A strong intraday rebound in late trade took the key benchmark indices to positive zone from negative zone. The market sentiment was boosted after the data showed that inflation based on the wholesale price index (WPI) eased to a nine-month low last month. The barometer index, the S&P BSE Sensex, was provisionally up 22.55 points or 0.1%, up about 225 points from the day's low and off close to 55 points from the day's high.
Index heavyweight Reliance Industries (RIL) and ITC, both, reversed intraday losses. Shares of L&T scaled 52-week high and L&T Finance Holdings slumped after the offer for sale of shares of L&T Finance Holdings by L&T was oversubscribed. Among auto stocks, M&M scaled record high.
The market breadth, indicating the overall health of the market, was negative.
The market edged lower in early trade on weak Asian stocks. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. The Sensex and the 50-unit CNX Nifty, both, hit one-week low. Key benchmark indices languished in negative terrain in early afternoon trade after the data showed that inflation based on the wholesale price index (WPI) eased to 4.68% in February 2014 from 5.05% in January 2014 and after the government revised upwards WPI inflation for December 2013 to 6.4% from 6.16% reported earlier. Key benchmark indices extended losses and hit fresh intraday low in afternoon trade. The Sensex trimmed losses after hitting fresh intraday low in mid-afternoon trade. A strong intraday rebound in late trade took the key benchmark indices to positive zone from negative zone..
Foreign institutional investors (FIIs) bought shares worth a net Rs 616.62 crore on Thursday, 13 March 2014, as per provisional data from the stock exchanges.
The stock market remains closed on Monday, 17 March 2014, on account of Holi.
As per provisional figures, the S&P BSE Sensex was up 22.55 points or 0.1% to 21,797.16. The index rose 78.71 points at the day's high of 21,853.32 in late trade. The index lost 201.13 points at the day's low of 21,573.48 in mid-afternoon trade, its lowest level since 7 March 2014.
The CNX Nifty was up 10.15 points or 0.16% to 6,503.25, as per provisional figures. The index hit a high of 6,518.45 in intraday trade. The index hit a low of 6,432.70 in intraday trade, its lowest level since 7 March 2014.
The BSE Mid-Cap index lost 14.67 points or 0.22% at 6,656.87. The BSE Small-Cap index shed 27.21 points or 0.41% at 6,622.98. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2233 crore, lower than Rs 2718.68 crore on Thursday, 13 March 2014.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,549 shares fell and 1,208 shares rose. A total of 146 shares were unchanged.
Among the 30 Sensex shares, 15 declined and rest rose. Bhel (up 2.73%), Tata Steel (up 1.68%), and Tata Motors (up 1.61%) edged higher from the Sensex pack.
M&M rose 1.57% to Rs 1,030.75 after hitting record high of Rs 1,035 in intraday trade.
L&T rose while L&T Finance Holdings declined after offer for sale of shares of L&T Finance Holdings by L&T was oversubscribed. Shares of L&T rose 2.25% to Rs 1253 after hitting 52-week high of Rs 1262.75 in intraday trade. The stock hit low of Rs 1202.20. L&T Finance Holdings slumped 6.76% at Rs 73.85.
L&T, the promoter of L&T Finance Holdings after market hours on Thursday, 13 March 2014, announced an Offer for Sale (OFS) to sell 5.55 crore equity shares, constituting 3.23% of the equity share capital of the company today, 14 March 2014 through stock exchanges mechanism. In addition to the sale shares, L&T may also sell up to 2.77 crore equity shares of face value Rs 10 each of the company in the sale today, 14 March 2014. The offer price for the share sale was fixed at Rs 70 per share after market hours on Thursday, 13 March 2014. The offer price is at a discount of 11.61% to the stock's closing price of Rs 79.20 on Thursday, 13 March 2014.
Bids were received for a total of 6.29 crore shares of L&T Finance Holdings in the OFS till 15:25 IST at an indicative price of Rs 72.29 per share, as per the live bidding data on BSE.
AXIS Bank edged lower in choppy trade after the joint secretary in the Department of Disinvestment Alok Tandon today, 14 March 2014, said that the government is aiming to raise Rs 3000 crore to Rs 4000 crore via the sale of a stake held by a state-run trust fund in the private sector bank by month-end. Specified Undertaking of the Unit Trust of India (SUUTI) holds a 20.72% stake in AXIS Bank. The stock dropped 2.16% to Rs 1,351. The stock hit high of Rs 1,371 and low of Rs 1,333.10.
Index heavyweight and cigarette maker ITC rose 1.27% to Rs 347.70, also the day's high. The stock hit low of Rs 340.10
Index heavyweight Reliance Industries (RIL) gained 0.78% to Rs 885.95. The stock hit high of Rs 889.90 and low of Rs 869.75.
The economy can grow an annual 5.2% in the quarter to end-March on higher farm output growth, the chairman of the Prime Minister's Economic Advisory Council said today, 14 March 2014. C. Rangarajan also said he expects the economic growth to pick up to 5.5% to 6% in the fiscal year that begins on 1 April 2014.
Inflation based on the wholesale price index (WPI) eased to a nine-month low of 4.68% in February 2014, from 5.05% in January 2014 and 7.28% during the corresponding month of the previous year, data released by the government today, 14 March 2014, showed. Build up inflation rate in the financial year so far was 5.17% compared to a build up rate of 6.15% in the corresponding period of the previous year. The government revised upwards the rate of WPI inflation for December 2013 to 6.4%, from 6.16% reported on 15 January 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
European stocks edged lower on Friday, 14 March 2014, as investors awaited a weekend referendum that may lead to Crimea's secession from Ukraine. Key benchmark indices in France, Germany and UK were off 0.25% to 0.72%.
The Black Sea region of Crimea votes March 16 on becoming independent or rejoining Russia, with the US and Germany threatening Moscow with sanctions over its support for the secession. Russia launched new military exercises near its border with Ukraine on Thursday, showing no sign of backing down in its plans to annex its neighbour's Crimea region despite a stronger than expected drive for sanctions from the EU and United States. US Secretary of State John Kerry warned Russia that the US and Europe could take very serious steps the day after the referendum should there be no sign of a resolution to the crisis. Kerry, who told a Senate panel in Washington that "nobody doubts" Crimea will vote to leave Ukraine.
Asian stocks edged lower on Friday, 14 March 2014, after at least four investment banks lowered forecasts for China's 2014 economic expansion after reports on Thursday, 13 March 2014, showed factory output rose in January and February from a year earlier by the least since the global financial crisis, while retail sales grew at the slowest rate for the period since 2004. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, Japan and Singapore were off 0.25% to 3.3%. Indonesia's Jakarta Composite jumped 3.23%.
China's Premier Li Keqiang told reporters on Thursday, 13 March 2014, that the nation's 2014 goal of 7.5% economic growth is flexible and some financial-product defaults may be unavoidable.
Trading in US index futures indicated that the Dow could gain 7 points at the opening bell on Friday, 14 March 2014. US stocks tumbled on Thursday, 13 March 2014, as disappointing China data and ongoing tension in Ukraine overshadowed reports showing improvement in the American economy. The implied volatility on the S&P 500 as measured by the CBOE Vix index, dubbed "Wall Street fear gauge" jumped 12.1% to the highest level since early February.
Global concerns overshadowed better-than-forecast data in the US retail sales rose in February for the first time in three months, as Americans ventured out to shop last month even as colder-than-normal temperatures and severe snowstorms blanketed parts of the US.
The number of Americans filing applications for unemployment benefits unexpectedly fell last week to the lowest level since the end of November, a sign of further improvement in the labor market. Jobless claims dropped by 9,000 to 315,000 in the week ended March 8, a Labor Department report showed in Washington.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
Powered by Capital Market - Live News
