A bout of volatility was witnessed as key benchmark indices regained positive terrain after reversing intraday gains in early afternoon trade. The overall movement for key indices was confined to a narrow range. The broad market showed strength, with more than two gainers for every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 29.35 points or 0.11% at 26,655.67. The BSE Mid-Cap index was up 1.03%. The BSE Small-Cap index was up 1.58%. Both these indices outperformed the Sensex. Hong Kong led decline in Asian stocks due to political unrest in the Chinese city.
Metal and mining stocks declined as latest data reaffirmed slowdown in China. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1133.64 crore during the previous trading session on Friday, 26 September 2014, as per provisional data.
Earlier, key indices had moved in a very narrow range in positive zone after seeing initial volatility.
Meanwhile, Prime Minister Narendra Modi will hold talks with US President Barack Obama at the White House tomorrow, 30 September 2014. Modi is on a five-day visit to US.
In overseas market, Hong Kong led decline in Asian stocks after clashes between police and pro-democracy protesters in the Chinese city.
In the foreign exchange market, the rupee edged lower against the dollar on broad gains in dollar after US economic data bolstered the outlook for higher interest rates in the world's biggest economy.
Brent crude oil prices edged lower due to weak data from major buyer China and a stronger US dollar.
At 12:14 IST, the S&P BSE Sensex was up 29.35 points or 0.11% at 26,655.67. The index rose 82.83 points at the day's high of 26,709.15 in morning trade. The index lost 86.63 points at the day's low of 26,539.69 in early trade.
The CNX Nifty was up 4.75 points or 0.06% at 7,973.60. The index hit a high of 7,987.60 in intraday trade. The index hit a low of 7,937.80 in intraday trade.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE. On BSE, 1,734 shares rose and 822 shares fell. A total of 84 shares were unchanged.
The BSE Mid-Cap index was up 97.42 points or 1.03% at 9,518.82. The BSE Small-Cap index was up 166.36 points or 1.58% at 10,677.35. Both these indices outperformed the Sensex.
Metal and mining stocks declined as latest data reaffirmed slowdown in China. China is the world's largest consumer of steel, copper and aluminum. Sesa Sterlite (down 0.84%), Hindalco Industries (down 2%), Jindal Steel & Power (JSPL) (down 2.53%), JSW Steel (down 0.95%), NMDC (down 1.41%), Hindustan Zinc (down 0.79%), Tata Steel (down 0.76%), and Steel Authority of India (Sail) (down 0.21%), declined. Bhushan Steel (up 5%), National Aluminum Company (up 2.04%), and Hindustan Copper (up 3.31%) gained.
State Bank of India (SBI) rose 0.5%. Global credit rating agency S&P on Friday, 26 September 2014, revised upwards outlook of the bank's local and foreign currency rating to stable from negative. The rating remained at BBB-.
Mahindra & Mahindra (M&M) dropped in volatile trade after the company said that credit rating agency CRISIL has upgraded its ratings on the company's long-term bank facilities and Non-Convertible Debenture (NCD) programme. The stock was off 0.3% at Rs 1,389.50. The stock hit high of Rs 1,400 and low of Rs 1,377 so far during the day. CRISIL has upgraded its ratings on M&M's long-term bank facilities and Non-Convertible Debenture (NCD) programme to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable', while reaffirming the rating on M&M's short- term facilities and debt programme at 'CRISIL A1+'. The rating indicates the highest degree of safety regarding timely servicing of financial obligations.
Anant Raj rose 3.44% after the company said its board approved the sale of 100% equity stake in its wholly owned subsidiary Greatway Estates for a consideration of Rs 304.12 crore.
In the foreign exchange market, the rupee edged lower against the dollar on broad gains in dollar after US economic data bolstered the outlook for higher interest rates in the world's biggest economy. The partially convertible rupee was hovering at 61.4475, compared with its close of 61.15 during the previous trading session. An increase in borrowing costs by the Fed could reduce the allure of emerging-market assets.
Brent crude oil prices edged lower due to weak data from major buyer China and a stronger US dollar. Brent for November settlement was down 35 cents at $96.65 a barrel. The contract had settled unchanged at $97 a barrel on Friday, 26 September 2014.
Prime Minister, Narendra Modi, while addressing to Indian Community at Madison Square Garden, New York on Sunday, 28 September 2014, exhorted Indians to join in the development effort as a mass movement. The Prime Minister unveiled a series of facilitation initiatives aimed at making travel from America to India easier. He said one of his key initiatives was to remove redundant laws, and he would be happy if he could do so at a pace of one a day.
Modi will hold talks with US President Barack Obama at the White House tomorrow, 30 September 2014. Modi is on a five-day visit to US.
The Reserve Bank of India (RBI) is widely expected to keep its main lending rate viz. the repo rate unchanged after its fourth bi-monthly monetary policy review tomorrow, 30 September 2014. The central bank may reduce the statutory liquidity ratio (SLR) -- the portion of deposits that banks are required to keep in government bonds -- to support credit demand as the economy recovers from two years of tepid growth. The central bank's policy stance after the review could provide cues on the direction of interest rates in the coming months. The central bank is targeting consumer price inflation at 8% by end January 2015 and 6% by end January 2016.
Asian stocks declined today, 29 September 2014, after clashes between police and pro-democracy protesters in the Chinese city. Key benchmark indices in Singapore, Hong Kong, South Korea and Taiwan were off 0.05% to 2.05%. Key benchmark indices in Indonesia, Japan and China were up 0.01% to 0.5%.
The Hong Kong government reportedly said today, 29 September 2014, that it has withdrawn riot police from city streets after pro-democracy protests began to calm down. Hong Kong police used pepper spray, tear gas and baton charges in an attempt to disperse thousands of pro-democracy protesters in the centre of the global financial hub at the weekend, reports said.
Chinese industrial profits fell 0.6% in August from a year earlier, reversing from July's 13.5% rise, the government said on Saturday, 27 September 2014, adding to problems such as unsteady exports, a housing downturn and cooling investment growth in the world's second largest economy.
Trading in US index futures indicated that the Dow could fall 59 points at the opening bell on Monday, 29 September 2014. US stocks closed higher on Friday, 26 September 2014, after a read on second-quarter GDP showed that the economy grew at its fastest pace in 2-1/2 years. The US government on Friday raised the estimate of US Q2 June 2014 GDP growth rate to 4.6% from 4.2% reported earlier.
The influential US monthly non-farms payroll data is due on Friday, 3 October 2014. The data pertains to September 2014.
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