Volatility struck bourses in early trade as the key benchmark indices regained positive zone after reversing initial upmove. The barometer index, the S&P BSE Sensex was up 26.58 points or 0.1%, up 57.21 points from the day's low and off 30.40 points from the day's high. The market breadth, indicating the overall health of the market, was strong with more than two gainers for each loser. Reliance Industries (RIL) was up marginally ahead of its 40th Annual General Meeting scheduled to be held at 11:00 IST in Mumbai today, 18 June 2014.
Asian stocks slipped on Wednesday, 18 June 2014 as investors await the Federal Reserve monetary policy decision scheduled to be released later in the global day today, 18 June 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 48.02 crore on Tuesday, 17 June 2014, as per provisional data from the stock exchanges.
At 9:28 IST, the S&P BSE Sensex was up 26.58 points or 0.1% to 25,547.77. The index gained 56.98 points at the day's high of 25,578.17 in early trade. The index fell 30.63 points at the day's low of 25,490.56 in early trade.
The CNX Nifty was up 12.45 points or 0.16% to 7,644.15. The index hit a high of 7,648.40 in intraday trade. The index hit a low of 7,620.25 in intraday trade.
The market breadth, indicating the overall health of the market, was strong with more than two gainers for each loser. On BSE, 1,065 shares gained and 425 shares fell. A total of 47 shares were unchanged.
The BSE Mid-Cap index rose 62.19 points or 0.68% to 9,163.66. The BSE Small-Cap index rose 70.75 points or 0.71% to 9,972.31. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 372 crore by 09:30 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Cipla (up 1.73%), GAIL (India) (up 1.51%) and ONGC (up 1.54%) edged higher from the Sensex pack.
Reliance Industries (RIL) was up marginally by 0.06% to Rs 1090.55 ahead of its 40th Annual General Meeting scheduled to be held at 11:00 IST in Mumbai today, 18 June 2014.
Kotak Mahindra Bank gained 2.83%. Kotak Mahindra Bank proposed to raise the ceiling for Foreign Institutional Investors (FIIs), Foreign Portfolio Investor (FPI) and Qualified Foreign Investor (QFI) investments in the bank to 40% from 37% to help it comply with RBI directive to bring down its current promoter stake by one-fourth in little over next two and half years. The private sector bank in its notice to shareholders for the upcoming annual general meet on 16 July 2014 has sought members' approval to pass a resolution to this effect.
Bank of India rose 0.9%. Bank of India's board at the meeting held on 29 May 2014, have approved the raising of Tier-1 and Tier-2 capital by issue and fresh equity shares and Tier-1 and Tier-2 bonds at an appropriate time subject to all necessary approvals.
With prices of essential food items shooting up, the government on Tuesday, 17 June 2014 unveiled anti-inflationary measures by asking the state governments to crack down on hoarders and fixing minimum export prices for onions and potatoes to discourage exports and increase local supply.
Finance Minister Arun Jaitely urged that urgent and timely attention be given to all matters related to price rise, and that the departments concerned should take necessary steps without any delay. The Finance Minister also emphasized on the urgency to effectively check constraints in ensuring smooth flow of essential commodities availability in the market through dehoarding, timely inspection, monitoring etc.
Asian stocks slipped on Wednesday, 18 June 2014 as investors await the Federal Reserve monetary policy decision scheduled to be released later in the global day today, 18 June 2014. Key benchmark indices in China, Singapore, Hong Kong, Indonesia and South Korea fell by 0.09% to 0.51%. Key benchmark indices in Taiwan and Japan rose by 0.09% to 0.42%.
US stocks ended Tuesday, 17 June 2014 slightly higher, with the main benchmarks gaining for the third consecutive day. However, gains were muted as headlines of violence in Iraq did not abate.
A two-day meeting of the Federal Open Market Committee on US monetary policy concludes today, 18 June 2014. The FOMC after a monetary policy review on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve. The Fed also said at that time that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends.
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