Key benchmark indices further trimmed intraday gains to hit fresh intraday low in morning trade. The S&P BSE Sensex was up 98.96 points or 0.41%, off 206.40 points from the day’s high and up 0.15 points from the day’s low. The market breadth, indicating the overall health of the market, was strong.
Index heavyweight and cigarette major ITC reversed initial gain. IT stocks dropped after the rupee rose to its strongest levels in 11 months against the dollar today, 19 May 2014.
Key benchmark indices trimmed initial gains triggered by data showing that foreign funds made substantial purchases of Indian stocks on Friday, 16 May 2014. Key benchmark indices further trimmed intraday gains to hit fresh intraday low in morning trade.
The market sentiment was boosted by data showing that foreign funds made substantial purchases of Indian stocks on Friday, 16 May 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 3634.82 crore on Friday, 16 May 2014, as per provisional data from the stock exchanges.
At 10:15 IST, the S&P BSE Sensex was up 98.96 points or 0.41% to 24,220.70. The index gained 305.36 points at the day’s high of 24,427.10 in early trade. The index rose 98.81 points at the day’s low of 24,220.55 in morning trade.
The CNX Nifty was up 23.60 points or 0.33% to 7,226.60. The index hit a high of 7,290.35 in intraday trade. The index hit a low of 7,225.20 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,422 shares gained and 547 shares fell. A total of 80 shares were unchanged.
The BSE Mid-Cap index rose 146.67 points or 1.89% to 7,912.39 and the BSE Small-Cap index rose 198.20 points or 2.51% to 8,083.96. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1185 crore by 10:15 IST on BSE compared to Rs 346 crore by 09:25 IST.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.
Coal India (up 6.76%), Tata Power Company (up 5.96%) and Sesa Sterlite (up 3.88%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC lost 1.55% to Rs 352, with the stock reversing initial gain. The stock hit high of Rs 360.10 and low of Rs 350.40 so far during the day.
ONGC surged 3.87% to Rs 399.85. ONGC on Sunday, 18 May 2014 said that the company has scaled its highest-ever market capitalization of Rs 3.56 trillion in intra-day trade on 16 May 2014, indicating its hidden potential to its investors. In intra-day trade on 16 May 2014, ONGC scrip logged a new peak of Rs 416.35 (on National Stock Exchange), taking its market capitalization to highest ever value. However, with a 1.19% gain the scrip closed at Rs. 384.15 in the day.
During the first 2 months of this current fiscal year ending 31 March 2015, ONGC scrip has gained 20.54% on NSE, vis-a-vis Nifty’s 7.44% growth during the same period. Thus, ONGC has outperformed the broader index Nifty by 13.10%.
ONGC’s market capitalisation is 51% higher than the next highest valuable company among the listed CPSEs. Since listing in July 1995, the scrip of India’s national flagship explorer ONGC has created enormous wealth for its shareholders. After being promoted by the Govt. of India with a capital of Rs 343 crore over 22 years during 1959 and 1981, the Maharatna oil major has created unprecedented wealth for its owners, the billion plus Indian citizens. The world’s number 3 Exploration & Production company (Platts 2013) is also the highest profit»making Indian company for the last quite a few fiscals. ONGC remains committed to create more value for all its stakeholders, the company said in a press release.
IT stocks dropped after the rupee rose to its strongest levels in 11 months against the dollar today, 19 May 2014. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion’s share of revenue from exports.
Infosys (down 3.87%), Wipro (down 4.16%), TCS (down 4.01%), HCL Technologies (down 4.14%), Hexaware Technologies (down 2.33%), Tech Mahindra (down 1.69%) and Polaris Software Technology (down 2.49%) edged lower.
Oracle Financial Services Software lost 1.47%. On a consolidated basis, Oracle Financial Services Software’s net profit rose 10% to Rs 311 crore on 2% increase in revenue to Rs 895 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 16 May 2014.
Consolidated net profit rose 26% to Rs 1359 crore on 8% rise in revenue to Rs 3741 crore in the year ended March 2014 (FY 2014) over the year ended March 2013 (FY 2013). Operating income rose 15% to Rs 1328 crore in FY 2014 over FY 2013.
The revenue and operating income from the products business was Rs 2900 crore, up 11% and Rs 1256 crore, up 18% respectively, while the revenue and operating income from the services business was Rs 740 crore, down 4% and Rs 152 crores, down 4%, respectively, in FY 2014 over FY 2013, Oracle Financial Services Software said in a statement.
Chet Kamat, managing director and chief executive officer for Oracle Financial Services Software, said, “We signed US$ 14.7 million of new license fees in the quarter; while we have a strong pipeline, new license fees for the year were down 18%. We are investing in the sales and marketing infrastructure and processes to grow our core banking and analytics deal flow.”
Makarand Padalkar, chief financial officer for Oracle Financial Services Software, said, “We posted another solid operating performance with the operating margins for the year at 35%, a 2 percentage point improvement over operating margin in the fiscal year ended March 2013. Our focus on operational excellence has delivered strong operating metrics; the days of sales outstanding at the end of March 2014 were at 61 days as compared to 68 days at the end of March 2013.”
In the foreign exchange market, the rupee rose to its strongest in 11 months against the dollar on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country’s elections. The partially convertible rupee was hovering at 58.42, compared with its close of 58.79/80 on Friday, 16 May 2014.
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