The Indian stock market ended on a positive note on Monday, extending gains to a fifth successive session, thanks largely to better than expected results from heavyweights Reliance Industries and HDFC Bank.
Although the market failed to hold at higher levels, taking a retreat of sorts in afternoon trade due to mounting worries about the ongoing violence in Ukraine and the Middle East, the key indices Sensex and the Nifty managed to close with modest gains.
Besides strong quarterly numbers from some top notch companies, encouraging reports on the monsoon front contributed to the market's positive show.
The Sensex, which rose to 25,861.15, ended the day with a gain of 41.51 points or 0.16% at 25,683.07, near the day's low. The Nifty closed at 7684.20, off the day's high of 7722.10, gaining 20.30 points or 0.26%.
In the forex market, the rupee opened at 60.25, and after recovering to 60.17 subsequently, weakened again later on and was quoting around 60.30 by the time trading ended in the equity market.
Oil stocks started off on a firm note, and despite most of the stocks in this space ending well off their highs, the BSE Oil & Gas index moved up by about 0.55%. FMCG stocks traded firm. Bank, automobile, IT, metal and healthcare stocks pared most of their gains. Realty and power stocks closed weak.
Reliance Industries gained 2%. Reliance Industries reported consolidated net profit of Rs 5957 crore for the quarter ended June 2014, up 13.7% from previous corresponding quarter. Revenue was up 7.2%. RIL's gross refining margin was up at $8.7 per barrel in the June quarter, from $8.4% in the previous corresponding quarter. However, sequentially, refining margin was down from $9.3 per barrel.
HDFC moved up by about 2.7%. HDFC Limited has announced that it posted a net profit of Rs 1344.66 crore for the quarter ended June 30, 2014 as compared to Rs 1173.10 crore for the quarter ended June 30, 2013. Total income increased from Rs 5564.94 crore for the quarter ended June 30, 2013 to Rs 6461.24 crore for the quarter ended June 30, 2014.
ITC rose 1.7% and Axis Bank ended 1.2% up. Tata Consultancy Services, Hindustan Unilever, Coal India, Sun Pharmaceutical Industries, Dr Reddy's Laboratories and Maruti Suzuki gained 0.5% - 1%. ICICI Bank edged up marginally.
IndusInd Bank, up 3.5%, was the top gainer in the Nifty index. Asian Paints rose 2.6%. ACC, Grasim Industries and Ambuja Cements gained 1% - 1.8%. However, Ultra Tech Cement ended nearly 1% down on weak results.
HDFC Bank declined 0.7%. The private sector bank major reported a net profit of Rs 2233.04 crore for the quarter ended June 2014, compared to a net profit of Rs 1843.86 crore in the previous corresponding quarter. In the January - April 2014 quarter, the bank had posted a net profit of Rs 2326.52 crore.
DLF, Tata Power, GAIL India, IDFC, BHEL, State Bank of India, Sesa Sterlite and Infosys lost 1.5% - 3%. NTPC, Larsen & Toubro, ONGC and Cipla also closed notably lower.
The market breadth was positive. Out of 3069 stocks traded on BSE, 1721 stocks moved up. 1244 stocks declined and 104 stocks ended flat.