Key benchmark indices edged higher at the onset of trading session, tracking positive cues in the Asian market. The Sensex was currently up 72.29 points or 0.26% at 28,250.17. The market breadth indicating the overall health of the market was positive. The S&P BSE Sensex and the CNX NIfty, both, hit record high levels at the onset of trading session.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 17 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 656.37 crore on that day.
At 9:20 IST, the S&P BSE Sensex was up 72.29 points or 0.26% at 28,250.17. The index rose 82.78 points at the day's high of 28,260.66, at onset of the trading session, its record high level. The index rose 30.29 points at the day's low of 28,208.17 at onset of the trading session.
The CNX Nifty was up 9.80 points or 0.12% at 8,440.55. The index hit a high of 8,444.20 in intraday trade, its record high level. The index hit a low of 8,435.60 in intraday trade.
The market breadth indicating the overall health of the market was strong . On BSE, 1003 shares gained and 355 shares fell. A total of 29 shares were unchanged.
The BSE Mid-Cap index was up 55.60 points or 0.54% at 10,303.30. The BSE Small-Cap index was up 78.32 points or 0.69% at 11,416.28. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 21 shares rose and the remaining shares fell.
Bharat Heavy Electricals (up 1.71%), GAIL (India) (up 1.48%), State Bank of India (up 0.91%), Larsen & Toubro (up 0.88%), Reliance Industries (up 0.84%) and Tata Motors (up 0.78%), edged higher from the Sensex pack.
HDFC Bank (down 0.82%), HDFC (down 0.65%), Axis Bank (down 0.43%), Tata Steel (down 0.4%), Hindalco Industries (down 0.16%) and Dr Reddy's Laboratories (down 0.14%), edged lower from the Sensex pack.
Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in discussion with the members of opposition parties to make necessary procedural changes in Land Acquisition Act in order to avoid delay in the implementation of the infrastructure projects. Jaitley said that the government has taken series of measures to tackle various challenges being faced by the infrastructure sector in the country. The Finance Minister said that many more such measures are in offing in near future. Meanwhile, a Memorandum of Understanding (MoU) was signed yesterday, 17 November 2014, between Department of Economic Affairs (DEA), Ministry of Finance, Government of India and Department of Commerce, United States of America (USA) on establishing Infrastructure Collaboration Platform. The (MoU) establishes a United States-India Infrastructure Collaboration Platform, under which the governments of the two nations intend to coordinate and cooperate with the goal of facilitating US industry participation in Indian infrastructure projects to improve the bilateral commercial relationship and benefit both the Participants' economies, India's Ministry of Finance said in a statement.
Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in touch with the various state governments and most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved. The Finance Minister was delivering the Key Note Address at the Citi's Investor Summit: India - Poised for Higher Growth. Jaitley said there are two areas including liquor and petroleum products where the state governments want to have taxation authority. Jaitley said two state governments want entry tax and octroi to be kept-out of the purview of the GST. The Finance Minster said that all these issues will be sorted-out soon. Jaitley said he will apprise the Empowered Committee of State Finance Ministers' about the draft Constitution Amendment Bill on GST before introducing the same in parliament. Jaitley said that the targets fixed for disinvestment in the current financial year are quite ambitious one but he hopes to achieve that or reach near the same. He said that road shows in this regard are being held in many parts of the world.
The Finance Minister said that inflation, especially food inflation has moderated in last few months and global fuel prices have also come down. Therefore, if RBI which is highly professional organization in its wisdom decides to bring down the cost of capital, it will give a good fillip to the Indian economy.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Most Asian markets were trading marginally higher led by Japan as buyers stepped in to buy shares after the sell-off yesterday. Third quarter GDP data showed that the Japanese economy had stepped back into recession. Key benchmark indices in Japan, Indonesia, Singapore, South Korea and were up by 0.35% to 1.85%. However, key benchmark indices in China, Hong Kong and Taiwan were down by 0.39% to 0.67%.
US stocks ended higher on Monday, 17 November 2014, with the S&P 500 edged up to close at a record high as deal activity worth $100 billion and hopes of more European stimulus offset concerns about overseas growth after Japan's economy slipped into recession. The Dow Jones industrial average rose 13.01 points, or 0.07%, to 17,647.75, the S&P 500 gained 1.5 points, or 0.07%, to 2,041.32, a record closing high. Nasdaq Composite dropped 17.54 points, or 0.37%, to 4,671.00.
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