Market edges higher amid initial volatility

A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period after opening higher. The barometer index, the S&P BSE Sensex was currently up 30.32 points or 0.11% at 27.237.08. The market breadth indicating the overall health of the market was strong. Pidilite Industries rose after the company said that the related parties have closed and completed the acquisition of the adhesive business of Bluecoat on a slump sale basis for a consideration of Rs 263.57 crore. Reliance Industries (RIL) gained after the company said that its subsidiary Reliance Jio Infocomm (Reliance Jio) and Indus Towers have signed a master services agreement (MSA) for tower infrastructure sharing. Asian stocks were mostly lower.

At 9:23 IST, the S&P BSE Sensex was up 30.32 points or 0.11% at 27.237.08. The index rose 45.32 points at the day's high of 27,252.06 in early trade. The index lost 20.66 points at the day's low of 27,186.08 in early trade.

The CNX Nifty was up 7.55 points or 0.09% at 8,153.85. The index hit a high of 8,154.80 in intraday trade. The index hit a low of 8,137.90 in intraday trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,074 shares gained and 405 shares fell. A total of 44 shares were unchanged.

The BSE Mid-Cap index was up 34.32 points or 0.35% at 9,919.14. The BSE Small-Cap index was up 64.53 points or 0.57% at 11,313.22. Both these indices outperformed the Sensex.

Reliance Industries (RIL) gained 0.13% after the company after market hours on Monday, 22 September 2014, said that its subsidiary Reliance Jio Infocomm (Reliance Jio) and Indus Towers have signed a master services agreement (MSA) for tower infrastructure sharing. Under the agreement, Reliance Jio would utilize the telecom tower infrastructure services being provided by Indus Towers to launch its services across the country. As per the agreement, the pricing would be based on prevailing market rates.

Pidilite Industries rose 3.07% after the company said before market hours that the parties have closed and completed the acquisition of the adhesive business of Bluecoat on a slump sale basis for a consideration of Rs 263.57 crore.

The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month September 2014 series to October 2014 series. The near-month September 2014 F&O contracts expire on Thursday, 25 September 2014.

Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign on Thursday, 25 September 2014. The initiative is one of the several steps which government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country. In his maiden independence day address, Modi invited the global business community to set up manufacturing facilities in India, giving the slogan 'come, make in India'.

The provisional data released by the stock exchanges after trading hours on Monday, 22 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 186.41 crore on that day.

Asian stocks edged lower today, 23 September 2014. Key benchmark indices in Hong Kong, Indonesia, Taiwan, and South Korea fell by 0.12% to 0.71%. Key benchmark indices in China and Singapore rose 0.23% to 0.66%.

A Chinese manufacturing gauge unexpectedly increased this month, suggesting export demand is helping the economy withstand a property slump. The preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics was at 50.5, matching the estimates and up from August's final reading of 50.2. The data was released today, 23 September 2014.

US stocks closed lower on Monday, 22 September 2014, with the S&P 500 index suffering its biggest one-day decline since early August, as the latest housing data came in much weaker than expected, raising new concerns about the rate of growth in the economy.

The data in US showed existing home sales fell 1.8% in August, far less than estimates.

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