Key benchmark indices moved in a narrow range in positive zone in afternoon trade. The market breadth, indicating the overall health of the market, was strong. Twelve out of thirteen sectoral indices on BSE were in the green. The barometer index, the S&P BSE Sensex, was up 41 points or 0.19%, up 22.71 points from the day's low and off 28.51 points from the day's high. Gains in Asian stocks supported domestic bourses.
Many FMCG stocks rose. Capital goods stocks were in demand on renewed buying. Shares of Bosch, known for its technology prowess in the automotive market, surged.
The market edged higher in early trade on firm Asian stocks. Key benchmark indices retained positive zone in morning trade. The Sensex extended gains and hit fresh intraday high in mid-morning trade. Key benchmark indices were off the day's high in early afternoon trade. The Sensex moved in a narrow range in positive zone in afternoon trade.
The market may remain volatile during the remaining part of the trading session 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 13:16 IST, the S&P BSE Sensex was up 41 points or 0.19% to 21,073.71. The index rose 69.51 points at the day's high of 21,102.22 in mid-morning trade. The index gained 18.29 points at the day's low of 21,051 in opening trade.
The CNX Nifty was up 14.55 points or 0.23% to 6,282.95. The index hit a high of 6,291.20 in intraday trade. The index hit a low of 6,270.05 in intraday trade.
The BSE Mid-Cap index rose 0.85% and the BSE Small-Cap index gained 1.41%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,587 shares gained and 764 shares fell. A total of 123 shares were unchanged.
The total turnover on BSE amounted to Rs 1127 crore by 13:15 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined. Tata Power Company (up 3.6%), ONGC (up 2.1%) and NTPC (up 1.56%) gained.
Bajaj Auto (down 1.48%), Reliance Industries (down 0.86%) and Hero MotoCorp (down 1.41%) declined.
Many FMCG stocks edged higher. Colgate-Palmolive (India) (up 0.89%), Dabur India (up 1.25%), Godrej Consumer Products (up 0.58%), Hindustan Unilever (up 0.4%), Marico (up 1.28%) and Tata Global Beverages (up 3.53%) gained.
Index heavyweight and cigarette major ITC was up 0.5% at Rs 320.50. The stock hit a high of Rs 320.90 and low of Rs 318 so far during the day.
Capital goods stocks were in demand on renewed buying. ABB (up 2.93%), Bhel (up 0.78%), BEML (up 1.69%), Bharat Electronics (up 0.64%), Crompton Greaves (up 0.9%), Siemens (up 2.78%) and Thermax (up 1.81%) rose.
Larsen & Toubro (L&T) rose 0.36%. L&T Finance Holdings rose 1.08%. L&T early this week said it has completed the sale of 1.71 crore shares aggregating to 1% stake of L&T Finance Holdings on 23 December 2013 to comply with the minimum public shareholding requirement. L&T's total shareholding in L&T Finance Holdings now stands at 81.5%. Stock market regulator Securities & Exchange Board of India (Sebi) has made it mandatory for a minimum public holding of 25% in all listed companies. For state-run companies, a minimum 10% public holding has been made mandatory.
L&T on 20 December 2013 said that L&T Infrastructure Development Projects (L&TIDPL) has submitted an application to the Foreign Investment Promotion Board (FIPB) seeking approval in relation to a proposed foreign direct investment in L&T IDPL. Subject to completion of the due diligence processes and necessary agreement on governance and other terms of the transaction with the investor, there is a contemplation of an initial infusion of Rs 1000 crore into L&T IDPL, followed by a second tranche of Rs 1000 crore (or such higher amount as may be agreed between L&T and investor) after twelve months from the date of initial investment. The proposed transactions are subject to various factors, and may or may not be completed, and parties have not yet entered into any agreement, L&T said in a statement. In the meantime, shareholders and any other investors are reminded to exercise caution when dealing in the company's securities, pending definitive announcement(s) from the company, if any, L&T said.
L&T IDPL is primarily engaged in public-private partnership projects in India, with business interests spread across sectors involving roads and bridges, ports, metro rail, wind energy and power transmission lines. It has experience in identifying and assessing viability of projects, achieving financial closure, project management, operations and maintenance of infrastructure assets across various sectors as well as divestiture.
Bosch jumped 13.96% to Rs 11,234.95 after hitting record high of Rs 11,500 in intraday trade.
In foreign exchange market, rupee edged lower against the dollar on broad-based gains in dollar. The partially convertible rupee was hovering at 61.98, compared with its close of 61.79/80 on Tuesday, 24 December 2013. Indian financial markets were 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, and Singapore were up 0.21% to 1.03%. South Korea's Kospi dropped 0.11%. Stock markets in Hong Kong and Indonesia were shut for holidays.
In mainland China, the Shanghai Composite fell 1.58%, ending a three-day recovery as investors reacted negatively to a lack of additional cash injections from the central bank, used last week to calm a spike in interbank lending rates that has eroded investor confidence.
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.
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 minutes of the Bank of Japan's Nov. 20-21 board meeting released on Wednesday, 25 December 2013, showed that not all members were convinced that the country's growth was on a long-term upward trend. One member said that the recent deceleration in real gross domestic product growth could signal a downward shift in the economy's trend.
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.
The 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.
Powered by Capital Market - Live News
