Key benchmark indices moved in a narrow range in positive zone in early afternoon trade after the latest data showed inflation based on the wholesale price index (WPI) eased last month and was revised upwards for May 2014. The barometer index, the S&P BSE Sensex, was hovering above the psychological 26,000 mark after hitting two week high in early trade. The Sensex was up 113.75 points or 0.44% at 26,032.70. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. The market breadth indicating the overall health of the market was negative, having moved alternately between positive in negative zone since mid-morning trade.
Shares of public sector oil marketing companies (PSU OMCs) slipped after Indian Oil Corporation after market hours on Wednesday, 13 August 2014, announced cut in retail selling price of petrol with effect from midnight of 14/15 August 2014 by Rs 2.18 per litre at Delhi (including state levies) with corresponding decrease in other states. Indian Oil Corporation dropped as the stock turned ex-dividend today, 14 August 2014. Sugar stocks were in demand on renewed buying.
Key benchmark indices have retained positive zone after in initial surge took the Sensex and the 50-unit CNX Nifty hit two-week high as weaker-than-expected US retail sales data reinforced speculation that the Federal Reserve won't rush to raise rates. The Fed has kept short-term US interest rates near zero since December 2008, bolstering demand for emerging-market assets as investors seek higher yield.
At 12:15 IST, the S&P BSE Sensex was up 113.75 points or 0.44% to 26,032.70. The index jumped 152.57 points at the day's high of 26,071.52 in early trade, its highest level since 31 July 2014. The index rose 26.40 points at the day's low of 25,945.35 in early trade.
The CNX Nifty was up 25.50 points or 0.33% to 7,765.05. The index hit a high of 7,781 in intraday trade, its highest level since 31 July 2014. The index hit a low of 7,739.10 in intraday trade.
The market breadth indicating the overall health of the market was currently negative, having moved alternately between positive and negative zone since mid-morning trade. On BSE, 1,284 shares declined and 1,249 shares gained. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 52.84 points or 0.59% at 8,953.59, outperforming the Sensex. The BSE Small-Cap index was up 39.44 points or 0.41% at 9,750.75, underperforming the Sensex.
The total turnover on BSE amounted to Rs 1197 crore by 12:15 IST, compared to Rs 925 crore by 11:15 IST.
GAIL (India) (up 2.33%), Sesa Sterlite (up 2.18%) and Tata Motors (up 2.18%) edged higher from Sensex pack.
Shares of public sector oil marketing companies (PSU OMCs) slipped after Indian Oil Corporation after market hours on Wednesday, 13 August 2014 announced cut in retail selling price of petrol with effect from midnight of 14/15 August 2014 by Rs 2.18 per litre at Delhi (including state levies) with corresponding decrease in other states. HPCL fell 0.46%. BPCL rose 0.8%.
Indian Oil Corporation lost 2.74% as the stock turned ex-dividend today, 14 August 2014, for dividend of Rs 8.70 per share for the year ended 31 March 2014 (FY 2014).
PSU OMCs suffer under-recovery on domestic sales of diesel, kerosene and LPG at government controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals. The government has already freed pricing of petrol.
Sugar stocks were in demand on renewed buying.
Bajaj Hindusthan (up 2.11%), Dhampur Sugar Mills (up 3.95%), Balrampur Chini Mills (up 3.47%), Triveni Engineering & Industries (up 1.11%), Shree Renuka Sugars (up 0.75%), Simbhaoli Sugar Mills (up 4.97%) and Dwarikesh Sugar Industries (up 0.54%) gained.
Gammon India lost 3.85% after the company reported net loss of Rs 120.27 crore in the quarter ended 30 June 2014, higher than net loss of Rs 49.95 crore in the quarter ended 30 June 2013. Gammon India's net sales declined 24.09% to Rs 922.82 crore in the quarter ended 30 June 2014 over the quarter ended 30 June 2013. The result was announced after market hours on Wednesday, 13 August 2014.
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. FPIs bought shares worth a net Rs 718.27 crore on Wednesday, 13 August 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 15 August 2014, on account of Independence Day.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.055, compared with its close of 61.225 on Wednesday, 13 August 2014.
The annual rate of inflation based on monthly Wholesale Price Index (WPI) eased to 5.19% for July 2014, from 5.43% for June 2014, data released by government today, 14 August 2014 showed. Meanwhile, the government revised upwards WPI inflation for May 2014 at 6.18% from 6.01% reported earlier.
Data released by the government early this week had shown acceleration in headline consumer price inflation and easing of core consumer price inflation last month.
Asian stocks edged lower today, 14 August 2014, amid intraday volatility. Key benchmark indices in China, Hong Kong, Taiwan and Indonesia were off 0.01% to 0.4%. Key benchmark indices in Japan, South Korea and Singapore were up 0.04% to 0.66%.
After holding its policy unchanged for more than a year, the Bank of Korea cut its benchmark interest rate today, 14 August 2014, by a quarter point to 2.25%, the lowest since late 2010.
Trading in US index futures indicated that the Dow could fall 7 points at the opening bell on Thursday, 14 August 2014. US stocks rose on Wednesday, 13 August 2014, as a slowdown in retail sales boosted speculation the Federal Reserve won't be forced to raise rates sooner than anticipated.
Sales at US retailers were unchanged in July, the weakest result in six months, as sales fell at auto dealers, but rose at gas stations and food and beverage stores, according to government data released on Wednesday, 13 August 2014. Separately, business inventories rose in June by more than expected.
Powered by Capital Market - Live News
