Intraday volatility continued as key benchmark indices regained positive terrain in afternoon trade as higher opening of European stocks boosted sentiment. The 50-unit CNX Nifty was currently above the psychological 6,000 level, having alternately moved above and below that level in intraday trade. The barometer index, the S&P BSE Sensex, was up 12.31 points or 0.06%, up close to 125 points from the day's low and off about 60 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Auto stocks rose across the board. Capital goods pivotals were mixed. Tata Steel extended intraday gain.
A bout of initial volatility was witnessed as the key benchmark indices reversed initial losses. The Sensex, and the 50-unit CNX Nifty, both, hit their highest level in nearly three weeks. Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade. Key benchmark indices weakened in mid-morning trade as index heavyweight Reliance Industries (RIL) extended intraday fall and as another index heavyweight ITC dropped in choppy trade. The market trimmed losses in early afternoon trade. The Sensex regained positive terrain in afternoon trade.
In the foreign exchange market, the rupee trimmed intraday losses against the dollar. The partially convertible rupee was hovering at 61.95, a tad weaker than its close of 61.93/94 on Wednesday, 9 October 2013. The rupee had fallen below 62 against the dollar earlier during the day.
Foreign institutional investors (FIIs) bought shares worth a net Rs 326.58 crore on Wednesday, 9 October 2013, as per provisional data from the stock exchanges.
At 13:20 IST, the S&P BSE Sensex was up 12.31 points or 0.06% to 20,261.57. The index gained 74.51 points at the day's high of 20,323.77 in early trade, its highest level since 20 September 2013. The index fell 113.35 points at the day's low of 20,135.91 in mid-morning trade.
The 50-unit CNX Nifty was up 11.05 points or 0.18% to 6,018.50. The index hit a high of 6,031.80 in intraday trade, its highest level since 20 September 2013. The index hit a low of 5,979.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,311 shares gained and 898 shares fell. A total of 154 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Jindal Steel & Power (up 2.19%), Sesa Sterlite (up 1.79%) and NTPC (up 1.31%), gained.
Tata Steel extended Wednesday's gains triggered by the company's announcement of increase in production and sales deliveries of steel in Q2 September 2013. The stock was up 2.26%. The company's hot metal production rose 19% to 2.46 million tonnes in Q2 September 2013 over Q2 September 2012. Crude steel production rose 19% to 2.29 million tonnes in Q2 September 2013 over Q2 September 2012. Saleable steel production rose 18% to 2.2 million tonnes in Q2 September 2013 over Q2 September 2012. Deliveries rose 18% to 2.03 million tonnes in Q2 September 2013 over Q2 September 2012. The company announced the data during trading hours on Wednesday, 9 October 2013.
State Bank of India (SBI) rose 1.09% to Rs 1,630. The stock hit high of Rs 1,634.80 and low of Rs 1,609.85 so far during the day. SBI said during market hours that it has been decided to designate Mr. Rajendra Kumar Saraf as the Deputy Managing Director and Chief Financial Officer (CFO) of the bank.
Auto stocks rose across the board. M&M rose 1.19%. Maruti Suzuki India gained 0.94%.
Tata Motors rose 1.68%. The company early this week announced the launch of the new Tata Nano CNG emax. The Tata Nano CNG emax is powered by a fuel efficient, state-of-the-art engine, with CNG and Petrol bi-fuel system options. The car has the lowest carbon footprint of 75.6 g/km and is the most fuel efficient car in India with a mileage of 36 km/kg, Tata Motors said in a statement on 8 October 2013. The Tata Nano CNG emax will now be available across CNG markets like Delhi, Gujarat, parts of Maharashtra and Lucknow.
The Tata Nano CNG emax price range starts at Rs 2.45 lakhs, ex-showroom Ahmedabad for the Nano CX and goes upto Rs. 2.72 lakhs ex-showroom Ahmedabad for the Nano LX.
Ashok Leyland gained 3.48% to Rs 16.35 on huge early volume of 2.69 crore shares after a large bulk deal of 2.6 crore shares was executed on the counter at Rs 15.90 per share at 09:26 IST on BSE today, 10 October 2013.
Shares of two wheeler makers also gained. Bajaj Auto rose 0.03%. Hero MotoCorp advanced 0.12%.
Capital goods pivotals were mixed. L&T rose 0.66%, with the stock extending recent gains triggered by the company's announcement of winning new orders worth Rs 1605 crore across various business segments. L&T announced the new orders during trading hours on Tuesday, 8 October 2013.
Bhel shed 0.41%.
European stocks rose for the first time in four days on Thursday, 10 October 2013, amid signs US lawmakers will agree on a compromise deal to avoid an unprecedented default. Key benchmark indices in France, Germany and UK were up 0.33% to 0.63%.
The Bank of England's (BoE) monetary policy announcement is due later in the global day today, 10 October 2013. The BoE is expected to keep rates steady at 0.5% as the central bank has tied any changes in rates to a drop in the unemployment rate to 7%. Also, the bank is expected to retain the level of its 375 billion quantitative easing program.
Asian markets were trading mixed on Thursday, 10 October 2013. Key benchmark indices in Singapore, Japan and Indonesia rose by 0.46% to 1.12%. Key benchmark indices in China, Hong Kong and South Korea fell by 0.07% to 0.94%. Taiwan's markets were closed for a holiday.
Chinese trade and inflation data to be released over the weekend and early next week will provide investors a chance to see whether the economic recovery seen in recent months has carried on to September.
Japanese core machinery orders rose 5.4% in August from the previous month, the government said Thursday, on a recovery in capital spending by businesses and increased demand ahead of a planned sales-tax hike. That came after a 0.03% decline in July, and was the first rise in three months.
Trading in US index futures indicated that the Dow could gain 57 points at the opening bell on Thursday, 10 October 2013. US stocks ended mostly higher on Wednesday, 9 October 2013, with signs of progress in ending deadlock in Washington after news that US President Barack Obama would meet House Democrats on Wednesday and House Republicans on Thursday. House leaders met late on Wednesday, a fresh sign Washington is trying to resolve the government shutdown -- now on Day 10. The US government has just over a week before the government's borrowing authority lapses on 17 October 2013.
US markets on Wednesday, 9 October 2013, offered little reaction to the Federal Reserve's release of minutes from its September meeting, at which the Fed unexpectedly refrained from tapering its $85 billion in monthly asset purchases. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes of their last meeting, which took place before the US government partial shutdown started.
Meanwhile, US President Barack Obama on Wednesday, 8 October 2013, nominated Janet Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the shutdown continues. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Brazil's central bank on Wednesday raised the country's baseline lending rate once more by half a point, as expected. But the central bank disappointed some investors by giving no sign that it will slow the pace of rate hikes going forward. In a unanimous vote, the monetary policy committee, or Copom, raised the Selic rate to 9.5%.
The OPEC is slated to release its monthly oil report later today, 10 October 2013.
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