Key benchmark indices surged in early trade on positive Asian stocks. The S&P BSE Sensex was up 288.21 points or 1.41%, up 117.04 points from the day's low and off 13.40 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Index heavyweight and cigarette major ITC rose in early trade. Reliance Industries also gained in early trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
At 9:30 IST, the S&P BSE Sensex was up 288.21 points or 1.41% to 20,687.63. The index gained 301.61 points at the day's high of 20,701.03 in early trade. The index rose 130.44 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 85.45 points or 1.41% to 6,141.60. The index hit a high of 6,143.60 in intraday trade. The index hit a low of 6,110.40 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 803 shares gained and 269 shares fell. A total of 25 shares were unchanged.
The total turnover on BSE amounted to Rs 183 crore by 09:30 IST.
Among the 30-share Sensex pack, 28 stocks gained and only two of them declined.
HDFC Bank (up 2.89%), ICICI Bank (up 2.79%) and Tata Steel (up 2%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC rose 1.38%.
Reliance Industries gained 0.93% in early trade.
Tata Consultancy Services (TCS) rose 1.1%. The company announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat. The state-of-the-art software development facility was inaugurated by Narendra Modi, Hon'ble Chief Minister, Gujarat who was welcomed at the venue by Cyrus P Mistry, Chairman, Tata Group and N. Chandrasekaran, Chief Executive Officer & Managing Director. Also present on the occasion were senior officials of the state government, business, academic and community leaders as well as senior executives from TCS.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions. He added, We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.
TCS Garima Park has been developed as a green campus and is a LEED (Leadership in Energy and Environmental Design) Gold rated IT campus. Built with locally sourced red stone, a trademark feature of local architecture, the campus also uses extensive technology to increase efficiency and reduce wastage. Solar panels, LED lighting, occupancy and light-sensitive sensors have been used to optimise power consumption, for instance.
TCS Garima Park provides a contemporary and holistic working space for employees. It has been designed to extensively use natural light and ventilation extensively throughout the structure. There are open, shared spaces for TCSers to use to collaborate and co-create like a 250-seat amphitheatre, a 250-seat multli-purpose hall. To help TCSers focus on wellness, TCS Garima Park also features a modern gymnasium, tennis, badminton and basketball courts as well as a jogging track for employees to use.
The Garima Park campus also features a learning center as well as iClass rooms (connected with other TCS learning hubs across the world), hi-end virtual presence conference rooms, meeting rooms and cafeterias. The campus is an approved Special Economic Zone and will serve global customers across industry segments.
NMDC rose 1.25%. The company said on Saturday, 16 November 2013 it achieved production and despatches of iron ore of 148.06 lakh tonne and 160.66 lakh tonne respectively (provisional) upto October 2013. It rolled over the October 2013 prices of iron ore (lumps - 4300 Rs/WMT, fines - 2610 Rs/WMT) to the month of November, 2013.
Jaiprakash Associates gained 3.09%. The company after market hours on Thursday, 14 November 2013 reported a 47.1% drop in net profit to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.
Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
Asian markets were trading higher following firm cues from Wall Street. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan, Indonesia and South Korea rose by 0.19% to 2.14%.
Meanwhile, China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets. That boosted stocks globally on Thursday and continued to contribute to positive sentiment on Friday.
Powered by Capital Market - Live News
