SBI extends intraday gains

Key benchmark indices moved in a narrow range in afternoon trade. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex, was up 35.22 points or 0.17%, up close to 60 points from the day's low and off about 50 points from the day's high. In the foreign exchange market, the rupee edged higher against the dollar, on broad weakness against the dollar triggered by speculation Federal Reserve speakers including Chairman Ben S. Bernanke will reiterate economic growth isn't yet sufficient to trim monetary stimulus to the US economy.

Most pharma stocks declined. Most bank pivotals edged higher. State Bank of India (SBI) extended intraday gains. GAIL (India) and L&T, both, extended intraday gain.

Key benchmark indices edged higher in early trade. The Sensex and the 50-unit CNX Nifty, both, hit over 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away almost entire initial gains in morning trade. Key benchmark indices moved in a narrow range in mid-morning trade. A bout of volatility was witnessed as key benchmark indices trimmed gains in early afternoon trade. The Sensex regained positive zone after slipping into the red in afternoon trade.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1158.57 crore on Monday, 18 November 2013, as per provisional data from the stock exchanges.

At 13:20 IST, the S&P BSE Sensex was up 35.22 points or 0.17% to 20,885.96. The index gained 83.66 points at the day's high of 20,934.40 in early trade, its highest level since 7 November 2013. The index fell 22.05 points at the day's low of 20,828.69 in afternoon trade.

The CNX Nifty was up 9.35 points or 0.15% to 6,198.35. The index hit a high of 6,212.40 in intraday trade, its highest level since 7 November 2013. The index hit a low of 6,180.20 in intraday trade.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,148 shares dropped and 1,133 shares rose. A total of 155 shares were unchanged.

Among the 30-share Sensex pack, 15 stocks gained and rest of them declined.

Maruti Suzuki India (up 3.1%), Hindalco Industries (up 3.07%) and Jindal Steel & Power (up 2.15%) edged higher from the Sensex pack.

Most pharma stocks declined. Cipla (down 0.45%), Dr Reddy's Laboratories (down 1.05%), and Sun Pharmaceutical Industries (down 0.29%), dropped. Ranbaxy Laboratories rose 0.13%.

Most bank pivotals edged higher. State Bank of India (SBI) rose 3.2%, with the stock extending intraday gain.

ICICI Bank rose 0.58%. ICICI Bank on Monday, 18 November 2013, said that the bank acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $750 million. The notes were sold under the Rule 144A/Reg S format. The notes carry a coupon of 4.8% and were offered at an issue price of 99.609. The announcement was made after market hours on Monday, 18 November 2013.

Indusind Bank gained 0.81%. The bank said during market hours that it has opened a new branch in Gomti Nagar area of Lucknow. With the inauguration of the new branch in Lucknow, Induslnd Bank now has four branches in Lucknow and overall forty nine branches in the state of Uttar Pradesh. The bank has also announced its plans to further strengthen its presence and customer reach in Uttar Pradesh.

But, HDFC Bank declined 1.01%.

Karur Vysya Bank fell 2.32% at Rs 327. A block deal of 2 lakh shares was executed on the counter at Rs 328 per share at 09:45 IST on BSE today, 19 November 2013. Another block deal of 30,024 shares was struck at Rs 330 per share at 09:52 IST on BSE today, 19 November 2013.

L&T rose 1.75%, with the stock extending intraday gain.

GAIL (India) gained 1.62%, with the stock extending intraday gain

In the foreign exchange market, the rupee edged higher against the dollar, on broad weakness against the dollar triggered by speculation Federal Reserve speakers including Chairman Ben S. Bernanke will reiterate economic growth isn't yet sufficient to trim monetary stimulus to the US economy. The partially convertible rupee was hovering at 61.95, compared with its close of 62.41/42 on Monday, 18 November 2013.

Asian markets were mostly higher on Tuesday, 19 November 2013. Key benchmark indices in Taiwan, Hong Kong, Indonesia and South Korea rose by 0.01% to 1.04%. Key benchmark indices in China, Singapore, and Japan fell by 0.19% to 0.3%.

Trading in US index futures indicated a flat opening of US stocks on Tuesday, 19 November 2013. Most US stocks fell on Monday, 18 November 2013, after cautious comments by activist investor Carl Ichan on the equities market.

Investors will closely watch minutes of the Fed's October 29-30 meeting due tomorrow, 20 November 2013. Federal Reserve Chairman Ben Bernanke will speak at the National Economists Club in Washington later today, 19 November 2013.

At a Nov. 14 congressional hearing on her nomination to run the Fed, Vice Chairman Janet Yellen indicated she'll press on with the central bank's monetary stimulus until she sees a robust recovery, downplaying risks the policy is inflating asset bubbles.

New York Fed President William C. Dudley said on Monday, 18 November 2013, he's more hopeful about the economy while indicating no change in bond buying. "While growth in 2013 has been disappointing, I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015. As growth picks up, I expect to see more substantial improvement in labor market conditions," Dudley said.

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