FIIs put in equities over Rs 1,500 cr in June
Mumbai: Foreign institutional investors (FIIs) have put in over Rs 1,500 crore in the Indian equity market this month, the highest so far in a single month this year. According to the latest data available, FIIs were net buyers in the equity market to the tune of Rs 1,544.6 crore until Tuesday. FIIs are also net buyers in the debt market to the tune of Rs 366.1 crore, taking the total inflow of Rs 1,910.7 crore this month. Since last month, FIIs have been active buyers. Last month, they were net buyers of equity worth Rs 1,220.8 crore and in the debt market they invested Rs 1,839.7 crore and total inflow were Rs 3,060.5 crore. Strong inflows have given fillip to the major stock indices. The 30-share BSE Sensex has gained 251.21 points (7.89 per cent) this month and S&P CNX Nifty has gained 79.35 points (7.91 per cent). Both the indices are also at their yearly high levels.
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IOC shines on dividend hopes
Mumbai: Indian Oil Corporation's scrip has been on the rise lately with foreign institutional investors (FIIs) finding oil and gas company stocks quite attractive. Dealers said that the FII interest stemmed from an anticipation of a better performance at its annual results to be announced on June 23. There are also expectations of a huge dividend payout after a slew of good payouts by oil companies recently. The stock has gained over 47 per cent in the last month. Shares of IOC on Wednesday closed higher at Rs 414.70, up by 2.53 per cent with 3.85 lakh shares being traded on the BSE. On the NSE, the stock gained 2.35 per cent to close at Rs 414.30 with 12.43 lakh shares changing hands.
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SBI dips ahead of results
Mumbai: State Bank of India — the country's largest commercial bank - is expected to report an operating profit of about Rs 6,500-6,600 crore. Dealers are expecting the bank to report profit after tax of nearly Rs 3,000 crore, or a rise of about 20-25 per cent over the previous year. In the previous year, the bank had posted a net profit of Rs 2,431 crore. According to them, the bank had been booking profits on its huge portfolio of Government securities, which would be reflected by a sizeable increase in its Treasury income. The bank is expected to make large provisioning to bring down its net NPA (non-performing assets) level. The share price of State Bank of India on Wednesday closed marginally lower at Rs 352 with 9.89 lakh shares being traded on the BSE. On the NSE, the stock closed at Rs 352.45, down by 0.94 per cent with 25.07 lakh changing hands.
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Grasim gains over 12 pc on BSE
Mumbai: The share price of Grasim Industries on Wednesday rose significantly on the bourses, gaining 12.84 per cent on BSE over yesterday's close at the end of the trading day upon confirmation by yesterday's events that Grasim would indeed gain majority ownership of the cement business of Larsen & Toubro. The scrip closed at Rs 458.35 on the BSE, ending 52.15 points higher than Tuesday's close. The share price of L&T, however, fell marginally, by 1.75 per cent, as it is yet debatable as to whether the deal works out to an advantage or not for the company's shareholders. Since the price derived from the Grasim deal valuations is around Rs 257 per share, the Rs 171 per share component of this for the cement division could diminish later, since this includes a management control transfer premium, said analysts.
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Hindalco gaining higher ground on renewed support
Mumbai: The share price of Hindalco has been steadily gaining higher ground on the bourses in the recent past. Going by the current interest in the Hindalco counter, the stock would appear to be in the process of being re-valued by the market. Market sources said that with the inclusion of Indo Gulf's copper business, the company was emerging as a significant player in the aluminium and copper business. This had strengthened company fundamentals, hence the renewed support on the bourses.
The stock ended on Wednes day firm at Rs 754.90 on the NSE with around 1.35 lakh shares traded. While on the BSE, it ended the day at Rs 754.25, with around 49,500 shares traded.
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HFCL volumes surge
Kolkata: The Himachal Futuristic Communications Ltd (HFCL) stock on Wednesday moved up and saw increase in volumes in view of operators' and traders' renewal of interest. The infamous K-10 stock, after touching a day's high of Rs 33.10, closed at Rs 32 (Rs 30.25) on the Bombay Stock Exchange. It attracted a traded quantity of over 2 crore shares, up from yesterday's volume of 58.41 lakh shares, on the National Stock Exchange. On the BSE, it recorded a volume of 81.40 lakh shares (26.24 lakh shares).
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Cement stocks keep interest alive
Mumbai: After a 94-point surge in the BSE Sensex on Tuesday's trading, the Sensex maintained its bullish momentum through on Wednesday, but closed marginally lower by 0.07 points at 3430.96 points. Apart from appreciation in select heavyweights, stocks in the cement sector kept the markets on a firm wicket. The intra-day trading swing was quite narrow at 35 points, with the Sensex touching a high of 3452.73 and low of 3417.74 points. The gross turnover at the BSE dipped to Rs 1,271.61 crore from Rs 1,330.79 crore on Tuesday's trading. Out of 1,913 stocks traded, the advances to declines ratio stood at 1.03, with 920 stocks appreciating in value while 887 stocks logged declines. Riding on the cement demerger deal struck with Larsen and Toubro, the Grasim Industries stock was the highlight of the day's trading. The stock appreciated by Rs 52.15 (or 12.84 per cent) to settle for the day at Rs 458.35. The trading volumes in the stock soared from 4.46 lakh shares traded on Tuesday's trading to 15.05 lakh shares during the day. This rise has to be seen in the light of the fact that the L&T deal will offer Grasim control over 31 million or 22 per cent of cement capacity and tremendous pricing power in the cement markets.
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Rupee steady, gilts listless
Mumbai: The rupee moved up just one paisa on Wednesday to end the day at 46.58/59 against the dollar compared to Tuesday's close of Rs 46.5950/6050 in the currency markets. There was the usual good supply of the dollar; but towards the end of the trading day, there was spurt of demand for it from the oil sector and some public sector units which made the rupee dip to 46.61 levels, the intra-day low. The currency opened the day at 46.5950/6050 and went as high as 46.5625 against the dollar. In the forwards market, the premia rose by 5-10 basis points on demand for dollar forward contracts from importers.
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