Happy Diwali: Sensex scales record high

The Diwali has started with a bang on the bourses. The barometer index, the S&P BSE Sensex, hit record high at the onset of the trading session and on the first day of Diwali today, 1 November 2013, with market sentiment boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. The 50-unit CNX Nifty hit its highest level in almost three years. A bout of initial volatility was witnessed as key benchmark indices pared gains after moving into the positive terrain after opening lower. The Sensex surpassed its previous record high of 21,206.77 of 10 January 2008. The Sensex was up 35.98 points or 0.17%, up about 50 points from the day's low and off close to 30 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Sesa Sterlite rose after reporting Q2 result after trading hours on Thursday, 31 October 2013.

The market sentiment was boosted by data showing that foreign funds made massive purchases of Indian stocks on Thursday, 31 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1875.87 crore on Thursday, 31 October 2013, as per provisional data from the stock exchanges.

At 9:30 IST, the S&P BSE Sensex was up 35.98 points or 0.17% to 21,200.50. The index rose 66.15 points at the day's high of 21,230.67 in early trade, a record high. The index fell 17.95 points at the day's low of 21146.57 in early trade.

The CNX Nifty was up 15.10 points or 0.24% to 6,314.25. The index hit a high of 6,317.30 in intraday trade, its highest level since 8 November 2010. The index hit a low of 6,286.95 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 753 shares rose and 296 shares fell. A total of 44 shares were unchanged.

Among the 30-share Sensex pack, 18 stocks rose and rest of them fell. Tata Motors (up 1.78%), Hero MotoCorp (up 1.87%) and TCS (up 1.16%), gained.

Sesa Sterlite rose after reporting Q2 result after trading hours on Thursday, 31 October 2013. The stock was up 1.91%. The company's consolidated net profit jumped 358.65% to Rs 2394.37 crore on 8410.59% jump in total income to Rs 26266.22 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 31 October 2013. Consequent to the restructuring exercise, the results for the quarter ended 30 September 2013 are not comparable with the corresponding period of the previous year.

Sesa Sterlite's Chairman, Anil Agarwal, said: "The merger of Sterlite Industries and Sesa Goa has created one of the world's largest global diversified natural resources companies. Sesa Sterlite is the Indian flagship of our group and with its world class assets, efficient operations and our strong track record, we are well placed to deliver superior returns for shareholders. Despite volatile commodity prices and temporarily suspended iron ore operations at Goa and Karnataka, the company has delivered a strong operational and financial performance during the quarter, with production growth at our Oil & Gas, Zinc and Aluminium businesses. We expect to recommence mining in Karnataka soon and are hopeful that the Goa mining suspension will be resolved by the Supreme Court soon, which will be helpful for the government exchequer and the local economy."

Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for October 2013 today, 1 November 2013. The HSBC Manufacturing PMI, compiled by Markit, rose to 49.6 in September from 48.5 in August, but remained below the watershed 50 mark that separates growth from contraction.

The Eight Core Industries having a combined weight of 37.90% in the Index of Industrial Production (IIP) rose 8% in September 2013, posting highest growth in last 12-months, data released by the government after trading hours on Thursday, 31 October 2013, showed.

Fiscal deficit was Rs 4.12 lakh crore during April-September 2013, or 76% of the full-year target, government data showed on Thursday, 31 October 2013. In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.

Most Asian stocks declined on Friday, 1 November 2013, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data. Key benchmark indices in Japan, Taiwan, Indonesia, and Singapore shed 0.27% to 1.22%. China, Hong Kong and South Korea rose 0.01% to 0.3%.

A Chinese manufacturing gauge rose more than estimated to an 18-month high in October as output strengthened, adding to evidence the nation's economic recovery is sustaining momentum. The Purchasing Managers' Index was at 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.

US stocks fell on Thursday as investors assessed corporate earnings and speculated on when the Federal Reserve will cut stimulus.

US data yesterday showed the biggest jump in a gauge of business activity in more than three decades and a drop in jobless claims. Fewer Americans filed applications for unemployment benefits last week as a backlog in California's reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported Thursday in Washington.

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