Market drifts higher in early trade on firm Asian stocks

Key benchmark indices edged higher in early trade on firm Asian stocks. The market breadth was strong. The barometer index, BSE Sensex, was up 84.10 points or 0.43%, up close to 10 points from the day's low and off about 35 points from the day's high. Index heavyweight and cigarette maker ITC reversed direction after hitting record high at the onset of the trading session today, 4 February 2013. Another index heavyweight Reliance Industries (RIL) edged higher in early trade. Bank of Baroda gained ahead of its Q3 results today, 4 February 2013. Two wheeler makers Hero MotoCorp and Bajaj Auto gained after reporting January 2013 sales. Tata Motors also gained after reporting January sales figures. Foreign institutional investors (FIIs) bought shares worth a net Rs 763.28 crore on Friday, 1 February 2013, as per provisional data from the stock exchanges. Asian stocks rose on Monday, 4 February 2013, as US jobs and manufacturing data boosted optimism in the world's biggest economy. At 09:25 IST, the BSE Sensex was up 84.10 points or 0.43% to 19,865.29. The index jumped 121.41 points at the day's high of 19,902.60 in early trade. The index rose 74.16 points at the day's low of 19,855.35 in early trade. The S&P CNX Nifty was up 27.60 points or 0.46% to 6,026.50. The index hit a high of 6,038.50 and low of 6,023.15 in intraday trade. The market breadth, indicating the overall health of the market, was strong. On BSE, 970 shares rose and 431 shares fell. A total of 66 shares were unchanged. Among the 30-share Sensex pack, 22 stocks rose while the rest of them fell. Index heavyweight Reliance Industries (RIL) rose 0.19% to Rs 895.15. The stock had hit 52-week high of Rs 954.80 in intraday trade on 21 January 2013. RIL early last week raised $800 million via perpetual bonds carrying interest rate of 5.875%. The company will use the proceeds to fund its ongoing capital expenditure in the infrastructure sector. The transaction was about 4 times over-subscribed with an order book of close to $3 billion from high quality investor accounts, RIL said on 29 January 2013. The transaction witnessed participation from more than 160 accounts from Asia, Europe and the United States, RIL said. Index heavyweight and cigarette maker ITC fell 0.27% to Rs 308.30. The stock reversed direction after hitting record high of Rs 310.75 at the onset of the trading session today, 4 February 2013. The stock hit low of Rs 304.70 so far during the day. ITC on 18 January 2013 said its net profit rose 20.62% to Rs 2051.85 crore on 22.41% growth in total income to Rs 8041.90 crore in Q3 December 2012 over Q3 December 2011. The Ministry of Health and Family Welfare in October 2012 notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added. Bank of Baroda gained 0.68% ahead of its Q3 results today, 4 February 2013. GAIL (India) gained 0.68% after the company on Friday, 1 February 2013, received Maharatna status by the Government of India. Commenting on the development, Chairman and Managing Director, GAIL Mr. B. C. Tripathi said: "The new Maharatna PSU GAIL would continue to work with renewed dedication and vigor for ensuring energy security of the country and spreading the benefits of wealth creation to the society at large." The Maharatna status will provide greater flexibility in day to day operations of the company with enhanced powers to accord approvals, to make equity investment to establish financial JVs and wholly owned subsidiaries and undertake mergers and acquisitions (M&As) in India or abroad. Bharat Heavy Electricals fell 0.69%. The company after trading hours on Friday, 1 February 2013, said that the Ministry of Heavy Industries and Public Enterprises, Department of Public Enterprises, has granted Maharatna status to the company. Canara Bank rose 0.61% after bank said after market hours on Friday, 1 February 2013 that the bank has reduced the Base Rate by 25 basis points to 10.25% with effect from 4 February 2013. The bank has also reduced the Benchmark Prime Lending Rate by 25 basis points to 14.5% with effect from 4 February 2013. State-run Bank of India fell 0.24%. The bank after trading hours on Friday, 1 February 2013, said it has decided to reduce the base rate by 25 basis points to 10.25% with effect from 9 February 2013. The bank has also decided to reduce BPLR by 25 basis points to 14.50% with effect from 9 February 2013. IDFC rose 0.62%. The company's consolidated net profit rose 19.4% to Rs 455.07 crore on 24.9% growth in total income to Rs 2047.58 crore in Q3 December 2012 over Q3 December 2011. The ratio of gross non-performing assets to gross advances declined to 0.26% as on 31 December 2012 from 0.28% as on 30 September 2012 and 0.33% as on 31 December 2011. The ratio of net NPA to net advances declined to 0.12% as on 31 December 2012 from 0.13% as on 30 September 2012 and 0.22% as on 31 December 2011. The company announced the results after trading hours on Friday, 1 February 2013. Bajaj Auto rose 0.46% after the company said its total sales rose 3% to 3.47 lakh units in January 2013 over January 2012. Motorcycle sales rose 2% to 3.01 lakh units in January 2013 over January 2012. Sales of commercial vehicles rose 7% to 46,263 units in January 2013 over January 2012. Total exports rose 10% to 1.28 lakh units in January 2013 over January 2012. The company announced the monthly sales data on Saturday, 2 February 2013. Hero MotoCorp gained 0.53%. The company's total sales rose 7% to 5.57 lakh units in January 2013 over January 2012. Tata Motors jumped 2.26%. The company after trading hours on Friday, 1 February 2013, said its total sales (including exports) of Tata commercial and passenger vehicles in January 2013 were 61,660 vehicles. The company's sales from exports totaled 3,880 vehicles in January 2013. The company's domestic sales of Tata commercial and passenger vehicles for January 2013 were 57,780 units. The company's sales of commercial vehicles in January 2013 in the domestic market were 42,571 units. LCV sales were 33,849 units, while M&HCV sales stood at 8,722 units. Sales of passenger vehicles for January 2013 were at 15,209 units. The focus on the stock market is currently on Q3 December 2012 results. Investors and analysts will closely watch the management commentary that would accompany the result which could cause revision in their future earnings forecast of the company for the current year and or next year. Cipla unveils Q3 results on Wednesday, 6 February 2013. ACC and Ambuja Cement announce Q4 December 2012 results on Thursday, 7 February 2013. Mahindra & Mahindra, Sun Pharmaceuticals Industries and Hindalco Industries unveil Q3 results on Friday, 8 February 2013. ONGC, Jaiprakash Associates and Tata Power Company unveil Q3 results on 11 February 2013. Jindal Steel & Power unveils Q3 results on 12 February 2013. Tata Steel, Coal India and BPCL unveil Q3 results on 13 February 2013. Tata Motors, GAIL (India) and Dr. Reddy's Laboratories unveil Q3 results on 14 February 2013. Ranbaxy Laboratories unveils Q4 December 2012 results on 26 February 2013. Asian stocks rose on Monday, 4 February 2013, as US jobs and manufacturing data boosted optimism in the world's biggest economy. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore and Taiwan rose by 0.01% to 0.76%. South Korea's Kospi fell 0.06%. The non-manufacturing Purchasing Managers' Index, a measure of China's services industries, rose to 56.2 in January from 56.1 in December, the Beijing-based National Bureau of Statistics and China Federation of Logistics & Purchasing said in a statement on Sunday, 3 February 2013. US stocks surged on Friday, 1 February 2013, after Labor Department figures showed a modest 157,000 rise in nonfarm payrolls for January and that more jobs were added to the US economy last year than previously thought. Labor Department figures showed payrolls gained 157,000 in January after a revised 196,000 advance in the prior month. The jobless rate rose to 7.9 percent from 7.8 percent. Other reports showed US manufacturing reached a nine-month high in January, beating forecasts. Confidence among households also rose unexpected.