Bosch hits record high above Rs 10,000

Key benchmark indices retained positive zone in morning trade. The market breadth, indicating the overall health of the market, was strong. All the thirteen sectoral indices on BSE were in the green. Gains in Asian stocks underpinned sentiment on the domestic bourses. The barometer index, the S&P BSE Sensex, was up 44.11 points or 0.21%, off close to 10 points from the day's high and up about 25 points from the day's low.

Pharma stocks edged higher on renewed buying, with Dr Reddy's Laboratories hitting record high. Metal stocks also edged higher. Shares of Bosch, known for its technology prowess in the automotive market, hit record high above Rs 10,000 level. Tata Power Company extended initial gains.

 

The market edged higher in early trade on firm Asian stocks. Key benchmark indices retained positive zone in morning trade.

The market may remain volatile today, 26 December 2013, as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series. The near month December 2013 derivatives contracts expire today, 26 December 2013.

Foreign institutional investors (FIIs) bought shares worth a net Rs 40.67 crore on Tuesday, 24 December 2013, as per provisional data from the stock exchanges.

At 10:20 IST, the S&P BSE Sensex was up 44.11 points or 0.21% to 21,076.82. The index rose 55.84 points at the day's high of 21,088.55 in morning trade. The index gained 18.29 points at the day's low of 21,051 in opening trade.

The CNX Nifty was up 14.20 points or 0.23% to 6,282.60. The index hit a high of 6,285 in intraday trade. The index hit a low of 6,270.05 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,307 shares gained and 403 shares fell. A total of 103 shares were unchanged.

Among the 30-share Sensex pack, 23 stocks gained and rest of them declined. Bhel (up 0.93%), ONGC (up 1.3%) and GAIL (India) (up 0.95%) gained.

Tata Power Company rose 1.86%, with the stock extending initial gains.

Pharma stocks edged higher on renewed buying. Cipla (up 1.04%), Lupin (up 0.08%), Ranbaxy Laboratories (up 1.11%) and Sun Pharmaceutical Industries (up 0.49%) gained.

Dr Reddy's Laboratories rose 0.14% to Rs 2,543.80 after hitting record high of Rs 2,554 in intraday trade.

Metal stocks also edged higher. Sesa Sterlite (up 1.23%), Hindalco Industries (up 0.25%), JSW Steel (up 0.83%), SAIL (up 0.84%), National Aluminum Company (up 1.05%), Jindal Steel & Power (up 1.01%), Bhushan Steel (up 0.01%), Hindustan Copper (up 0.43%) and Tata Steel (up 0.16%) gained. NMDC fell 0.11%.

Bosch rose 4.59% to Rs 10,311 after hitting record high of Rs 10,350 in intraday trade.

Allahabad Bank rose 1.5% to Rs 94.60 after the bank said it has allotted 4.45 crore equity shares at Rs 89.72 per share to the Government of India on preferential allotment basis. The announcement was made before market hours today, 26 December 2013.

Allahabad Bank today, 26 December 2013 said that the shareholders of the bank through a special resolution at an extraordinary general meeting held on Tuesday, 24 December 2013, approved the issue and allotment of equity shares on preferential basis to the Government of India (GoI) against capital infusion of Rs 400 crore in the bank and raising of capital of upto Rs 320 crore through qualified institutional placement (QIP) in such a manner that the shareholding of GoI in the bank will not fall below 55.24% of the total paid-up capital of the bank.

Amtek India surged 13.06% after the company said it has entered into an agreement to acquire substantial business interests of Germany based Kuepper Group through its 100% subsidiaries. The announcement was made after market hours on Tuesday, 24 December 2013. The Kuepper Group is engaged in the business of iron and aluminium casting and integrated machining, having 5 manufacturing units across Germany and Hungary. The transaction closing is subject to fulfillment of certain conditions, Amtek India said.

In foreign exchange market, rupee edged lower against the dollar on broad based gains in dollar. The partially convertible rupee was hovering at 61.96, compared with its close of 61.79/80 on Tuesday, 24 December 2013. Financial markets remained closed on Wednesday, 25 December 2013, on account of Christmas.

Asian stocks edged higher on Thursday, 26 December 2013, led by Japanese stocks after the yen fell to a five-year low against the dollar. Key benchmark indices in Taiwan, Japan, Singapore and South Korea were up 0.11% to 0.93%. China's Shanghai Composite fell 1.13%. Stock markets in Hong Kong and Indonesia were shut for holidays.

China's ruling Communist Party reportedly unveiled on Wednesday a five-year plan to fight pervasive graft, with particular attention on corruption that triggers protests or happens in the course of economic reforms. President Xi Jinping has launched a sweeping crackdown on corruption since taking power, pursuing high-flying "tigers" as well as lowly "flies" in the government, military, state-owned enterprises and universities.

China's economy this year is likely to expanded 7.6%, compared with the government's 7.5% target, a News Agency in China reportedly said, citing a report by the State Council.

The consumer confidence index in South Korea stayed at 107 in December, unchanged from November, the nation's central bank said in a statement today, 26 December 2013.

Trading in US index futures indicated that the Dow could advance 65 points at the opening bell on Thursday, 26 December 2013. US stock market was closed on Wednesday, 25 December 2013, for Christmas. US stocks ended higher on Tuesday, 24 December 2013, with the Dow Jones Industrial Average and the S&P 500 rising to record closes after an upbeat report on durable-goods orders. Investors welcomed Tuesday's durable-goods report showing that orders for big-ticket US items, such as aircraft and transportation equipment, rose 3.5% last month.

In a separate report, US home prices rose 8.2% in October from the same month last year, according to the Federal Housing Finance Agency. Prices rose 0.5% from September.

Rising mortgage rates did not affect the sales of new single-family homes much, according to US Commerce Department data released on Tuesday. Sales declined 2.1% in November to a seasonally adjusted annual rate of 464,000, down from a rate of 474,000 in October, which was the fastest pace since July 2008.

The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.

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