685 15  WIPRO LTD. 140481.42 493.48 569.35 12.36 .01 Jul 23,2014 217030 
500696 16  HIND UNI LT 136816.08 216.31 632.50 4.06 .00 Jul 23,2014 64216 
532555 17  NTPC LTD 123558.22 8245.46 10 149.85 7.77 .01 Jul 23,2014 518337 
532281 18  HCL TECHNO 107877.71 140.01 1541.00 9.40 .01 Jul 23,2014 61004 
532215 19  AXIS BANK 94364.23 471.55 10 2001.15 46.49 .05 Jul 23,2014 232320 
500295 20  SSLT 87577.24 296.47 295.40 7.51 .01 Jul 23,2014 254153 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
530965 21  INDIAN OIL 81069.25 2427.95 10 333.90 2.55 .00 Jul 23,2014 76271 
532500 22  MARUTISUZUK 75190.73 151.04 2489.10 4.46 .01 Jul 23,2014 17929 
500520 23  MAH & MAH 73471.40 307.94 1192.95 4.02 .01 Jul 23,2014 33732 
500247 24  KOTAK MAH.BK 71925.82 385.31 933.35 3.63 .01 Jul 23,2014 38876 
532898 25  POWER GRID 71175.78 5231.59 10 136.05 11.14 .02 Jul 23,2014 818979 
500188 26  HINDUS.ZI 70393.50 845.06 166.60 3.42 .00 Jul 23,2014 205437 
526371 27  NMDC LTD 69441.72 396.47 175.15 2.26 .00 Jul 23,2014 128939 
532538 28  ULTRATECH CM 67290.91 274.36 10 2452.65 4.32 .01 Jul 23,2014 17625 
532792 29  CAIRN IND 66059.81 1910.90 10 345.70 6.01 .01 Jul 23,2014 173748 
532977 30  BAJAJ AUTO 60887.79 289.37 10 2104.15 4.16 .01 Jul 23,2014 19755 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532921 31  ADANI PORTS 57961.40 414.01 280.00 9.48 .02 Jul 23,2014 338728 
500820 32  ASIAN PAINTS 57700.68 95.92 601.55 5.91 .01 Jul 23,2014 98211 
500103 33  BHEL 57359.51 489.52 234.35 7.93 .01 Jul 23,2014 338576 
532155 34  GAIL (I) LTD 55610.16 1268.48 10 438.40 1.57 .00 Jul 23,2014 35924 
500470 35  TATA STEEL 53897.30 971.21 10 554.95 30.93 .06 Jul 23,2014 557377 
532822 36  IDEA CELL 52717.89 3544.06 10 148.75 14.48 .03 Jul 23,2014 973403 
534816 37  BH INFRATEL 50994.90 1890.10 10 269.80 2.50 .00 Jul 23,2014 92540 
500182 38  HEROMOTOCO 50984.41 39.94 2553.05 5.38 .01 Jul 23,2014 21063 
532755 39  TECH MAH 50467.51 234.82 10 2149.20 6.86 .01 Jul 23,2014 31923 
500790 40  NESTLE (I) 49751.27 96.42 10 5159.85 .77 .00 Jul 23,2014 1489 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500257 41  LUPIN LTD. 48927.83 89.71 1090.80 3.22 .01 Jul 23,2014 29481 
512599 42  ADANI ENTER 48858.62 109.98 444.25 11.69 .02 Jul 23,2014 263118 
500124 43  DR.REDDY'S 46570.10 85.17 2733.95 6.08 .01 Jul 23,2014 22250 
500547 44  BHARAT PET. 43381.18 723.08 10 599.95 5.59 .01 Jul 23,2014 93168 
500530 45  BOSCH LTD 41795.60 31.40 10 13310.70 .16 .00 Jul 23,2014 122 
500440 46  HINDALCO 39869.36 206.47 193.10 32.43 .08 Jul 23,2014 1679676 
532868 47  DLF LIMITED 38268.77 356.32 214.80 18.27 .05 Jul 23,2014 850501 
532134 48  BNK OF BAROD 36903.45 432.15 10 853.95 19.81 .05 Jul 23,2014 231988 
500113 49  STEEL AUTH. 36018.22 4130.53 10 87.20 3.11 .01 Jul 23,2014 356872 
532810 50  POWER FINAN 35825.89 1320.04 10 271.40 12.06 .03 Jul 23,2014 444241 

* During market trading hours, as traded values are not available on a real time basis, an approximation is done. The traded value is calculated as follows, using the last traded price:
Traded Value (Rs. cr) = (Last Price * Volume) /100,00,000 
This value will be updated with the actual figures, once trading closes and end-of-day data is available.