Key benchmark indices edged higher in early trade. The barometer index, the S&P BSE Sensex regained the psychological 27,000 level in opening trade. The Sensex was currently up 54.94 points or 0.2% at 27,050.81. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. Asian stocks were mixed today, 12 September 2014.
At 9:25 IST, the S&P BSE Sensex was up 54.94 points or 0.2% at 27,050.81. The index gained 69.15 points at the day's high of 27,065.02 in early trade. The index rose 14.78 points at the day's low of 27,010.65 in early trade.
The CNX Nifty was up 14.20 points or 0.18% at 8,099.90. The index hit a high of 8,102.95 in intraday trade. The index hit a low of 8,086.25 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,222 shares gained and 435 shares fell. A total of 62 shares were unchanged.
The BSE Mid-Cap index was up 53.09 points or 0.53% at 10,016.60. The BSE Small-Cap index was up 77.21 points or 0.69% at 11,188.13. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 310 crore by 09:25 IST.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.
ONGC (up 1.1%), Maruti Suzuki India (up 1.09%) and Bharti Airtel (up 0.89%) edged higher from the Sensex pack.
ICICI Bank rose 0.16%. ICICI Bank, acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $500 million. The notes were sold under the Rule 144A/Reg S format. The notes carry a coupon of 3.50% and were offered at an issue price of 99.653. The announcement was made after market hours on Thursday, 11 September 2014.
Sun Pharmaceutical Industries lost 2.75%. Sun Pharmaceutical Industries is looking to get shareholders' approval to raise funds through qualified institutional placement (QIP) of Rs 12000 crore at its 27th annual general meeting to be held on 27 September 2014. It is also considering shareholders' nod for borrowing Rs 50000 crore.
L&T rose 0.31%. L&T during market hours said that the company has won Rs 1885 crore order from NTPC.
GMR Infrastructure rose 0.8%. GMR Infrastructure announced after market hours on Thursday, 11 September 2014, that a meeting of the board of directors of the company will be held on 16 September 2014, to consider, raising of funds through rights issue of shares.
Data due today, 12 September 2014 and early next week is likely to show easing of inflation in August 2014 and a muted growth in industrial production in July 2014. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen decelerating to 7.8% in August 2014, from 7.96% in July 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the CPI data for August 2014 at 17:30 IST today, 12 September 2014. The Reserve Bank of India (RBI) is targeting CPI inflation at 8% by January 2015 and 6% by January 2016.
Meanwhile, the growth in industrial production is seen decelerating to 1.9% in July 2014, from 3.4% in June 2014, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production growth had eased to 3.4% in June 2014, from 5% increase recorded in May 2014. The government will release the industrial production data for July 2014 at 17:30 IST today, 12 September 2014.
The annual rate of inflation based on the monthly Wholesale Price Index (WPI) is seen decelerating to 4.43% in August 2014, from 5.19% in July 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the WPI data for August 2014 at 12 noon on Monday, 15 September 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 11 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 433.55 crore on that day.
Asian stocks were mixed today, 12 September 2014. Key benchmark indices in Japan, South Korea, China and Singapore rose by 0.1% to 0.38%. Key benchmark indices in Indonesia, Taiwan and Hong Kong fell by 0.04% to 0.91%.
US stocks were mostly higher on Thursday, 11 September 2014 on buying in shares of energy firms.
US President Barack Obama has reportedly pledged more air strikes against the Islamic State extremists that have spread from Syria into Iraq, and said the US would join the European Union in imposing more sanctions on Russia for its support of separatists in Ukraine.
Investors will look to next week's Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. At the end of a two-day meeting on 16-17 September 2014, the FOMC is widely expected to announce cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on track to end the program at its October meeting. The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.
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