Key benchmark indices moved in a narrow range in positive zone in afternoon trade. The barometer index, the S&P BSE Sensex, was currently trading below the psychological 21,000 mark, having alternately moved above and below that level in intraday trade. The Sensex was up 54.58 points or 0.26%, off close to 54 points from the day's high and up about 46 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Dr Reddy's Laboratories scaled record high ahead of its Q2 result tomorrow, 31 October 2013. Havells India spurted after strong Q2 results. Shriram Transport Finance Company extended Tuesday's post-result gains. LIC Housing Finance rose on good Q2 result.
The market edged higher in early trade as Asian stocks rose on speculation Federal Reserve policy makers won't announce any major changes to monetary stimulus for the US economy when they conclude a meeting today, 30 October 2013. The 50-unit CNX Nifty hit its highest level in more than 35 months. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away almost entire initial gains in morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. Key benchmark indices remained range bound in afternoon trade.
The market sentiment was boosted by data showing that foreign funds made substantial purchases of Indian stocks on Tuesday, 29 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1103.04 crore on Tuesday, 29 October 2013, as per provisional data from the stock exchanges.
The market may remain volatile in the immediate future as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire tomorrow, 31 October 2013.
At 13:16 IST, the S&P BSE Sensex was up 54.58 points or 0.26% to 20,983.59. The index jumped 108.58 points at the day's high of 21,037.59 in early trade, its highest level since 24 October 2013. The index rose 8.11 points at the day's low of 20,937.12 in morning trade.
The CNX Nifty was up 16.15 points or 0.26% to 6,237.05. The index hit a high of 6,253.65 in intraday trade, its highest level since 11 November 2010. The index hit a low of 6,222.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,149 shares rose and 1,071 shares fell. A total of 162 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. Bharti Airtel (up 4.21%), Bhel (up 2.27%), ICICI Bank (up 2.12%), Bajaj Auto (up 1.93%), HDFC (up 1.13%), TCS (up 1.07%), Hindustan Unilever (up 0.73%) and Coal India (up 0.57%), edged higher from the Sensex pack. Wipro (down 2.12%), M&M (down 2.03%), Sesa Sterlite (down 1.34%), Tata Power (down 1.17%), Larsen & Toubro (down 0.90%), ONGC (down 0.79%), Tata Motors (down 0.50%) and Infosys (down 0.38%), edged lower from the Sensex pack.
Dr Reddy's Laboratories rose 3.35% to Rs 2,510 after hitting record high of Rs 2,511.35 in intraday trade. The company announces Q2 results tomorrow, 31 October 2013.
Havells India jumped 5.32% after net profit surged 44.55% to Rs 125.72 crore on 22.31% growth in total income to Rs 1181.76 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 30 October 2013.
LIC Housing Finance rose 2.34% after net profit surged 27.57% to Rs 310.07 crore on 23.66% growth in total income to Rs 2302.41 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 30 October 2013.
Shriram Transport Finance Company jumped 4.98%, with the stock extending Tuesday's 2.78% gains. The company's consolidated net profit fell 2.93% to Rs 351.93 crore on 23.14% increase in total income to Rs 2103.67 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours on Tuesday, 29 October 2013.
In the foreign exchange market, the rupee trimmed intraday losses against the dollar. The partially convertible rupee was hovering at 61.39, compared with its close of 61.31/32 on Tuesday, 29 October 2013.
Asian stocks rose on Wednesday, 30 October 2013, amid rising company earnings and with the Federal Reserve projected to maintain the pace of its monetary stimulus today. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore, and South Korea rose 0.38% to 1.75%. Indonesia's Jakarta Composite fell 0.24%.
Factory output in South Korea contracted 3.6% last month from a year earlier, after rising 3.3% in August, the government statistician said today.
Trading in US index futures indicated that the Dow could gain 21 points at the opening bell on Wednesday, 30 October 2013. US stocks surged on Tuesday, 29 October 2013, as soft economic data supported expectations the US Federal Reserve will keep its stimulus measures intact for several months. Economic data showed consumer confidence in the US fell and an October 22 report revealed growth in American jobs slowed in September.
The Federal Open Market Committee's (FOMC) two-day policy meeting concludes today, 30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Powered by Capital Market - Live News
