Key benchmark indices edged higher in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, was up 46.11 points or 0.22%, off close to 10 points from the day's high and up about 30 points from the day's low. The market breadth, indicating the overall health of the market, was strong. The market sentiment was also boosted by data showing that foreign funds remained buyers of Indian stocks on Monday, 23 December 2013.
Asian stocks edged higher on Tuesday, 24 December 2013, after data showed the US economic recovery gaining momentum. US economy is the world's biggest economy.
UltraTech Cement edged higher in early trade after the Competition Commission of India (CCI) cleared the company's acquisition of the cement unit of Jaypee Cement Corporation (JCCL) located in Gujarat. HDFC rose after the company said its mutual fund unit -- HDFC Mutual Fund -- has signed a definitive agreement to acquire all eight schemes of Morgan Stanley Mutual Fund in India. NHPC rose after the company said that a Promoters' Agreement was signed on 21 December 2013 between NHPC, Government of Odisha and Odisha Hydro Power Corporation for the formation of a joint venture company for implementation of six hydroelectric projects with an aggregate installed capacity of 1,020 megawatts (MW).
The market may remain volatile this week, which is a truncated trading week, 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 contract expire on Thursday, 26 December 2013. The stock market remains closed tomorrow, 25 December 2013, on account of Christmas.
Foreign institutional investors (FIIs) bought shares worth a net Rs 135.42 crore on Monday, 23 December 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 46.11 points or 0.22% to 21,147.14. The index rose 55.89 points at the day's high of 21,156.92 in early trade. The index gained 17.23 points at the day's low of 21,118.26 in early trade.
The CNX Nifty was up 14.15 points or 0.23% to 6,298.65. The index hit a high of 6,300.95 in intraday trade. The index hit a low of 6,289.25 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 768 shares gained and 239 shares fell. A total of 39 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks gained and rest of them declined. L&T (up 1%), Bhel (up 1.01%) and Coal India (up 0.8%) gained.
UltraTech Cement was up 1.68%. The company on Monday, 23 December 2013, said that the Competition Commission of India (CCI) has cleared the company's acquisition of the cement unit of Jaypee Cement Corporation (JCCL) located in Gujarat.
It may be recalled that UltraTech Cement had on 11 September 2013 reached an agreement with Jaypee Cement Corporation (JCCL), a 100% owned subsidiary of Jaiprakash Associates, to sell its 4.8 million tonnes per annum (MTPA) Gujarat cement plant to UltraTech Cement for an enterprise value of Rs 3800 crore, besides the actual net working capital. The Gujarat cement project consists of an integrated cement plant at Kutch and a 2.4 MTPA cement grinding unit at Wanakbori.
Shares of Jaiprakash Associates rose 1.29%.
Housing Development Finance Corporation (HDFC) gained 0.22%. The company on Monday, 23 December 2013, said that its mutual fund unit -- HDFC Mutual Fund -- has signed a definitive agreement to acquire all eight schemes of Morgan Stanley Mutual Fund in India. The average combined assets under management of the eight schemes of Morgan Stanley Mutual Fund totaled at Rs 3290 crore for quarter ended 30 September 2013.
NHPC rose 1.01% after the company said after market hours on Monday, 23 December 2013, that a Promoters' Agreement was signed on 21 December 2013 between NHPC, Government of Odisha and Odisha Hydro Power Corporation for the formation of a joint venture company for implementation of six hydroelectric projects with an aggregate installed capacity of 1,020 megawatts (MW).
In foreign exchange market, rupee edged higher against the dollar in early trade. The partially convertible rupee was hovering at 61.84, compared with its close of 61.9525/9625 on Monday, 23 December 2013.
Asian stocks edged higher on Tuesday, 24 December 2013, after data showed the US economic recovery gaining momentum. US economy is the world's biggest economy. Key benchmark indices in China, Hong Kong, Japan, Taiwan, Singapore and South Korea rose 0.13% to 1.07%. In Indonesia, Jakarta Composite was off 0.3%.
China's central bank conducted the first reverse-repurchase agreements in three weeks, helping to ease the tightest financing conditions since a record cash crunch in June.
In Japan, the Cabinet Office released its December economic report today, 24 December 2013. The report dropped a reference to the word deflation for the first time since October 2009, saying "prices are holding firm."
US stocks on Monday jumped to new records after strong economic data gave new momentum to last week's rally. US household purchases, which account for almost 70 percent of the economy, rose 0.5% after a 0.4% gain in October that was larger than previously estimated, the Commerce Department reported in Washington. A separate report showed consumer confidence increased in December. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 82.5 from 75.1 a month earlier.
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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