Key benchmark indices trimmed gains after striking fresh intraday high in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 62 points or 0.3%, off 28.33 points from the day's high and up 67.06 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Gains in Asian stocks and overnight rally in US stocks underpinned sentiment on the domestic bourses. In the foreign exchange market, the rupee edged higher against the dollar on global risk on sentiment.
Index heavyweight Reliance Industries edged higher. Cipla extended initial gain. GAIL (India) reversed initial decline. Education stocks rose on renewed buying. Mastek surged ahead of the company's board meeting to consider a proposal for buyback of equity shares of the company. Realty stocks edged higher.
Asian stocks edged higher on Wednesday, 8 January 2014, as the International Monetary Fund said it will raise its global economic growth forecast and as the US trade deficit narrowed.
Key benchmark indices edged higher amid initial volatility on firm Asian stocks. The Sensex retained positive zone in morning trade. Key benchmark indices extended intraday gains in mid-morning trade. Key benchmark indices trimmed gains after striking fresh intraday high in early afternoon trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 567.02 crore on Tuesday, 7 January 2014, as per provisional data from the stock exchanges.
At 12:15 IST, the S&P BSE Sensex was up 62 points or 0.3% to 20,755.24. The index gained 90.33 points at the day's high of 20,783.57 in early afternoon trade. The index fell 5.06 points at the day's low of 20,688.18 in early trade.
The CNX Nifty was up 20.45 points or 0.33% to 6,182.70. The index hit a high of 6,191.20 in intraday trade. The index hit a low of 6,160.35 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,449 shares gained and 766 shares fell. A total of 147 shares were unchanged.
The total turnover on BSE amounted to Rs 1094 crore by 12:15 IST, compared with Rs 815 crore by 11:20 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Index heavyweight Reliance Industries rose 1.02% to Rs 850.75. The stock hit a high of Rs 854 and low of Rs 844.60 so far during the day.
Cipla gained 2.46% to Rs 400.05, with the stock extending intraday gain. The stock hit a high of Rs 401 and low of Rs 389.10 so far during the day.
GAIL (India) rose 2.09% to Rs 345, with the stock reversing initial decline. The stock hit a high of Rs 345 and low of Rs 334.55 so far during the day.
Education stocks rose on renewed buying. Tree House Education & Accessories (up 1%), Everonn Education (up 14.75%), Educomp Solutions (up 4.91%), CORE Education & Technologies (up 4.84%), MT Educare (up 0.39%), Zee Learn (up 3.25%) and Aptech (up 0.83%) gained.
Mastek surged ahead of the company's board meeting to consider a proposal for buyback of equity shares of the company. The stock was up 9.61% at Rs 200.65. The stock hit a high of Rs 207.90 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 184.85 so far during the day. On BSE, so far 7.77 lakh shares were traded in the counter as against average daily volume of 60,615 shares during the past one quarter.
Shares of Mastek have rallied 23.97% in three trading sessions from Rs 161.85 on 3 January 2014 after the company after market hours on 3 January 2014 said that its board will meet on Wednesday, 8 January 2014, to consider a proposal for buyback of equity shares of the company.
Realty stocks edged higher. DLF (up 0.7%), Indiabulls Real Estate (up 1.73%), HDIL (up 2.68%), Unitech (up 1.01%), Godrej Properties (up 0.42%), and Parsvnath Developers (up 0.97%) gained.
Prestige Estates Projects jumped 3.5% after the company said its real estate sales rose 24.69% to Rs 940.20 crore in Q3 December 2013 over Q3 December 2012. The announcement was made during trading hours today, 8 January 2014
Prestige Estates Projects said it sold 1,204 residential units and 0.026 million square feet (Mnsft) of commercial space, aggregating to 2.075 Mnsft, amounting to Rs 1262 crore of sales in Q3 December 2013.
Prestige Estates Projects said it is very close to meet its target set for the fiscal year ending March 2014 in terms of sales, collection and launches.
In the foreign exchange market, the rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 62.205, compared with its close of 62.30/31 on Tuesday, 7 January 2014.
The next major trigger for the stock market is Q3 December 2013 corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year. The Q3 earnings season begins later this week when IT major Infosys and private sector bank IndusInd Bank unveil their earnings on Friday, 10 January 2014.
Prime Minister Dr. Manmohan Singh today, 8 January 2014, said India's economic growth in the current fiscal year will likely remain flat at 5%. A number of international as well as domestic factors have contributed to slow down in India's economic growth in the recent past, Dr. Singh said. He said that India's economic fundamentals remain strong. "Our savings and investment rates are still over 30% of our GDP and the entrepreneurial spirit in India is very much alive and kicking," Dr. Singh said at the Pravasi Bharatiya Diwas, 2014, in New Delhi.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
Asian stocks edged higher on Wednesday, 8 January 2014, as the International Monetary Fund said it will raise its global economic growth forecast and as the US trade deficit narrowed. Key benchmark indices in Taiwan, Hong Kong, Singapore and Japan rose by 0.51% to 1.94%. Key benchmark indices in China, South Korea and Indonesia fell by 0.02% to 0.12%.
China is due to publish December trade data today, 8 January 2014. China will release December inflation figures tomorrow, 9 January 2014.
Trading in US index futures indicated that the Dow could advance 17 points at the opening bell on Wednesday, 8 January 2014. US stocks rallied on Tuesday, 7 January 2014, helped by data showing a smaller-than-expected trade gap and gains by health-care stocks following an upgrade for UnitedHealth Group Inc. The US trade deficit fell almost 13% to $34.3 billion in November from a revised $39.4 billion in the prior month, the Commerce Department said Tuesday.
Boston Fed President Eric Rosengren on Tuesday said the central bank should only wind down its bond-buying program gradually. San Francisco Fed President John Williams said the Fed likely will end its bond buys this year, adding that he sees "newfound momentum" in the economy.
The US Federal Reserve will release minutes of its December Federal Open Market Committee policy meeting later in the global day today, 8 January 2014.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. The 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 this year.
The ADP Research Institute reports the change in US company payrolls later in the global day today, 8 January 2014.
The US government will unveil the influential non-farm payroll report for December 2013 on Friday, 10 January 2014.
The European Central Bank holds a monetary policy meeting tomorrow, 9 January 2014. UK's central bank -- Bank of England -- also undertakes monthly monetary policy review tomorrow, 9 January 2014.
The IMF expects to upgrade its outlook for global economic growth, IMF Managing Director Christine Lagarde told reporters in Kenyan capital of Nairobi. The organization plans to announce new forecast "in about three weeks from now," she said.
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