Monday, May 4, 2015

THE END SESSION ( 04 / 05 )

Sensex, Nifty attain 1-1/2-week closing high
Broad based gains characterized trading on the bourses on first trading day of the week and the month. Oil & gas, auto and pharma stocks led rally for the key benchmark indices. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, attained 1-1/2-week closing high. The market sentiment was boosted by the government doling out more MAT exemptions to foreign investors. The Sensex jumped 479.28 points or 1.77% to settle at 27,490.59. All the 12 sectoral indices on BSE edged higher.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. The BSE Small-Cap index gained 2.06%, outperforming the Sensex. Quite a few stocks which are the constituents of the BSE Small-Cap index were up between 2% to 20%. The BSE Mid-Cap index gained 1.28%, underperforming the Sensex.
Key indices today, 4 May 2015, snapped a two-day losing streak.
Foreign companies' capital gains from the sale of securities, interest income, royalty and fees for technical services will be exempted from minimum alternate tax (MAT), in cases where the tax rate is less than 18.5%, according to official amendments to the finance bill 2015 moved by finance minister Arun Jaitley and passed by the Lok Sabha on Thursday, 30 April 2015. This is expected to benefit private equity and venture capital investors, debt funds and other foreign companies. However, the benefit is only on prospective basis from 1 April 2015.
India's largest dedicated housing finance company and index heavyweight HDFC gained. Pharma shares gained on renewed buying. Telecom stocks also rose on renewed buying. Auto stocks rose after announcing monthly sales volume data. Grasim Industries gained in volatile trade after reporting Q4 results. IDFC rose after reporting good Q4 results. Realty stocks rose after Finance Minister Arun Jaitley while tabling the amendments to the Finance Bill 2015 in Lok Sabha on Thursday, 30 April 2015, clarified that gains and losses arising out of exchange of shares with the units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have been exempted from applicability of minimum alternate tax (MAT). Shares of state-run upstream oil companies and GAIL (India) rose on reports that the government will foot the entire subsidy bill that oil marketing companies incur on selling liquefied petroleum gas (LPG) and kerosene below market prices.
Meanwhile, the Reserve Bank of India (RBI) has lifted restrictions on non-banking financial companies (NBFCs) to sell mutual funds.
Meanwhile, the outcome of a monthly survey today, 4 May 2015, showed that growth in India's manufacturing sector slowed last month.
Foreign portfolio investors (FPIs) today, 4 May 2015, bought shares worth a net Rs 60.53 crore, as per provisional data released by the stock exchanges after trading hours. Domestic institutional investors (DIIs) bought shares worth a net Rs 146.80 crore today, 4 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged higher after latest data showed that euro zone's manufacturing sector expanded in April at faster pace than reportedly initially. Asian stocks edged higher as weak China factory activity reinforced views that Beijing will roll out fresh support measures soon for the world's second-largest economy. US stocks surged during the previous trading session on Friday, 1 May 2015, on a rebound in healthcare and technology stocks.
The S&P BSE Sensex garnered 479.28 points or 1.77% to settle at 27,490.59, its highest closing level since 23 April 2015. The index jumped 526.54 points at the day's high of 27,537.85 at the fag end of the trading session. The index gained 148.14 points at the day's low of 27,159.45 in early trade.
The 50-unit CNX Nifty gained 150.45 points or 1.84% to settle at 8,331.95, its highest closing level since 23 April 2015. The index hit a high of 8,346 in intraday trade. The index hit a low of 8,220.45 in intraday trade.
The BSE Mid-Cap index gained 133.13 points or 1.28% to settle at 10,549.42, underperforming the Sensex. The BSE Small-Cap index rose 225.62 points or 2.06% to settle at 11,169.65, outperforming the Sensex.
All the 12 sectoral indices edged higher today, 4 May 2015. The S&P BSE Oil & Gas index (up 3.52%), the S&P BSE Realty index (up 2.51%), the S&P BSE Healthcare index (up 2.35%), the S&P BSE FMCG index (up 2.08%), the S&P BSE Power index (up 2%), the S&P BSE Consumer Durables index (up 1.82%) and the S&P BSE Teck index (up 1.78%) outperformed the Sensex.
The S&P BSE IT index (up 1.68%), the S&P BSE Auto index (up 1.55%), the S&P BSE Metal index (up 1.54%), the S&P BSE Bankex (up 0.95%) and the S&P BSE Capital Goods index (up 0.83%) underperformed the Sensex
The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. 1,949 shares rose and 833 shares fell. A total of 103 shares were unchanged.
The total turnover on BSE amounted to Rs 3068 crore, lower than turnover of Rs 3688.86 crore registered during the previous trading session on Thursday, 30 April 2015. India's stock market was closed on Friday, 1 May 2015, for a holiday.
Pharma shares gained on renewed buying. Cadila Healthcare (up 3.16%), Cipla (up 5.73%), Dr Reddy's Laboratories (up 2.79%), Glenmark Pharmaceuticals (up 1.86%), Lupin (up 2.21%), Sun Pharmaceutical Industries (up 0.65%), GlaxoSmithKline Pharmaceuticals (up 1.96%), Aurobindo Pharma (up 1.34%) and Wockhardt (up 11.28%) edged higher.
Bharat Heavy Electricals rose after the company said during market hours that it has successfully commissioned a 195 megawatts (MW) thermal unit in Bihar. The stock gained 3.71%. This is the first 195 MW unit to be commissioned by Bhel at the 2x195 MW Muzaffarpur Thermal Power Station (TPS) Plant of Kanti Bijlee Utpadan Nigam (KBUNL), a joint venture of NTPC and BSPGCL in Bihar. The second 195 MW unit is expected to be commissioned in FY 2016. Bhel is the leading supplier of main plant equipment to NTPC and its joint ventures, with a 72% share in their installed capacity.
NTPC rose 1.8%. With respect to news titled "NTPC to Build 6,400mw Power Plant in J'Khand, Jharkhand to Get India's Biggest Power Plant", NTPC clarified during market hours today, 4 May 2015, that the company has signed Memorandum of Agreement (MoA) with Government of Jharkhand, Jharkhand Urja Vikas Nigam (JUVNL), Jharkhand Urja Utpadan Nigam (JUUNL) and Jharkhand Bijli Vitran Nigam (JBVNL) for performance improvement and capacity expansion of Patratu Thermal Power Station (PTPS). A Joint Venture Company to be promoted by NTPC and JBVNL with 74:26 equity participation will be formed to take over PTPS. The JV Company will build 2400 megawatts (MW) (800x3) in first phase followed by second phase of 1600 MW (800x2). The JV Company shall takeover specified assets including land of PTPS on mutually agreed valuation.
Auto stocks rose after announcing monthly sales volume data.
Car maker Maruti Suzuki India rose after announcing strong sales in April 2015. The stock rose 0.79%. The company announced on Friday, 1 May 2015, that total sales jumped 29.6% to 1.11 lakh units in April 2015 over April 2014. Domestic sales rose 27.3% to 1 lakh units in April 2015 over April 2014. Exports surged 56% to 11,039 in April 2015 over April 2014.
Mahindra & Mahindra (M&M) jumped 5.66%. The company's Farm Equipment Sector (FES) announced on Saturday, 2 May 2015, that total tractor sales fell 13% to 18,001 units in April 2015 over April 2014. Domestic sales dropped 15% to 17,006 units in April 2015 over April 2014. Exports rose 20% to 1,005 in April 2015 over April 2014. Exports include completely knocked down units.
Commenting on the monthly performance, Rajesh Jejurikar, President & Chief Executive, farm equipment and two wheeler division, M&M, said, “the unseasonal rains and hailstorms have adversely affected the Rabi crop output leading to negative market sentiments.”
Separately, M&M also announced on Saturday, 2 May 2015 that total auto sales rose 1% to 36,727 units in April 2015 over April 2014. Domestic sales rose 1% to 34,467 units in April 2015 over April 2014. Exports rose 4% to 2,260 in April 2015 over April 2014.
Commenting on auto sales performance, Pravin Shah, President & Chief Executive, Automotive, M&M said, “Mahindra expects to perform better in the financial year ending 31 March 2016 (FY 2016) given the positive sentiments on the back of various policy and project announcements leading to higher levels of economic activity and the upcoming launches of Mahindra's new products.“
Tata Motors fell 0.09%. The company said on Saturday, 2 May 2015, that its total commercial and passenger vehicles sales (including exports) rose 7% to 36,205 vehicles in April 2015 over April 2014. Domestic sales of commercial and passenger vehicles rose 5% to 32,419 units in April 2015 over April 2014. Exports rose 18% to 3,786 units in April 2015 over April 2014.
Hero MotoCorp gained 2.51%. The company said on Saturday, 2 May 2015, total sales fell 6.61% to 5.33 lakh units in April 2015 over April 2014. The company said that the rural demand for automobiles has been adversely impacted by unseasonal rains witnessed in March 2015. Poor crop realisation and a slowdown in rural wages have pulled back the rural economy, impacting rural off-takes in markets such as Bihar, Madhya Pradesh and sugarcane growing areas of Uttar Pradesh and Maharashtra.
Even in such challenging market environment, the company had managed double-digit growth in the rural markets in West Bengal, Odisha, Karnataka, Uttarkhand and some parts of Uttar Pradesh, the company said.
Bajaj Auto gained 7.52%. The company said during market hours today, 4 May 2015, that its total sales rose 1% to 3.36 lakh units in April 2015 over April 2014. Motorcycles sales fell 5% to 2.85 lakh units in April 2015 over April 2014. Commercial vehicles sales jumped 58% to 50,483 units in April 2015 over April 2014. Exports rose 7% to 1.61 lakh units in April 2015 over April 2014.
Meanwhile, PSU OMCs after a fortnightly revision in fuel prices after market hours on Thursday, 30 April 2015, announced a steep hike in petrol and diesel prices. Indian Oil Corporation (IOCL) hiked petrol prices by Rs 3.96 per liter to Rs 63.16 per liter in Delhi effective 1 May 2015 (including state levies), with corresponding price revision in other states. Diesel prices were hiked by Rs 2.37 per liter to Rs 49.57 per liter at Delhi (including state levies) with corresponding price revision in other states.
Shares of PSU OMCs gained after companies announced a steep hike in petrol and diesel prices after market hours on Thursday, 30 April 2015. BPCL (up 3.1%), Indian Oil Corporation (up 1.3%) and HPCL (up 0.87%) edged higher.
PSU OMCs undertake a review of fuel prices twice every month based on the average imported oil price in the preceding fortnight. The review takes place during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Meanwhile, IOCL has also hiked jet fuel prices by 0.55% to Rs 49,609.84 per kiloliter in Delhi effective 1 May 2015. Prices vary in other metro cities depending on sales tax in respective states. PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price for the month.
Meanwhile, the core sector data released by the government after trading hours on Thursday, 30 April 2015, showed that total petroleum refinery production in India declined 1.3% in March 2015 over March 2014.
Shares of state-run upstream oil companies and GAIL (India) rose on reports that the government will foot the entire subsidy bill that oil marketing companies incur on selling liquefied petroleum gas (LPG) and kerosene below market prices. ONGC (up 8.04%), Oil India (up 6.43%) and GAIL (India) (up 1.89%) gained. ONGC, GAIL (India) and Oil India currently share a part of the under recovery of state-run oil marketing companies (PSU OMCs) on sale of petroleum products by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
Meanwhile, core sector data released by the government after trading hours on Thursday, 30 April 2015, that crude oil production rose 1.7% in March 2015 over March 2014.
India's largest dedicated housing finance company and index heavyweight HDFC gained 2.62% to Rs 1,200. The stock hit high of Rs 1,205.50 and low of Rs 1,173.70.
Bank stocks were in demand. Among PSU bank stocks, State Bank of India (SBI) (up 2.94%), Oriental Bank of Commerce (up 3.95%), Andhra Bank (up 4.05%), Punjab National Bank (up 4.23%), Bank of Baroda (up 1.33%), Canara Bank (up 3.07%), Bank of India (up 3.81%) and Union Bank of India (up 2.75%) gained.
Among private bank stocks, HDFC Bank (up 0.99%), IndusInd Bank (up 2.19%), Yes Bank (up 1.8%), and Kotak Mahindra Bank (up 0.46%) gained. ICICI Bank (down 0.45%) and Axis Bank (down 0.23%) declined.
Telecom stocks rose on renewed buying. Bharti Airtel (up 2.7%), Idea Cellular (up 2.03%), MTNL (up 1.37%), Tata Teleservices (Maharashtra) (up 2.24%) and Reliance Communications (up 3.63%) gained.
Grasim Industries rose after reporting Q4 results. The stock rose 0.82% to Rs 3,626.85. The stock hit high of Rs 3,645 and low of Rs 3,555. The company's consolidated net profit fell 25.4% to Rs 506.68 crore on 4.48% rise in total income to Rs 8929.23 crore in Q4 March 2015 over Q4 March 2014. The result was announced on Saturday, 2 May 2015.
Grasim Industries said that the expansion plans implemented by the company have started yielding results. The net consolidated revenue for the quarter was up by 5% to Rs 8820 crore, with growth in all the businesses. Profit before interest, depreciation and tax (PBIDT) for Q4 was maintained at Rs 1658 crore, amidst difficult market conditions and gradual ramping up of new capacities. Finance and depreciation costs have gone up by 69% and 7% respectively, on commissioning/acquisition of new capacities, the full benefit of which will accrue going forward.
With regard to future business outlook, the company said the outlook for the VSF sector remains challenging in the near term, given the over capacity in the sector and the sharp reduction in prices of polyester and cotton. The new plant at Vilayat with a higher share of speciality product will improve the product mix and profitability. The focus on cost optimisation will continue relentlessly. The company has launched brand LIVA and is actively working with the value chain, brands and retailers to expand the domestic market of VSF. In the Chemical Business, the company will benefit from additional volumes and profit on the merger of ABCIL and the ramping up of Epoxy operations.
The demand for cement is expected to improve as it is linked with GDP. The key drivers will be the revival of infrastructure projects supplemented by regulatory reforms and improvement in the demand for housing with the softening of interest rates. The company with its existing and proposed capacity is well placed to benefit from the accelerated growth in the sector.
IDFC rose after reporting good Q4 results. The stock rose 0.27% to Rs 168.30. The stock hit high of Rs 169.90 and low of Rs 166.90. The company's consolidated net profit rose 48.17% to Rs 382.21 crore on 16.4% growth in total income to Rs 2583.78 crore in Q4 March 2015 over Q4 March 2014. The result hit the market after market hours on Thursday, 30 April 2015.
On standalone basis, IDFC's net profit rose 71.54% to Rs 365.47 crore on 19.46% growth in total income to Rs 2427.54 crore in Q4 March 2015 over Q4 March 2014.
On standalone basis, IDFC's ratio of net non-performing assets (NPAs) to net advances stood at 0.22% as on 31 March 2015, compared with 0.47% as on 31 December 2014 and 0.37% as on 31 March 2014.
IDFC's ratio of gross NPAs to gross advances stood at 0.65% as on 31 March 2015, compared with 0.68% as on 31 December 2014 and 0.56% as on 31 March 2014.
On standalone basis, provisions and contingencies fell 22.47% to Rs 374.36 crore in Q4 March 2015 over Q4 March 2014.
Realty stocks rose after Finance Minister Arun Jaitley while tabling the amendments to the Finance Bill 2015 in Lok Sabha on Thursday, 30 April 2015, clarified that gains and losses arising out of exchange of shares with the units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have been exempted from applicability of minimum alternate tax (MAT). Sobha (up 5.19%), Indiabulls Real Estate (up 1.09%), Unitech (up 1.3%), Housing Development & Infrastructure (HDIL) (up 3.47%), Oberoi Realty (up 7.38%), and Anant Raj (up 1.68%) edged higher.
MAT will now be applicable only on actual transfer of such units, Jaitley said. The Lok Sabha on Thursday, 30 April 2015, passed the Finance Bill 2015 by a voice vote.
Shares of realty major DLF rose after DLF Group chief financial officer (CFO) Ashok Tyagi on Saturday, 2 May 2015, reiterated the company's commitment to set up its first Real Estate Investment Trust (REIT) within this year itself consequent to receipt of all necessary approvals. The stock gained 1.06% to Rs 137.75. Tyagi was reacting to Finance Minister Arun Jaitley's clarification during a discussion on Finance Bill 2015 in Lok Sabha, on Thursday, 30 April 2015, that Minimum Alternate Tax (MAT) will not be applicable on notional book gains arising from exchange of shares in SPV with unit of trusts in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Tyagi said that the clarification on REITs/InvITs removes the major policy hurdle and will give a significant boost to the establishment of REITs and InvITs. REITs and InvITs provide a huge opportunity for unlocking capital and bank credit in these sectors and shall accelerate infrastructural development in the country, Tyagi said.
Key indices today, 4 May 2015, snapped a two-day losing streak. The Sensex had dropped 385.07 points or 1.4% in the preceding two trading sessions to settle at 27,011.31 on Thursday, 30 April 2015, from recent high of 27,396.38 on 28 April 2015. The Sensex has lost 8.83 points or 0.03% in this calendar year so far (till 4 May 2015). From a 52-week low of 22,277.04 on 8 May 2014, the Sensex has risen 5,213.55 points or 23.4%. The Sensex is off 2,534.15 points or 8.44% from a record high of 30,024.74 hit on 4 March 2015.
Finance minister Arun Jaitley on Thursday, 30 April 2015, moved amendments to Finance Bill 2015 in Lok Sabha to exempt foreign investors' capital gains from the sale of securities, interest income, royalty and fees for technical services from applicability of minimum alternate tax (MAT). This is expected to benefit private equity and venture capital investors, debt funds and other foreign companies. But these provisions will only be applicable from 1 April 2015, leaving past transactions still open to litigation. This was part of amendments made to the Finance Bill 2015 by the Finance Minister. The Lok Sabha on Thursday, 30 April 2015, passed the Finance Bill 2015 by a voice vote.
The government did not yield to demands by foreign portfolio investors (FPIs) for a retrospective exemption from MAT, having assured them earlier that they can seek exemption from the levy under tax treaties India has with other countries, which would only benefit a limited number of investors who routed their funds from countries such as Mauritius, Singapore and the Netherlands. Levy of MAT on capital gains accruing to foreign investors is expected to be a long-drawn legal battle after five FPIs challenged the income-tax department's demand for MAT in the Bombay high court. The Bombay high will reportedly hear the petition on Wednesday, 6 May 2015. So far, most of the tax demand directing payment of MAT by FPIs has been only for the financial year ending 31 March 2012. But Indian law allows taxes to be recovered on income earned up to seven years earlier, so FPIs are concerned that they could face additional tax bills.
Meanwhile, the Reserve Bank of India (RBI) has lifted restrictions on non-banking financial companies (NBFCs) to sell mutual funds. In a notification issued to NBFCs on 30 April 2015, the RBI said it has been decided to dispense with the minimum eligibility criteria and also the requirement of prior approval from the RBI for NBFCs to distribute mutual fund products. The NBFC should not adopt any restrictive practice of forcing its customers to go in for a particular mutual fund product sponsored by it, the RBI said in a notification. The NBFC should neither acquire units of mutual funds from the secondary market for sale to its customers, nor should it buy back units of mutual funds from its customers, according to RBI's revised guidelines on distribution of mutual funds by NBFCs.
Meanwhile, the outcome of a monthly survey today, 4 May 2015, showed that growth in India's manufacturing sector slowed last month. The headline HSBC India Purchasing Managers' Index (PMI) declined to 51.3 in April from 52.1 in March. Manufacturing output, total new orders and buying levels expanded at slower rates in April 2015. On the flip side, the level of new export orders increased at a solid pace last month. April saw companies maintain a cost-cautious approach to hiring. Job losses were reported for the second time in the year-to-date. Purchasing activity growth moderated in April, leading to a weaker accumulation in pre-production stocks. The latest increase in buying levels was the least pronounced since October 2014. A slower rise in holdings of finished goods was also noted. Even with the slower pace of expansion, the goods-producing sector is on course to provide a boost to the overall economy in the upcoming quarter, said Pollyanna De Lima, an economist at Markit.
Meanwhile, data released by the government after trading hours on Thursday, 30 April 2015, showed the Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 0.1% drop in March 2015 over March 2014.
Meanwhile, the Lok Sabha will debate on the Constitution Amendment Bill in respect of Goods and Services Tax (GST) this week. Being a constitution amendment bill, the GST bill requires a two-third majority for its passage. The BJP-led NDA has a comfortable majority in Lok Sabha but in Rajya Sabha it would be faced with a numerical disadvantage. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
It remains to be seen if the government is able to pass the Land Acquisition Bill during the ongoing Budget session. The amended Land Acquisition Bill seeks to scrap the consent clause for acquiring land for five sectors — industrial corridors, public private partnership projects, rural infrastructure, affordable housing and defence. The bill also exempts projects in these five areas from social impact assessments and allows the purchase of irrigated multi-cropped land and other types of agricultural land.
In overseas markets, European stocks edged higher after latest data showed that euro zone's manufacturing sector expanded in April at faster pace than reportedly initially. Key benchmark indices in Germany and France were up 1.02% to 1.28%. The stock market in UK was closed for a public holiday.
Markit Economics said today, 4 May 2015, growth of the eurozone manufacturing sector was maintained in April, with the rate of expansion easing only slightly from March's ten-month high. Although domestic market conditions remained subdued in a number of nations, most benefited from increases in new export orders. At 52 in April, down from 52.2 in March, the final seasonally adjusted Eurozone Manufacturing PMI came in a tick higher than its earlier flash estimate of 51.9. The PMI has remained in expansionary territory for 22 months.
Markit Economics said today, 4 May 2015, the seasonally adjusted final Markit/BME Germany Manufacturing Purchasing Managers' Index (PMI)–a single-figure snapshot of the performance of the manufacturing economy-fell from March's 11-month high of 52.8 to 52.1 in April, signalling a further, albeit weaker, improvement in manufacturers' operating conditions. April data extended the current period of continuous growth in the sector to five months.
French manufacturers reported a further worsening of overall operating conditions during April. The headline Markit France Manufacturing Purchasing Managers' Index (PMI)–a seasonally adjusted index designed to measure the performance of the manufacturing economy–posted 48. Down from 48.8 in March, the latest reading pointed to an acceleration in the rate of deterioration.
Asian stocks rose today, 4 May 2015, as weak China factory activity reinforced views that Beijing will roll out fresh support measures soon for the world's second-largest economy. Key indices in Hong Kong, China, Indonesia, South Korea and Taiwan rose by 0.24% to 1.24%. In Singapore, the Straits Times index fell by 0.18%. Japanese markets are closed for holiday from today, 4 May 2015 to Wednesday, 6 May 2015.
China's manufacturing sector in April turned in its weakest performance in a year, according to a private gauge of the country's factory activity, suggesting that Beijing may need to speed up its efforts to boost the economy. The private-sector HSBC manufacturing Purchasing Managers Index fell to a final reading of 48.9 in April from 49.6 in March, HSBC Holdings PLC said today, 4 May 2015. It was the lowest level since April 2014 when the reading came in at 48.1--well below the 50 level that separates expansion from contraction.
US stocks surged on Friday, 1 May 2015, after two straight sessions of losses on a rebound in healthcare and technology stocks.
Among economic data in US, construction spending fell in March to a six-month low, while ISM data showed manufacturing growth held at its slowest in almost two years in April. A jump in consumer sentiment in April, however, and stronger-than-expected vehicle sales for the month suggested the economy was finding some footing.

FOREIGN MARKET

Asia Pacific Market: Stocks up on positive offshore lead, China stimulus hopes
Asia Pacific share market closed mostly higher on Monday, 04 May 2015, on tracking positive lead from US markets which ended higher on last Friday, and expectation of more stimulus from Beijing after a weaker than expected manufacturing survey. The MSCI Asia Pacific excluding Japan Index advanced 0.2% to 513.97.
Share markets in the U.S. ended sharp higher on last Friday, with The Dow Jones Industrial Average, the NASDAQ Composite index and the S&P 500 Composite index all moved broadly higher by more than 1%, after weaker-than-expected data prompted investors to push back expectations on the timing of an initial rate hike by the Federal Reserve to later this year from midyear. Data last week showed that the U.S. economy grew just 0.2% in the three months to March, slowing from 2.2% in the final quarter of 2014. It was the slowest rate of growth in a year.
Meanwhile, regional markets drew further momentum on expectation of a policy response by Beijing, after HSBC's final version of its Chinese manufacturing index showed the biggest fall in a year. The HSBC China manufacturing purchasing managers index was 48.9 for April, down from a preliminary reading of 49.2 and a drop from 49.6 in March. A reading below 50 indicates a contraction in activity. The reading was also lower than an official gauge that registered 50.1 in April, unchanged from March.
Since November, the People's Bank of China has introduced a series of stimulus measures, including lowering interest rates twice and cutting the reserve requirement ratios of major banks twice, in order to spur economic activity and boost growth.
Among Asian bourses
Australia market raises 0.23%
The Australian share market ended higher, with strength in some of the top miners, retailer, consumer goods, realty, healthcare, utilities and energy stocks overcoming weakness in the big banks and financials. The benchmark S&P/ASX 200 Index added 13.10 points, or 0.23%, to 5827.50 while the broader All Ordinaries Index rose 17.10 points, or 0.29%, to 5815.90. Market turnover was relatively strong, with 1.57 billion shares changing hands worth of A$5.32 billion. Rising stocks outperformed declining ones, with total of 775 stocks up, while 589 stocks down.
Shares of mining and energy companies advanced, with resources giant BHP Billiton adding 2.6% to A$33.35 ahead of its shareholder vote due later this week on spinning off some of its non-core assets into a new company, while Rio Tinto jumped 2.8% to A$59.90. Iron ore miner Fortescue Metals Group bounced 3.4% to A$2.45. Australia's biggest oil producer Woodside Petroleum rose 0.5% to A$35.43 and Santos grew .3.1% to A$8.65. Oil Search jumped 0.9% to A$8.26.
Worley parsons declined 9.6% to A$10.35, after engineering group announced that it will cut 2000 jobs and write down A$125 million, due to falling mining investment. The company blamed the sustained weakness in the price of iron ore, which has more than halved over the past 18 month
Financial stocks were down, with Westpac Banking Corp leading losses, with loss of 3.1% to A$35.60, after the company reported a cash profit of A$3.78 billion for the first half that was flat with last year and below market expectations. Net profit, which includes one-off items, was A$3.61 billion, down from A$3.62 billion in the year-ago period. Among other top lenders, Commonwealth Bank declined by 1% to A$88.01, National Australia Bank lost 1.4% to A$36.29, and ANZ Banking Group sank 2.7% to A$33.24.
China market bounces on stimulus hopes
Mainland China equity market ended higher in volatile trading, on reinforcing speculation about further policy stimulus from government after a private business survey showed that China's factories suffered their fastest drop in activity in a year in April. The Shanghai Composite Index advanced 38.81 points, or 0.87%, to finish at 4480.46 points, off an intraday low of 4387.43. The CSI300 index, the largest listed companies in Shanghai and Shenzhen, grew 37.85 points, or 0.8%, to 4787.74, off an intraday low of 4699.40.
Infrastructure-related stocks also jumped as investors bet the government will boost construction spending, while an overseas expansion initiative called ‘One Belt, One Road' will also increase the demand for Chinese industrial products. Construction and infrastructure-related counters drew large buy orders; China State Construction and China Shipbuilding Industry Corporation jumped by the daily maximum allowable of 10% each, while China State Shipbuilding Corporation climbed 7.8%. China State Construction Engineering Corp rose by 10% upper circuit.
Shares of property developers raised the most in Shanghai after the National Development and Reform Commission said last week that China's real estate sector is showing positive signs after the government took measures to stabilize the market. The official China Securities Journal reported that the housing market picked up in first-tier cities as sales data improved over the Labour Day holiday.
Banks and brokerage houses were among the day's laggards; Citic Securities and China Merchants Securities plunged 1.8 and 2.5% each, while Founder Securities fell 1.5%.
Hang Seng ends softer after China data
The Hong Kong stock market closed softer in volatile trade, after a weaker than expected China's manufacturing data, with some of top lenders and financials being major losers. The Hang Seng Index ended down 9.18 points or 0.03% to 28123.82, off an intra-day high of 28343.74 and day low of 28017.20. Turnover reduced slightly to HK$155.57 billion from HK$170.86 billion on Thursday. The local market closed on Friday for a public holiday.
Shares of financial companies declined, with HSBC Holdings down 1.8% to HK$75.60 ahead of the bank's release of its quarterly earnings on Tuesday. Fellow British bank Standard Chartered dipped 1.7% to HK$125.80.
Chinese insurers were mixed. NCI (01336), PICC Group (01339) and PICC & P&C (02328) added 1.3% to 3% to HK$49.65, HK$5.48 and HK$17.46. China Life (02628) and Ping An (02318) fell 0.3% and 1% to HK$110.3 and HK$37.65.
Casino operators were higher despite data showing Macau gaming sector registered gross gaming revenues of MOP19.17 billion, the lowest since January 2011. Galaxy Ent (00027) and Sands China (01928) added 3% and 3.3% to HK$38.65 and HK$32.8 respectively.
Chinese real-estate shares rallied after official China Securities Journal reported that the housing market picked up in first-tier cities as sales data improved over the Labour Day holiday. Over the weekend, figures from a leading real-estate research site showed average new-home prices in China's 100 major cities dropped by less than 0.1% on a monthly basis in April, improving from an almost 0.2% fall in the previous month. Evergrande Real Estate Group jumped 7.5% to HK$7.90, Country Garden Holdings Co 6% to HK$4.45K$HK%HK, and Shimao Property Holdings 8.6% to HK$19.94.
Sensex ends 479 points up
Indian stock market closed sharp higher on the back of hectic buying in the last half-an-hour of trade. The S&P BSE Sensex ended provisionally 1.8%, or 479.28 points, to 27490.60, while the CNX Nifty surged 1.8%, or 150.45 points, to 8332.
Shares of oil marketing companies jumped after news report that the government has decided to scrap fuel subsidy sharing. According to media reports, the government will bear the entire burden of fuel subsidy for the state-owned oil marketing companies for 2015-16. Oil and Natural Gas Corp. gained 7.6%, GAIL India rose 2.3% and Oil India jumped 6.2%.
Future Retail shares jumped 12% after the company approved a realignment of its retail operations with Bharti Retail. The retail operation of the company will be demerged and combined with Bharti Retail.
Foreign portfolio investors sold shares worth a net Rs 3157.61 crore during the previous trading session on Thursday, 30 April 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2460.80 crore on Thursday, 30 April 2015, as per provisional data released by the stock exchanges.
Elsewhere in the Asia Pacific region: South Korea KOSPI rose 0.2% to 2132.23. Taiwan's Taiex index added 0.3% to 9845. New Zealand's NZX50 fell 0.5% to 5767. Singapore's Straits Times index fell 0.1% at 3482.70. Indonesia's Jakarta Composite index climbed up 1.1% to 5141.1. Markets in Japan, Thailand and Malaysia closed for holidays .

TOP 50

BSE Sensex on May 4,2015 27490.59 [479.28]
Prev. Day Close:27011.31 Change:1.77%
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532540  TCS LTD. 485581.32 195.87 2479.10 12.98 .00 May 4,2015 52374 
500325  RELIANCE 288158.52 3236.10 10 890.45 31.81 .01 May 4,2015 357224 
500312  ONGC CORPN 280320.30 4277.74 327.65 22.86 .01 May 4,2015 697575 
500875  ITC LTD. 263990.49 801.55 329.35 9.40 .00 May 4,2015 285562 
500180  HDFC BANK 251010.71 501.57 1000.90 6.17 .00 May 4,2015 61677 
533278  COAL INDIA 233484.25 6316.36 10 369.65 7.27 .00 May 4,2015 196543 
500209  INFOSYS LTD 229041.37 574.24 1994.30 20.75 .01 May 4,2015 104050 
524715  SUN PHARMA. 227729.66 240.64 946.35 36.64 .02 May 4,2015 387150 
500112  STATE BANK 209810.73 756.62 277.30 24.19 .01 May 4,2015 872315 
532174 10  ICICI BANK 190860.92 1159.72 329.15 18.50 .01 May 4,2015 562079 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500010 11  HDFC 189326.18 314.94 1202.30 103.84 .05 May 4,2015 863660 
500696 12  HIND UNI LT 186309.80 216.35 861.15 5.96 .00 May 4,2015 69250 
532454 13  BHARTI ARTL 157077.83 1998.70 392.95 9.15 .01 May 4,2015 232798 
500510 14  LARSEN & TOU 151644.65 186.01 1630.50 35.62 .02 May 4,2015 218438 
500570 15  TATA MOTORS 146302.02 577.47 506.70 19.45 .01 May 4,2015 383894 
532215 16  AXIS BANK 134877.48 474.67 568.30 28.43 .02 May 4,2015 500336 
507685 17  WIPRO LTD. 133751.15 493.82 541.70 5.38 .00 May 4,2015 99304 
532281 18  HCL TECHNO 128881.60 281.14 916.85 6.22 .00 May 4,2015 67827 
532555 19  NTPC LTD 125619.58 8245.46 10 152.35 1.92 .00 May 4,2015 126220 
500247 20  KOTAK MAH.BK 121807.21 455.78 1336.25 7.28 .01 May 4,2015 54514 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532500 21  MARUTISUZUK 113541.30 151.04 3758.65 21.96 .02 May 4,2015 58435 
530965 22  INDIAN OIL 88547.34 2427.95 10 364.70 3.50 .00 May 4,2015 95902 
500257 23  LUPIN LTD. 81649.95 89.96 1815.25 9.27 .01 May 4,2015 51081 
512599 24  ADANI ENTER 77662.38 109.98 706.15 16.99 .02 May 4,2015 240666 
532898 25  POWER GRID 75256.42 5231.59 10 143.85 .96 .00 May 4,2015 66899 
534816 26  BH INFRATEL 75050.11 1893.77 10 396.30 .78 .00 May 4,2015 19600 
500820 27  ASIAN PAINTS 74688.11 95.92 778.65 5.40 .01 May 4,2015 69289 
500520 28  MAH & MAH 74485.42 310.55 1199.25 7.47 .01 May 4,2015 62329 
532538 29  ULTRATECH CM 74452.95 274.40 10 2713.30 4.06 .01 May 4,2015 14951 
500188 30  HINDUS.ZI 72801.92 845.06 172.30 1.74 .00 May 4,2015 101128 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
532921 31  ADANI PORTS 71706.53 414.01 346.40 24.25 .03 May 4,2015 700090 
500530 32  BOSCH LTD 71286.48 31.40 10 22702.70 8.35 .01 May 4,2015 3678 
500790 33  NESTLE (I) 65566.56 96.42 10 6800.10 1.39 .00 May 4,2015 2040 
532822 34  IDEA CELL 64173.36 3598.17 10 178.35 6.53 .01 May 4,2015 366354 
500295 35  SSLT 62940.58 296.47 212.30 11.61 .02 May 4,2015 546812 
532977 36  BAJAJ AUTO 60585.40 289.37 10 2093.70 18.46 .03 May 4,2015 88191 
500103 37  BHEL 59966.20 489.52 245.00 7.89 .01 May 4,2015 321928 
532755 38  TECH MAH 58896.21 480.55 612.80 54.26 .09 May 4,2015 885485 
500124 39  DR.REDDY'S 57867.86 85.19 3396.40 4.44 .01 May 4,2015 13070 
500547 40  BHARAT PET. 56736.47 723.08 10 784.65 6.54 .01 May 4,2015 83296 
CodeRankCompanyMkt. Cap.EquityFVLast PriceTrd.Value*% of Mkt.Cap*Last traded DateLast traded timeVolume
500087 41  CIPLA LTD. 54118.83 160.59 674.00 16.77 .03 May 4,2015 248766 
526371 42  NMDC LTD 51461.81 396.47 129.80 1.39 .00 May 4,2015 106762 
532432 43  UNITD SPR 51200.49 145.33 10 3523.05 14.98 .03 May 4,2015 42511 
500550 44  SIEMENS LTD. 49848.66 71.22 1399.85 5.47 .01 May 4,2015 39042 
500182 45  HEROMOTOCO 47648.42 39.94 2386.00 5.37 .01 May 4,2015 22486 
532155 46  GAIL (I) LTD 46565.90 1268.48 10 367.10 2.24 .00 May 4,2015 60956 
500096 47  DABUR (I) 45922.75 175.68 261.40 1.73 .00 May 4,2015 66179 
532187 48  INDUSIND BNK 44597.02 529.53 10 842.20 7.90 .02 May 4,2015 93748 
517334 49  MOTHERSON SS 44293.43 88.19 502.25 5.83 .01 May 4,2015 116132 
505200 50  EICHER MOTOR 41580.10 27.11 10 15337.55 3.07 .01 May 4,2015 1999 

* 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.