A range bound movement was witnessed in afternoon trade. Key benchmark indices were currently almost unchanged for the day. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently up 6.67 points or 0.02% at 26,857.72. Asian stocks were in red. Sugar stocks were in demand.
In overseas markets, Asian stocks declined on concerns of slowdown in China. US stocks edged higher on Friday, 24 October 2014, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States.
Earlier, the Sensex and the 50-unit CNX Nifty had trimmed gains soon after hitting their highest level in almost five weeks at the onset of the trading session.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contract expire on Thursday, 30 October 2014.
In the foreign exchange market, the rupee was currently unchanged against the dollar.
Brent crude oil futures reversed intraday losses.
At 13:17 IST, the S&P BSE Sensex was up 6.67 points or 0.02% at 26,857.72. The index fell 23.97 points at the day's low of 26,827.08 in mid-morning trade, its lowest level since 22 October 2014. The index jumped 143.91 points at the day's high of 26,994.96 at the onset of the trading session, its highest level since 23 September 2014.
The 50-unit CNX Nifty was up 5.10 points or 0.06% at 8,019.65. The index hit a low of 8,008.30 in intraday trade, its lowest level since 22 October 2014. The index hit a high of 8,064.40 in intraday trade, its highest level since 23 September 2014.
The BSE Mid-Cap index was off 39.89 points or 0.41% at 9,633.14. The BSE Small-Cap index was down 12.54 points or 0.12% at 10,650.11. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,377 shares dropped and 1,207 shares rose. A total of 110 shares were unchanged.
Among the 30 Sensex shares, 16 rose and the remaining shares fell. Bharat Heavy Electricals (up 3.94%), Dr Reddy's Laboratories (up 1.89%), Sesa Sterlite (up 1.77%), GAIL (India) (up 1.15%), Coal India (up 1.02%), HDFC (up 0.99%), Tata Power (up 0.80%), Bharti Airtel (up 0.77%), State Bank of India (up 0.76%) and ICICI Bank (up 0.52%), edged higher from the Sensex pack.
Tata Motors (down 1.88%), Hindustan Unilever (down 1.44%), Hero MotoCorp (down 1.35%), ONGC (down 1.21%), Wipro (down 1.08%), Reliance Industries (down 0.73%), NTPC (down 0.44%) and Mahindra & Mahindra (down 0.41%), edged lower from the Sensex pack.
Sugar stocks were in demand. Bajaj Hindusthan (up 3.93%), Oudh Sugar Mills (up 3.37%), Dwarikesh Sugar (up 3.34%), Shree Renuka Sugars (up 2.40%), Dhampur Sugar Mills (up 2.01%), EID Parry (India) (up 1.26%), DCM Shriram Industries (up 1.21%), Balrampur Chini Mills (up 0.98%), Sakthi Sugars (up 0.91%), Triveni Engineering & Industries (up 0.88%) and Eastern Sugar & Industries (up 0.68%) edged higher.
In the foreign exchange market, the rupee was currently unchanged against the dollar. The rupee was hovering at 61.28, same as its close during the previous trading session.
Brent crude oil futures reversed intraday losses. Brent crude for December delivery was up 5 cents at $86.18 a barrel. The contract had lost 70 cents to settle at $86.13 a barrel on Friday, 24 October 2014.
The government's decision this month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit. The fall in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. A slump in Brent crude since the end of June contributed to consumer-price gains slowing to 6.46% last month, the least since 2012.
Meanwhile, on the political front, the Election Commission of India on Saturday, 25 October 2014, announced schedule for assembly election in Jharkhand and Jammu & Kashmir. Polls in both the states will take place in five phases from 25 November 2014 to 20 December 2014. The results of polls in both these states will be announced on 23 December 2014.
Asian stocks declined today, 27 October 2014, on concerns of slowdown in China. Key benchmark indices in China, Hong Kong, Indonesia, Taiwan and Singapore were off 0.11% to 0.79%. Key benchmark indices in South Korea and Japan were up 0.33% to 0.63%.
China's economic growth will slow to 7.2% in the current quarter, down from the previous three months, as domestic demand weakens, said Song Guoqing, an academic member of the People's Bank of China monetary policy advisory committee. The nation's economy will probably expand 7.3% next year, Song said at a forum in Beijing on 25 October 2014. That view contrasts with a prediction by Fan Jianping, chief economist at a state research institute, who said he expects 7% growth in 2015 unless the central government imposes stronger-than-expected stimulus measures.
Trading in US index futures indicated that the Dow could gain 50 points at the opening bell today, 27 October 2014. US stocks jumped on Friday, 24 October 2014, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States.
A two-day meeting of the Federal Open Market Committee (FOMC) on US monetary policy review begins tomorrow, 28 October 2014. The Fed reduced monthly purchases for a seventh time to $15 billion at its September meeting, staying on course to end the quantitative-easing program this week as the central bank weighs the timing of interest-rate rises. Minutes from the last meeting, when policy makers pledged to keep US borrowing costs low for a considerable time, showed officials expressed concern that the economy may be at risk from a global slowdown.
In Europe, none of Europe's largest banks failed the European Central Bank's (ECB) stress test. The ECB released the results of the stress test yesterday, 26 October 2014.
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