Fees matter, whether in bull markets or bear markets, shows a Morningstar study
If Nifty moves down, it will find support around 7650
We mentioned on Wednesday that the Indian indices will try to move higher. The benchmarks opened Thursday higher and immediately hit the day’s high which was also their new lifetime high. After this, Sensex stopped trading due to technical issue for more than three hours for which Securities and Exchange Board of India (Sebi) has sought a reply from the BSE.
The S&P BSE Sensex opened at 25,876 while CNX Nifty opened at 7,734. Sensex hit a high of 25,999 before it stopped trading because of network outage. Nifty hit a high at 7,755. In the last few minutes of the trading session the indices hit a low at 25,794 and 7,707. Sensex closed at 25,824 (down 17 points or 0.07%) while Nifty closed at 7,715 (down 10 points or 0.13%). The NSE recorded a volume of 109.72 crore shares. India VIX rose 1.34% to close at 17.8050.
Road Transport and Highways Minister Nitin Gadkari said that the government will initiate measures to turnaround the highways sector in two years by garnering funds to the tune of Rs1 lakh crore in a year.
Inflation is still uncomfortably high in India and the new government should avoid fiscal slippage as it seeks to revive the economy, the World Bank's India director told the media.
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the inclusion of onion and potato under the purview of stock holding limits under the Essential Commodities Act, 1955. This will empower the State Governments to undertake de-hoarding operations and control the prices of onions and potatoes.
India's services sector registered a strong growth in June 2014, a survey showed today. The seasonally-adjusted HSBC Services Business Activity Index edged up to a 17-month high of 54.4 in June 2014, from 50.2 in May 2014. New business flows and stronger business sentiment supported expansion in the services sector activity in June 2014.
Tata Motors (3.03%) was the top gainer in the Sensex 30 pack even though it reported a 27 % year-on-year decline in its June sales. Hero MotoCorp reported 10% growth over the corresponding quarter of the previous fiscal. The company sold 17,15,129 units of two-wheelers in Q1 of this fiscal compared to 15,59,282 units sold in the corresponding quarter of the previous fiscal. In June, Hero MotoCorp commenced production at its fourth manufacturing plant at Neemrana in Rajasthan. With the commissioning of the plant, which has an installed capacity of 750,000 units, Hero MotoCorp now has a total annual installed capacity of 7.65 million units of two-wheelers. Hero MotoCorp (3.17%) was the top loser in the Sensex 30 stock.
Eicher Motors today hit its 52-week high at Rs8,679.15 on the BSE. Eicher’s motorcycle sales surged 83% to 25,303 units in June 2014 over June 2013. Sales for models with engine capacity up to 350cc jumped 80% to 22,073 units in June 2014 over June 2013. Sales for models with higher engine capacity jumped 106% to 3,230 units in June 2014 over June 2013. Exports rose 60% to 784 units in June 2014 over June 2013. Eicher (5.16%) was among the top three gainers in the ‘A’ group on the BSE.
GMR Infrastructure (7.98%), top loser in the ‘A’ group on the BSE, has launched its qualified institutional placements. The price band is Rs31.5-32.4 and the floor price is Rs33.14. Apart from the QIP of $300 million, the board has also approved allotment of 18 crore preferential warrants to the promoters.
US indices closed Wednesday flat. Employment at companies climbed in June by the most since November 2012, a sign the US job market is strengthening along with demand, a private payrolls report showed. The 281,000 surge exceeded the most optimistic forecast and followed a 179,000 increase in May, data from the ADP Research Institute showed. Asian indices had a mixed record. Taiwan Weighted (0.44%) was the top gainer while Jakarta Composite (0.40%) was the top loser. European indices were trading higher. US Futures were trading marginally in the green.