Key benchmark indices sharply pared losses in afternoon trade after European shares opened higher. The barometer index, the S&P BSE Sensex, was down 3.96 points or 0.02%, up about 87 points from the day's low and off close to 37 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Sunteck Realty rose after entering into a joint venture agreement for development of land in UAE.
The market edged lower amid initial volatility. It slipped into the red after swing between gains and losses near the flat line in morning trade. It weakened once again after trimming losses after hitting fresh intraday low in mid-morning trade. The Sensex and the 50-unit CNX Nifty, both, hit their lowest level in 1-1/2 weeks. Indices were trading slightly lower in early afternoon trade. Key benchmark indices sharply pared losses in afternoon trade after European shares opened higher.
Asian stocks fell on Monday as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis.
Foreign institutional investors (FIIs) bought shares worth a net Rs 295.01 crore on Friday, 25 April 2014, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex was down 3.96 points or 0.02% to 22684.11. The index fell 90.88 points at the day's low of 22,597.19 in mid-morning trade, its lowest level since 17 April 2014. The index gained 33.29 points at the day's high of 22,721.36 in early trade.
The CNX Nifty was down 8.25 points or 0.12% to 6,774.50. The index hit a low of 6,750.30 in intraday trade, its lowest level since 17 April 2014. The index hit a high of 6,786.25 in intraday trade.
The BSE Mid-Cap index rose 58.64 points or 0.80% to 7,432.28. The BSE Small-Cap index rose 27.24 points or 0.36% to 7,624.58. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,262 shares declined and 1,237 shares rose. A total of 125 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks declined and rest of them rose. GAIL (India) (down 1.83%), Bhel (down 1.76%), Hero MotoCorp (down 1.62%), Coal India (down 1.38%), Hindustan Unilever (down 1.29%), Tata Motors (down 1.25%), Larsen & Toubro (down 0.99%), ITC (down 0.95%), HDFC (down 0.76%), Bharti Airtel (down 0.73%) and Hindalco Industries (down 0.7%), edged lower from the Sensex pack.
Cipla (up 2.98%), Wipro (up 1.78%), Sun Pharmaceutical Industries (up 1.73%), Dr Reddy's Laboratories (up 1.66%), Sesa Sterlite (up 1.06%), Tata Power Company (up 0.84%), Axis Bank (up 0.49%), ICICI Bank (up 0.49%), Tata Steel (up 0.47%) and State Bank of India (up 0.30%), edged higher from the Sensex pack.
Sunteck Realty rose 1.23% to Rs 308.80. The company announced during trading hours today, 28 April 2014, that through its overseas subsidiary, it has entered into a joint venture agreement for development of land in UAE.
In the foreign exchange market, the rupee edged higher against the dollar on speculation fund repatriation by exporters and companies that have borrowed abroad is boosting foreign-exchange inflows. The partially convertible rupee was hovering at 60.55, compared with its close of 60.60/61 on Friday, 25 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
European equities edged higher on Monday, with a slew of merger and acquisition news seen improving sentiment in the market. Key benchmark indices in UK, France and Germany were up by 0.17% to 0.27%.
Asian stocks fell on Monday as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis. Key benchmark indices in Japan, China, Indonesia, Hong Kong, South Korea and Singapore were off 0.12% to 1.62%. Key benchmark indices in Taiwan was up 0.41%.
Asian policy makers must push ahead with structural changes to ensure the region continues to lead global growth and withstand volatility as the US reduces monetary stimulus, the International Monetary Fund said. Asian economies will face higher interest rates and bouts of volatility in capital flows and asset prices as global liquidity tightens amid a recovery in advanced nations, the Washington-based lender said in its Regional Economic Outlook for Asia and Pacific released today. Tightening of global liquidity is one of the four main risks confronting Asia this year and next year, the IMF said. Other dangers include a sharper-than-envisaged slowdown in China, waning effectiveness of growth-supporting policies in Japan, and political and geopolitical tensions that disrupt trade, it said.
Trading in US index futures indicated that the Dow could gain 14 points at the opening bell on Monday, 28 April 2014. US stocks declined on Friday, 25 April 2014 as investors tracked escalating tension in Ukraine, with the geopolitical strife overshadowing upbeat results from Microsoft.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
The US and European Union will impose new sanctions on Russia amid the detention of international observers by pro-Russian separatists. Russia is one of the world's biggest nickel producers and is the fifth-largest wheat exporter, followed by Ukraine.
Russia has stoked tensions in Ukraine by threatening military maneuvers and by taking "no concrete steps" to implement an April 17 accord meant to diffuse the crisis, the Group of Seven nations -- the US, Japan, Canada, the UK, France, Germany and Italy -- said in an April 25 statement.
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